Complete news archive

  • Asset manager adds introductions vet

    Marinus Capital Advisors has hired Anthony DiNota for the newly-created position of head of business development. He will report to cio and managing partner Najib Canaan.

    DiNota joins from Citigroup, where he was the senior member of the capital introductions team at the bank's prime brokerage unit in New York. Before that he was part of the capital introductions team .......

    Job Swaps 23 July 2014

  • Seasonal blip for card charge-offs

    US credit card ABS quarterly charge-offs rose for the first time in over three years, increasing by 7bp to 3.07% from 3%, according to Fitch's latest quarterly index for the sector. However, the agency suggests that the move is likely to an aberration.

    "Credit card ABS delinquencies have been easing for the last three months, so the increase in losses ......

    News Round-up 23 July 2014

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  • IO loan exposure decreasing in NC RMBS

    The exposure of UK non-conforming RMBS to interest-only loans is decreasing as a result of early repayment and refinancing, according to Moody's.

    "As most interest-only loans continue to repay ahead of maturity dates, RMBS pools grow less vulnerable to high concentrations of interest-only loans and thus to interest rate increases and refinancing risk," says Steven Becker, a Moody's structured finance .......

    News Round-up 23 July 2014

  • HARBM 3 hit by lack of credit support

    The Harbourmaster CLO 3 class B tranche last week defaulted at the deal's legal final maturity. The transaction differed in several ways from typical legacy European CLOs, but appears to have primarily succumbed to a lack of credit enhancement.

    The HARBM 3 class A notes repaid in full, the B1 and B2 notes were redeemed to 51.5% and 52% of .......

    News 23 July 2014

  • Broker targets RMBS expansion

    Cross Point Capital has named Lenny Norkin as director. He was previously a junior MBS broker at Tradition Asiel Securities.

    Norkin will lead the firm's efforts to grow its RMBS inter-dealer brokerage business. The focus for agency RMBS will be specified pools and CMOs, while the non-agency focus will be on prime, Alt-A and subprime bonds.

    .......

    Job Swaps 23 July 2014

  • ISDA names new ceo

    ISDA's board of directors has appointed Scott O'Malia as ceo. He will also serve as a director of the association and takes on the role from 18 August.

    O'Malia was previously a commissioner at the CFTC and has also held senior staff positions in the US Senate. He succeeds Robert Pickel, who announced in April that he was stepping down .......

    Job Swaps 23 July 2014

  • Pre-trade risk pro added

    GreySpark Partners has appointed Stephane Lannoy as managing consultant. He will lead the firm's pre-trade risk control practice in Hong Kong.

    Lannoy has spent more than 20 years working in senior technology roles at exchanges, brokerages and trading and software providers in Europe, the US and Asia. He is a former cio at Fimat/Newedge and has also worked at RTS .......

    Job Swaps 23 July 2014

  • Punch paves way for restructuring

    Punch A and Punch B noteholders voted overwhelmingly in favour of Punch Taverns' covenant waiver requests at meetings convened on 18 July. All 16 meetings were quorate and the waivers will now expire on 19 November. It is a condition of the waivers that certain milestones are met, including that a restructuring to implement the stakeholder group proposal is launched .......

    News Round-up 22 July 2014

  • Second-lien loans gain favour

    US CLO managers are divesting bonds in their portfolios in anticipation of rising interest rates and to realise gains. Moody's says that the replacement of some bond holdings with second-lien loans is credit neutral because both asset types are expected to have similar recovery rates.

    "Capital structure position and collateral value are the primary determinants of recovery rates," the agency .......

    News Round-up 22 July 2014

  • Warehousing facilities weighed

    The entrance of new and varied types of equity investors in the CLO market willing to contribute a first-loss piece during the warehousing phase has made it easier for CLO managers to access warehouse financing. However, different warehouse structures have their own unique credit risks, Moody's notes in its latest CLO Interest publication.

    "The vast majority of broadly syndicated CLOs .......

    News Round-up 22 July 2014

  • Falling factors push pricing premium

    Bonds with lower factors are increasingly common on US non-agency RMBS bid-lists. As it becomes more difficult for investors to find large enough bonds to meet reinvestment demand, a pricing premium on larger blocks is developing.

    Bank of America Merrill Lynch RMBS analysts note that jumbo, Alt-A and option ARM bonds with factors at or below 0.25 comprised around 20%-25% .......

    News 22 July 2014

  • Little change for CLO manager rankings

    Moody's rankings of the top-10 CLO managers in the US, Europe and globally have changed little since December 2013, but their share of the US CLO market has slipped to 29% from 33% during the period. First-half issuance reached US$45bn in the US and €4.6bn in Europe, with strong issuance offsetting redemptions in the former region resulting in a net .......

    News Round-up 22 July 2014

  • ILS ratings affirmed

    S&P has affirmed its ratings on four natural-peril catastrophe bonds that had annual resets of the probability of attachment. The affected transactions are Caelus Re 2013, MetroCat Re series 2013-I (class A notes), Mona Lisa Re series 2013-2 (class A) and Tradewynd Re series 2013-I (class 1).

    In each case the probability of attachment was reset to a percentage consistent .......

    News Round-up 22 July 2014

  • Trups CDO sale due

    Bank of New York Mellon, as trustee for the Preferred Term Securities XII CDO, has retained Stifel, Nicolaus & Co as liquidation agent for the Trups collateral pool. An auction is scheduled for the transaction on 1 August, with settlement to occur on 6 August.

    PRETSL XII B1, B2 and B3 tranches were out for the bid last week, with .......

    News Round-up 22 July 2014

  • IDEA student loan programme mooted

    US Senators Mark Warner and Marco Rubio last week introduced a student loan bill, called 'The Dynamic Repayment Act of 2014', which is designed to overhaul the current government student lending system. Under the bill, DLP loans would be replaced with new income dependent education assistance (IDEA) loans, whose repayments would be based on a borrower's annual income during each .......

    News Round-up 22 July 2014

  • Volckerised Euro CLO structured

    3i Debt Management last month priced Harvest CLO IX, the first European CLO to comply with the Volcker Rule by excluding non-loan investments. Doing so opens the transaction up to banking entity investors who the Volcker Rule will prohibit from holding the CLO notes once it goes into effect next year, Moody's notes in its latest CLO Interest publication.

    "By .......

    News Round-up 22 July 2014

  • RMBS liquidations rise on REO sales

    Annualised liquidations of US RMBS loans increased last quarter by 20bp to 4.92%, following seven straight quarters of declines, according to Fitch's latest quarterly index report. The declines were driven primarily by a shrinking distressed inventory and a decrease in the use of short sales, while the recent turnaround in the trend can be partly attributed to a growing portion .......

    News Round-up 22 July 2014

  • Bank teams with clearing houses

    Deutsche Bank has formed partnerships with Clearstream and Euroclear to help clients manage collateral as part of the TARGET2-Securities (TS2) initiative. The partnerships provide clients with a single entry point to reach the collateral pools and distribution channels used by all key institutional and market infrastructure firms.

    The partnerships will help clients to consolidate, optimise and more efficiently assign their .......

    Job Swaps 22 July 2014

  • SCI Start the Week - 21 July

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

    Pipeline
    Many of the deals that joined the pipeline last week were quick to price. However, three ABS, an RMBS, five CMBS and six new CLOs remained at the end of the week.

    The newly announced ABS comprised: US$300m HOA Funding Series 2014-1, US$387m MHEAC 2014-1 and US$277m State Board of Regents of the State of Utah Series 2014-1. .......

    News 21 July 2014

  • CLO refinancings to occur sooner?

    US CLO deals refinanced so far this year have typically had only 12-15 months left in their reinvestment period, but Carlyle Investment Management earlier this month refinanced the entire debt of Carlyle Global Market Strategies CLO 2012-2 with two years left in the reinvestment period. Deutsche Bank CLO strategists suggest that the market is now moving into "interesting territory", where .......

    News Round-up 21 July 2014

  • Interest rate hedges evolving

    A deeper examination of interest rate risk in structured finance deals is key when analysing structures that try to hedge this risk with interest rate caps, note rate caps or issuance of fixed rate notes, Fitch says. These increasingly popular structural features protect deals where the SPV pays a fixed or a capped rate on the notes in return for .......

    News Round-up 21 July 2014
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