Complete news archive

  • 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

  • Floating interest

    A collection of senior FFELP auction rate bonds being offered on BWIC today at 12:00 New York time is generating some interest in the US ABS market thanks to the relative rarity of the line items involved.

    The BWIC consists of floating rate student loan ABS from three trusts. From the Education Loan Asset-Backed Trust there is a total of .......

    SCIWire 9 September 2014

  • Hope note recoveries examined

    As the use of hope note CMBS modification wanes in the US, more information is becoming available on their performance in a liquidation. Although many hope notes have posted 100% loss severities, some have seen meaningful recoveries.

    Based on a recent Barclays Capital study, B-notes on smaller balance loans and multifamily-backed loans, as well as thinner B-notes and those with .......

    News 9 September 2014

  • Euro ABS eases

    Activity in the European ABS market has eased today, following another active day yesterday where spreads tightened still further by the close.

    "We saw good two-way flows again yesterday with trading late into the day, but it's a bit quieter today," says one trader. "Yesterday's flows were a continuation of the flurry of activity post-ECB and were mostly hedge fund .......

    SCIWire 9 September 2014

  • ABS CDO on the block

    An auction will be conducted for the Bluegrass ABS CDO II on 27 September. The collateral shall only be sold if the proceeds are at least equal to the redemption amount.

    .......

    News Round-up 9 September 2014

  • KBRA bolsters ratings analysis

    KBRA Analytics has invested in Weiss Residential Research (WRR), with the aim of providing end-users with abundant, creditworthy information. WRR's proprietary technology optimises housing market decisions, having calculated property-specific price indexes for over 45 million homes. The increased resolution of the WRR indexes is designed to provide earlier indications of market changes.

    "Kroll Bond Ratings' partnership with Weiss Residential Research .......

    Job Swaps 9 September 2014

  • Finacity beefs up with SF hire

    Finacity Corporation has expanded its global client coverage with the engagement of David Viney. A former md at RBS, Barclays, Bank of America and Mizuho, he has extensive experience in the securitisation of both consumer and trade receivable assets and has held senior management positions in Europe, the US and the Middle East. His appointment will augment Finacity's global capabilities .......

    Job Swaps 9 September 2014

  • Investment adviser names co-president

    Todd Owens is joining Fifth Street Management as co-president and a member of the management committee, effective from 29 September. He will be responsible for driving growth in Fifth Street's business by evaluating and executing strategic initiatives, as well as managing institutional capital raising efforts, investor relations and distribution channels.

    A 24-year Goldman Sachs veteran, Owens' experience spans a broad .......

    Job Swaps 9 September 2014

  • Distressed debt exec recruited

    Victory Park Capital (VPC) has named Gordon Watson principal, charged with opening the firm's New York office. He will primarily oversee the sourcing, execution and management of direct private debt and equity investments in specialty finance, with a focus on acquiring whole loan portfolios.

    Watson was previously a portfolio manager focused on distressed debt at GLG Partners. He joined GLG .......

    Job Swaps 9 September 2014

  • US CLO BWIC pipeline builds around equity

    Nine US CLO BWIC lists are now circulating for trade this week and a significant proportion are focused on equity tranches.

    The current schedule sees a total of $710m out for auction made up of 50 line items, of which 22 are slices of equity. Today currently has three lists scheduled, two at 10:00 New York time and one at .......

    SCIWire 9 September 2014

  • Aussie dollar deals up for grabs

    A 12 line BWIC containing primarily Australian dollar-denominated RMBS tranches is circulating for trade at 08:30 London time tomorrow.

    There are ten Australian RMBS on the list: A$14m CRGT 2007-1 A3, A$81m LT 1 A, A$284m MEDL 2006-1G A2, US$27m PROGS 2007-1GA 1A, A$14m PROGS 2007-1GX 2A, A$158m PUMA P11 BA, A$50m SMHL 2009-2 A, A$12m SMHLG 2007-1 A3, A$41m .......

    SCIWire 8 September 2014

  • SLABS volume continues to shrink

    The size of the US student loan ABS subsector continues to shrink as the broader universe expands to record highs, says Fitch. As of 2Q14, outstanding student loans totalled US$1.1trn, of which less than 25% was securitised and funded through the ABS market.

    Student loan ABS issuance has fallen significantly in recent years, to US$14bn in 2011 from US$67bn in .......

    News Round-up 8 September 2014

  • Insurance firm adds ILS vet

    Horseshoe Group has appointed Brenton Slade as coo. He will be based in Bermuda and lead the firm's global business operations, focusing on strategy, day-to-day operations, business development and client service delivery.

    Slade was previously chief marketing officer at Flagstone Reinsurance. He has also worked at West End Capital Management.

    .......

    Job Swaps 8 September 2014

  • BWIC information offered

    JPMorgan plans to provide BWIC trading volume information to clients via its DataQuery application, with the aim of providing more transparency on ABS secondary activity. The data will be available on aggregate and multiple asset class levels, capturing all of the bid-lists seen by the bank's ABS trading desk.

    The data is grouped across the major consumer ABS sectors, with .......

    News Round-up 8 September 2014

  • ABSPP effect to take time

    Moody's says that while measures announced by the ECB last week are broadly credit positive for the euro area, the immediate impact on the economy is likely to be limited. In particular, the rating agency notes that it will take considerable time for purchases of ABS to engender significant alternative credit flows.

    The planned purchase programmes represent a clear commitment .......

    News Round-up 8 September 2014

  • SCI Start the Week - 8 September

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

    Pipeline
    The first week of September saw the pace of deals joining the pipeline quicken. The week's additions consisted of eight ABS, one ILS, one RMBS, four CMBS and two CLOs.

    The ABS comprised: US$273m CPS Auto Receivables Trust 2014-C; £100m E-CARAT 4; US$112.672m Foursight Capital Automobile Receivables Trust 2014-1; US$196.545m Grain Spectrum Funding II Series 2014-1; US$300m OSCAR .......

    News 8 September 2014

  • Capital markets pair appointed

    TMF Group has recruited David Bell and Mary Mackintosh, who will join the firm's capital markets and SPV services business. Bell joins as structured finance and loan services director, while Mackintosh becomes UK head of capital markets and SPV services.

    Bell will be primarily responsible for TMF Group's loan agent and loan administration services. He joins from BNY Mellon's corporate .......

    Job Swaps 8 September 2014

  • ICE to buy SuperDerivatives

    ICE has entered into a definitive agreement to acquire risk management analytics, market data and valuation services provider SuperDerivatives. Completion of the transaction for around US$350m is expected before the end of the year.

    SuperDerivatives provides risk management analytics and systems across all asset classes, including interest rates, FX, credit, equities, energy and commodities. It also provides independent valuation, market .......

    Job Swaps 8 September 2014

  • Japanese cross-border ABS prepped

    Orico is in the market with a cross-border Japanese prime retail instalment auto loan ABS. OSCAR US 2014-1 will issue US dollar-denominated notes, but is secured by Yen-denominated receivables.

    Arranged by Mizuho, the transaction is expected to be sized at US$300m and securitise a ¥39.95bn portfolio of assets. Moody's has assigned provisional ratings to the four classes of notes: P-1 .......

    News Round-up 8 September 2014

  • Euro CLOs reap ECB benefit

    European CLO secondary spreads across the capital structure either held firm or narrowed last week on the back of healthy flows. The moves are credited, in part at least, to the market being buoyed by the ECB's ABSPP announcement despite CLOs not being included in the programme. The positive impact for CLOs, driven by increased interest and activity in European .......

    SCIWire 8 September 2014

  • European ABS/RMBS edge tighter

    Trading activity seen so far this morning in European ABS and RMBS indicates a further move tighter following on from the post-ECB rally seen at the end of last week.

    Traders expect the market to remain solid overall until the next ECB announcement on the ABSPP scheduled for October. However, some profit taking from fast money accounts is expected this .......

    SCIWire 8 September 2014
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