Complete news archive

  • Springleaf subs acquired

    Chimera Investment Corp has acquired the rights to approximately US$4.8bn of seasoned residential mortgage loans through the purchase of subordinate notes and trust certificates in Springleaf Mortgage Loan Trusts 2011-1, 2012-1, 2012-2, 2012-3, 2013-1, 2013-2 and 2013-3. By purchasing these securities, the REIT may over time terminate the securitisation trusts by redeeming all outstanding bonds at par and obtain the .......

    News Round-up 4 September 2014

  • CMBS delinquencies inch up

    The US CMBS delinquency rate stands at 6.10%, 6bp above July's reading, according to Trepp. August's rate is 228bp lower than the year-ago level, however. Year-to-date, delinquencies have fallen by 133bp from 7.43%, as of 31 December 2013.

    The largest newly delinquent loan is the US$240m Westfield Centro Portfolio, securitised in JPMCC 2006-LDP7. This note alone put almost 5bp of .......

    News Round-up 4 September 2014

  • Reimbursements due on Solana liquidation

    Blackstone has reportedly purchased Solana Business Park - which secured a US$360m loan securitised in JPMCC 2007-LDPX (US$140m) and BACM 2007-1 (US$220m) - for US$180m. The liquidation is expected to result in interest shortfall reimbursements and a write-down reimbursement for the former transaction.

    Morgan Stanley CMBS strategists anticipate a 66% loss severity on the loan, resulting in significant losses to .......

    News Round-up 4 September 2014

  • CMBS secondary activity climbs

    US CMBS secondary market activity picked up yesterday, with BWIC volume more than doubling to over US$80m. CMBS 2.0 and 3.0 junior triple-As tightened a little, but otherwise spreads were generally unchanged.

    SCI's PriceABS data recorded several covers from the session, such as the COMM 2006-C8 AM tranche which was talked in the 80 area and .......

    Market Reports 4 September 2014

  • Argentine CDS settled

    The final price of Argentine Republic CDS has been determined to be 39.5, following yesterday's auction (SCI 27 August). Eleven dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the Argentine Republic.

    .......

    News Round-up 4 September 2014

  • RFC issued on margin requirements

    The US Fed, the Farm Credit Administration, the FDIC, the FHA and the OCC are seeking comment on a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers and major security-based swap participants as required by the Dodd-Frank Act. The proposed rule would establish minimum requirements for the exchange of initial and variation margin .......

    News Round-up 4 September 2014

  • LCR, SLR requirements finalised

    The US Fed, the FDIC and the OCC have released a notice of final rulemaking that implements minimum liquidity coverage ratio (LCR) requirements for banks and depository institutions. They have also issued a final rule modifying the definition of the denominator of the supplementary leverage ratio (SLR).

    In response to industry comment, the final LCR rule has been amended to .......

    News 4 September 2014

  • Real estate group adds multifamily pro

    Greystone Bassuk Group has added Jeffrey Levien in New York. He becomes an md and will assist in the development of creative structured finance products for owners and developers of multifamily assets, reporting to Richard Bassuk.

    Levien has more than 20 years of real estate experience. He was previously a partner at Street-Works Development and co-founded Scott-Lawrence Realty & Development. .......

    Job Swaps 4 September 2014

  • Peripherals pause as UK tightens

    Since late yesterday and into this morning, peripheral European ABS secondary trading volume has eased and prices have stayed flat as the market awaits the outcome of the ECB meeting at 13:30 London time today. However, UK RMBS is seeing some action with a number of big names trading off-BWIC and the market as a whole edging tighter.

    Feeding off that .......

    SCIWire 4 September 2014

  • CLO BWIC volume spikes for a day

    In the end, yesterday saw seven CLO BWICs trade in total either side of the Atlantic. However, no new lists are yet scheduled for today or tomorrow.

    Yesterday's lists contained seven euro deals and 12 dollar-denominated bonds. Only two did not trade, ALME 2013-1X A-2 and WOODS 2006-7X D, with vast majority of the rest trading broadly in line with .......

    SCIWire 4 September 2014

  • European ABS expands

    The talk surrounding a potential European asset purchase plan is expanding investor interest in ABS.

    "We're finding a few accounts that have been out of the European ABS market for a couple of years are coming back in," confirms one trader. "There's a lot of new interest round the ECB."

    Heightened activity is yet to filter through to European CLOs, .......

    SCIWire 3 September 2014

  • Pub performance to prompt upgrades

    Spirit's latest quarterly trading statement confirms strong performance for both the managed and tenanted businesses over the last fiscal year. With profit exceeding market expectations of £57.3m, Barclays Capital analysts expect Sprit's bonds to be upgraded back to investment grade.

    The analysts note that the current leverage ratios are already consistent with an investment grade rating. Greene King's class B .......

    News Round-up 3 September 2014

  • US BWIC activity picks up

    As the US BWIC markets got back up and running yesterday most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments.

    Bid-list volume for US ABS reached over $250m yesterday, with credit card bonds providing the majority of the paper. In addition, some auto paper was circulating during the session.

    Meanwhile, generic .......

    SCIWire 3 September 2014

  • Scottish redenomination a 'remote risk'

    This month's referendum on Scottish independence would only create a remote risk for some UK RMBS transactions if a 'yes' vote resulted in currency redenomination, Fitch suggests. The agency notes that deals affected by such a move benefit from significant credit enhancement, while lenders and policymakers would have time to develop contingency plans. Nevertheless, no mechanisms are in place in .......

    News Round-up 3 September 2014

  • Sunrise II/Treveria II disposals progressing

    CR Investment Management has sold three properties backing the Sunrise II/Treveria II loan, securitised in the EMC 6 and DECO 2006-E4 CMBS. All retail assets, the properties are located across Germany in Duderstadt, Kempten and Ranstadt.

    The Duderstadt property comprises four freehold retail units with an occupancy rate of 95%, while the Kempten property is a department store with a .......

    News Round-up 3 September 2014

  • Weakening credit metrics eyed

    Competition among originators in the US conduit CMBS market has continued to weaken loan credit metrics in the past few months, S&P says. The most recently priced deals have seen a higher percentage of loans with an interest-only (IO) component and a growing share of lodging collateral, both signs of increased future credit risk, according to the agency.

    S&P has .......

    News Round-up 3 September 2014

  • Operational risk limited for Spanish RMBS

    Moody's reports that operational risk in Spanish RMBS has been limited, following the placement of some financially stressed Spanish banks under the Bank of Spain's administration between March 2009 and May 2014. The agency does not expect any payment disruption relating to non-performance of a servicer, cash manager and trustee because all Spanish RMBS transactions benefit from third-party independent cash .......

    News Round-up 3 September 2014

  • SFR maturity risk underestimated?

    Elevated cashflow leverage, refinance risk and dependence on property liquidation for debt repayment remain key reasons for a single-A rating cap on single-borrower single-family rental securitisations, according to Fitch. The agency believes that the justification in presale reports for recent SFR transactions of elevated leverage with current property values and the likelihood of repayment through the foreclosure and sale of .......

    News Round-up 3 September 2014

  • Cat bond pro takes reinsurance role

    Mt Logan Re has recruited Mark Booth to serve as its head property reinsurance underwriter. He will be based in Bermuda.

    Booth was most recently head of cat risk management at Aspen Insurance. Before that he was a senior modelling analyst at Axis Specialty, where his role included cat bond pricing.

    .......

    Job Swaps 3 September 2014

  • Loss severities drop

    Aggregate loss severity for US CMBS loans dropped significantly in August from July's record high, according to Trepp. The move is despite large losses on the US$116m Bethany Roll-up Portfolio and US$68.7m SilverCreek Portfolio Phase I loans (see SCI's CMBS loan events database).

    The average loss severity came in at 37.56% in August, down from July's 60.80%. Liquidated .......

    News Round-up 3 September 2014

  • US secondary activity picks up

    The US secondary markets were back up and running yesterday after the Labor Day holiday. Most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments.

    Bid-list volume for US ABS reached over US$250m yesterday, with credit card bonds providing the majority of the paper. A number of names were captured by SCI's .......

    Market Reports 3 September 2014
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