Complete news archive

  • 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

  • Asset manager adds SF vet

    Mark Northway has joined FourWinds Capital Management as global head of sales and distribution. He was previously head of marketing and distribution for EMEA at Brookfield Investment Management.

    Northway has also worked at LBBW as global head for credit capital markets and as global head of structured credit at Rabobank. Before that he worked at Yamaichi International, Standard Chartered and .......

    Job Swaps 20 June 2014

  • Tough times

    Recruitment quiet as markets squeezed

    The tone in structured finance recruitment on each side of the Atlantic is cautious at best. While hiring continues in both the US and Europe, it is limited and must be set against the backdrop of other large teams being closed down.

    Partially the issue is that markets are not providing the kind of opportunities that people had hoped for. .......

    News Analysis 20 June 2014

  • Nat cat bonds affirmed

    S&P has affirmed its ratings on 18 natural-peril catastrophe bonds issued by 10 different issuers, following the annual resets of the probability of attachment. In each case, the probability of attachment was reset to a percentage consistent with the transaction documents and the current rating. In addition, the agency reviewed the creditworthiness of each ceding company and the ratings on .......

    News Round-up 20 June 2014

  • Index services offering expands

    Interactive Data Corporation is to provide evaluated prices to Barclays for use in the newly-added US agency CMBS component of the Barclays US Aggregate Bond Index. This marks the latest development in Interactive Data's efforts to support the growing index services industry.

    The firm also provides evaluations for bonds that are components of other Barclays bond indices, such as the .......

    Job Swaps 20 June 2014

  • Credit unions set to securitise

    The US National Credit Union Administration Board unanimously approved five items at its sixth scheduled open meeting of 2014, two of which are related to securitisation and another to mortgage modifications. The Board proposed rules that would allow qualified institutions to securitise loans they have originated and create safe-harbour protection for certain securitised assets.

    Under the proposal, qualified federal credit .......

    News Round-up 20 June 2014

  • Esoteric ABS pro recruited

    Guggenheim Securities has appointed Matt Bissonette as an md in its fixed income division in New York. He will work on structured products transactions with a focus on esoteric ABS.

    Bissonette specialises in telecommunications infrastructure securitisation. He was previously at Deutsche Bank, where he was co-head of the special situations sector within structured credit.

    .......

    Job Swaps 20 June 2014

  • CTL CMBS downgraded

    Moody's has downgraded the ratings of seven classes of notes across seven UK CMBS sponsored by Tesco. Approximately £3.97bn of debt is affected by the move.

    The Baa1 rated tranches across Tesco Property Finance 1, 2, 3, 4, 5 and 6, as well as Delamare Finance have been lowered to Baa1. The action was prompted by Moody's decision to downgrade .......

    News Round-up 19 June 2014

  • Auto ABS ratings supported

    Steady historical performance and strong structural protections in auto loan ABS globally have supported credit quality and the resulting ratings upgrades of securities in the sector, Moody's reports. The agency says it rates most auto loan ABS in North America, Europe, Asia Pacific and South America investment grade or at the maximum achievable rating in the country.

    At issuance Moody's .......

    News Round-up 19 June 2014

  • Manager boosts mortgage business

    BlueMountain Capital Management has appointed Bob Thomas and Jeff Picron to its mortgage group. The pair co-founded Induction Capital.

    Thomas was previously head of mortgage trading strategy at Goldman Sachs and also spent eight years at Citadel Investment Group. Picron was previously an independent quantitative consultant and worked on mortgage-related projects for Magnetar Capital and Citadel Investment Group.

    .......

    Job Swaps 19 June 2014

  • Kyo-Ya leverage eyed

    Fitch says that the most recent financing of the Kyo-Ya hotel portfolio, a little more than a year after its last refinancing, demonstrates the increasing leverage being offered by US CMBS lenders. The higher debt levels associated with the COMM 2014-KYO transaction - which was initially reviewed, but ultimately not rated by the agency - combined with a reduced collateral .......

    News Round-up 19 June 2014

  • TABB recruits research leader

    TABB Group has appointed Anthony Perrotta as head of fixed income research, based in New York. He will report to founder and ceo Larry Tabb and take responsibility for directing TABB's research alliance fixed income practice, which serves rates and credit market investors.

    Perrotta joins from Cornerstone Resources, where he was ceo. He has served as head of credit and .......

    Job Swaps 19 June 2014

  • Markit IPO upsized

    Markit has upsized and priced its IPO for 53,472,353 common shares at a price of US$24 per share. This constitutes an upsize of the IPO of 7,764,388 shares or 17%.

    All of the common shares are being sold by selling shareholders and Markit will not receive any proceeds from the offering. The underwriters have a 30-day option to purchase up .......

    Job Swaps 19 June 2014

  • LMI claims indices rolled out

    Fitch has introduced new indices to monitor payment rates of claims submitted to lenders' mortgage insurance (LMI) providers across Australian prime RMBS. Losses that are not paid by the LMI may affect the transaction and RMBS investors, the agency says.

    Generally, 7% to 9% of Australian prime RMBS losses are not paid by LMI, according to Fitch. At end-March 2014, .......

    News Round-up 19 June 2014

  • Lack of trust?

    Aussie regulator not rushing master trusts

    Australian securitisation activity is on the rise but is not being helped by the attitude of the market's regulator. APRA appears to be dragging its heels on introducing master trusts and its cautious approach is attracting criticism.

    "It can appear as though APRA does not want master trusts to work in Australia. Unfortunately, it seems like this opposition - if .......

    News Analysis 19 June 2014

  • Streamlined cat bond facility launched

    Aon Benfield Securities has launched CATstream, a new facility that is designed to offer cedants faster and more efficient access to capital markets capacity for catastrophe risk. Featuring template documentation and pre-agreed wordings, CATstream enables catastrophe bonds to be established in less than half the time of the typical non-standardised products. With faster access to capital markets capacity, cedants can .......

    News Round-up 19 June 2014

  • RMBS suit dismissed

    The Supreme Court of the State of New York last week dismissed a US$450m RMBS lawsuit against Goldman Sachs filed by a number of CDO issuers, including Phoenix Light SF, Blue Heron Funding and Kleros Preferred Funding V. The plaintiffs filed the action in July 2013, alleging that Goldman both misrepresented the quality of loans underlying the RMBS and failed .......

    Job Swaps 19 June 2014

  • Asset manager adds in Asia

    GoldenTree Asset Management has opened an office in Singapore and hired Shahriar Saadullah as md to lead its business development efforts in the Asia-Pacific region. He reports to head of global business development Kathy Sutherland.

    Saadullah was previously head of Asia-Pacific for the international fund distribution group in Citigroup's global markets team in Singapore. Before that he was based in .......

    Job Swaps 19 June 2014

  • First CMBS 2.0 loss recorded

    The US$5.7m The Cove at Southern loan, securitised in JPMCC 2011-C5, has become the first CMBS 2.0 conduit loan to take a loss - albeit a nominal one. According to June servicer data, the trust realised US$5.9m in gross proceeds from the sale of the property and a US$34,100 loss after fees and repayment of advances.

    Trepp notes that watchlist .......

    News Round-up 19 June 2014

  • Bid-list boosts RMBS supply

    US non-agency RMBS volume picked up yesterday to reach around US$788m, ahead of a US$647m bid-list scheduled to trade today. SCI's PriceABS data recorded a mix of bonds out for the bid during the session, including several single-family rental names.

    Adjustable rate - particularly senior Alt-A hybrid and option ARM - and subprime tranches drove most of yesterday's .......

    Market Reports 18 June 2014

  • Tranche market transitioning

    The European credit index tranche market is transitioning from being dominated by legacy positions towards a regime based on on-the-run products. Markit iTraxx Series 21 tranches launched in March are said to have had a good take-up, while interest in bespoke CSOs appears to be re-emerging.

    "The current market - based predominantly on the Series 9 portfolio - is unsustainable .......

    News 18 June 2014
×