Complete news archive

  • 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

  • New paper in secondary CMBS

    US CMBS secondary market spreads were generally unchanged yesterday, although legacy conduit fixed AMs and AJs did tighten in. A few decent sized lists circulated as BWIC volume passed US$220m.

    SCI's PriceABS data shows a wealth of pre-crisis paper, but there were also a few 2014-vintage names out for the bid yesterday. By contrast, the earliest-vintage .......

    Market Reports 24 April 2014

  • Kinetic reinforces to deal with zombies

    Kinetic Partners has made Jess Shakespeare a member in its forensic and dispute advisory team in the Cayman Islands. The team is being strengthened to reflect the increase in zombie fund assignments.

    Kinetic's focus with zombie funds is to support clients to expedite positions by implementing bespoke exit strategies for investors. Shakespeare has spent three years at Kinetic and previously .......

    Job Swaps 24 April 2014

  • Firm adds asset management vet

    DoubleLine Capital has appointed Ignacio Sosa as a director for its newly-formed product solutions group. He will lead the group in developing new investment products, engaging with clients on existing offerings and building new business, particularly outside the US.

    Sosa was previously global bond product management evp at PIMCO. He has also worked at Voras Capital Management, OneWorld Investments and .......

    Job Swaps 24 April 2014

  • Risk sales leader added

    Lombard Risk Management has appointed John Groetch as regional sales director for the Americas. He will be based in New York and manage the company's growth in the region.

    Groetch was most recently at Markit Analytics and has also worked as head of risk sales at Calypso. Previous roles include coo at Razor Risk Technologies and ceo at Treasury Management .......

    Job Swaps 24 April 2014

  • Online revolution for CMBS market

    US CMBS special servicers were instrumental in generating acceptance for online auctions as distressed loans and REO assets flooded the market in 2009. The volume of US CMBS distressed assets may now be shrinking but the legacy of online CRE brokerage tools will live on, says S&P.

    The rating agency believes that the commercial real estate (CRE) finance industry will .......

    News Round-up 23 April 2014

  • Strong credit enhancement continues

    With 2014 off to a strong start for new US CLO issuance, a notable constant has been strong credit enhancement, according to Fitch in its latest quarterly update on the sector. The agency reports that 40 US CLOs totalling US$20.6bn came to the market in 1Q14.

    Credit enhancement for senior notes in these CLOs has remained stable at 37.7%, compared .......

    News Round-up 23 April 2014

  • CDO auctions due

    A couple of CDO auctions have been scheduled so far for next month. The first is for the Trups CDO Preferred Term Securities XII on 1 May. Stifel Nicolaus has been appointed auction agent for the sale.

    The second auction is for Trainer Wortham First Republic CBO III on 14 May.

    .......

    News Round-up 23 April 2014

  • CSO manager resigns

    The portfolio manager and portfolio verification agent for Athenée CDO series 2007-10 Hunter Valley CDO II are set to resign from their respective appointments. As such, the reference portfolio will become static. Pursuant to the written resolution of the noteholder, the issuer has consequently entered into a deed to effect these variations to the portfolio management agreement.

    .......

    Job Swaps 23 April 2014

  • Securitisation pro to lead sales

    BNP Paribas Securities Services has appointed Jamie Pratt as head of debt market services sales in the Americas. He brings with him a strong track record in securitisation.

    Pratt was previously at Barclays Capital, where he was a director in the New York structured finance department. Before that he was based in London and worked as a securitisation banker at .......

    Job Swaps 23 April 2014

  • Non-QM methodology finalised

    Kroll Bond Rating Agency has released its methodology for assessing non-qualified mortgage risk in US RMBS. The agency says that the methodology relies on its fundamental analysis of mortgage risk, augmented by stressed assumptions regarding a borrower's propensity to engage in litigation against an originator and potential losses resulting from a successful borrower claim. These assumptions are derived primarily from .......

    News Round-up 23 April 2014

  • CDS valuation best practices surveyed

    SCI has launched a survey to gather intelligence on best practices in CDS valuation. Respondents will be able to benchmark their department's activities by comparing their answers against the industry average, as per the survey results.

    The survey canvasses the opinions of professionals within independent price verification (IPV) divisions of financial institutions. SCI is seeking data that captures: the key .......

    News Round-up 23 April 2014

  • Retail spin-off planned

    Vornado Realty Trust is set to spin off its shopping centre business - consisting of 81 strip shopping centres and four malls - into a new publicly traded REIT, the 2014 net operating income of which is estimated to be approximately US$200m. Three of the malls and a large number of the strip centres back CMBS, but no credit fall-out .......

    News Round-up 23 April 2014

  • SFR leader appoints pair

    Blackstone's real estate portfolio company Invitation Homes has appointed John Schissel as cfo and Leslie Fox as evp and coo. Last year the company named Bryce Blair as a member of the board and Gary DeLapp as president.

    Schissel joins from BRE Properties, where he served as evp and cfo until its recent merger with Essex Property Trust. He has .......

    Job Swaps 23 April 2014

  • Student loan business acquired

    CIT Group has entered into three separate loan sale agreements with Nelnet, through which Nelnet will acquire the firm's student lending business. Pursuant to the agreements, CIT will sell to Nelnet certain subsidiaries that hold its residual interests in securitisation trusts with approximately US$2.6bn of student loans and the related student loan asset-backed debt. A further US$950m of student loan .......

    News Round-up 23 April 2014

  • RMBS BWIC volumes creep up

    The US non-agency RMBS secondary market remains subdued, with a little under US$400m of P&I bonds on BWICs yesterday. Focus was on Alt-A hybrids and option ARMs as fixed-rate supply was light.

    SCI's PriceABS data shows a range of names out for the bid, including a few fixed-rate names. The prime 30-year fixed-rate CWHL 2005-28 A4 .......

    Market Reports 23 April 2014

  • SME platform debuts

    BNP Paribas, BPCE, Crédit Agricole, HSBC and SG have established Euro Secured Notes Issuer (ESNI). Billed as a new form of securitisation, the programme is secured by bank loans to SMEs meeting the eligibility criteria for Eurosystem refinancing operations.

    ESNI is open to all European banks and issued its first Euro Secured Notes (ESN) on 11 April for an outstanding .......

    News Round-up 23 April 2014

  • Turkish cat bond affirmed

    S&P has affirmed its double-B plus rating on the US$400m class A notes issued by the Bosphorus 1 Re catastrophe bond. The sponsor Turkish Catastrophe Insurance Pool did not elect to reset the bonds' probability of attachment. In addition, the agency reviewed the creditworthiness of the rating on the collateral that will be used to redeem the principal on the .......

    News Round-up 22 April 2014

  • Key man confirmed

    Peter Goody has replaced Paul Carman as a key person on the Harvest CLO III to IV transactions. The replacement was confirmed for Harvest CLO II last month, when Moody's determined that the move would not cause its ratings on the notes to be reduced or withdrawn (SCI 24 March).

    .......

    Job Swaps 22 April 2014

  • Solar securitisation standards adopted

    Mercatus has formally adopted the solar access to public capital (SAPC) working group standard contract documents for both residential and commercial solar. The investment platform has been heavily involved in SAPC's efforts to define risk and credit parameters.

    The SAPC working group was convened last year to enable securitisation of solar PV assets and associated cashflows (SCI 20 March 2013). .......

    News Round-up 22 April 2014

  • TRIPRA changes could hurt CMBS

    The US Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) expires at end-2014. Although Congress is expected to renew it, S&P notes that the new version might contain significant changes, including what is expected to be scaled-back coverage.

    "If history is any guide, CMBS credit and liquidity issues could develop if TRIPRA is not renewed or is cut back substantially," S&P .......

    News Round-up 22 April 2014
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