Complete news archive

  • BWIC seller revealed

    BayernLB has confirmed that it was the seller behind Tuesday's large liquidation, in which it divested its remaining portfolio of legacy ABS instruments. The sale ends the bank's guarantee agreement with the Free State of Bavaria that hedged the portfolio against potential losses.

    BayernLB says it has fulfilled the resulting repayment requirement in full and earlier than planned by paying .......

    News Round-up 30 October 2014

  • Ratings probe settlement sought

    McGraw Hill Financial has disclosed in its 3Q14 results that it recorded a US$60m charge in relation to US SEC and Attorney General investigations with respect to S&P, albeit no definitive settlement agreements have been reached. The firm says that the rating agency is in "active discussions" to resolve matters pending before the SEC, including with respect to the Wells .......

    Job Swaps 30 October 2014

  • Fed asset purchases to end

    The US Fed is to conclude its asset purchase programme by end-October, but will maintain the existing policy of reinvesting principal payments from its agency debt and agency MBS holdings in agency MBS and of rolling over maturing Treasury securities at auction. The agency says that keeping its holdings of longer-term securities at sizable levels should help maintain accommodative financial .......

    News Round-up 30 October 2014

  • European ABS/MBS still in limbo

    The European ABS/MBS markets are continuing to see positive effects following Tuesday's large BWIC, but the market also remains in a pre-ABSPP limbo.

    This morning BayernLB announced that it was behind the big BWIC. However, it confirmed that no details, such as covers, would be released.

    "It's a little difficult to dig out details but it appears the bulk of .......

    SCIWire 30 October 2014

  • US CLOs trade strongly

    The US CLO market is taking the current high volume of BWICs in its stride and continues to trade strongly.

    "Yesterday almost everything traded on BWIC despite the volume and we're seeing good volume again today," says one trader. "Again, trading levels are good across a good mix of collateral - the market is robust and viable." For example, the .......

    SCIWire 29 October 2014

  • Big list trades well

    Yesterday's US$7bn legacy auction saw bonds generically trading at a couple of points higher than talk. Citi, Credit Suisse and Goldman Sachs are understood to each have bought about a third of the paper out for bid.

    The liquidation, the largest observed year-to-date, comprised 507 US dollar-denominated bonds (totalling US$5bn current face) and 152 European securities (US$2bn) from a European .......

    News Round-up 29 October 2014

  • ABCP outflow to be offset?

    The impact of money fund reform on ABCP programmes will vary, depending on the composition of each programme's investor base, according to Fitch. Institutional prime money fund investments account for only about one-third of total outstanding ABCP, and ABCP only accounts for approximately 6% of total institutional prime money fund assets.

    Investments in ABCP by institutional prime money funds are .......

    News Round-up 29 October 2014

  • Further growth forecast for China

    New originators and asset types continue to emerge in China's securitisation sector, attracting growing investor interest, Moody's reports. Issuance is expected to grow further in 2015, despite a number of lingering concerns about market infrastructure.

    "In addition to the policy banks and big commercial banks, which are currently the main players in China's securitisation market, some city commercial banks and .......

    News Round-up 29 October 2014

  • Rarely seen US ABS circulating

    A portfolio liquidation BWIC of rarely seen US ABS is circulating for trade today at 10:00 New York.

    The ten line list of aircraft, structured settlement, insurance and private student loan ABS totals $194.376m of original face. It consists of: AIRSP 2007-1A G1, AIRSP 2007-1A G2, HENDR 2005-1A A1, HENDR 2006-1A A1, HENDR 2006-2A A1, HENDR 2006-3A A1, HENDR 2006-4A .......

    SCIWire 29 October 2014

  • RFC issued on repack revision

    Moody's is requesting comments on proposed updates to its global approach to rating repackaged securities. The agency is seeking to refine how it assesses the risk of interest rate and cross-currency swaps in relation to swap counterparties in structured finance cashflow transactions.

    If the proposed methodology is adopted, Moody's expects the impact to be limited to some upgrades or downgrades .......

    News Round-up 29 October 2014

  • Board shuffle for vendor

    OpenGamma has appointed Mark Beeston as chairman, with Cristobal Conde also being appointed to the board. This follows the decision by former chairman and co-founder Kirk Wylie to take on the role of chief innovation officer (while remaining on the board).

    An OpenGamma board member since 2012, Beeston has over 20 years of experience working at leading financial institutions. He .......

    Job Swaps 29 October 2014

  • SFR performance 'within expectations'

    Moody's notes in its latest ResiLandscape publication that the performance of the five single-family rental (SFR) transactions that it rated from November 2013 to June 2014 remains within original expectations. The agency reports that the percentage of vacant properties since issuance has been low, at less than 10% in each transaction. The number of delinquent tenants in the underlying properties .......

    News Round-up 29 October 2014

  • Listed alternatives gaining traction

    US$73bn of alternative assets is listed on the London and Amsterdam stock exchanges, according to Tom Skinner, head of research at Dexion. The sector has added a total of US$18bn in the last 12 months alone, comprising US$12.6bn through 22 IPOs and a further US$5.4bn from follow-on fundraises.

    Half the IPOs have been credit and property funds, raising US$1.38bn and .......

    News Round-up 29 October 2014

  • New CRT breed debuts

    JPMorgan is in the market with its inaugural risk-transfer RMBS, dubbed JP Morgan Madison Avenue Securities Trust Series 2014-1. The US$989.13m deal will simulate the behaviour of a US$989m pool of JPMorgan-originated mortgage loans, with the objective of private investors sharing credit risk with Fannie Mae.

    "The notes and certificates will be subject to the performance of the mortgage loans .......

    News Round-up 29 October 2014

  • Euro rejuvenation

    Yesterday's big list has rejuvenated activity and interest across European securitisation asset classes.

    "We're still waiting on official colour on the big BWIC, but while the market was quiet leading up to the list we've seen trading on the back of it since," says one trader. "Overall, the list has given a much-needed boost to trading and customer interest."

    The .......

    SCIWire 29 October 2014

  • Sovereign CDS added to clearing roster

    ICE Clear Credit has introduced clearing for Hungary and South Africa credit default swap instruments for dealer-to-dealer and client clearing, becoming the first CCP to clear Hungary and South Africa sovereign CDS. It now clears seven sovereign CDS names, while ICE Clear Europe clears four.

    The CCP says it has cleared over US$680bn in gross notional amount in sovereign CDS .......

    News Round-up 28 October 2014

  • Channel beefs up in trade finance

    Channel Capital Advisors is branching out into trade finance, having recently recruited two professionals to assist in the development of its Trade Finance Lending Fund. Investment is focused on pre-export, post-export and syndicated import/export facilities.

    Ken Owen has joined the firm as portfolio manager, responsible for investment origination, structuring, evaluation and portfolio monitoring. He was previously head of trade finance .......

    Job Swaps 28 October 2014

  • CLO partnership established

    Crestline Investors has partnered with Denali Capital to further expand a CLO platform under the broader Crestline suite of investment products. The business will operate under the name Crestline Denali Capital.

    Under the new agreement, Crestline will sponsor a series of new CLO issuances - the first of which is underway - to be managed by Crestline Denali Capital. In .......

    Job Swaps 28 October 2014

  • Primus seeks voluntary liquidation

    Primus Guaranty is convening a special general meeting of shareholders on 20 November, for the purpose of seeking shareholder approval to wind up the company by way of a members' voluntary liquidation. If approved, the voluntary liquidation will see Primus' stock transfer books frozen and the company's transfer agent will not record or recognise any subsequent assignments or transfers of .......

    Job Swaps 28 October 2014

  • ILS capacity platform unveiled

    Willis Capital Markets & Advisory has established Resilience Re, a new platform designed to simplify client access to catastrophe bond capacity. Clients are expected to benefit from cost efficiencies and expedited timelines to secure capacity.

    Resilience aims to achieve these benefits in part from simplified processes and documentation for qualifying risks. The platform will provide access to dedicated reinsurance transformers .......

    News Round-up 28 October 2014

  • CLO supply spike

    The US CLO market has added significant supply around today's 7.5bn BWIC, which appears to be transfixing all other sectors. There are now 12 US CLO BWICs scheduled between now and the end of Wednesday.

    The flurry of US CLO lists appears to be a reaction to the big list. Traders suggest that the additional sellers are seeking either to .......

    SCIWire 28 October 2014
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