Complete news archive

  • Bank brings in trio

    Lloyds Bank Commercial Banking has made three additions to its capital and financial markets team. Caroline Jennings, Robert Gaspar and Kristan Gochee will each be based in New York.

    Jennings joins as credit sales svp. She has particular structured products expertise and was previously at Raymond James & Associates, having also worked for JPMorgan, Bank One Capital Markets, Barclays Capital .......

    Job Swaps 11 April 2014

  • ISDA elects new directors

    ISDA has elected 12 directors at its latest AGM in Munich. This includes four new directors as well as eight who were re-elected.

    The new directors are Jonathan Hall, Kieran Higgins, Ciaran O'Flynn and Koji Sakurai. Hall is advisory director at Goldman Sachs and Higgins is head of EMEA fixed income trading at RBS, while O'Flynn in co-head of fixed .......

    Job Swaps 11 April 2014

  • Pay-offs decline further

    The percentage of US CMBS loans paying off on their balloon date was 64.6% in March, according to Trepp, marking the fourth straight month in which the rate declined. The March pay-off percentage was also lower than the 12-month moving average of 69.5%.

    By loan count as opposed to balance, 64.8% of loans paid off last month. March's rate was .......

    News Round-up 11 April 2014

  • Collateralisation trends highlighted

    The estimated amount of collateral in circulation in the non-cleared OTC derivatives market decreased by 14% from US$3.7trn at end-2012 to approximately US$3.17trn by 31 December, according to ISDA's 2014 Margin Survey. Much of this decrease can be attributed to the rise of mandatory central clearing, the association says.

    The number of active collateral agreements supporting non-cleared OTC derivatives transactions .......

    News Round-up 11 April 2014

  • US RMBS stays subdued

    The US RMBS secondary market was quiet once again yesterday as bid-list volume dipped to around US$335m. SCI's PriceABS data recorded a number of DNTs for the session, although a number of successful covers were also seen.

    Supply was up slightly for fixed-rate and hybrid bonds, with the focus for each segment on senior current-pays. Subprime supply was .......

    Market Reports 11 April 2014

  • CRE CDO embraces flexibility

    H/2 Asset Funding 2014-1, which closed last month, could represent a watershed for the CREL CDO market. The transaction harks back to the flexibility seen in legacy deals, which is expected to become increasingly prevalent in future issuances.

    There have been 15 CREL CDOs issued since the start of 2012, with eight of those coming since June 2013. Specialty finance .......

    News 11 April 2014

  • Annaly boosts management group

    Annaly Capital Management has made a series of additions to its management team. The additions include key RMBS and CMBS roles as well as a push into middle market lending.

    David Finkelstein has joined the agency portfolio team as an md. He was most recently in the markets group at the Federal Reserve Bank of New York and has also .......

    Job Swaps 10 April 2014

  • CLO market gauges Vivarte impact

    The European CLO market continues to feel the effects of the recent Vivarte default (SCI 18 March) as new deals struggle to ramp up. Secondary market activity has also been affected.

    "New issue CLOs, such as CVC Cordatus III and Holland Park were quite tight, but there are currently big question marks hanging over a few other deals. The market .......

    Market Reports 10 April 2014

  • Tiering emerging in aircraft ABS

    Airlines and lessors appear to have ample access to liquidity, with many having recently issued debt across various sectors - including the term-loan, ABS and corporate bond markets. Indeed, following strong issuance last year comprising four deals, momentum in the aircraft ABS primary market has continued with two deals issued year to date in 2014.

    The deals - RISE and .......

    News Round-up 10 April 2014

  • Collateral management tool offered

    Broadridge Financial Solutions has launched CollateralPro, an enterprise-wide solution designed to help investment banks, asset management firms and service providers transform their regional or global collateral management functions. The offering delivers end-to-end collateral management capabilities, as well as an advanced optimisation module that can assist clients in improving liquidity and profitability via efficient asset allocation. Building on Broadridge's alliance with .......

    News Round-up 10 April 2014

  • Noteholder communication facilitated

    Broadway Financial Corporation has leveraged DealVector for distributing its proposal to extend the maturity of its debentures. Using DealVector has allowed Broadway to deliver its proposal directly to the inboxes of front office decision-makers, avoiding the delays that typically accompany notifications that pass through DTCC.

    "We are pleased to report that the requisite investors of the trust that holds our .......

    News Round-up 10 April 2014

  • MTF relief clarified

    The US CFTC has issued No-Action Letter 14-46, replacing No-Action Letter 14-16 from 12 February. Subsequent to the issuance of the latter letter, CFTC staff continued to engage in dialogue with the European Commission and the UK Financial Conduct Authority - as well as with facility operators and market participants - concerning certain terms and conditions in the letter.

    No-Action .......

    News Round-up 10 April 2014

  • Credit event for Kazakh bank

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a failure to pay credit event occurred in respect of JSC Alliance Bank. The move follows JSC Alliance Bank's failure to make an interest payment on its discount notes, part notes and subordinated notes outstanding on 25 March. The grace period has now expired.

    A meeting has been scheduled for 14 .......

    News Round-up 10 April 2014

  • CCP capitalisation rule finalised

    The Basel Committee has issued a final standard for calculating regulatory capital for banks' exposures to central counterparties (CCPs), replacing the interim capital requirements that were published in July 2012 (SCI 26 July 2012). The Committee says it has sought to simplify the underlying policy framework and to complement relevant initiatives undertaken by other supervisory bodies, including the CPSS-IOSCO 'Principles .......

    News Round-up 10 April 2014

  • Kellogg CDS wider on takeover rumours

    Recent takeover rumours have led to a significant widening of credit default swap (CDS) spreads for Kellogg Company, according to Fitch Solutions' latest case study. Five-year CDS on Kellogg have widened by 46% over the past month.

    Fitch director Diana Allmendinger notes that much of the spread widening for Kellogg has occurred since late last week, driven largely by speculation .......

    News Round-up 9 April 2014

  • GM lease exposure examined

    US auto lease ABS is unlikely to experience near-term fallout from the recent GM recalls, but potential reputational damage to the company's brand could be a risk in the longer term, Fitch suggests. Nevertheless, the agency expects stable ratings performance for transactions with GM vehicle exposure, due to robust credit enhancement.

    Current Fitch-rated auto lease pools have little exposure to .......

    News Round-up 9 April 2014

  • Japanese credit quality improving

    S&P reports that it raised 9.41% of its outstanding ratings on Japanese structured finance securities in 2013, exceeding its downgrade rate of 5.1% for the year. The ratio of upgrades to downgrades stood at 1.85 in 2013.

    The downgrade rate had consistently exceeded the upgrade rate from 2008 through 2010, but that pattern reversed in 2011 and continued to improve .......

    News Round-up 9 April 2014

  • Multifamily tops originations

    US commercial and multifamily mortgage bankers closed US$358.5bn of loans in 2013, according to MBA's latest commercial real estate/multifamily finance annual origination volume summation. Multifamily rental properties drew the most financing, while banks and thrifts were the largest source of commercial real estate lending.

    Commercial bank and savings institutions were the leading investor group for whom loans were originated in .......

    News Round-up 9 April 2014

  • MBS funds lead returns

    Hedge fund performance was negative in March - returning -0.11% for the month and 1.22% for the quarter - but credit exposures remained a bright spot, according to eVestment. Credit funds were up by 0.59% last month and by 2.22% for Q1.

    MBS-focused funds were a leading sub-sector of the industry in March and Q1, returning 1.11% and 3.37% during .......

    News Round-up 9 April 2014

  • Further fragmentation seen in swaps

    ISDA has released a new research note, which focuses on the effects of the made-available-to-trade (MAT) regulation and its potential impact on market fragmentation. Entitled 'Made-Available-to-Trade (MAT): Evidence of Further Market Fragmentation', the report uses DTCC publicly reported data to approximate the portion of SEF trading comprised of MAT swaps and track changes to volume measured as gross notional and .......

    News Round-up 9 April 2014

  • OTC utility underscored

    ISDA has published two new research papers that highlight the value of the OTC derivatives market.

    The first paper - entitled 'The Value of OTC Derivatives: Case Study Analyses of Hedges by Publicly Traded Non-Financial Firms' - is authored by Ivilina Popova, associate professor at Texas State University, and Betty Simkins, professor of finance at Oklahoma State University. Building on .......

    News Round-up 9 April 2014
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