Complete news archive

  • Mexican housing outlook examined

    Mexico's relatively benign inflation environment and sustainable residential property appreciation rates are credit positives for RMBS, Fitch says. Nominal housing prices in Mexico rose by 4.1% in 2013, according to Sociedad Hipotecaria Federal (SHF). Fitch's calculated annual real increase was 0.4% and has averaged 1.2% over the past eight years, demonstrating that home prices continue to grow at levels slightly .......

    News Round-up 21 February 2014

  • TITN 2007-CT1 losses to reach Bs

    Mixed loan-level developments for the pan-European CMBS Cornerstone Titan 2007-1 suggest that principal losses could reach the class B notes, according to Barclays Capital CMBS analysts. The A2 class has become most senior tranche, increasing the risk of a note EOD and further complicating class B losses.

    The transaction balance has reduced from its initial €1.3bn to €483.8m, as of .......

    News 21 February 2014

  • Further CRA improvements required

    ESMA has published its Annual Report 2013 on credit rating agencies (CRAs) in the EU. The report also outlines the authority's supervisory work plan for this year.

    The report notes that CRAs continue to progress in how they comply with the CRA regulation, including improved internal transparency and disclosure to the market on credit rating activities, as well as empowerment .......

    News Round-up 21 February 2014

  • Tobacco settlement methodology updated

    Moody's has updated its methodology for rating tobacco settlement revenue securitisations, affecting around US$19bn of ABS bonds. The rating agency has upgraded 55 tranches, downgraded seven tranches, confirmed 73 tranches that were placed on review last year and affirmed a further three tranches.

    Moody's has amended its cashflow modelling assumptions related to the non-participating manufacturer (NPM) adjustment provisions of the .......

    News Round-up 21 February 2014

  • Asset finance team beefs up

    Carey Hansford has joined Aldermore Bank's asset finance team as structured products business development manager. She is based in Bristol, UK.

    Hansford previously worked at GE Capital and at Black & White Organisation Company. She held several roles at GE, including funding manager and UK capital markets servicing leader.

    .......

    Job Swaps 21 February 2014

  • Credit fund redemptions persist

    Investors allocated an estimated US$4.9bn to hedge funds last month, but performance losses of US$12.8bn resulted in total industry AUM declining by 0.3% to US$2.845trn, according to eVestment figures. At the same time, MBS strategies continued to lose assets: January was the sixth month of net redemptions for the sector in the last eight.

    Nevertheless, performance from the group was .......

    News Round-up 20 February 2014

  • RBS settles Harborview claims

    RBS has settled an RMBS class action litigation led by New Jersey Carpenters Health Fund for US$275m. It is the third largest RMBS federal securities class action settlement in the US.

    The settlement covers securities violations involving the packaging and sale of 14 public offerings of Harborview series RMBS where RBS failed to disclose that the loans collateralising the certificates .......

    Job Swaps 20 February 2014

  • Trafford Centre CMBS tapped

    Intu Properties has tapped its Trafford Centre Finance CMBS, with the launch of £110m additional class A, B and D notes. The proceeds will be used to provide funds for the firm's pipeline of active management projects and major extensions.

    The transaction is secured by intu Trafford Centre, the prime super-regional shopping centre near Manchester. The notes, which have an .......

    News Round-up 20 February 2014

  • Trups CDO cures continue

    The number of combined defaults and deferrals for US bank Trups CDOs declined to 25.8% at end-January, compared to 26.5% at end-December, according to Fitch's latest index results for the sector. Approximately 0.22% of this drop is attributable to the removal of the defaulted and deferring collateral of one Trups CDO that is no longer rated by the agency, with .......

    News Round-up 20 February 2014

  • Advisory adds risk specialist

    Sheila Stamps has joined CIT Group's board of directors and will serve as a member of the firm's risk management and regulatory compliance committees. She was previously at Dreambuilder Investments and has also worked at the New York State Common Retirement Fund, FleetBoston Financial, Bank One Corporation and First Chicago Corporation, with experience in European and US ABS.

    .......

    Job Swaps 20 February 2014

  • Reg AB 2 recommendations filed

    SFIG says it has filed a letter with the US SEC recommending revisions to the loan-level disclosure schedule proposed under Regulation AB 2. The association's RMBS Loan-Level Disclosure Subcommittee held a series of meetings from late-2013 through January 2014 to discuss improvements to Schedule L, with the goal of proposing enhancements that could be adopted by the SEC in the .......

    News Round-up 20 February 2014

  • RMBS market moves higher

    US non-agency RMBS BWIC activity picked up strongly yesterday to reach almost US$900m. Subprime paper was prevalent on bid-lists, concentrated in the 2005-2007 vintages, with price talk and covers on several bonds moving up from the previous session.

    For example, FFML 2005-FF7 M3 was covered in the low-80s yesterday, having been talked in the mid/high-70s in the previous session. When .......

    Market Reports 20 February 2014

  • Purchase loans to boost RMBS

    Moody's suggests that lower mortgage refinancing volume could lead to a higher proportion of purchase loans in new US jumbo RMBS. This, in turn, is likely to boost the credit quality of the pools because purchase loans typically have lower default rates.

    "Rising interest rates have caused a drastic drop in mortgage refinancing applications since mid-2013," says Moody's vp and .......

    News Round-up 20 February 2014

  • Key man replacements made

    Investec Bank has issued key person replacement notices for the Gresham Capital CLO I, II, III, IV and V deals. James Cuby, Steve Torr and Richard Swift join Henrik Malmer as the key persons on the five transactions.

    .......

    Job Swaps 20 February 2014

  • ILS index adds dollar hedge

    Eurekahedge and ILS Advisers have released a US dollar hedged version of their benchmark Eurekahedge ILS Advisers Index. The index was incepted in December 2005 and has returned 71.27% through January 2014.

    The Eurekahedge ILS Advisers Index is an equally-weighted index that tracks the performance of 32 hedge funds that explicitly allocate to insurance-linked investments and have at least 70% .......

    News Round-up 20 February 2014

  • NPL sales gather pace

    The availability of debt finance for European commercial real estate rose dramatically last year and the pace of non-performing loan sales looks set to increase in 2014. European securitisation analysts at Bank of America Merrill Lynch expect a conservative portion of the resulting transaction volume to fuel future CMBS issuance.

    CBRE last month put the total volume of outstanding CRE .......

    News Round-up 19 February 2014

  • Return to flexible lending welcomed

    The Dutch Finance Ministry last month published the minutes of its periodic meeting with the Authority for the Financial Markets and Dutch Lenders Association regarding the application of the Code of Conduct for mortgage lending. Moody's considers flexible lending to be credit positive as normal lending practices cautiously return to the Dutch RMBS market.

    The agency notes in its latest .......

    News Round-up 19 February 2014

  • Supply squeeze

    Spread compression to drive non-core issuance

    A supply squeeze in European ABS is driving spread compression across asset classes and between senior and junior tranches. Against this backdrop, non-senior and non-core issuance is expected to pick up.

    Rob Ford, ABS portfolio manager at TwentyFour Asset Management, questions whether there is room for European ABS spreads to move any tighter at the top end of the market. .......

    News Analysis 19 February 2014

  • Orrick adds CMBS pair

    Orrick, Herrington & Sutcliffe has appointed William Cullen and Janet Barbiere as partners in its structured finance group in New York. The pair specialise in CMBS.

    Cullen and Barbiere both worked at Kaye Scholer and before that at Thacher Proffitt & Wood and at Sidley Austin. They frequently act as CMBS issuer and underwriter counsel for investment banks and also .......

    Job Swaps 19 February 2014

  • Euro CLO equity in demand

    European CLO investors are becoming increasingly competitive in their search for yield. Equity pieces are particularly well bid at present, as investors reassess default assumptions to acquire paper.

    "Anything with a high yield is very well bid right now. Last week, for example, we saw good equity pieces of bonds such as CONTE 2007-1X and OHECP 2006-1X in the market. .......

    Market Reports 19 February 2014

  • CMBS production pro appointed

    Matt Stevens has joined the production team at Greystone as a director. He will focus on origination for debt financing solutions across Fannie Mae, Freddie Mac, FHA, CMBS and Greystone's proprietary lending platforms.

    Stevens has over 15 years of commercial lending and banking experience and will report to Rick Wolf. He was previously at Alliant/ACRE Capital and has also worked .......

    Job Swaps 19 February 2014
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