Complete news archive

  • Valuation risk specialist adds partner

    Voltaire Advisors has appointed Peter Jones as a senior partner in its London office. He will be responsible for growing the firm's valuation risk network.

    Jones has over 18 years of industry experience and specialises in debt, equity, structured case and derivative valuation, pricing and risk. He was most recently fixed income global head at S&P Capital IQ and has .......

    Job Swaps 23 September 2014

  • Analytics portal strengthened

    Moody's Analytics is expanding the coverage of its Structured Finance Portal to include auto, credit card and student loan ABS. The service offers innovative content and analytics, delivered in real-time in an easy-to-use web-based format.

    Initially focused on CLOs, the portal includes loan-level data to show which deals and managers are most exposed to a loan and who has been .......

    News Round-up 23 September 2014

  • Trups defaults, deferrals decline

    The number of combined defaults and deferrals for US bank Trups CDOs decreased slightly from 22.7% at the end of July to 22.6% at the end of August, according to Fitch. In August there was one deferring bank - representing US$22m of collateral in three CDOs - which cured, with no new defaults or deferrals.

    Last month also saw a .......

    News Round-up 23 September 2014

  • Rating methodologies released

    ARC Ratings has published its global consumer ABS rating criteria, which apply to transactions that benefit from a diversified portfolio with a large number of underlying obligors. The criteria cover analyses of expected defaults, delinquencies, recoveries, prepayments and asset yield, which are supplemented by a cashflow analysis. Although applied globally, each individual country and specific transaction may give cause to .......

    News Round-up 23 September 2014

  • Climate change cat bonds prepped

    African Risk Capacity (ARC) has unveiled the Extreme Climate Facility (XCF), a multi-year funding mechanism that will issue climate change catastrophe bonds. The bonds - which are expected to be issued in 2016 - will provide additional financing to participating countries to enhance their climate adaptation investments, in the event that weather shocks increase in occurrence and intensity across the .......

    News Round-up 23 September 2014

  • Aire Valley restructuring proposed

    Bradford & Bingley is proposing to restructure its Aire Valley RMBS master trust. By removing loans with adverse characteristics, the current pool would be reduced by approximately 50% under the restructuring.

    The proposed restructuring of the programme includes: repayment of all the notes issued under the retained series 2007-2 and 2008-1; removal of all loans that are three or more .......

    News Round-up 23 September 2014

  • European CMBS take centre stage

    As the European MBS BWIC market eases itself back to life today, two CMBS lists take centre stage.

    First up at 10:00 London is a six line 26.55m list, which consists of: FORES 1 A, INFIN SOPR A, MESDG CHAR A, MESDG CHAR B, VEST 2 A4 and WINDM X-X A. Two of those deals have traded with a price .......

    SCIWire 23 September 2014

  • European RMBS sporadic

    Traders report only sporadic trading in the European RMBS secondary market today with most players content to sit on the sidelines and take a breather after last week's hectic activity.

    What trading interest there has been today has revolved around the most liquid names in both core and peripheral markets, which is perhaps responsible for the first BWIC of the .......

    SCIWire 22 September 2014

  • Mixed bag of properties up for bid

    Auction.com and Real Capital Markets are listing US$700m in US CMBS loan sales from late September through early November. A Barclays Capital analysis finds that the auctions consist primarily of smaller properties, securing 100 loans across 73 transactions.

    The deal with the most exposure is JPMCC 2005-CB13, accounting for US$92m in allocated balance up for bid, across nine properties and .......

    News Round-up 22 September 2014

  • Aircraft ABS issuance set to rise

    Fitch expects stable asset and rating performance for recent-vintage aircraft ABS in the near term, thanks to improved global commercial air travel industry fundamentals, strong asset quality and adequate credit enhancements to weather future volatility. Combined with the increased need for capital markets financing for lessors, these conditions will likely lead to increased issuance in the sector.

    "2014 has seen .......

    News Round-up 22 September 2014

  • Data aggregation options outlined

    The Financial Stability Board has published a study of the feasibility of various options for a mechanism to produce and share global aggregated OTC data. To date, a total of 25 trade repositories in 11 jurisdictions are either operational or have announced that they will be. Aggregation of the data being reported across these trade repositories is necessary to ensure .......

    News Round-up 22 September 2014

  • Tax lien methodology published

    Kroll Bond Rating Agency has released its methodology for rating property tax lien ABS transactions. KBRA's rating of a tax lien ABS transaction represents a blended analysis of the key qualitative and quantitative credit risk determinants.

    The agency notes that the credit analysis of tax lien ABS can vary by transaction, not only due to collateral characteristics and transaction structure, .......

    News Round-up 22 September 2014

  • Irish RMBS criteria updated

    Fitch has updated its Irish residential mortgage loss and cashflow assumptions. The structured finance rating cap on Irish RMBS has also been lifted to triple-A, in line with the sovereign country ceiling, following the upgrade of Ireland to single-A minus from triple-B plus on 15 August.

    Fitch's revised criteria assumptions: reduce the foreclosure frequency (FF) by around 20% at the .......

    News Round-up 22 September 2014

  • Cat bond event report awaited

    S&P has placed its single-B minus rating on MultiCat Mexico series 2012-I class C notes on credit watch with negative implications, reflecting the fact that a trigger event may have occurred with respect to the catastrophe bond. The class C notes cover losses in Cabo San Lucas in Mexico, near which Hurricane Odile made landfall on 15 September.

    Swiss Re .......

    News Round-up 22 September 2014

  • ABS ratings approach released

    Morningstar Credit Ratings has published its methodology for US ABS ratings, outlining the principles the agency's analysts apply when rating and monitoring ABS transactions. The methodology serves as Morningstar's framework for evaluating financial, operating and corporate asset transactions. The move progresses the agency's plans to expand into ABS ratings services (SCI 8 April).

    Morningstar's ABS ratings methodology addresses seven areas .......

    News Round-up 22 September 2014

  • SCI Start the Week - 22 September

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

    Pipeline
    Two ABS, two RMBS, two CMBS and six CLOs entered the pipeline last week. The ABS comprised FCT Ginkgo Compartment Sales Finance 2014-1 and Glacier Credit Card Trust Series 2014-1, while the RMBS were US$374m Agate Bay Mortgage Trust 2014-2 and STORM 2014-III.

    The newly-announced CMBS were US$1.4bn CSMC 2014-USA and €250m DECO 2014-TULIP. The CLOs consisted of: .......

    News 22 September 2014

  • Quiet start to the week for BWICs

    After last week's high levels of list-based activity this week's BWIC schedule looks very light. However, auction volume is expected to rise after the close the ABS East conference on Wednesday.

    There are no BWICs currently scheduled for today and just two European MBS lists for tomorrow. CLOs on either side of the Atlantic are not slated to return until .......

    SCIWire 22 September 2014

  • Euro 'chips off the table'

    Both the primary and secondary European markets have been busy recently as the market continues to benefit from the ECB bounce. However, there has also been an increase in the number of DNTs on BWICs as an element of caution creeps into the market.

    "Since the ECB's announcement the European market has really picked up. What we have seen over .......

    Market Reports 19 September 2014

  • Equity tranches do not trade

    Yesterday there were two euro CLO equity tranches catching traders' attention (SCIWire 18 September). The first was a €1m piece of DUCHS IV-X F and the second was a €950,000 piece of EUROC V-X SUB.

    While the €1m piece of the DUCHS tranche came back as a DNT, a smaller €150,000 piece was successfully covered in the very high-20s. Price .......

    SCIWire 19 September 2014

  • Back to work after Scots decision

    After monitoring the build up very closely, the European ABS market has reacted calmly to the result of the Scottish independence referendum. While the impact of a 'Yes' vote was expected to be limited, the 'No' result has ensured business can continue as usual.

    "We were watching this with interest but it was always going to be a minimal impact. .......

    SCIWire 19 September 2014

  • Declining shipments hurt tobacco ABS

    Around 80% of the aggregate outstanding balance of all tobacco settlement ABS bonds rated by Moody's may not pay down in full by maturity according to current projections, says the rating agency. Tobacco settlement ABS payments are tied to cigarette shipment volumes and shipment declines are projected to be between 3% and 4% per year.

    The average decline in shipments .......

    News Round-up 19 September 2014
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