Complete news archive

  • AON lists boost NA

    US non-agency RMBS secondary supply climbed yesterday as BWIC volume approached US$800m. Several lists were presented all-or-none and SCI's PriceABS data reveals a significant number of covers.

    Supply captured by PriceABS was overwhelmingly from 2004-2007 vintage deals. Among these was the CWALT 2004-J11 M tranche, which traded.

    A US$17.87m piece of the CWHL 2004-R2 1AS tranche .......

    Market Reports 14 November 2014

  • HQS task force formed

    SFIG has established a new working group: the High Quality Securitization (HQS) Task Force. The HQS Task Force will serve as the forum through which SFIG will respond to recent initiatives that seek to define 'qualifying securitisations', such as the EBA's recent discussion paper on simple standard and transparent securitisation (SCI passim). The HQS Task Force will meet in the .......

    News Round-up 14 November 2014

  • Europe stays patchy

    European core and peripheral bonds across deal types continue to trade well where they do trade, but activity remains patchy and looks set to carry on that way.

    "It's very quiet and I think it's more than just people waiting on the ECB," says one trader. "A lot of trading desks have essentially closed for the year and are not .......

    SCIWire 14 November 2014

  • Strong day for US RMBS

    The US non-agency RMBS market is seeing heavy BWIC volume and strong trading today after a disjointed and relatively quiet week following the public holiday on Tuesday.

    There is over $1bn of paper scheduled for trade today across all non-agency RMBS deal types. Sellers are coming from across the board too with lists being seen from liquidations, money managers and .......

    SCIWire 13 November 2014

  • European eclectic list circulating again

    A 37 line €276.502m BWIC is circulating for trade next Wednesday at14:00 London time. The list incorporates a wide range of assets - ABS, CDOs (including Trups and CFO deals), CLOs, CMBS and RMBS - many of which appeared on an eclectic list where most items failed to trade on 17 September.

    There are two ABS deals on the list .......

    SCIWire 13 November 2014

  • Capital floor introduced

    The Basel Committee has published two documents in preparation for the G20 Leaders' Summit in Brisbane on 15-16 November. One report outlines measures to reduce excessive variability in bank regulatory capital ratios and the other provides an update on the implementation of Basel 3 standards since the 2013 progress report to G20 Leaders.

    The Committee's studies confirm that there are .......

    News Round-up 13 November 2014

  • IRB consultation launched

    The EBA has launched a consultation on its draft regulatory technical standards (RTS) on an assessment methodology for the internal ratings-based (IRB) approach. The EBA says that these draft RTS are a key component of its work to ensure consistency in model outputs and comparability of risk-weighted exposures and will contribute to harmonise the supervisory assessment methodology across all EU .......

    News Round-up 13 November 2014

  • Beneficial merger mooted

    Perella Weinberg Partners plans to merge its Flagship Credit Acceptance and CarFinance Capital auto lending units into one company. Moody's says in its latest Credit Outlook that the merger would be credit positive for the subprime auto loan ABS that the companies sponsor because the larger combined entity would likely be more creditworthy than two separate entities.

    Future loan pools .......

    News Round-up 13 November 2014

  • GE regs 'mildly negative' for SLABS

    The recent US gainful employment (GE) regulations focusing on for-profit colleges and schools are mildly negative for US student loan ABS, according to Fitch. Affected loans comprise less than 10% of current Fitch-rated federal and private student loan ABS trusts. The agency says that, as GE is unlikely to affect funding until 2017 at the earliest, new ABS deals will .......

    News Round-up 13 November 2014

  • Two added to head fund

    Nomura Asset Management has added Richard Hodges and Ben Bugg to its global fixed income team. They will head the Global Dynamic Bond Fund, which Nomura plans to launch in early 2015.

    Hodges joins NAM from Legal & General Investment Management (LGIM), where he held the role of head of high alpha fixed income. During his tenure, Hodges launched and .......

    Job Swaps 13 November 2014

  • Blackrock add CMBS researcher

    Blackrock has added Deniz Yegenaga to focus on CMBS in its London-based research team. Yegenaga arrives after eight years at Moody's, where she rated CMBS transactions as an analyst in the agency's structured finance group.

    .......

    Job Swaps 13 November 2014

  • Euro CLO overlap examined

    Morgan Stanley structured credit strategists have analysed European CLO 2.0 collateral, focusing on issuer overlap and tail risks across portfolios. They find that although European managers are more constrained than their US counterparts in sourcing collateral, the overall quality of CLO portfolios is stronger than the broader loan market.

    The analysis suggests that the average overlap for European deals is .......

    News Round-up 13 November 2014

  • CLOs transferred in-house

    BNP Paribas has assigned its investment manager obligations for the Kintyre CLO I and Gillespie CLO transactions to BNP Paribas Asset Management. The novation deeds received the consent of 100% of the noteholders. Moody's has confirmed that the move will not affect the current ratings of the notes.

    For information on other recent CDO manager transfers, see SCI's Job Swaps 13 November 2014

  • Resolutions continue apace

    November remittances so far suggest that BSCMS 2005-PW10's delinquent pipeline has been cleaned out, while JPMCC 2007-CB19 appears to have been hit by unusually large interest shortfalls.

    Four properties with US$162.7m in balance were liquidated from BSCMS 2005-PW10 for US$59.8m in gross proceeds. Barclays Capital CMBS analysts note that total losses realised accumulated to US$114.6m at a 70% severity, after .......

    News Round-up 13 November 2014

  • CMBS supply up, spreads wider

    US CMBS spreads widened out a little yesterday as BWIC supply picked up from the quiet start to the week. SCI's PriceABS data captured a couple of pre-crisis names as well as a list of post-crisis ones.

    BWIC volume for the session was over US$270m. Among the CMBS 1.0 tranches contributing to that total was BACM .......

    Market Reports 13 November 2014

  • More of the same for European ABS/MBS

    The European secondary markets remain fixated with the ABSPP and so expectations are for the same trading patterns to continue until the buying starts.

    Yesterday saw a more active day than of late in European ABS/MBS but the end result was once again spread tightening in ECB-eligible paper. Today looks to be slightly busier still, but little else is expected .......

    SCIWire 13 November 2014

  • US CLO equity robust

    It's been a strong morning for the US CLO market with equity pieces in particular trading robustly.

    Traders report that equity slices offered on BWIC today so have primarily traded well. "The generic optionality trade for 1.0 equity in particular is there," says one trader. "Such pieces are actively being sought after and people are bidding aggressively."

    Consequently, the equity .......

    SCIWire 12 November 2014

  • Genworth downgrade hits RMBS

    S&P has placed its ratings on 150 of Australian and New Zealand RMBS on credit watch with negative implications. This follows the agency lowering its ratings on Genworth Financial Mortgage Insurance and Genworth Financial.

    Genworth is a provider of lenders' mortgage insurance (LMI) for the loans in the affected RMBS pools. Consequently, the ratings on the RMBS tranches are linked .......

    News Round-up 12 November 2014

  • ABS comparison tool launched

    Fitch has launched ABS Compare, an Excel tool that provides access to the agency's surveillance and index data on European consumer and credit card ABS transactions. The service enables users to review the performance of European ABS transactions in comparison with Fitch's benchmark indices and macroeconomic indicators. It also allows the comparison of transactions using performance measures, such as arrears, .......

    News Round-up 12 November 2014

  • CDS spikes on reserve charge

    Five-year CDS on Genworth Financial are pricing 143% wider compared to a week ago, according to Fitch Solutions. This comes after the company reported a reserve charge of over US$500m relating to its struggling long-term care business and the potential for further charges in 4Q14.

    The market had been pricing Genworth's debt at double-B plus levels consistently since August, but .......

    News Round-up 12 November 2014

  • Bellwether adds CMBS vet

    Laurie Morfin has joined Bellwether Enterprise as svp, where she will be based in the company's Irvine, California office. Morfin has 18 years of CRE finance experience and joins Bellwether from Prudential Mortgage Capital Company.

    While at Prudential, Morfin was responsible for the direct origination of multifamily debt on behalf of Freddie Mac, Fannie Mae, the FHA, Prudential's general account .......

    Job Swaps 12 November 2014
×