Complete news archive

  • Servicer replacement request queried

    Hatfield Philips International (HPI) has outlined its credentials and performance as servicer and special servicer on the Windermere X CMBS portfolio. The move appears to be in response to efforts by the controlling class representative (Brookland Partners) to replace HPI with Mount Street Loan Solutions as special servicer of the Bridge, Built, Lightning Dutch and Tresforte loans (see also SCI's .......

    News Round-up 4 June 2014

  • Global auto credit quality examined

    Moody's expects the credit quality of global auto loan ABS to remain steady, except for in North America, where lenders are easing underwriting standards and borrower credit is declining modestly. Auto ABS pools will continue to consist primarily of loans to prime borrowers, with the US continuing to have a sizable market for securitisations backed predominantly by near-prime and subprime .......

    News Round-up 4 June 2014

  • CMBS surveillance product added

    Trepp is set to integrate Kroll Bond Rating Agency's new CMBS surveillance product KBRA Credit Profile (KCP) with its own product suite. The KCP reports provide valuations and losses for the collateral securing credit-impaired loans.

    Authorised Trepp clients will be able to access the KCP reports, enabling forecasting of both the probability of default and resolution timing. The reports will also .......

    Job Swaps 4 June 2014

  • Euro CMBS coming alive?

    The European CMBS secondary market has been subdued recently, although BWICs have been announced for both today and tomorrow. There is also speculation that primary market issuance could increase.

    "Suddenly a couple of decent BWICs have been announced in quick succession, so that should inject some life into the secondary market. The fact that they were announced so close together .......

    Market Reports 4 June 2014

  • CBO tender offer amended

    HoldCo CDO Opportunities Fund has amended its tender offer for SKM-Libertyview CBO I class C and D notes (SCI 27 May). Under the amendments, the deadline for receiving an early tender premium has been extended to 13 June and the expiration date has been extended to 7 July. The purchase price per US$1,000 outstanding principal amount of the class C .......

    News Round-up 4 June 2014

  • CMBS loss projections forecast

    S&P has published its expected loss projections for US and Canadian conduit/fusion and single-borrower/large-loan CMBS transactions that it rates. The report addresses losses by transaction, vintage, property type and metropolitan statistical area.

    "Our estimates of projected losses focus on our observed performance for US and Canadian CMBS transactions over time," comments S&P credit analyst Barbara Hoeltz. "They incorporate up-to-date performance .......

    News Round-up 4 June 2014

  • Strong performance continues for Euro CLOs

    Fitch reports in its latest European Leveraged Loan CLO Tracker that CLOs continue to demonstrate stable ratings and strong performance. The average net loss across all transactions the agency monitors was -1.56% at end-April 2014, up from -1.49% at end-April 2013.

    The increase is due to the continued workout of defaulted or credit risk names. However, one of the most .......

    News Round-up 4 June 2014

  • ABS CDO auction set

    Dock Street Capital Management has been retained to act as liquidation agent for RFC CDO IV. A public sale of the collateral is scheduled for 12 June. The move follows the acceleration of the transaction after an EOD occurred (SCI 13 May).

    .......

    News Round-up 4 June 2014

  • Markit IPO underway

    Markit has commenced its initial public offering: the firm's shareholders intend to sell 45,707,965 common shares at a price that is expected to be between US$23 and US$25 per share. The underwriters will have a 30-day option to purchase up to an additional 6,856,195 common shares from certain of the selling shareholders. Bank of America Merrill Lynch, Barclays, Citi, Credit .......

    Job Swaps 4 June 2014

  • Single-borrower execution broadening

    Single-borrower US CMBS issuance has picked up in recent months, after a slow start to the year. Barclays Capital CMBS analysts suggest that the funding advantage enjoyed by banks and insurers has lessened due to the sharp rally in rates, resulting in more borrowers opting for CMBS execution.

    Hotel properties dominated single-borrower CMBS issuance over the past 6-9 months, as .......

    News Round-up 4 June 2014

  • CMBS surveillance shared

    Morningstar Credit Ratings has made its CMBS DealViewSM surveillance reports available to investors, analysts and traders via its website. The reports are updated monthly and include a comprehensive credit review, in-depth loan and property analysis, applicable letter ratings and rating outlooks for CMBS transactions. Its ratings and surveillance process involves detailed loan- and property-level analyses, a review of operating cashflow, .......

    News Round-up 3 June 2014

  • ResCap proceeds materialise

    An estimated third of affected RFC/GMAC RMBS deals saw settlement proceeds of US$17.65 per unit from the ResCap Liquidating Trust flow through to bondholders during the May remittance period. Some trusts expecting distributions are yet to receive proceeds, possibly due in part to the lack of clarity around how to handle subsequent recoveries, with trustees seeking advice on how to .......

    News Round-up 3 June 2014

  • Record results for credit card indices

    After hitting a record low in April, Fitch's Prime Credit Card 60+ Day Delinquency Index decreased by another 2bp to 1.15% in May, reaching the lowest level since its launch in 1991. The index has declined by 22% year-over-year and now stands 75% below its peak level reached at the end of 2009.

    Meanwhile, Fitch's Prime Credit Card Charge-off Index .......

    News Round-up 3 June 2014

  • CMBS delinquencies 'idiosyncratic'

    An increasing number of US CMBS 2.0 and 3.0 loans have begun to enter special servicing or show initial signs of distress. Since the beginning of the year, 14 loans - with US$164m in outstanding balance - have moved into special servicing or delinquency, although this seems to reflect idiosyncratic issues rather than sector-level weakening.

    Barclays Capital analysts note that .......

    News 3 June 2014

  • ABS CDO auction due

    An auction will be conducted for Belle Haven ABS CDO 2006-1 on 20 June. The collateral shall only be sold if the proceeds are at least equal to the auction call redemption amount, plus an amount sufficient to provide subordinated noteholders with an IRR of at least 5%.

    .......

    News Round-up 3 June 2014

  • CDS notionals decline further

    The BIS has released its quarterly review, summarising the latest data for the international banking and OTC derivatives markets to end-2013. Of note, credit derivative notional amounts fell to US$21trn at end-2013 from US$29trn at end-2011 and a peak of US$58trn at end-2007.

    The gross market value of CDS fell to US$700m at end-2013, from US$1.6trn at end-2011. The net .......

    News Round-up 3 June 2014

  • Strong start for CLOs

    The week started with limited activity in the US ABS or MBS markets but an active session for the CLO secondary market. SCI's PriceABS data captured more than 30 unique US CLO tranches, with vintages ranging from 2005 up to 2014.

    VENTR 2005-1A A2 was one of the older names out for the bid. Price talk .......

    Market Reports 3 June 2014

  • Rating agency adds industry vet

    Moody's has appointed Jim Ahern as its next head of structured product ratings and surveillance in the US, Canada and Latin America. He will replace Claire Robinson, who has retired from the rating agency.

    Ahern joins from Société Générale, where he was global head of securitisation. The new role will see him leave London to be based in New York, .......

    Job Swaps 3 June 2014

  • Driver China One rated

    Further details have emerged about Volkswagen's much-anticipated debut Chinese auto loan ABS, the RMB799.7m Driver China One Trust (SCI 1 April). The deal - arranged by CICC - is structured under the China Banking Regulatory Commission's credit asset securitisation regime.

    Provisionally rated by Fitch and Moody's, Driver China One Trust comprises three tranches: RMB699m class A notes (Aa3/AA), RMB44m class .......

    News Round-up 3 June 2014

  • Canadian private-label RMBS discussed

    A number of changes have been made to Canada's housing finance system over the last few years, but how they might influence mortgage lender financing strategies and borrower behaviour in the medium- to long-term remains unclear. Given the potential for a private-label RMBS market to emerge in the country, S&P notes that there are some unique features to consider when .......

    News Round-up 2 June 2014

  • ABS CDOs on the block

    Auctions for the Kleros Preferred Funding and Trainer Wortham First Republic CBO V deals have been scheduled for 20 June. The collateral shall only be sold if the proceeds, together with other available redemption funds, are at least equal to the total senior redemption amounts. The collateral manager for the former transaction, although it may not have been the highest .......

    News Round-up 2 June 2014
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