Complete news archive

  • New CDS contracts quoted

    Dealers have begun quoting 2014 senior and subordinate financial CDS contracts. Credit derivatives strategists at JPMorgan calculate that 2014 sub contracts are on average trading 75% wider than existing 2003 contracts, while 2014 senior contracts are on average trading flat to 2003 contracts, with a -8% to +8% range for individual single names.

    The JPMorgan strategists believe that 2014 senior .......

    News Round-up 1 October 2014

  • Cat bond rating affirmed

    S&P has affirmed its double-B plus rating on Nakama Re Series 2013-1, after the probability of attachment was reset to a percentage consistent with the transaction documents and the current rating. The agency also reviewed the creditworthiness of the ceding company - National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren) - and the rating on the collateral that, barring the .......

    News Round-up 1 October 2014

  • Final KBC CDOs unwound

    KBC says it has collapsed the two remaining CDOs in its portfolio, freeing up €300m in capital and increasing the bank's solvency by 0.4%. The move also releases KBC from the portfolio protection agreement it entered into with the Belgian Federal Government and completely eliminates the group's exposure to MBIA.

    From a total of over €25bn outstanding in 2008, KBC .......

    News Round-up 1 October 2014

  • Junior loan transfer proposed

    Freddie Mac is proposing to amend the intercreditor agreements for six of its CMBS to enable it to sell its interests in the trusts' junior loans to a depositor, which in turn will securitise the assets and issue CMBS notes. The affected transactions are FREMF 2010-K7, 2011-K702, 2011-K703, 2011-K704, 2012-K706 and 2012-K707.

    The proposed omnibus amendment to the definition of .......

    News Round-up 1 October 2014

  • Structured credit pro added

    John Niblo has joined PineBridge Investments as portfolio manager. He was formerly principal at Rigi Capital Partners, focusing on alternative investments, distressed credit and structured credit. Prior to that, he was head of structured credit trading and sales at Knight Libertas.

    .......

    Job Swaps 1 October 2014

  • Halcyon beefs up in Europe

    Daniele Benatoff and Damien Miller have been appointed co-heads of Halcyon Asset Management (UK). Benatoff has been with Halcyon since May and focuses on European mergers and special situation strategies, while Miller focuses on European credit and will join the firm by year-end. The two co-heads will also be among the portfolio managers for Halcyon funds dedicated to investing in .......

    Job Swaps 1 October 2014

  • Servicer branches out

    Situs has appointed Tim Keast as executive md, based in the firm's European headquarters in London. Working with Situs coo Bruce Nelson, Keast will be responsible for the expansion of the firm's traditional services beyond commercial real estate to include other asset classes, such as residential, consumer, SME and other structured finance debt.

    In his new role, Keast will assist .......

    Job Swaps 1 October 2014

  • Differing day ahead for euro CLOs and ABS

    The European CLO market should see a continuation of recent healthy levels of activity today, while a relatively quiet day is expected in European ABS and MBS.

    Traders report a continuation of two-way flows and strong execution in the European CLO secondary market this week, with the expectation that this will continue right up to tomorrow's ABSPP announcement. There are .......

    SCIWire 1 October 2014

  • AIF securitisations explained

    Scope Ratings has released a report that discusses the repackaging of alternative investment funds (AIF) into securitisation-like rated debt products. Entitled 'Securitisation of Alternative Investment Funds - Analytical Considerations', the report discusses the main challenges in analysing such 'fund-turned-debt' instruments.

    "Investors' search for yield has helped pioneer a new form of structured finance debt. Shares in an AIF are an .......

    News Round-up 1 October 2014

  • Quelle case resolved

    The High Court in London has issued a judgment against Colliers International (UK) over its negligent valuation of a property in a test case that is expected to have major implications for the CMBS market. The case was brought by Titan Europe 2006-3, after the building in question lost nearly 90% of its stated value when the occupants - German .......

    News Round-up 1 October 2014

  • CMBS slowdown for now

    After a quieter than average week last week US CMBS has been in similar mode this week so far, but that is expected to change once the new quarter starts.

    "It's been quiet today as it's quarter-end, though we have seen some selective selling and there are some BWICs too," says one trader. "But for the most part accounts seem .......

    SCIWire 30 September 2014

  • New PIMCO leadership named

    PIMCO has named Daniel Ivascyn as group cio, succeeding Bill Gross (SCI 29 September). In addition, the firm has appointed Andrew Balls as cio global, Mark Kiesel as cio global credit, Virginie Maisonneuve as cio equities, Scott Mather as cio US core strategies and Mihir Worah as cio real return and asset allocation. PIMCO ceo Douglas Hodge and president Lew Jacobs .......

    Job Swaps 30 September 2014

  • Spanish arrears continue to decline

    Improvement in Spain's macroeconomic environment is slowly feeding through to asset performance in RMBS transactions, according to Fitch. The agency reports that the volume of three-months plus arrears (excluding defaults) continues to decline, reaching 1.9% in 3Q14 from 2.2% in 2Q14, but remains far from pre-crisis levels (0.2%).

    While part of the decline can be attributed to the roll-through to .......

    News Round-up 30 September 2014

  • Italian factoring law utilised

    Fitch says that the application of Italy's factoring law to portfolio transfers can increase transparency in Italian revolving securitisations, bringing Italian practice into line with all other European jurisdictions. The agency's comments come after it assigned its first ratings on an Italian securitisation that uses the factoring law to complete the sale of loans to the SPV, as provided for .......

    News Round-up 30 September 2014

  • Special servicing universe shrinks

    The US CMBS special servicing universe continued to shrink during 1H14, while recovery rates on liquidated loans rose sharply, according to Fitch's latest CMBS special servicing index report.

    Recovery rates improved to 69.5% for 2Q14, compared to an average of 57.7% for the two previous quarters. Additionally, a sizeable portion of CMBS loans were liquidated with less than a 5% .......

    News Round-up 30 September 2014

  • Collateral processing JV formed

    The DTCC and Euroclear have confirmed the creation of a joint venture that will leverage both companies' expertise, technology and franchises to focus on collateral processing (SCI 7 May). Dubbed DTCC-Euroclear Global Collateral, the new company will be domiciled in the UK, subject to regulatory approvals.

    Ownership and governance of the company will be shared equally between DTCC and Euroclear, .......

    Job Swaps 30 September 2014

  • CRA RTS adopted

    The European Commission has adopted three regulatory technical standards (RTS) needed to implement key provisions of the Regulation on Credit Rating Agencies (CRAs). These RTS set out: the disclosure requirements for issuers, originators and sponsors on structured finance instruments; reporting requirements to CRAs for the European Rating Platform; and reporting requirements for CRAs on fees for the purpose of ongoing .......

    News Round-up 30 September 2014

  • Senior euro CLOs stay strong

    Continued demand for senior euro CLO paper was evidenced by the strong execution of a three line BWIC this morning. More activity in such bonds is expected throughout the week.

    €5m of BACCH 2007-1 A covered at 99.7, €5.5m of HARVT III-X B at 97.66 and €3m of NWEST III-X A at 99.55. All levels were at or above talk.

    SCIWire 30 September 2014

  • RFC issued on insurance-linked funds

    AM Best is requesting comment from market participants on a new draft criteria report relating to insurance-linked fund ratings (ILFR). An AM Best ILFR is an opinion on an insurance-linked fund's (ILF) average credit quality and vulnerability to losses due to credit defaults in a portfolio constituted primarily of insurance-linked assets and the inability of the fund to fulfil specific .......

    News Round-up 30 September 2014

  • RMBS investigations disclosed

    UBS has disclosed in a recent exchange offer prospectus that it received last month a subpoena from the US Attorney's Office for the Eastern District of New York, which seeks documents and information related to its RMBS business from 2005 to 2007. The bank says it has also been responding to a subpoena from the New York State Attorney General .......

    Job Swaps 30 September 2014

  • NewOak enlists credit vet

    NewOak has appointed Triet Nguyen as an md in its corporate and municipal credit solutions group. He will help the team to build out its capabilities and assist clients in fundamental credit assessment, surveillance and portfolio monitoring.

    Nguyen was most recently a managing partner at Axios Advisors, which he founded in 2002. He has also worked at Ziegler Capital Markets, .......

    Job Swaps 30 September 2014
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