Complete news archive

  • 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

  • Evolution theory

    SFR securitisation to remain a viable asset class?

    The single-family rental securitisation market has seen six different sponsors issue 11 transactions for a total of US$6.14bn in its first year. Such volume suggests that the sector is becoming a viable asset class, yet doubts remain about its longevity since it is contingent on the ability to source cheap properties.

    The majority of SFR deals have so far been .......

    News Analysis 6 November 2014

  • Colony merger mooted

    Colony Financial (CLNY) and Colony Capital have reached a non-binding agreement in principle for the potential contribution to CLNY of all of Colony Capital's real estate and investment management businesses and operations. The combined company will be led by executive chairman Thomas Barrack and ceo Richard Saltzman, while employing the full management and investment team of Colony Capital.

    The agreement .......

    Job Swaps 6 November 2014

  • Auto ABS sets groundwork

    Auto loan securitisation has established a foothold in China, with six transactions being rolled out between March and August 2014 (SCI 23 October). The new funding option has emerged amid increasing vehicle sales and financing needs, S&P says.

    Most of the auto loan receivables that have been securitised to date are of the vanilla variety, backed by passenger vehicles and .......

    News Round-up 6 November 2014

  • Corporate trust pro added

    Elian Global has added Gary Webb as an associate director for business development and international finance. Webb was most recently with BNP Paribas, where he held roles as global network manager for debt market services and global head of sales and relationship management for the bank's corporate trust services.

    .......

    Job Swaps 6 November 2014

  • Credit strategist makes move

    AXA Investment Managers has appointed Gregory Venizelos as senior credit strategist in its research and investment strategy team. Based in London, Venizelos covers credit, investment grade and high yield, as well as sub-sovereign assets. The team is led by Eric Chaney, head of research at AXA IM and chief economist at AXA Group.

    Prior to AXA, Venizelos held the role .......

    Job Swaps 6 November 2014

  • Spin-offs reduce bargaining power

    Traditional in-line mall tenants are increasingly relocating outlets from second-tier malls into dominant, open-air shopping centres, according to Fitch. This developing trend could weaken the credit profiles of retail REIT landlords with sizeable second-tier mall holdings, such as Washington Prime Group (WPG) and CBL & Associates.

    The weak performance of key retail anchor tenants, such as Sears and JC Penney, .......

    News Round-up 6 November 2014

  • Working capital optimisation in vogue

    Working capital optimisation will continue to be a high priority for corporate treasurers in 2015 as the global economy picks up, according to Demica's latest research study. In their drive for competitive advantage, treasurers are increasingly looking beyond the traditional forms of finance to explore a wider range of alternative funding options that support their working capital requirements, including supply .......

    News Round-up 6 November 2014

  • European ABS/MBS stay firm

    The European ABS/MBS markets are staying firm ahead of the ECB press conference this afternoon at 14:30 CET.

    Spreads have tightened a little across euro-denominated ABS/MBS deal types over the last few days and into this morning. At the same time, a buying bias in UK CMBS and RMBS emerged yesterday and today.

    The moves are primarily driven by the .......

    SCIWire 6 November 2014

  • Auto financing incentives to hit ABS?

    Contract terms are shortening and interest rates falling to support sales of new cars in Germany, according to a DBRS analysis of European DataWarehouse loan-level data. The net result of this could affect some securitisation structures by increasing payment rates and decreasing the cashflow cushion provided by interest rate spreads.

    As average contract terms of loans underlying German auto securitisations .......

    News Round-up 6 November 2014

  • Triple-As today

    Amid a reasonably busy day for CLO BWICs either side of the Atlantic today, two triple-A European CLO auctions due this afternoon are currently dominating traders' attention.

    A ten line €20.9m list is due at 13:00 London time. It consists of: CRNCL 2006-1X A2, DUCHS VII-X A1, EGRET I-X A, EUROC VI-X AT, GSCP I-RX A1, HYDEP 1A A1, HYDEP .......

    SCIWire 6 November 2014

  • Loss severity declines

    Average US CMBS loss severity measured 45.56% in October, according to Trepp, down from 55.69% in September. Of the loans that were liquidated, 72% by balance fell into the greater than 2% loss severity category, down from 88% last month.

    October loss severity was below the 12-month moving average of 49.27% and just above the 44.29% average since January 2010. .......

    News Round-up 6 November 2014

  • US CLO buyers hold sway

    The US CLO market is being driven by buyers rather than sellers so far today.

    "We're seeing a few small sellers, but it's very light volume today," says one trader. "Instead it's mainly about buyers and they are looking for 1.0 deals with a high coupon and coming with a strong bid. Holders appear to be happy to sell into .......

    SCIWire 5 November 2014

  • Warehouse financing

    RMBS alternative lays foundation for more

    Jerrold Holdings has closed a restructuring of the £557.7m Charles Street Conduit Asset Backed Securitisation 1, believed to be the first publicly-rated warehouse securitisation since the financial crisis. Issuance of such transactions is expected to increase in the UK, particularly those sponsored by non-rated or low-rated lenders in relation to consumer and light commercial loans.

    Warehouse securitisations provide a source .......

    News Analysis 5 November 2014

  • Lodging collateral above peak

    US CMBS underwriting standards have progressively weakened throughout 2014 amid increased competition among loan originators, according to S&P. Within the most recently priced deals, lodging collateral - which the agency believes is relatively riskier than other common collateral types - continues to run not only well above historical averages, but also above that of peak issuance years.

    In addition, S&P .......

    News Round-up 5 November 2014

  • Harborview MBS settlement approved

    A federal judge has given final approval to a US$275m cash settlement in the MBS class action litigation against RBS and others led by New Jersey Carpenters Health Fund, Boilermaker Blacksmith Pension Trust, Iowa Public Employees' Retirement System and Midwest Operating Engineers Pension Trust Fund. Plaintiffs were represented by Cohen Milstein Sellers & Toll.

    In issuing her order approving the .......

    Job Swaps 5 November 2014

  • Christiansen switches advisory firms

    Punter Southall has appointed Colette Christiansen as principal and head of de-risking solutions. Christiansen arrives from Towers Watson, where she led a number of large buyout and longevity swap transactions. Prior to that, she was responsible for longevity risk and de-risking solutions at Mercer's and has also been a partner at Pension Insurance Corporation.

    .......

    Job Swaps 5 November 2014

  • Advisory targets insurance risk gap

    A newly formed advisory firm, Vario Partners, is set to bring together portfolios of insurance risk and the capital markets through ILS. Led by former Lloyds head of research Quentin Moore, the firm will welcome former PwC insurance partners Bryan Joseph and James McPherson next year.

    The move comes as the traditional and alternative reinsurance markets continue to wrestle with .......

    Job Swaps 5 November 2014

  • Declining revenue drives CDS wider

    STMicroelectronics's five-year CDS have widened by 39% over the past month to trade at the widest levels observed in nearly two years, according to Fitch Solutions. The widening outpaced the broader European technology CDS index, which moved out by just 6% over the past month.

    After pricing in the triple-B plus to triple-B space over the past year, the price .......

    News Round-up 5 November 2014

  • Euro ABS/MBS waits on

    Amid light secondary flows this week into today European ABS/MBS spreads have stayed steady as the market awaits the start of the ABSPP. Meanwhile, a BWIC due to trade this afternoon should give the latest indication of the basis between eligible and non-eligible bonds.

    "The market is expecting the ABSPP to start in the next one to two weeks," says .......

    SCIWire 5 November 2014

  • Big BWIC boosts US RMBS

    A US$941m US non-agency RMBS bid-list traded yesterday, bringing total BWIC volume to around US$1.5bn. Execution appears to have been fairly strong, with SCI's PriceABS data recording a number of trades.

    As with last week's bumper list, subprime dominated yesterday both in terms of line items and current face. Price talk for names on the large .......

    Market Reports 5 November 2014
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