Complete news archive

  • CLO modelling tool enhanced

    Codean has released Codean CLO Analytics version 4.0, which includes the firm's structuring and rating analyser module SaRA. The service aims to provide investment banks, asset managers and others arranging new CLO transactions with the analytical tools to do so.

    SaRA is a deal modelling tool with over 700 existing CLO deal models as templates to start from. This is .......

    News Round-up 27 February 2014

  • Debut Dutch RMBS marketing

    RBS is in the market with the inaugural transaction from Venn Partners' new Dutch RMBS platform (SCI 24 February). Dubbed Cartesian Residential Mortgages 1, the €481.3m deal is backed by prime mortgages originated by GE Artesia Bank via three SPVs - Quion 10, Ember Hypotheken 1 and Ember Hypotheken 2.

    The issuer financed the purchase of the mortgage pool by .......

    News Round-up 27 February 2014

  • Moderating servicer growth 'credit positive'

    The New York Department of Financial Services' (DFS) action on Ocwen (SCI 7 February) may signal a broader regulatory push to moderate the growth of the large special servicers, according to Moody's in its latest ResiLandscape publication. The agency notes that regulatory action that moderates the growth of special servicers or otherwise strengthens their operating and financial profiles would be .......

    News Round-up 27 February 2014

  • Stable performance expected for DFP ABS

    Fitch expects dealer floorplan (DFP) ABS assets and ratings to be stable this year, due in part to a robust vehicle sales forecast. The agency's US light vehicle sales forecast for 2014 is 16 million units, which would provide ample support for US dealer revenues and profit levels.

    Dealers also expect to benefit from healthy demand for both new and .......

    News Round-up 27 February 2014

  • Secondary markets leader joins

    Stream Capital has appointed Fabrice Toledano as director for structured credit in Geneva. He will lead the secondary markets team and focus on CLOs, CDOs and leveraged loans as well credit-linked notes and performance swaps.

    Toledano was most recently responsible for global macro hedge fund investments at Unigestion. He has also worked as a structurer and trader in credit and .......

    Job Swaps 27 February 2014

  • STACR percentage test triggered

    STACR 2013-DN1 failed its current subordinate percentage test this month and, as a result, the entire prepayment amount was directed away from the M1 tranche to the A tranche. A credit event resulted in a US$14,800 write-down of the B tranche that was enough to push the subordinate percentage to 2.99995% from 3%, RMBS analysts at Barclays Capital report.

    To .......

    News Round-up 27 February 2014

  • CLO relief in sight?

    The US House Committee on Financial Services held a hearing yesterday on the impact of the Dodd-Frank Act on ABS. Witnesses included representatives from the LSTA, Georgetown University Law Center, Center for Capital Markets Competitiveness, CRE Finance Council and SFIG.

    Testimony addressed Representative Barr's draft legislation on CLOs and Volcker - which calls for grandfathering of all CLOs issued before .......

    News Round-up 27 February 2014

  • CVC hires for middle-market

    CVC Credit Partners has appointed Neale Broadhead as md and portfolio manager in London. He will focus on the origination and execution of European middle-market lending opportunities and report to Tom Newberry.

    Broadhead was most recently at Lloyds, where he helped to establish the mid-market origination team. He has also worked for BNP Paribas and The Industrial Bank of Japan .......

    Job Swaps 27 February 2014

  • Strong portfolio management required

    Approximately US$148bn of CLOs was issued across 93 different managers during a very stable credit environment from January 2010 through December 2013. Fitch notes that credit surveillance and portfolio optimisation are key to sustaining performance if the credit environment worsens, causing an increased default rate for leveraged loans.

    "A changing credit and regulatory environment increases the need of strong portfolio .......

    News Round-up 26 February 2014

  • Solar investment gaining traction

    Investor interest in commercial solar projects has more than doubled in the last 12 months, according to Mercatus. A year-end analysis of commercial solar project investment and development trends undertaken by the firm reveals that exploration - and investment dollars - for solar projects is on the rise.

    Mercatus reports growth of more than 200% in the number of projects .......

    News Round-up 26 February 2014

  • Valuation leader appointed

    Houlihan Capital has appointed Theresa Poppei as senior md for valuation. She will be responsible for expanding the firm's tax and US SEC compliance valuation practice and growing the firm's litigation support and expert witness testimony capability.

    Poppei joins from Duff & Phelps, where she specialised in valuations for tax and SEC compliance purposes. She has also worked at Ceteris .......

    Job Swaps 26 February 2014

  • Lebanese receivables ABS closed

    Bemo Securitisation has closed DHC Healthcare Fund, the first revolving trade receivables securitisation in the Lebanese healthcare sector. The transaction is backed by a US$14m diversified portfolio of trade receivables provided by Dima Healthcare to its hospital, pharmacy and clinic clients.

    The fund has been established under Lebanese Law 705/2005, has a 4.5-year maturity and a three-year revolving period. The .......

    News Round-up 26 February 2014

  • Softer performance seen in autos

    Overall asset performance in both the prime and subprime auto loan ABS sectors was softer in January, as prime annualised losses rose by 6.8% on a monthly basis and subprime losses crept up by 1.3%, according to Fitch. But the late winter months are seasonally strong as consumers pay down debt levels, so the agency expects asset performance to improve .......

    News Round-up 26 February 2014

  • Seasonal trends lift timeshare delinquencies

    US timeshare ABS delinquencies increased moderately this past quarter due to seasonal trends, though year-over-year declines continue, according to Fitch's latest index results for the sector. Total delinquencies for 4Q13 stood at 3.38%, up slightly from 3.14% in 3Q13.

    However, 4Q13 marks the sixth consecutive quarter of year-over-year improvement. Delinquencies for 4Q12 were 3.55% and have largely normalised at their .......

    News Round-up 26 February 2014

  • CWCapital liquidation trends emerging

    A number of trends have become apparent for the loans liquidated in CWCapital's bulk sale (SCI passim). Proceeds have generally been higher than appraisals - on average by 13% - and loss severities are coming in at around 50%.

    Barclays Capital CMBS analysts estimate that US$1.9bn of the US$3.2bn of loans placed for bid in auctions sent liquidation proceeds to .......

    News 26 February 2014

  • MMF rules delayed

    The decision by the European Parliament's Economic and Monetary Affairs Committee to postpone agreement on draft rules to regulate money market funds (MMFs) last week leaves the scope of possible investment restrictions on ABCP unclear, Fitch says. These restrictions may prompt significant asset reallocation for some MMFs, depending on the scope of the regulation.

    Euro- and sterling-denominated constant net asset .......

    News Round-up 26 February 2014

  • RV approach updated

    Moody's has updated its methodology for rating EMEA auto lease ABS exposed to residual value (RV) risk. The agency has expanded the methodology previously applicable to rating UK RV ABS transactions to other EMEA regions.

    In particular, Moody's has confirmed that haircut levels developed for the UK are broadly applicable to other European markets and clarified its approach in relation .......

    News Round-up 26 February 2014

  • Spanish sovereign ceiling lifted

    Moody's has raised the maximum achievable rating for Spanish structured finance transactions to A1 from A3, following the upgrade of Spain's government bond rating to Baa2 from Baa3 and its local and foreign currency bond and deposit ceilings to A1 from A3. The move reflects improvements in institutional strength and reduced susceptibility to event risk, the agency says.

    Moody's is .......

    News Round-up 26 February 2014

  • RFC issued on privacy approach

    The US SEC has reopened for comment its proposals for ABS shelf-eligibility under Regulation AB 2. Specifically, the Commission is seeking comments on an approach for the dissemination of potentially sensitive asset-level data to address privacy issues.

    The relevant proposals are: Asset-Backed Securities, Securities Act Release No. 33-9117 (Apr. 7, 2010), 75 FR 23328; and Re-Proposal of Shelf Eligibility Conditions .......

    News Round-up 26 February 2014

  • Ratings vet takes top credit role

    Morningstar has appointed Calvin Wong as chief credit officer. He will be based in New York and report to president Vickie Tillman.

    Wong will take responsibility for enhancing the internal control structured for ratings, supporting credit rating model review processes and overseeing the development of rating criteria. He has in-depth knowledge of ABS and RMBS and was most recently practice .......

    Job Swaps 26 February 2014

  • CLO vet joins broker

    Mario Verna has joined Guggenheim Partners in New York as an md in CLO banking. He was previously at Krypton Advisors, where he sourced investors for banks to hedge their loan portfolios through securitisations and risk participations.

    Verna has also worked at Deutsche Bank, where he ran the bank's global securitisation programme, and at Chase and JPMorgan in CLO roles. .......

    Job Swaps 25 February 2014
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