Complete news archive

  • Board changes at Markit

    Edwin Cass has joined Markit's board of directors. He was nominated by the Canada Pension Plan Investment Board, where he is the senior md and chief investment strategist, leading the global capital markets, corporate securities and tactical asset allocation groups within the public market investments department.

    Cass joins the Markit board as a Class III director and has been appointed .......

    Job Swaps 7 October 2014

  • Call to revisit PACE provisions

    US CMBS loan documents currently do not have explicit prohibitions barring borrowers from taking out property-assessed clean energy (PACE) loans without the lender's prior consent. Moody's suggests that this could negatively affect the credit profile of the property, given the risks posed by PACE loans.

    "PACE loans can materially increase a loan's leverage and risk profile," says Moody's svp Daniel .......

    News Round-up 7 October 2014

  • ILS manager makes UK move

    Twelve Capital has opened an office in London, with the firm's chairman and cio Urs Ramseier relocating from Switzerland to the UK to lead the team. The firm has also engaged in a push to strengthen its analytics capabilities in Zurich.

    Twelve Capital believes its presence in London will provide enhanced access to insurance and capital markets talents as well .......

    Job Swaps 7 October 2014

  • Euro ABS pipeline builds

    After a quiet start to the week the European ABS and MBS market has started to build up a healthy pipeline of BWICs over this week. For today, that pipeline already includes a combination of peripheral and core names, as well as a stand-alone UK non-conforming RMBS list.

    First up at 10:30 London time is a nine line 6.6m mixed .......

    SCIWire 7 October 2014

  • Portuguese RMBS flash BWIC circulating

    A BWIC of €12.5m of Portuguese RMBS ATLAM 2 A has begun circulating for trade at 17:00 London today. The bond hasn't traded on PriceABS before and price talk is yet to be seen for this auction.

    Elsewhere, aside from some patchy bilateral trading the European markets have stayed quiet today, as is the case with US ABS, CMBS and .......

    SCIWire 6 October 2014

  • SCI Start the Week - 6 October

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

    Pipeline
    A large number of deals joined the pipeline last week. At the last count there were seven ABS, four RMBS, seven CMBS and four CLOs announced.

    The ABS were: £581m Dignity Finance; US$500m EART 2014-3; US$330m Flagship Credit Auto Trust 2014-2; US$1.081bn Ford Credit Auto Owner Trust 2014-REV2; €142.6m Master Credit Cards PASS Compartment France Series .......

    News 6 October 2014

  • Arrears calculation revised

    Van Lanschot has revised its mortgage arrears calculation method. Fitch says that the ratings of the RMBS transactions backed by loans originated and serviced by the bank will not be affected by the move.

    At Van Lanschot, when a borrower misses their mortgage payment, the due instalment is debited from their current account held with the bank. Prior to May .......

    News Round-up 6 October 2014

  • CDX rolls to higher quality

    The CDX indices are set to roll to Series 23 today (6 October) in line with the delayed implementation of the 2014 ISDA Credit Derivatives Definitions. Morgan Stanley credit derivatives strategists note that the names removed in the CDX IG index are slightly lower quality, with one name removed following a downgrade, so on average IG23 is higher quality than .......

    News Round-up 6 October 2014

  • ILS trade trends examined

    FINRA began making transaction prices available on TRACE for 144a and structured products trades on 30 June, including ILS transactions by US registered broker dealers. The TRACE record shows that 100 trades took place in catastrophe bonds in Q3, according to Lane Financial's latest quarterly market performance report.

    The record further shows that the dealer mark-up averages about 10bp, but .......

    News Round-up 6 October 2014

  • Servicer workloads increasing

    The workload of European CMBS servicers has increased significantly so far in 2014, with around half of the loans maturing in 2013 and 2014 still awaiting resolution, according to Fitch's latest EMEA commercial mortgage market index report. Although the number of loans being watchlisted has begun to slow down, the agency expects that most loans will require special servicer intervention .......

    News Round-up 6 October 2014

  • EMEA UMPPR launched

    Moody's has launched unpublished monitored private placement ratings (UMPPR) across EMEA, focused on the developing private placement markets in the region. The agency first launched its UMPPR service for the US private placement market in November 2012.

    The UMPPR service provides definitive, unpublished and monitored credit ratings on privately placed debt instruments. "Moody's new UMPPR service will provide an independent .......

    News Round-up 6 October 2014

  • Euro ABS settles down

    European ABS and MBS secondary markets have started to settle down this morning after the heightened activity seen last week.

    "It's been quiet this morning - we've only done a few trades," says one trader. "It looks like following on from the price movements around the ECB last week the market is settling down and looking through every detail of .......

    SCIWire 6 October 2014

  • Silverstone restructuring proposed

    Nationwide Building Society is proposing to restructure its Silverstone Master Trust UK RMBS programme. The move is not expected to have a negative rating impact on the rated notes of the programme.

    The proposed restructuring includes the removal of £8.09bn of mortgages from the pool - through the removal of £5.5bn of fixed rate loans and £2.6bn of random selected .......

    News Round-up 6 October 2014

  • Peripherals trade strongly

    The majority of both peripheral BWIC lists today traded at or above talk and covers were high on two bonds that DNT.

    Three of the bonds traded with prices on the 13:30 €40m list, covering as follows: AEOLO 1 A at 94.46, GRIF 1 A at 90.02 and TDAC 1 B at 94.55. CORDR 2 C was just reported to .......

    SCIWire 3 October 2014

  • Fund manager adds two

    SCIO Capital has added Barry Lucassen to its portfolio management team and Eriko Aron to its risk management team. Lucassen was previously at Aeris Capital and will now report to head of analytics Eric Eastlund, while Aron will report to Jason Harris, executive director of risk.

    Aron was previously at Deutsche Bank, where she covered securitisation and distressed portfolio transactions. .......

    Job Swaps 3 October 2014

  • RMBS seniors up after ECB update

    The market has reacted cautiously to yesterday's ABSPP update from the ECB. Peripheral RMBS has been most active, although the CMBS market is quiet.

    "Most of the activity over the last 24 hours or so has been in Spanish and Italian RMBS. Really people are looking to get whatever Spanish and Italian paper they can, but mainly that has been .......

    Market Reports 3 October 2014

  • Triple-A tiering trend continues

    Yesterday's triple-A US CLO BWICs saw the same result as the day before - 2.0 deals did not trade and 1.0 deals traded strongly, in some cases twice. Today sees only one triple-A CLO out for bid so far and it's a 1.0 deal.

    All the bonds on yesterday's seven line $160.5m 2.0 list failed to trade. Conversely, the four .......

    SCIWire 3 October 2014

  • Liquidations drive losses higher

    Average US CMBS loss severity measured 55.69% in September, up from 37.56% in August, according to Trepp. Loss severity was almost seven percentage points higher than the 48.83% 12-month moving average and 11 points above the 44.27% average since January 2010.

    Liquidated loan volume was almost double August's US$994m and triple July's lull of US$605.47m. Of the loans that were .......

    News Round-up 3 October 2014

  • Colony IV returns to special servicing

    Fitch reports that the modified US$56.8m Colony IV A-note (securitised in JPMCC 2006-LDP9) has been transferred to special servicing, but Barclays Capital CMBS analysts believe the entire US$144m Colony IV portfolio has been moved into special servicing, based on cross-default and modification terms. Together with the A-note, the portfolio comprises a US$37.5m B-note and US$49.8m C-note, which modified in 2012 .......

    News Round-up 3 October 2014

  • Flexible approach

    Lack of ABSPP detail disappoints

    The lack of detail in yesterday's ECB announcement is being seen as a reflection of the complexity of its ABS purchase programme (ABSPP). Nevertheless, secondary market reaction to the news was positive, with best-in-class peripheral bonds tightening marginally.

    European ABS strategists at Deutsche Bank suggest that "flexibility was the name of the game" in yesterday's ABSPP announcement - flexibility in .......

    News Analysis 3 October 2014

  • Investment manager purchase prepped

    Neuberger Berman has agreed to purchase Ramius' interest in Orchard Square Partners. Terms of the deal have not been disclosed but the transacion is expected to close on 31 December.

    Orchard Square is led by Norman Milner, Rick Dowdle, Darren Carter and Itai Baron, who have worked together for over eight years. The team is supported by seven professionals who .......

    Job Swaps 3 October 2014
×