Complete news archive

  • FFELP servicers on top of reject rates

    US FFELP student loan ABS servicers "have done an admirable job" keeping net claim reject rates down, says Fitch. However, the rating agency is unsure that this can be maintained.

    Since the FFELP programme ended in 2010, servicers have had to adjust to several changes. Keeping net claim reject rates under control in order to prevent sizable ABS losses has .......

    News Round-up 25 June 2014

  • CRA standards final draft published

    ESMA has published its final report on draft regulatory technical standards required under CRA 3 regarding information on transparency of structured finance instruments. The standards will complement the existing regulatory framework.

    The enhanced transparency requirements set out in the regulatory technical standards are intended to improve the information available to investors and supervisors. As well as structured finance transparency, the .......

    News Round-up 25 June 2014

  • CLO structuring head added

    BNP Paribas has appointed Dushy Puvan as head of CLO origination and structuring. He will be based in London.

    Puvan joins from Lloyds Bank, where he was a director focused on structuring CDOs and CLOs. He also has experience in ABS, leveraged loans, SME loans and corporate loans.

    .......

    Job Swaps 25 June 2014

  • Light CMBS supply to start week

    US CMBS secondary market activity was light yesterday, with BWIC volume a little over US$100m. Generic spreads were mostly unchanged with several CMBS 1.0 tranches out for the bid.

    Most of the tranches circulating in yesterday's session were from pre-crisis deals. One of the oldest-vintage tranches available in the session was GEBL 2003-2A A.

    SCI's PriceABS Market Reports 24 June 2014

  • FDIC to auction Trups CDOs

    The FDIC intends to offer for sale its interests in certain Trups CDOs through a series of auctions. These auctions are anticipated to commence around the week of 14 July. Interested bidders must first become qualified bidders through an application to the FDIC.

    .......

    News Round-up 24 June 2014

  • Investors upbeat on international ABS

    International ABS investors are feeling confident about the asset class, according to a survey by JPMorgan. The ECB's announced intention to make direct purchases appears to have fuelled some of that confidence.

    JPMorgan surveyed 67 investor firms, 16 originators and 24 other market participants. The investors were mainly from the UK and Europe, although 9% were based in the US.

    News Round-up 24 June 2014

  • Argentina CDS trigger event considered

    ISDA's determinations committee has been asked whether a recent announcement by the Argentinean government could have triggered CDS on the country. Argentinean economy minister Axel Kicillof last week declared the sovereign would not make certain interest payments on 30 June.

    The question has been asked on behalf of a CDS holder which was scheduled to terminate last Friday. The CDS .......

    News Round-up 24 June 2014

  • Card delinquencies to hit new lows

    Credit card ABS delinquencies should reach new lows for the May reporting period, says Fitch. Prime chargeoffs are also expected to decline toward previous records and the 60-plus day delinquency index should also approach its low, although retail chargeoffs are anticipated to rise slightly.

    Delinquencies may rise again slightly but should stay below historic averages as originators begin to loosen .......

    News Round-up 24 June 2014

  • FFELP ABS criteria updated

    Fitch has published its updated criteria for rating US FFELP student loan ABS. The changes revise the agency's standard default rate assumptions and extend the default timing for consolidation loans.

    Fitch's standard default rate assumptions used in cash flow modelling when issuer-specific data is not available are based on 22 years of industry FFELP loan performance. Recent performance data indicates .......

    News Round-up 24 June 2014

  • Trups teamwork to raise recoveries

    Coordination among US Trups CDO investors and legal enforcement of their claims through involuntary bankruptcies may improve the prospects for better recoveries on distressed Trups issuers, says Fitch. As bankruptcies result in significantly worse outcomes for bank managers and owners, more out-of-court settlements with better recoveries for Trups holders are likely.

    The last two months have seen two involuntary bankruptcy .......

    News Round-up 24 June 2014

  • CDO auction lined up

    An auction has been scheduled for Sunrise CDO I on 15 July. The collateral shall only be sold if the proceeds are greater than or equal to the auction call redemption amount.

    .......

    News Round-up 24 June 2014

  • ILS vet takes advisory role

    ILS fund manager Securis Investment Partners has hired Martin Reith as an advisory director in London. He previously founded and led Ascot Underwriting.

    Reith will advise on business planning and strategic development. He will also join the board of Securis ILS Management.

    .......

    Job Swaps 24 June 2014

  • Euro ABS trader joins NY team

    One William Street Capital Management has added Chris Brown as a vp in New York to support the firm's European ABS trading business. He was most recently a European RMBS and ABS trading vp at Deutsche Bank and has also worked for Capital One.

    .......

    Job Swaps 24 June 2014

  • Peripheral possibilities

    Peripheral RMBS relative value explored

    The recently announced €1bn-plus Berica ABS 3 RMBS transaction has piqued investor interest in peripheral paper. Publically distributed Italian RMBS has been rare post-financial crisis, but it could offer compelling relative value.

    The peripheral European housing markets have emerged from the financial crisis in varying states of health. This is at least in part because of differing governmental approaches, but .......

    News Analysis 23 June 2014

  • Granite ratings upgraded

    Fitch has upgraded 78 tranches of the Granite Master Trust programme and three tranches of the Whinstone programme. All other tranches have been affirmed.

    Granite comprises five 'capitalist' issuers (Granite Mortgages 2003-2, 2003-3, 2004-1, 2004-2 and 2004-3) and nine 'socialist' issuers (Granite Master Issuer 2005-1, 2005-2, 2005-4, 2006-1, 2006-2, 2006-3, 2006-4, 2007-1 and 2007-2). Following the breach of the non-asset .......

    News Round-up 23 June 2014

  • Derivative actions filed against trustees

    A number of large institutional investors last week sued six RMBS trustees in New York state court for breaching their fiduciary duties and failing to force mortgage originators and RMBS issuers to repurchase defective loans. The trustees named include BNY Mellon, Citi, Deutsche Bank, HSBC, Wells Fargo and US Bank.

    The investors include BlackRock, PIMCO, Prudential and DZ Bank, according .......

    Job Swaps 23 June 2014

  • PLS suit settlement announced

    The FHFA has reached a US$99.5m settlement with RBS to resolve claims alleging RBS violated federal and state securities laws in connection with private-label mortgage-backed securities (PLS) that were purchased by Freddie Mac between 2005 and 2007. The FHFA has now reached settlements in 15 out of the 18 PLS lawsuits it filed in 2011 (SCI passim).

    .......

    Job Swaps 23 June 2014

  • CMBS trader brought on board

    Dan Voloshin has joined Deutsche Bank as a CMBS trading director. He will be based in New York and report to Aaron Greenberg, co-head of CMBS trading.

    Voloshin was previously at Barclays and before that worked at Lehman Brothers. He started his career at PwC.

    .......

    Job Swaps 23 June 2014

  • Servicing pro appointed

    Krupali Mehta has joined Link Financial Group. She will lead the backup servicing team.

    Mehta specialises in the servicing and management of securitised transactions and most recently worked for Hatfield Philips, overseeing CMBS portfolios. She has also worked at Allied Irish Bank as a credit analyst.

    .......

    Job Swaps 23 June 2014

  • SCI Start the Week - 23 June

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

    Pipeline
    Additions to the pipeline last week were fairly even distributed between ABS, RMBS, CMBS and CLOs. There were 11 new deals in total.

    The ABS consisted of US$450m Drug Royalty II 2014-1, €372.3m Monviso 2014 and SC Poland Auto 2014-1. The RMBS were US$423m Citigroup Mortgage Loan Trust 2014-J1, US$303.75m JPMMT 2014-2, A$500m PUMA Series 2014-2 .......

    News 23 June 2014

  • Strong showing seen for CDOs

    SCI's PriceABS data captured 765 CLO and 93 CDO line items this week, with 156 and 44 respectively recorded yesterday, suggesting strong secondary activity on both sides of the Atlantic. A range of bonds were out for the bid, including a couple of Trups CDO tranches that were affected by the recent American Bancorp case (SCI 11 June).

    Market Reports 20 June 2014

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