Complete news archive

  • CDOs on the block

    An auction call redemption auction is to be conducted with respect to the ICONS CDO. The auction call date is scheduled for 8 May, with an auction call redemption occurring on the payment date following the auction call date.

    An auction has also been scheduled for the Crystal Cove CDO on 19 May. The collateral shall only be sold if .......

    News Round-up 28 April 2014

  • Open plans hamper office rebound

    The increasing introduction of open-plan offices will contribute to vacancies and reduce the ability of some landlords to re-lease their entire spaces, says Fitch. Although the performance of the sector improved in 2013, office properties led US CMBS defaults for the third year in a row.

    Fitch recorded 141 loans totalling US$2.6bn in 2013 versus 172 office loans totalling US$3.3bn .......

    News Round-up 28 April 2014

  • Euro performance remains strong

    The credit performance of European structured finance over the financial downturn remains strong. Only 1.5% of notes outstanding in mid-2007 defaulted by end-2013, according to S&P's latest quarterly transition study.

    Consumer transactions have outperformed corporate transactions by a wide margin, with a cumulative default rate since mid-2007 of only 0.05% and a cumulative downgrade rate of 29.1%, compared with 5.01% .......

    News Round-up 28 April 2014

  • Remittance moves reported

    US non-agency RMBS with prior claims against PMI could see cashflows being reported in this month's remittances. Meanwhile, two SASC 2007-BNC1 loans have recognised debt forgiveness-related losses that exceeded the loan balance.

    PMI Mortgage Insurance has increased its partial claim payment on wrapped RMBS to 67% from 55%, with all claims that had previously been settled at 55% trued up .......

    News Round-up 28 April 2014

  • Optimism over Ambac rehab

    The Wisconsin Commissioner of Insurance, acting in his capacity as the rehabilitator of Ambac Assurance's segregated account, has sought approval from the Circuit Court for Dane County, Wisconsin to amend the insurer's plan of rehabilitation. The rehabilitation court is currently scheduled to hear the motion on 11 June, which - if approved - could boost Ambac-wrapped RMBS prices.

    If the .......

    News Round-up 28 April 2014

  • Trade matcher rebrands, expands

    Trax - formerly Xtrakter - has appointed Chris Smith as head of post-trade services and Kevin Swann as head of data. Smith takes responsibility for expanding the firm's post-trade solutions while Swann will develop data products.

    Smith has over 30 years of financial markets experience and joins from NYSE Euronext, where he was responsible for the firm's commercial market programme. .......

    Job Swaps 28 April 2014

  • SCI Start the Week - 28 April

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

    Pipeline
    Several new deals joined the pipeline last week once Easter had passed. Among them were an ABS and two ILS, as well as three CLOs, five RMBS and five CMBS.

    The newly-announced ABS was US$134m PFS Tax Lien Trust 2014-1, while the ILS were US$150m Armor Re Series 2014-1 and US$600m Sanders Re Series 2014-1. The CLOs, meanwhile, .......

    News 28 April 2014

  • Colour-blind conundrum

    RMBS valuations complicated by lack of bid-list activity

    US RMBS secondary market supply has dried up over the last several weeks in a way that ABS and CMBS volumes have not. The lack of market colour has made bond valuations more difficult.

    A large bid-list last week broke what had been a lengthy run of low BWIC volume in the US non-agency RMBS market (SCI 17 April). However, .......

    News Analysis 25 April 2014

  • Credit derivatives trader moves on

    Nadia Egorova is joining Deutsche Bank's high yield credit trading team. She will be based in London.

    The credit derivatives trading specialist joins from BNP Paribas, where she spent three and a half years. Egorova has also worked for Credit Agricole, Rule Financial and Morgan Stanley, where she focused on credit derivatives structuring.

    .......

    Job Swaps 25 April 2014

  • PAYE growth 'ABS neutral'

    The rapid growth of the Pay as You Earn (PAYE) plan to cap student loan obligations is neutral for US student loan ABS, says Fitch. The rating agency is uncertain of the chances of the scheme being expanded.

    The plan currently only affects federal direct loan borrowers - of which there are now 1,300,000 owing a total of US$72bn - .......

    News Round-up 25 April 2014

  • Asset manager adds CDO pro

    Structured products specialist Maxime Malaure has joined Napier Park Capital as a director in its European credit strategies team. He will be based in London.

    Malaure was previously at Commerzbank, where he worked in the securitised products group. He joined Commerzbank through Dresdner Kleinwort, where he was an md working on cash CDOs and he has also worked on CDOs for Bear .......

    Job Swaps 25 April 2014

  • Barclays settles PLS claims

    Barclays Bank has settled a private-label mortgage-backed securities (PLS) lawsuit brought by the FHFA for US$280m. The FHFA has now reached settlements in 13 of its 18 PLS suits (SCI passim).

    The settlement resolves claims against Barclays and specific individuals accused of violating federal and state securities laws in connection with PLS purchased by Fannie Mae and Freddie Mac between .......

    Job Swaps 25 April 2014

  • Market appreciates Vivendi disposals

    Credit default swap (CDS) spreads for Vivendi have tightened on the back of a series of asset disposals, notes Fitch Solutions. Five-year CDS is 29% tighter since the start of the year and credit protection is now trading two notches higher than its current triple-B IDR.

    Fitch notes that Vivendi is likely to end up cash positive after selling its .......

    News Round-up 25 April 2014

  • First Indian CMBS rated

    CRISIL has rated the first Indian CMBS, which is being issued by DLF Emporio and DLF Promenade. The transaction represents a milestone in the increasing sophistication of India's corporate bond market and should open a new fundraising avenue for the real estate sector.

    CRISIL has rated the CMBS at double-A. The DLF subsidiaries operate malls in south Delhi and CRISIL's .......

    News Round-up 25 April 2014

  • CRE crowdfunding platform launched

    The Carlton Group has launched a major real estate crowdfunding platform and website which will provide investors with an opportunity to invest in large, high-yielding commercial real estate investments. The platform further underlines the importance of online technology to the market (SCI 23 April).

    The website will give qualified, accredited investors access to proprietary real estate investment opportunities. Deposit monies .......

    News Round-up 25 April 2014

  • 'Souring' sentiment for Jones Group

    Widening credit default swap (CDS) spreads for Jones Group indicate souring market sentiment, despite overwhelming shareholder approval of Sycamore Partners' US$2.2bn acquisition earlier this month, according to Fitch Solutions in its latest CDS case study. Five-year CDS on Jones Group have widened by 29% over the past month and by 80% compared to last year.

    "The CDS market is still .......

    News Round-up 24 April 2014

  • Argentina tops risk report

    S&P Capital IQ has published its first global sovereign debt report for 2014. The paper focuses on changes in the risk profile of sovereign debt issuers, with the aim of identifying key trends and drivers of change.

    Argentina remained the most risky sovereign during the first quarter, based on market-implied risk, with its CDS spreads widening by 10%. Meanwhile, Japan .......

    News Round-up 24 April 2014

  • CSA urged to revisit ABCP proposals

    SFIG's Latin America and Canada Committee has submitted a comment letter to the Canadian Securities Administrators (CSA) in response to its request for comments on the proposed amendments to 'National Instrument 45-106 Prospectus and Registration Exemptions'. The proposed amendments would require short-term securitised products to comply with a number of new conditions and disclosure requirements, including extensive disclosure of ABCP .......

    News Round-up 24 April 2014

  • MS, Wells settlements anticipated

    Anticipation is growing over similar settlements occurring for Morgan Stanley and Wells Fargo RMBS shelves, following the US$1.13bn Gibbs & Bruns agreement with Citi (SCI 8 April). Some senior CMLTI RMBS bonds appear to already be pricing in a 60%-70% probability of trustees accepting the latter agreement.

    The limitation of the Citi settlement to the CMLTI shelf could be due .......

    News 24 April 2014

  • TAURS 2006-1 option exercised

    An assignee of the controlling class representative for Taurus CMBS (Germany) 2006-1 has unexpectedly exercised a purchase option under the €114.19m Bewag Berlin loan. The senior tranche of the loan has consequently been acquired from the issuer for €78.3m.

    The proceeds will be deposited into the transaction account, with no further amounts collected on the loan. The special servicer has .......

    News Round-up 24 April 2014

  • US law firm promotes four

    Korein Tillery has promoted four attorneys to partner. Steve Berezney, Giuseppe Giardina, Michael Klenov and Tamara Spicer are all based in St Louis.

    Berezney specialises in high-stakes commercial, antitrust and intellectual property litigation. He has particular experience in RMBS litigation.

    Giardina focuses on complex commercial and securities litigation. Much of his work centres on the fallout from the tribulations of .......

    Job Swaps 24 April 2014
×