Complete news archive

  • 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

  • European CMBS picks up

    Activity has picked up in the European CMBS secondary market over the past few days with decent two-way flows at the top end and now a few BWICs are beginning to appear.

    "First pays are trading fairly well," confirms one trader. "But it's more challenging with the distressed stuff - sellers want higher prices in this market environment, but with most .......

    SCIWire 11 September 2014

  • Differing days for European CDOs and CLOs

    European CDOs and CLOs saw differing results yesterday and the latter looks set for another good day today.

    On BWIC the two CDOs scheduled for 15:00 London yesterday did not trade. Euro-denominated ABS CDO FAXT 2004-1X A-3 had a best bid in the 95 area and dollar-denominated emerging markets CDO GEML 2006-3A C had a best bid in the 90 .......

    SCIWire 11 September 2014

  • Mixed result for synthetic CRE CDOs

    Two of the HLCN synthetic CRE CDOs on BWIC today traded and two did not. Nevertheless, another synthetic CRE CDO has been added to the BWIC pipeline for tomorrow.

    HLCN 2005-1 A and HLCN 2005-1 B traded, while HLCN 2005-2X A and HLCN 2005-2X B DNT'd. In all cases no cover was divulged by the seller.

    However, $10m of PEGSU .......

    SCIWire 10 September 2014

  • Uncertain direction for Sharp spreads

    Tighter credit default swap (CDS) spreads indicate improving market sentiment for Sharp Corporation, according to Fitch Solutions' latest CDS case study snapshot. Where those spreads will head over time remains to be seen, however.

    Five-year CDS on Sharp have tightened by 30% over the past month and by 25% just last week. "Credit protection against a default on Sharp's debt .......

    News Round-up 10 September 2014

  • ILS lawyer joins team in NY

    Edwards Wildman Palmer has recruited Robert Underhill as an insurance and reinsurance partner in New York. He will focus on advising hedge and private equity funds, investment banks and insurance and reinsurance companies on a diverse range of subjects, including ILS.

    Underhill was previously at Fortress Investment Group, where he was responsible for legal, regulatory and compliance matters for the .......

    Job Swaps 10 September 2014

  • European CLO 2.0 performance surveyed

    With all 2013-vintage European CLOs having seen one or two payment dates since issuance, Morgan Stanley CLO strategists surveyed performance so far, focusing on equity. The median annualised distribution to 2013-vintage European CLOs stands at 16%, albeit with significant variation across transactions.

    Compared to the median annualised cash distribution one year after closing for legacy European CLOs, 2013-vintage CLOs appear .......

    News Round-up 10 September 2014

  • Euro ABS/MBS softer

    European ABS and RMBS markets opened softer this morning following the direction seen into the close last night and, in turn, broader credit trends. CMBS spreads are still unchanged, but the tights seen over the past week look set to be tested in all three deal sectors over the next two days as BWIC supply is on the increase and .......

    SCIWire 10 September 2014

  • ABS strategies outperform

    Hedge funds returned an average of 1.4% in August, with average gross market exposure across the industry lower in the month than any point in the last two years, according to eVestment. Credit strategies posted their second consecutive negative month in August, declining by 0.03%, for the first time since the height of the European sovereign debt crisis in 2011.

    News Round-up 10 September 2014

  • SF legal vet brought in

    Jones Day has appointed Neil Hamilton to the firm's London office as a capital markets partner. He was previously at Paul Hastings, where his securitisation and structured finance practice had a particular focus on CLOs.

    Hamilton has also worked at Clifford Chance, where he was a partner for 12 years. He advises on new issue securitisations in a number of .......

    Job Swaps 10 September 2014

  • Short-amortising loan criteria reviewed

    S&P is updating the roll rate and loss severity assumptions it uses to analyse and monitor ratings on US RMBS backed by certain vintages of prime and Alt-A fixed-rate fully amortising mortgage loans with an original maturity of 20 years or less. The agency says that the objective of the criteria review is to promote transparency and comparability across all .......

    News Round-up 10 September 2014

  • Rival GFI bid prepped

    BGC Partners intends to commence a tender offer to acquire all of the outstanding shares of GFI Group. CME and GFI recently announced a deal for CME to purchase GFI's shares and subsidiaries (SCI 1 August).

    BGC's offer of US$5.25 per share represents more than a 15% premium to the US$4.55 per share transaction announced by CME. It also represents .......

    Job Swaps 10 September 2014

  • OTC support remains strong

    OTC derivatives continue to be an integral part of end-user risk management strategies, according to a new ISDA survey. An overwhelming majority of end-users intend to keep their use of derivatives at similar or higher to current levels over the last three months of the year. However, the survey shows that end-users are concerned about the impact of a lack .......

    News Round-up 10 September 2014

  • ABS secondary supply up

    US ABS bid-list volume was up from the prior session to reach around US$270m yesterday. Much of the supply came from student loan and credit card bonds, but a significant amount of aircraft ABS paper was also circulating.

    SCI's PriceABS data picked up a number of names from the session, including the student loan ABS EDUFP 2006-1A A2 .......

    Market Reports 10 September 2014

  • Trapeza judgement 'positive' for Trups CDOs

    A court decision last week in favour of Trapeza Capital Management is positive for holders of Trups CDOs, Fitch says. The court ruled against dismissing the Chapter 7 involuntary bankruptcy Trapeza filed against FMB Bancshares in June, as requested by the bank.

    The judge stated that the terms of the indenture and amended trust agreement give Trapeza the right, as .......

    News Round-up 10 September 2014

  • UK speciality lender acquisition agreed

    Speciality UK residential mortgage lender Kensington will be sold by Investec to Blackstone Tactical Opportunities and TPG Special Situations Partners. The buyers intend to develop Kensington's mortgage lending business and broader speciality finance capabilities.

    Ian Henderson has been named as group ceo to lead Kensington's new strategy. He was previously ceo at Shawbrook. Meanwhile, Keith Street will continue to lead .......

    Job Swaps 10 September 2014

  • Credit manager adds trader

    Highland Capital Management has hired Chris Hayes as a loan and high yield bond trader. He will be based in Dallas and report to head of structured products and trading Josh Terry.

    Hayes will be Highland's primary bank loan, high yield bond and CDS trader for the firm's CLOs, hedge funds, mutual funds and separate accounts trading in the primary .......

    Job Swaps 10 September 2014

  • Caution ahead?

    Intermediate direction of US CMBS spreads unclear

    US CMBS credit metrics continue to slip, but are seemingly yet to give investors pause. Nevertheless, while the positive reception for WFRBS 2014-C22 this week marks a departure from recent pricing weakness in the sector, caution remains regarding the intermediate direction of new issue spreads.

    The US$1.5bn WFRBS 2014-C22's triple-A rated class A5, single-A plus class C and triple-B minus .......

    News Analysis 10 September 2014

  • CDO/CLO BWIC pipeline builds

    On the back of rising prices in Europe and increasingly strong bids in many sectors in the US yesterday, the CDO/CLO BWIC pipeline for the next two days has filled up considerably. There are now seven lists due today and already 11 slated for tomorrow.

    From today's schedule the most notable lists are the HLCN synthetic CRE CDO quartet (see SCIWire 2 September) .......

    SCIWire 10 September 2014

  • FDIC offers triple-As

    The FDIC's Trups CDO auction process will reach its seventh iteration with an auction scheduled for 11:00 New York time this Thursday, 11 September. This time the auction consists of tranches all originally rated triple-A.

    The $94m ten line list consists of: $18m ALESC 1A A1, $11m ALESC 2A A1, $3m ALESC 3A A1, $24m REGDIV 2004-1 A1, $2m TRAP .......

    SCIWire 9 September 2014

  • Euro CLOs go higher

    Heavy trading volumes have continued in the European CLO secondary market throughout today pushing prices higher, particularly in 1.0 deals.

    At the same time, the €22.5m three line BWIC list due at 15:00 London time has traded strongly with covers around or higher than talk. AVOCA VIII-X A1 was covered at MH98, ORX 1X C at MH99 and QNST 2006-1X .......

    SCIWire 9 September 2014
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