Complete news archive

  • MiFID II consultation underway

    ESMA has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations.

    MiFID II/MiFIR introduces transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; .......

    News Round-up 22 May 2014

  • Revolving auto deal debuts

    Ford Credit has priced a unique prime auto loan ABS that brings some welcome diversification to the sector. The US$1.08bn Ford Credit Auto Owner Trust 2014-REV1 deal will revolve for five years, before paying principal with a soft-bullet maturity (see SCI's new issue database).

    "Revolving components are not typical of term retail auto ABS transactions, and a revolving .......

    News 22 May 2014

  • LCC ceiling sensitivities examined

    Moody's has adjusted its parameter sensitivity analysis to clarify the rating impact of sovereign risk on structured finance transactions, specifically following a change in the local-currency country (LCC) risk ceiling. The update shows that the raising of the LCC ceiling does not necessarily mean a rating upgrade.

    "Because the credit performance of a note relies heavily on counterparty performance, risks .......

    News Round-up 22 May 2014

  • SFR criteria released

    Kroll Bond Ratings has published its single-family rental (SFR) securitisation methodology. Given the hybrid nature of the underlying collateral, KBRA will employ elements from both its CMBS and RMBS methodologies to analyse SFR transactions.

    When considering the probability of default of a SFR loan, KBRA determines the estimate of sustainable net cashflow, known as KBRA Net Cash Flow (KNCF). KNCF .......

    News Round-up 22 May 2014

  • MBIA upgrades lift SF ratings

    Moody's has upgraded the ratings of 199 structured finance securities wrapped by MBIA Insurance Corp and two structured finance securities wrapped by MBIA UK Insurance. The action is driven by Moody's upgrade of the insurance financial strength (IFS) ratings of MBIA Corp to B2 (from B3) and MBIA UK to Ba2 (from B1).

    The agency has also upgraded the IFS .......

    News Round-up 22 May 2014

  • Islamic finance group formed

    Moody's has formed a dedicated global Islamic finance group (IFG) to meet the growing demand for Islamic finance credit ratings and research, as both Islamic capital markets and Islamic banking continue to register double-digit growth rates. The unit will deliver independent analysis of Shari'ah-compliant products, financial institutions and takaful insurers to support an improved understanding of the credit risks and .......

    Job Swaps 22 May 2014

  • EFH CDS, LCDS settled

    The final results of the Energy Future Holdings CDS auctions have been published (SCI 16 May). The final price for Texas Competitive Electric Holdings Company LCDS was determined to be 78.75, after seven dealers submitted initial markets, physical settlement requests and limit orders to the auction. However, the final price for the entity's CDS was determined to be 8.5.

    Meanwhile, .......

    News Round-up 22 May 2014

  • Capital markets deputy steps up

    DBS has named Eng-Kwok Seat Moey as its next head of capital markets. She was appointed deputy head last year in preparation for the transition.

    Seat Moey replaces Eric Ang, who will stay at the firm as a senior executive advisor, effective from next month. Seat Moey has more than 20 years of experience in capital markets advisory and funds .......

    Job Swaps 22 May 2014

  • CMBS chief makes move

    Goldman Sachs has hired Jonathan Strain as an md in its commercial mortgage bond business. He will become co-head of the US real estate finance group, alongside Ted Borter, and be based in New York.

    Strain joins from JPMorgan, where he was head of CMBS capital markets. He has also worked at Dillon Read Capital Management, UBS and Morgan Stanley.

    .......

    Job Swaps 22 May 2014

  • Natixis promotes SF trio

    Natixis has made a couple of appointments to its global structured credit solutions (GSCS) team. Emmanuel Lefort becomes GSCS global head, while Hank Sandlass becomes GSCS Americas deputy head.

    Additionally, Kevin Alexander has been named head of fixed income for the global markets group in the Americas. He will supervise all debt platforms and GSCS teams based in New York.

    Job Swaps 22 May 2014

  • LEMES 2006-1 offer enhanced

    IEF, the sponsor of Dutch CMBS Leo-Mesdag, has offered noteholders an enhanced restructuring proposal. The new proposal includes an additional equity contribution of €15m, to be paid out either as additional interest to the class A notes or as loan amortisation.

    A proposal made last month failed to gain sufficient approval from class A noteholders (see SCI's CMBS loan events .......

    News 22 May 2014

  • CMBS property set for condemnation

    The property securing the US$22.8m Cahuenga Mixed Use loan in COMM 2012-CR1 has been watchlisted due to the threat of condemnation by the City of Los Angeles. Morgan Stanley CMBS strategists note that it is highly unusual for CMBS properties to be condemned or seized via eminent domain.

    The move is in connection with a major redevelopment of Universal Studios, .......

    News Round-up 21 May 2014

  • GSE buyback expected

    Freddie Mac is set to repurchase certain adjustable-rate mortgage loans on 16 June. The repurchase is due to erroneous loan-level data where the interest-only period on the loan doesn't match that of the security.

    The resulting prepayments will be reflected in the July remittance report. For the 58 affected pools, Freddie Mac expects to repurchase US$29m out of US$150m unpaid .......

    News Round-up 21 May 2014

  • US ABS activity picks up

    US ABS BWIC volume approached US$180m yesterday on the back of a couple of quieter sessions. SCI's PriceABS data shows a number of aircraft ABS bonds out for the bid, with the auto and credit card sectors also well represented.

    Among the aircraft names circulating yesterday, the ACAP 2000-1A A1 tranche was talked in the high-40s and at .......

    Market Reports 21 May 2014

  • JPC spreads outperform retail index

    JC Penney Co five-year CDS spreads have tightened by 36% over the past month, notably outperforming Fitch's North America Retail CDS Index, which moved just 4% tighter during the same period. Fitch Solutions notes that the cost of credit protection on JCP debt is at its lowest level since last July, suggesting increased investor confidence as the department store begins .......

    News Round-up 21 May 2014

  • Direct lending fund offered

    Proventus Capital Partners has raised Skr8.8bn via its third fund, Proventus Capital Partners III. The fund will remain open for further investment until end-3Q14.

    Proventus Capital Partners provides loans to midsized companies in need of capital for expansion, acquisition financing, restructurings and refinancing in Northern Europe. It also conducts investments in the primary and secondary high yield bond markets.

    "The .......

    News Round-up 21 May 2014

  • ART units combine

    SCOR has formed a new alternative solutions business within the specialties section of its Global P&C division. The initiative aims to provide insurance and corporate clients with a wider range of hybrid reinsurance solutions for the transformation, financing and transfer of risks.

    The business combines the division's expertise in structured risk transfer (SRT), alternative risk financing (ARF) and insurance-linked securities .......

    Job Swaps 21 May 2014

  • SME service provider adds two

    Newtek Business Services has appointed two senior executives. Harold Gartner joins Newtek Business Credit as president and coo and Susan Streich joins Newtek Small Business Finance as chief risk officer and chief compliance officer.

    Gartner specialises in structured finance and has experience in receivables finance, asset-based lending and ABS. He has held senior positions at Morgan Stanley, Chase Manhattan, Nomura .......

    Job Swaps 21 May 2014

  • JV to help wind down bad bank

    Natixis and Moelis Asset Management have formed an investment manager as a joint venture. Chamonix Partners Capital Management will initially manage Vallee Blanche Fund Alpha, which will purchase a portfolio of US dollar and euro-denominated structured asset products from Natixis' GAPC.

    The fund's limited partners will be external to Moelis and Natixis. It will be a true sale by GAPC, .......

    Job Swaps 21 May 2014

  • Idiosyncrasies drive CMBS 2.0 defaults

    The first US CMBS 2.0 loan defaults have surfaced. However, Fitch notes that they were driven by idiosyncratic events and do not appear to be the start of prolonged rising defaults.

    Nine loans totalling US$74.9m defaulted last year in CMBS deals issued between 2010 and 2013. Eight of the defaults were on loans for multifamily properties. The causes were largely .......

    News Round-up 20 May 2014

  • RMBS gears up for busy week

    The US non-agency RMBS secondary market made a solid start to the week as BWIC volume approached US$450m yesterday. Activity has been boosted by a US$1.1bn bid-list that is scheduled to trade tomorrow.

    Wednesday's list is said to largely comprise adjustable rate and subprime bonds from the 2005-2007 vintages. The majority of bonds circulating yesterday, meanwhile, came from Alt-A and .......

    Market Reports 20 May 2014
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