Complete news archive

  • Euro mezz takes centre stage

    ECB president Draghi's comment on Friday that the ABSPP would be more effective if it were to include mezzanine paper has drawn market focus to that section of the capital structure.

    On Friday and into this morning investor demand has centred on mezz paper in European ABS, CMBS and RMBS, notably Dutch prime. Consequently, spreads have moved tighter across all .......

    SCIWire 15 September 2014

  • European CLO demand continues

    European CLOs continued to attract strong bids today as the demand for paper seen all week carried over into this morning.

    That appetite was evident with the market's sole BWIC today at 10:00 London. The six line €9.75m list covered at or above talk except for CELL 2006-1X C, which was only shown as 'traded' with no price colour.

    There .......

    SCIWire 12 September 2014

  • Markel hires bring ILS experience

    Markel Global Reinsurance has hired Erik Manning, Jamie Welsby and John Duda. All three will be based in Bermuda and bolster the managed catastrophe and retrocessional insurance team.

    Manning joins as md and was previously md at Guy Carpenter. He has also worked at Deutsche Bank, ABN Amro and RK Carvill.

    Welsby also joins as md and was most recently .......

    Job Swaps 12 September 2014

  • Largest B-note recovery recorded

    The US$425m Four Seasons Resort Maui loan, securitised in GECMC 2007-C1 (US$175m) and CD 2007-CD4 (US$250m), has paid off in full. The loan was modified with a US$350m/US$75m A/B note split in 2011 (see SCI's CMBS loan events database).

    The pay-off repaid the A-note and the B-note in full and represents the largest B-note recovery to date, according .......

    News Round-up 12 September 2014

  • Whole loan securitisation on the rise?

    Gross agency MBS issuance increased from US$85bn to US$89bn and net issuance increased from US$7bn to US$14bn from July to August, according to Citi figures. The increase was partly driven by a jump in seasoned loan securitisation by Bank of America and SunTrust.

    Agency MBS issuance backed by seasoned loans has picked up since July, with September issuance surpassing the .......

    News 12 September 2014

  • Property appreciation rates compared

    Many investors who acquired US property after 2000 and sold during the pre-crisis price run-up or who acquired property post-crisis and sold into the recovery realised double-digit annualised appreciation, according to the latest Moody's/RCA CPPI report. The finds are based on a study of annualised appreciation rates for 91 post-2000 purchase/sale holding periods.

    In the apartment sector, of the 26 .......

    News Round-up 12 September 2014

  • US CMBS returns

    After an extended summer lull the US CMBS market at last appears to be on its way back to full functionality.

    BWIC volume exceeded $300m yesterday and Wednesday for the first time since summer began. However, generic spreads remain primarily unchanged, excepting some legacy AMs and double-As, albeit inside the wides of mid-summer.

    Over the next few weeks secondary supply .......

    SCIWire 12 September 2014

  • Healthcare tops severity rankings

    Healthcare edged out all other property types as the worst-performer in 2Q14, according to Moody's latest quarterly US CMBS loss severities update. The 57.4% weighted average loss severity for loans backed by healthcare properties included the 105% loss severity on the Senior Living Properties Portfolio, which liquidated with a US$117.7m loss to the GMACC 1998-C1 transaction (see SCI's CMBS loan .......

    News Round-up 12 September 2014

  • Further Sanchez sales inked

    CR Investment Management has sold a further ten properties located across Germany from the Sanchez Portfolio, resulting in approximately €55m of sales proceeds. Many of the properties are located in non-prime locations and had a number of technical complexities associated with them, such as fire protection issues, 100% vacancy and part-ownership structures.

    The Sanchez Portfolio originally consisted of 107 properties .......

    News Round-up 12 September 2014

  • Punch hit by restructuring uncertainty

    S&P has maintained its double-B minus (with negative implications) ratings on the Punch Taverns Finance A class A1(R) and A2(R) notes, while lowering the ratings on the class M1, M2(N), B1, B2, B3, C(R) and D1 notes (credit watch negative). The agency has also lowered to triple-C (credit watch negative) from single-B plus its ratings on the Punch Taverns Finance .......

    News Round-up 12 September 2014

  • Agency trader added

    Randy Turso has swapped RBS for RBC, joining the Canadian bank as a director. He will trade agency RMBS bonds and report to co-head of securitised products Chris Bellhumeur.

    .......

    Job Swaps 12 September 2014

  • Limited payout for former Gleacher execs

    An independent arbitration panel has awarded Gleacher & Company's former ceo Thomas Hughes and former coo John Griff US$987,667 plus interest and US$295,833 plus interest, respectively. The pair had sought around US$9.2m.

    Hughes and Griff were removed from their roles in May last year after the firm's largest shareholder, MatlinPatterson Global Advisors, took control of the board and elected its .......

    Job Swaps 12 September 2014

  • Strong trading in European CLOs

    As expected, the three European CLO BWICs due today all traded strongly. However, bilateral trading doesn't appear to have been completely overshadowed by the BWIC activity.

    All bar one item on the three BWIC lists, JUBIL IV-X D1, traded. The single line AVOCA VII-X A3 list and the majority of the other bonds traded at or above talk levels.

    At .......

    SCIWire 11 September 2014

  • Increase in WARR 'fairly consistent'

    A recent Morgan Stanley study suggests that investment grade CLO tranches could benefit from an average uplift in weighted average recovery rate (WARR) of over 3.3%, following S&P's incorporation of additional information on loan recoveries into its analysis of CLOs (SCI 4 August). The average uplift for double-B rated bonds is 2.7%, but remains unchanged for the single-B and triple-C .......

    News Round-up 11 September 2014

  • Emerging/frontier markets fund launched

    Global Evolution and Universal-Investment have launched an absolute return fund, called CGS FMS Global Evolution EM Debt and FX, which invests in bonds and currencies of established emerging markets as well as frontier markets. The objective of the UCITS fund is to generate positive returns through a combination of a high-yielding emerging and frontier market bond portfolio with the active .......

    Job Swaps 11 September 2014

  • ABSPP challenges outlined

    The ECB will likely allocate national targets for ABS purchases based on its capital key percentages, Citi European securitisation analysts suggest. They anticipate that the central bank may have to buy bonds at off-market prices to ensure the success of its purchase programme.

    Basing national targets on capital key percentages is in line with the approach the ECB used in .......

    News 11 September 2014

  • Testing time for US CLOs

    The US CLO BWIC machine grinds on today with five lists scheduled so far. However, with almost a third of the bonds that covered on PriceABS yesterday not trading, today will be a test of market appetite or at the very least seller expectations.

    The five lists cover tranches from across the capital structure totalling just over $128m in 13 .......

    SCIWire 11 September 2014

  • CLO equity distributions to increase?

    On average, 2011-2013 vintage US CLOs have paid dividends of 5.1%-5.6% since inception, according to Wells Fargo figures. Equity distributions have generally trended downwards since 2011, as loan spreads tightened in 2012 and 2013, but are expected to stabilise or possibly increase over the next few quarters due to the recent loan market sell-off.

    The Wells Fargo data shows that .......

    News Round-up 11 September 2014

  • Law firm merger mooted

    Locke Lord and Edwards Wildman Palmer intend to merge and create a new firm, which would be named Locke Lord Edwards. The management teams of the two firms have signed a letter of intent but the proposal is still subject to negotiation and partner approval.

    If approved, the merger would take place in early 2015. Locke Lord chairman Jerry Clements .......

    Job Swaps 11 September 2014

  • Manufactured housing REIT to unwind

    Origen Financial is to sell substantially all of its assets - in addition to the assumption of its securitisation financing - to an affiliate of GoldenTree Asset Management for a purchase price of US$47m, subject to certain adjustments. Upon closing of the sale, Origen - a REIT that manages residual interests in securitised manufactured housing loan portfolios - intends to .......

    Job Swaps 11 September 2014

  • European structured leader named

    PIMCO has selected md and portfolio manager Joshua Anderson to lead its European structured products group in London. The firm has also made a number of additions to its real estate team.

    Anderson has been at PIMCO since 2003, working in Newport Beach. He will continue to oversee the firm's global structured credit investments.

    The real estate hires include Shrey .......

    Job Swaps 11 September 2014
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