Complete news archive

  • Asset manager names SF head

    AXA Investment Managers has appointed Deborah Shire as head of structured finance, effective from September. She will be based in Paris and report to John Porter, global head of fixed income and structured finance at AXA IM.

    Shire replaces Laurent Gueunier and is currently global head of business development for AXA Real Estate. She has been with AXA since 1996 .......

    Job Swaps 11 July 2014

  • CDS clearing consultation launched

    ESMA has launched a round of consultations to prepare for central clearing of OTC derivatives in the EU. A consultation paper on draft regulatory technical standards for clearing CDS has been released to stakeholders.

    A separate consultation paper for interest rate swaps has also been released. For CDS, ESMA proposes European untranched index CDS for two indices should be subject .......

    News Round-up 11 July 2014

  • Losses threaten CMBS C class

    The US$62.4m 2000 Corporate Ridge Road loan securitised in BACM 2006-4 has been moved into special servicing, according to the July remittance report. It will be specially serviced by C-III Asset Management.

    Barclays Capital CMBS analysts note that the McLean, Virginia-based office building's lead tenant is set to leave in January 2015, leaving the building almost empty and DSCR likely .......

    News Round-up 11 July 2014

  • Secondary ABS supply picks up

    US ABS bid-list volume was up yesterday to more than US$230m, with SCI's PriceABS data revealing several student loan tranches out for the bid. Dealer offering levels were mostly unchanged, while auto paper was also available.

    In the student loan space a US$10m piece of the ACCSS 2005-1 A3 tranche was talked at around 99 and at around .......

    Market Reports 10 July 2014

  • German RMBS performance 'stable'

    The performance of the German RMBS market was stable up to to the end of April, according to Moody's. The rating agency's outlook for German RMBS collateral performance is stable.

    The 90-plus day delinquency rate decreased from 3.13% in April 2013 to 2.87% in April 2014. Over that period the index for low- and medium-LTV transactions increased from 0.31% to .......

    News Round-up 10 July 2014

  • Euro CMBS loan maturities will slow

    Fewer loans securitised in European CMBS are due to mature in the second half of 2014, when only 12 loans will have their originally scheduled maturity dates, says Moody's. The slowdown follows the surge of loan maturities in 2013 - when 133 loans totalling €16.11bn matured - and in the first half of 2014, when another 43 loans totalling €4.44bn .......

    News Round-up 10 July 2014

  • German CRE sentiment change 'too slow'

    Recovering sentiment towards German commercial property in the secondary retail market will not be enough to avoid significant losses on many legacy loans in affected CMBS transactions, says Fitch. The rating agency expects rental yields in secondary markets to continue their decline from the peak in 2012.

    Prices are not expected to approach pre-crisis levels in time for CMBS maturities. .......

    News Round-up 10 July 2014

  • Oz prime, subprime arrears diverge

    Housing loans in arrears decreased in May for Australian prime RMBS but increased for subprime RMBS, says S&P. Both sectors continued to report lower levels than in the same period last year.

    Loans in arrears greater than 30 days underlying Australian prime RMBS decreased by 3bp to 1.23% in May. At the same time, the total prime RMBS outstanding fell .......

    News Round-up 10 July 2014

  • More records for ILS market

    Last quarter was the busiest ever for the ILS market as 12 catastrophe bonds closed with a total value of US$4.5bn (SCI 8 July). Issuance in the first quarter was US$1.4bn, contributing to first-half issuance of US$5.9bn, which is almost 50% more than during the same period last year, according to a report by Aon Benfield Securities.

    Total cat bonds .......

    News Round-up 10 July 2014

  • Broker-dealer adds CMBS pair

    Cross Point Capital has announced the appointments of Tim Martin and Sudeep Walvekar. Martin is head of CMBS sales and trading at the firm, while Walvekar is also part of the CMBS sales and trading team.

    Martin has extensive real estate experience, having joined Salomon Brothers in 1986 and since holding several mortgage origination and CMBS trading positions, including as .......

    Job Swaps 9 July 2014

  • Secondary RMBS supply rises sharply

    A couple of sizable US non-agency RMBS bid-lists helped bring secondary market activity up sharply yesterday after Monday's slow start to the week. BWIC volume reached around US$600m with subprime paper leading the charge.

    SCI's PriceABS data captured a number of names out for the bid during the session. Among them was the AHMA 2007-1 A1 .......

    Market Reports 9 July 2014

  • Insurance CDS spreads tighten

    All insurance sectors saw CDS spreads tighten during the last quarter as fundamentals point to an improvement in global growth, says Moody's. A review of Moody's global insurance CDS index during 2Q14 shows Travelers is the company with the most positive CDS-implied rating gap movement in the quarter.

    CDS five-year mid-spreads tightened across all insurance sectors, while the median CDS-implied .......

    News Round-up 9 July 2014

  • Volcker changes bring benefits

    CLOs which amend sooner than others may improve managers' relationships with key investors, make their debt and equity more attractive sooner and be more liquid in the broader market as the deadline for Volcker compliance approaches, says Fitch. However, amendments will be difficult in certain circumstances.

    US banks currently hold around US$70bn of CLO debt that may eventually fall foul .......

    News Round-up 9 July 2014

  • BAML preps single-sponsor CMBS

    Details have emerged on the BAMLL 2014-ICTS single-sponsor CMBS. The US$188m transaction is backed by a non-recourse mortgage loan secured primarily by a first mortgage on the borrower's fee simple interest in a luxury hotel in New York City.

    The interest-only loan has an initial term of 25 months but allows for four one-year extensions. Interest is accrued at a .......

    News Round-up 9 July 2014

  • Rating agency names mortgage head

    S&P has promoted Waqas Shaikh to lead analytical manager for mortgage-bond ratings and surveillance in the US. He is based in New York and reports to Mike Binz, head of North American ABS and RMBS ratings.

    Shaikh will focus on new issues and on-going deal surveillance. He was previously part of the global risk management group and has been with .......

    Job Swaps 9 July 2014

  • Home price growth provides 'cushion'

    Strong US home price growth since 2012 is providing recent vintage US prime RMBS with a cushion against any unexpected economic stress, according to Fitch's latest monthly prime jumbo trends report. When weighted by the geographic concentration in prime RMBS pools, home prices increased at an annualised rate close to 5% in 1Q14, down from double-digit increases last year.

    "Home .......

    News Round-up 8 July 2014

  • Record low for card delinquencies

    US credit card ABS delinquencies closed June with another record low, while excess spread remained at historical highs. Fitch's 60+ Day Delinquency Index decreased by another 6bp to 1.09% and now stands 76% below its peak level registered at end-2009. At the same time, Fitch's Prime Credit Card Three-Month Average Excess Spread Index maintained its record high of 13.27% for .......

    News Round-up 8 July 2014

  • Ratings sensitivity analysis released

    S&P has outlined five of the top macroeconomic factors that it believes are most relevant to the credit quality of European structured finance securities and, therefore, to its rating actions. These factors include GDP growth, the unemployment rate, property prices, bank equity returns and corporate credit risk premia.

    The report is an update of a study the agency published in .......

    News Round-up 8 July 2014

  • Stable outlooks dominate APAC

    Fitch affirmed 195 Asia-Pacific structured finance (SF) tranches in 2Q14. The agency also upgraded seven tranches and downgraded three others.

    Of the total affirmations, 77 were from Australia, which also contributed five of the upgrades during the quarter. The upgrades were made to prime RMBS and unsecured consumer loan ABS bonds, where a build-up of credit enhancement supports the higher .......

    News Round-up 8 July 2014

  • Protocol timeline released

    ISDA has announced the timeline of the protocol to upgrade 2003 credit derivative trades to the new 2014 Definitions. The protocol adherence period is expected to begin on 18 August and close on 12 September, with clearing and confirmation in the trade warehouse available from the index roll on 22 September.

    A list of names excluded from the protocol will .......

    News Round-up 8 July 2014

  • Six European CLOs transferred

    BNP Paribas Asset Management has replaced BNP Paribas as collateral manager on six CLOs. The affected deals are Leveraged Finance Europe Capital I, Leveraged Finance Europe Capital II, Leveraged Finance Europe Capital III, Leveraged Finance Europe Capital IV, Neptuno CLO I and Versailles CLO M.E. I.

    Moody's says the move will not impact the CLOs' ratings but does not express .......

    Job Swaps 8 July 2014
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