Complete news archive

  • BWIC Board adds PriceABS

    SCI's PriceABS secondary market data has been made available via DealVector's BWIC Board. For the next 30 days, investors registered with the marketplace will have free access to current and historical talk and cover prices recorded in the PriceABS archive. Every time a bond comes out on BWIC, members will be shown available pricing history from SCI's comprehensive .......

    News Round-up 10 November 2014

  • Delinquencies down on Rubloff resolution

    Continued loan resolutions resulted in another month of declines for US CMBS delinquencies, according to Fitch's latest index results for the sector. This marks the sixth straight month that the rate has remained below 5%.

    CMBS late-pays fell by 7bp in October to 4.70% from 4.77% in September. Resolutions of US$721m continued to outpace new additions to the index of .......

    News Round-up 10 November 2014

  • Rating shopping persists

    Regulatory reforms have failed to end to the practice of rating shopping in the US securitisation markets since the financial crisis, according to Morningstar. Arrangers and issuers continue to control the selection of credit rating agencies and their hiring decisions are based primarily on which CRAs offer the highest ratings or demand the least stringent requirements for attaining a specified .......

    News Round-up 10 November 2014

  • CMBS BWIC matches investor interest

    A European CMBS BWIC due for trade later today is expected to go well as it matches recent investor interest.

    The two line auction is due at 14:00 London time and consists of €5m of DECO 2007-E5X D and £6.35m of NEMUS 2006-2 E. Neither bond has traded with a price on PriceABS this year.

    "We've been seeing increasing investor interest .......

    SCIWire 10 November 2014

  • SCI Start the Week - 10 November

    A look at the major activity in structured finance over the past seven days

    Pipeline
    Another fifteen deals joined the pipeline last week. They consisted of four ABS, one ILS, six RMBS, two CMBS and two CLOs.

    The ABS were US$1bn AmeriCredit Automobile Receivables Trust 2014-4, US$556.3m Apollo Aviation Securitization Equity Trust 2014-1, US$200m Diamond Resorts Owner Trust 2014-1 and C$450m MBARC 2014-A. The ILS was US$350m Ursa Re 2014-1.

    A$500m Avoca Series 2014-1, €98.11m .......

    News 10 November 2014

  • Peak pre-crisis prices topped

    US commercial property prices set a new peak in September 2014, increasing by 0.5% and topping the 2007 pre-financial crisis peak by 0.2%, according to the latest Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. Factors reflecting the strengthening US economy are accredited with the results.

    The agency says that the increase in prices coincide with the overlapping .......

    News Round-up 7 November 2014

  • Subprime strong

    A strong pipeline of US subprime RMBS BWICs for next week is already building with more expected to follow.

    "Next week will be an interesting week in US subprime, says one trader. "The sector has traded well this week and now there's a decent amount of accounts putting lists out for next. We expect more to follow during the week .......

    SCIWire 7 November 2014

  • Manager variation emerging

    Aggregate performance of US CLOs remained stable last quarter, though differences are starting to emerge across individual deals and how they are being managed, according to Fitch's latest quarterly index for the sector. Roughly two-thirds of CLOs included in the index in Q2 either built or maintained par over the previous quarter, with the remainder seeing a par loss over .......

    News Round-up 7 November 2014

  • CRE solutions team strengthened

    CR Investment Management has expanded its CR Financial Solutions (CRFS) business with the appointment of Tim Jones as associate director and the promotion of Andreas Costa to director. Jones will be based in CR's London office and will be specifically responsible for broadening the scope of its CRE lending business, with a focus on sourcing UK loans with a value .......

    Job Swaps 7 November 2014

  • Flexible fund on the horizon

    Catella is set to launch a new fixed income fund, dubbed the Catella Credit Opportunity. The fund will seek absolute returns by investing in the entire fixed income capital structure and in bonds with both high and low credit ratings.

    The fund has a target return of 6%-8% and an expected risk level, measured as its standard deviation, of 5%-7%. .......

    News Round-up 7 November 2014

  • Board shuffle for CREFC Europe

    The head of loan markets real estate and public finance at pbb Deutsche Pfandbriefbank, Andreas Wuermeling, is the new chairman of CREFC Europe and will serve in this capacity for one year. Immediate past chairman, Peter Denton, will remain on the board of directors for another year.

    A number of other appointments were also made to the boad: Peter Hansell, .......

    Job Swaps 7 November 2014

  • RFC issued on country risk revision

    Moody's is seeking comments on its proposed rating approach for transactions backed by a corporate portfolio with exposure to country risk and a weighted average portfolio rating of Ba3 or better. The proposed framework entails a two-step approach to capturing country risk: first, the simulation of a country ceiling event for each of the obligors in the portfolio; and second, .......

    News Round-up 7 November 2014

  • Data agreement reached

    Eagle Investment Systems is collaborating with Interactive Data to provide the latter's pricing and reference data to Eagle's European insurance clients to assist them in addressing the complexities around Solvency 2 compliance.

    As part of the relationship, Eagle has built a standard maintainable interface to automatically accommodate Interactive Data's pricing and reference data and map it into its enterprise data .......

    News Round-up 7 November 2014

  • Small contraction in OTC outstandings

    OTC derivatives markets contracted slightly in 1H14, according to the latest BIS figures. The notional amount of outstanding contracts totalled US$691trn at end-June 2014, down by 3% from US$711trn at end-2013 and back to a level similar to that reported at end-June 2013.

    The gross market values of outstanding OTC derivatives continued to trend downwards in the first half of .......

    News Round-up 7 November 2014

  • Euro MBS activity winding down?

    The European MBS markets have been quiet for the last week or two. Sterling prices in particular are refusing to tighten as investors appear reluctant to pursue paper.

    "Most people have had a good year so I do not think they want to do much more before year-end," says one trader. "There was the big portfolio which traded last week .......

    Market Reports 7 November 2014

  • DSB ratification 'credit positive'

    The Amsterdam Court of Appeal has ratified the framework agreement that sets out the compensation amount formula on due care claims of clients of the now bankrupt DSB Bank. Moody's says the move is credit positive for the securitisations originated by DSB as it removes some level of uncertainty around the amount of potential losses linked to due care compensation, .......

    News Round-up 7 November 2014

  • Consecutive declines for credit

    Aggregate hedge fund performance was nearly flat in October at negative 0.06%, marking the industry's third down month in the last four, according to eVestment. Year-to-date performance through October stands at positive 2.3%, the industry's lowest return in the first ten months of a year since 2011.

    Last month saw a wide distribution of returns across the industry, illustrating very .......

    News Round-up 7 November 2014

  • Construction financing risks examined

    The recent sale of US$1.6bn 3 WTC Liberty Bonds to finance construction of 3 World Trade Center provides an illustrative example of the credit factors that market participants should consider when evaluating commercial property construction financing, Moody's suggests. The agency says that such considerations are critical as the pace of construction accelerates with the improving economy and as the commercial .......

    News Round-up 7 November 2014

  • No news is good news for euro ABS/MBS

    The European ABS/MBS has taken the lack of any further ABSPP details from the ECB yesterday in its stride.

    "Draghi mentioned ABS enough times to alleviate any concerns that the ABSPP would not happen at all," says one trader. "Even the optimists who expected a buying timeframe to be announced yesterday have taken their disappointment well."

    Consequently spreads have remained .......

    SCIWire 7 November 2014

  • Big lists keep coming in non-agency RMBS

    Today saw the latest in a succession of large BWICs in the US non-agency RMBS market and more are expected to follow.

    A $1.2bn list from a GSE traded at 10:00 New York time this morning with all lines executed at slightly higher than talk. "We've seen a few of these big lists lately and they've gone well as they .......

    SCIWire 6 November 2014

  • Portfolio manager appointed

    Malay Bansal has joined BNY Mellon Investment Management as senior portfolio manager in New York, where he is involved with a partnership with IH Capital to build a CMBS business. Bansal arrives after over two years spent as a senior director at Freddie Mac's multifamily group. He held various roles in the past at Bloomberg, Capital Fusion Partners, NewOak Capital .......

    Job Swaps 6 November 2014
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