Complete news archive

  • 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

  • Large loss forecast for Mango

    The €51.75m Mango loan, securitised in the Talisman 6 Finance CMBS, looks set to suffer a loss of over 89% of its outstanding balance. This comes after a sale and purchase agreement was notarised last month to dispose of the last remaining property (Magdeburg) for €5.5m.

    The Mango loan was transferred to special servicing on 28 April 2011 due to .......

    News Round-up 28 October 2014

  • CMBS A4s dominate

    CMBS was the only sector to see much secondary supply yesterday stateside, with many participants focused on the US$4.6bn legacy non-agency RMBS bid-list scheduled to trade today (28 October). BWIC volume reached around US$183m, up from the prior session, and was dominated by A4 securities.

    Among the legacy A4 bonds out for the bid during the session was COMM 2006-C8 .......

    Market Reports 28 October 2014

  • Trups trade well

    Yesterday's Trups CDO BWIC traded well and at the same time the latest FDIC list was announced.

    The 14:00 hedge fund list saw every line trade at or above talk with good participation. Consequently the 13th and latest FDIC Trups CDO auction, which again features mezz paper, is expected to go well at 11:00 New York on Thursday.

    The 15 .......

    SCIWire 28 October 2014

  • Second workshop added to SCI agenda

    Only a few tickets remain for SCI's 7th Annual Securitisation Pricing, Investment & Risk Seminar. Over 200 attendees have registered for the event, which is being held tomorrow (29 October) at Bank of America's offices at 250 Vesey Street (formerly Four World Financial Center).

    A further workshop has been added to the agenda, focusing on CLO valuations. The conference programme .......

    News Round-up 28 October 2014

  • Valuation reporting examined

    In an analysis of US CMBS loans greater than US$2m that became delinquent prior to 2014, Fitch has found that approximately 12% of its sample had stale appraisal values reported by the special servicer, compared to 10% this time last year. As of June, there were 2,541 loans in special servicing with an outstanding balance of US$42.3bn, according to the .......

    News Round-up 28 October 2014

  • Investment platform broadens

    ClearVest has expanded the number of managers approved by its investment committee. The additions include funds managed by Arden Asset Management, Coherence Capital Partners, DUNN Capital Management and Wasserstein Debt Opportunities. Through the ClearVest platform, institutional investors, qualified purchasers and wealth managers will now be able to access over 27 carefully selected alternative investment managers.

    Investments are available through direct .......

    Job Swaps 28 October 2014

  • Vendor acquired

    Moody's has acquired Lewtan Technologies. The firm will become part of Moody's Analytics' structured analytics and valuations business, which provides an extensive data and analytics library for securitised assets.

    Lewtan's products cover more than 200,000 bonds and 20,000 securitised deals, serving over 300 financial institutions worldwide. For its fiscal year ending 30 September, the firm generated annual revenue of approximately .......

    Job Swaps 28 October 2014

  • More Trups today

    Another Trups CDO BWIC is circulating for trade today at 14:00 New York time.

    The $12.5m 13 line list is understood to emanate from a hedge fund. It consists of: PRETSL 16 C, PRETSL 18 C, PRETSL 19 C, PRETSL 21 C1, PRETSL 22 C1, PRETSL 23 D1, PRETSL 23 DFP, PRETSL 24 C1, PRETSL 27 C1 and PRETSL 28 C1.

    Seven of .......

    SCIWire 27 October 2014

  • Strong CLO schedule

    Notwithstanding the big list due tomorrow the CLO BWIC market already has a strong schedule in place either side of the Atlantic this week. Today already has three lists in the pipeline and nine more are scheduled over the following two days.

    Today currently begins with a $32.35m five line list at 9:00 New York time. It consists of: AVERY .......

    SCIWire 27 October 2014

  • QRM provides 'meaningful incentives'

    The final QRM standards provide meaningful incentives for banks to maintain quality underwriting and avoid certain riskier mortgage products, Fitch says. The agency believes that the rule should curb many practices that led to severe bank pressures during and after the financial crisis.

    Nevertheless, the final QRM avoids minimum down payment standards originally proposed by regulators in 2011, thus providing .......

    News Round-up 27 October 2014

  • Spanish mixed pool purchased

    Sankaty Advisors and Starwood Capital Group have acquired, through a controlled affiliate, a €800m portfolio of secured and unsecured loans from BFA-Bankia Group. The portfolio is made up of two distinct types of loans: one part is secured against hotel collateral in Spain, with a concentration in resort locations; the other is a pool of syndicated and bilateral loans secured .......

    News Round-up 27 October 2014

  • SCI Start the Week - 27 October

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

    Pipeline
    A mix of transactions remained in the pipeline at the end of last week. The US$250m Navistar Financial Dealer Note Master Owner Trust II Series 2014-1 and US$325m Sierra Timeshare 2014-3 deals made up the newly-announced ABS, while the US$207.56m Citigroup Mortgage Loan Trust 2014-J2 and US$263m JPMMT 2014-5 accounted for the RMBS.

    Three CMBS also began marketing .......

    News 27 October 2014

  • Large list to dominate

    Tuesday's large liquidation BWIC is set to dominate traders' attention across asset classes either side of the Atlantic in the short-term. Longer term the picture is less clear.

    The previously mentioned list, possibly from a Scandinavian bad bank, amounts to 647 lines and just under 7.5bn of current face when US assets and CDOs/CLOs are included. "This type of legacy .......

    SCIWire 24 October 2014

  • US CLO BWICs stay relatively quiet

    Yesterday's relatively quiet day in US CLO BWICs, albeit with fewer DNTs than of late, currently looks likely to continue today. There are four fairly small lists due totalling 15 lines and $60.95m of original face.

    Selling activity is currently being led by one chief investor type, according to one trader. "We're seeing managed accounts lightening a little due to .......

    SCIWire 24 October 2014

  • CMBS offering strengthened

    Hunt Mortgage Group has opened a commercial mortgage financing office in Cleveland, Ohio. Daniel Eibler has been hired as a director to lead the effort and to expand the firm's product offering locally and throughout the US Midwest.

    In addition to Fannie Mae DUS, Freddie Mac, FHA and bridge loans, Eibler will concentrate on CMBS and other loan vehicles beyond .......

    Job Swaps 24 October 2014

  • LCP acquisition confirmed

    Amlin has signed definitive legal agreements to increase its existing interest in Leadenhall Capital Partners (LCP) to 75%. The move follows a non-binding agreement that was reached back in July (SCI 7 July).

    Under the terms of the agreement, Amlin will increase its interest in the business via a partial acquisition of each individual partner's stake. The final consideration amount .......

    Job Swaps 24 October 2014

  • CVA service unveiled

    Quaternion Risk Management and UBS Delta have teamed up to provide counterparty exposure, CVA/DVA analytics and reporting services to the financial and corporate community. Quaternion's risk engine and analytics have been integrated into UBS Delta to provide the CVA service. The two firms note that CVA and DVA pricing has become a mainstream valuation challenge and is no longer confined .......

    News Round-up 24 October 2014

  • CLOs face risk retention questions

    The recently-finalised risk retention rules (SCI 22 October) will remove a level of uncertainty that has hung over the US structured finance market since 2011, but raise new questions as to the market's direction going forward, Fitch suggests. The CLO and leveraged loan markets are expected to be profoundly affected by the move, while the new rules could help reduce .......

    News Round-up 24 October 2014

  • 'London whale' assessment released

    The Office of Inspector General (OIG) for the US Fed and the CFPB has released its summary report of the supervisory activities related to the US$2.3bn credit derivatives losses of JPMorgan's chief investment office (CIO) in 2012. The purpose of the evaluation is to assess the effectiveness of supervisory activities and identify lessons learned for enhancing future supervisory activities.

    By .......

    News Round-up 24 October 2014

  • Japanese RMBS approach updated

    Moody's is requesting feedback on a proposed update to its approach to rating Japanese RMBS. The proposed methodology follows an analysis of Japanese mortgage loan defaults over the past 30 years and aims to align the agency's approach with its global RMBS rating methodology, while taking into account the unique characteristics of the Japanese market.

    Moody's expects the proposed changes .......

    News Round-up 24 October 2014
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