Complete news archive

  • Nabor CDS widen on oil price drop

    Fitch Solutions' latest case study snapshot reveals that five-year CDS on Nabor Industries widened by 95% over the past month to trade at their widest levels since early last year. As a consequence, after pricing historically at triple-B levels, credit protection on Nabors' debt is now pricing below investment grade.

    A drop in crude oil prices is a potential catalyst .......

    News Round-up 16 October 2014

  • Large RMBS tranches DNT

    US non-agency RMBS liquidity took a dip yesterday as a busy day of bid-lists yielded a high number of DNTs. Over US$1bn worth of paper was out for the bid on the day's BWICs, but SCI's PriceABS data shows many of the larger tranches did not trade.

    Among the DNTs was a US$17.521m piece of the .......

    Market Reports 16 October 2014

  • Knock-on impact felt

    European ABS, CLO and MBS secondary markets are continuing to feel some knock-on impact from the current broad market volatility.

    Trading was patchy yesterday with most sectors trading wider as buyers continued to be harder to find. Hardest hit were non-ABSPP eligible bonds and UK non-conforming paper.

    Dutch RMBS also continued its recent decline on the back of high volumes of .......

    SCIWire 16 October 2014

  • Hefty CLO auction schedule

    Despite a slew of yesterday's CLO BWICs showing as DNT or TRD and plenty more with no colour released at all, there is once again a hefty programme of CLO auctions either side of the Atlantic today as sellers search for buyers amid broad market volatility.

    Eight lists are scheduled for today totalling 265+m of original face across 53 line .......

    SCIWire 16 October 2014

  • German auto credit quality eyed

    Signs of increasing risk appetite among German auto loan and lease originators have emerged gradually in recent months, Fitch reports. The agency says that they are relatively minor so far and have not reached the point where they would weaken the credit quality of German auto ABS deals.

    Two notable trends in the last 12-24 months are an increase in .......

    News Round-up 15 October 2014

  • Structural concerns remain for Brazilian ABS

    New regulations in the local Brazilian ABS market address some of the structural issues exposed by recent bank failures, Fitch says. However, the agency suggests that the new regulations fail to comprehensively address certain structural concerns that it has outlined over the past several years.

    "The Brazilian ABS market is undergoing a paradigm shift. Progress has certainly been made. But .......

    News Round-up 15 October 2014

  • US CLOs get going

    After a quiet start to the shortened week on-BWIC yesterday, the US CLO auction market gets going today.

    There are already five lists scheduled for today totalling 25 lines and $245.93m in original face, albeit that figure is skewed by a $156m single line of APID 2007-CA A2A. Bonds across the capital structure in mixed vintages are on offer. However, .......

    SCIWire 15 October 2014

  • UKAR assets back new RMBS

    JPMorgan is in the market with Slate No.1, a UK RMBS backed by a £2.38bn multi-originator purchased portfolio of prime residential mortgages. The assets were purchased from UK Asset Resolution by the deal's sponsor Consilium Airton (CAL), a wholly owned subsidiary incorporated for this transaction by Commercial First Group.

    Fitch has assigned expected ratings of triple-A to the £1.93bn class .......

    News Round-up 15 October 2014

  • Apartments driving CRE price rises

    Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 1.2% in August and has recovered 99.5% of its post-crisis loss. The CPPI is now just 0.2% short of its November 2007 peak.

    Apartment prices have driven the recovery, increasing by 17.4% over the past year, compared with 13.8% for core commercial. Apartment prices now exceed their pre-financial .......

    News Round-up 15 October 2014

  • Retail restructurings targeted

    A new joint venture focused on financing opportunities arising across performing, stressed and distressed retail sector situations in Europe has been formed. Dubbed Alteri Investors, the entity is structured as a partnership between funds managed under Apollo's credit business and a team led by former GA Europe ceo Gavin George.

    Alteri will initially focus on the UK and Germany and .......

    Job Swaps 15 October 2014

  • RFC issued on 'standard' securitisations

    The EBA has launched a public consultation on its discussion paper on simple, standard and transparent securitisations. The move is in response to the European Commission's call for advice on identifying a prudentially sound securitisation market and its regulatory treatment.

    The discussion paper lays down preliminary views on defining the three pillars of simplicity, standardisation and transparency. Together with criteria .......

    News Round-up 15 October 2014

  • APAC ratings stable in 3Q14

    Fitch affirmed the ratings on 160 Asia-Pacific structured finance tranches in 3Q14, as well as upgrading a further five tranches and downgrading one. Most long-term ratings in the Asia-Pacific region have stable outlooks.

    Strong economic performance in both Australia and New Zealand supported rating actions in those jurisdictions. All ratings reviewed during the quarter - 87 tranches from 37 transactions .......

    News Round-up 15 October 2014

  • SEF landscape evolving

    Market participants are still evaluating trading on swap execution facilities (SEFs) and how they may adapt their derivatives trading operations to comply with new regulations. A new report by Greenwich Associates provides a review of the changes in the US swaps market since the start of mandatory trading on SEFs, as well as an assessment for the future.

    The new .......

    News Round-up 15 October 2014

  • AMD widens on ceo replacement

    A change at the top has sent CDS spreads for Advance Micro Devices (AMD) to their widest level since early in the year, according to the Fitch Solutions' latest CDS case study snapshot. Five-year CDS on AMD widened by 15% in the last two trading days of last week to the widest levels observed since February.

    "Last week's announcement that .......

    News Round-up 15 October 2014

  • Conduit relationship formed

    Trez Capital Group has formed a strategic relationship with Natixis, whereby the New York branch of Natixis will provide warehouse financing, hedging services and other advisory services to Trez's newly established term lending platform operated by its CMBS conduit Trez Commercial Finance (TCF). The firms say that the combination of Trez's long-standing Canadian real estate expertise and Natixis' expertise in .......

    Job Swaps 15 October 2014

  • Appen swaps Barclays for Lloyds

    Allen Appen has joined Lloyds to lead its financial institutions capital and asset-backed solutions business, which was created earlier this year after the departure of former ABS head Robert Plehn (SCI 20 May). In his new role, Appen will report to head of capital markets James Garvey. Appen was previously at Barclays, most recently as head of financial institutions capital .......

    Job Swaps 15 October 2014

  • SCI conference line-up revealed

    Panellists have been announced for SCI's 7th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 29 October in New York. The event is being held at Bank of America's offices at 250 Vesey Street (formerly Four World Financial Center).

    The conference programme consists of a series of roundtables and panel debates focusing on issues affecting the .......

    News Round-up 15 October 2014

  • Choppy trading in Euro ABS/MBS

    The European ABS/MBS markets are currently seeing mixed trading and a slowing of momentum.

    "Execution has been choppy over the past few days," says one trader. "On the lists yesterday some names covered well below talk while others traded aggressively."

    That choppiness is likely to continue as the market loses some momentum. "We're seeing continued volatility in broader markets - .......

    SCIWire 15 October 2014

  • Euro CLOs shift up

    The European CLO BWIC pipeline shifts up a gear today with four lists already scheduled. There is a high percentage of 1.0 deals on offer, nevertheless buyer appetite will be tested amid increased broad market volatility.

    First up is a three line €4m equity list due at 14:00 London. DUCHS V-X F, CADOG 1 M and CADOG 2X M have .......

    SCIWire 15 October 2014

  • Euro mezz CLOs fail to trade

    A five line list of euro mezz CLOs due at 15:00 London failed to trade despite involving bonds in the recent sweet spot for the market - 1.0 double-Bs.

    No covers were given for the €17.6m list, which consisted of DRYD 2006-15X E, HEC 2006-2CX E, HEC 2007-3X E, QNST 2006-1X E and REGP 1X E. Thanks to the type .......

    SCIWire 14 October 2014

  • European ABS/MBS edges wider

    This morning has seen European ABS and MBS spreads edge wider on the back of both fundamentals and technicals.

    Macroeconomic and global geopolitical concerns are entering into the hitherto relatively unaffected European securitised secondary markets giving them more of a selling bias. Auction supply has been added to for today with two further BWICs introduced mid-to-late morning, which potentially could .......

    SCIWire 14 October 2014
×