Complete news archive

  • Gleacher dissolution confirmed

    Gleacher & Company has filed a certificate of dissolution with the Secretary of State of the State of Delaware - as expected (SCI 21 July) - which became effective yesterday. The board of directors has also adopted a plan of distribution which authorises an initial liquidating distribution of US$4.05 per share of the company's common stock, for an aggregate amount .......

    Job Swaps 29 July 2014

  • Further fund abuse charge settled

    The US SEC has agreed a settlement with Peter Jenson, the former coo of Harbinger Capital Partners. Owner Philip Falcone and the firm itself both settled last year (SCI 20 August 2013).

    The SEC alleged that Jenson assisted a scheme to misappropriate millions of dollars from a hedge fund to pay Falcone's personal taxes. He has admitted wrongdoing and agreed .......

    Job Swaps 29 July 2014

  • Aussie RMBS to withstand rate rise

    Moody's says that existing Australian RMBS are well placed to withstand a rise in interest rates by as much as three percentage points. The agency notes that this is because monthly payments on underlying loans would on average remain below underwritten payments.

    "The impact of a three percentage point rise in interest rates on Australian RMBS that we rate would .......

    News Round-up 29 July 2014

  • RFC issued on reporting revisions

    ASIC is seeking feedback on proposed revisions to the rules that require the mandatory trade reporting of OTC derivatives. The proposals aim to ensure a smooth transition to the reporting regime and follow a recent revision by ASIC of the timetable for Phase 3 reporting entities (financial entities holding less than US$50bn in OTC derivatives outstanding) to start reporting OTC .......

    News Round-up 29 July 2014

  • Interest underpayment corrected

    Comenity Bank has corrected an error in the calculation and distribution of interest to WFNMT 2014-A class A noteholders for the June and July 2014 distribution dates. The calculation of interest should have been based on the actual number of days in the related interest period, but was incorrectly calculated on a 30/360 basis, according to Bank of America Merrill .......

    News Round-up 29 July 2014

  • European alternative

    Stefan Bund, group md and head of asset-based finance at Scope Ratings, answers SCI's questions

    Q: How and when did Scope Ratings become involved in the securitisation market?
    A: Scope Ratings was established in 2002 as a funds analysis house, specialising in the commercial real estate, SME and infrastructure sectors. The company expanded into the credit rating business in 2012 by merging with a smaller German rating agency.

    Scope's move was .......

    Provider Profile 29 July 2014

  • Buying opportunity for LUSI bonds

    Senior Lusitano RMBS bonds have cheapened by 0.5-2.5 points since Espirito Santo International failed to pay on its commercial paper liabilities earlier this month. The dip has created a buying opportunity, with the caveat that the absence of back-up servicers in LUSI transactions could lead to servicing disruptions in the event of a BES bankruptcy.

    BES is the originator and .......

    News 28 July 2014

  • Portuguese sovereign ceiling raised

    Moody's has raised the maximum achievable rating for Portuguese structured finance transactions to A3 from Baa1, following its upgrade of Portugal's government bond rating to Ba1 from Ba2, as well as Portugal's local and foreign currency bond and deposit ceilings to A3 from Baa1. The positive rating action was triggered by the agency's expectation that fiscal consolidation will remain on .......

    News Round-up 28 July 2014

  • Cat bond affirmed on reset

    S&P has affirmed its single-B rating on the series 2013-I class A notes issued by Everglades Re. The move follows the lowering of the catastrophe bond's attachment level to US$4.896bn and the resetting of the probability of attachment to 2.75%. The initial attachment level was US$5.139bn and the probability of attachment at closing was 2.91%, which - per the transaction's .......

    News Round-up 28 July 2014

  • ABS CDO manager replaced

    Dock Street Capital Management has replaced Fortis Investment Management as collateral manager to Orient Point CDO II. Moody's confirms that move will not impact any ratings on the deal. In reaching its conclusion, the agency considered the experience and capacity of Dock Street to perform duties of collateral manager to the issuer.

    For other recent CDO manager transfer activity, see .......

    Job Swaps 28 July 2014

  • Operations md recruited

    Anders Malcolm has joined Assenagon as md responsible for portfolio operations and risk control. His remit includes trade settlement, fund price control and managing the firm's risk management platform. He has almost 15 years' experience in the asset management industry and was previously md, head of sales and business development for SEB Fund Services in Luxembourg.

    .......

    Job Swaps 28 July 2014

  • SCI Start the Week - 28 July

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

    Pipeline
    A mixed bag of transactions joined the pipeline last week. Four ABS, three RMBS, one CMBS and three CLOs remained by Friday.

    The newly announced ABS comprised: US$101m Alterna Funding I; US$230.5m CarFinance Capital Auto Trust 2014-2; US$243.85m Louisiana LCDA System Restoration Bonds Series 2014; and US$593.31m Tobacco Settlement Financing Corp (Rhode Island) Series 2014. The RMBS consisted .......

    News 28 July 2014

  • Risky sharing?

    GSE deals may underpay for risks involved

    Fannie Mae printed its US$2.05bn CAS Series 2014-C03 deal earlier this month, with structural innovations that may increase risk. While the market perception is that GSE credit risk transfer RMBS are very safe, concern is emerging regarding transparency around losses.

    CAS Series 2014-C03 includes loans with higher LTVs than previous transactions. It is also the first risk sharing transaction to .......

    News Analysis 28 July 2014

  • FOX spreads widen on Time offer

    Significant widening in Twenty-First Century Fox Inc's five-year credit default swap spreads is likely in reaction to news that the media giant had made an offer to buy Time Warner Inc, according to Fitch Solutions. FOX CDS have widened by 50% since 4 July, compared to a 3% widening observed for Fitch Solutions' North America Media CDS Index over the .......

    News Round-up 25 July 2014

  • Misrepresentation charge settled

    The US SEC has charged three Morgan Stanley entities with misleading investors in a pair of RMBS that the firms underwrote, sponsored and issued. The bank agreed to settle the charges by paying US$275m to be returned to harmed investors.

    An SEC investigation found that Morgan Stanley misrepresented the current or historical delinquency status of mortgage loans underlying the Morgan .......

    Job Swaps 25 July 2014

  • Napier Park completes Citi redemption

    Napier Park Global Capital has returned to Citigroup the last of the capital that had been invested in its hedge funds. The staggered US$2.4bn redemption schedule began in March 2013, when Napier Park completed its spin-out from Citi and became majority owned by its employees (SCI passim). As a result, Citi is no longer an investor in any of Napier .......

    Job Swaps 25 July 2014

  • Trups CDO index improves on cures

    The number of combined US bank Trups CDO defaults and deferrals decreased to 23.4% at end-June, compared with 24.4% at end-May, according to Fitch's latest index results for the sector. The decrease was due to new cures and removal of the collateral securities issued by Corus Bankshares.

    US$157.5m of Trups issued by Corus Bankshares across seven CDOs has been exchanged .......

    News Round-up 25 July 2014

  • RFC issued on CDQ, DP approach

    Moody's is seeking feedback on its proposed approach to assessing portfolios backed by Italian Cessione del Quinto (CDQ) and Delegazione di Pagamento (DP) consumer loans. The agency does not expect any rating changes for transactions backed by Italian CDQ and DP loans to result from adopting the approach.

    CDQ and DP loans have two main characteristics that separate them from .......

    News Round-up 25 July 2014

  • MAT impact examined

    ISDA has published an updated analysis of how made-available-to-trade (MAT) determinations under the SEF regime have affected OTC derivatives trading activity. In particular, the report focuses on whether the rules have resulted in further fragmentation in global derivatives markets (SCI 9 April).

    To measure the effects on cross-border relationships, ISDA collected monthly regional clearing data from LCH.Clearnet between January 2013 .......

    News Round-up 25 July 2014

  • Call for cardinal credit scale

    A single, numerical public credit scale should serve as a yardstick of the quality of structured credit instruments in the US, not the current ordinal scale, according to a recent paper by Brookings senior fellow Robert Litan and R&R Consulting founding principal Ann Rutledge. Despite credit rating agencies being widely criticised post-crisis for their failure to warn investors of the .......

    News Round-up 25 July 2014

  • Credit enhancement to support NC RMBS

    The UK non-conforming RMBS sector has benefitted greatly from the low interest rate environment. The timing, frequency and magnitude of rate rises will be the next key driver of future performance, according to European securitisation analysts at Barclays Capital.

    To assess the impact of such rate rises and other economic variables, the Barcap analysts examined loan-level data for RMACS 2007-NS1 .......

    News 25 July 2014
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