Complete news archive

  • 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

  • LDP11 bucks liquidation trend

    Remittances have been reported for three more US CMBS with exposure to the CWCapital bulk sale - BACM 2007-1, JPMCC 2007-LDP11 and WBCMT 2006-C28. LDP11 appears to have bucked the trend for net sales proceeds to exceed recent appraisal values.

    Seven JPMCC 2007-LDP11 loans totalling US$323m were liquidated at a weighted average loss severity of 73%, which is 10% higher .......

    News Round-up 19 February 2014

  • Call prospects up in container ABS

    Calls are expected to be the primary area of focus in 2014 for container ABS investors. Wells Fargo structured product strategists note that many 2012 deals are callable beginning in 2Q14 and, based on current approximate yield levels, these call prospects are quite cuspy.

    Seven container ABS were called in 4Q13: three 1.0 deals (GESEA 2004-1 and 2005-1 and TCF .......

    News Round-up 18 February 2014

  • MSHDA case to set precedent?

    The Lehman bankruptcy court in December applied the US Bankruptcy Code's safe harbour for swaps in determining that the provisions of a swap agreement Lehman was a party to with the Michigan State Housing Development Authority (MSHDA), which addressed the calculation of settlement amounts upon termination of the swap, when liquidation provisions fall within the safe harbour. Moody's notes that .......

    News Round-up 18 February 2014

  • Fund administrator acquired

    TMF Group has purchased an outstanding 49% of Custom House Global Fund Services to become the sole owner. The acquisition allows it to further expand into the alternative investment sector.

    The purchase combines TMF's corporate and financial institutional network with Custom House's fund administration services, enabling both companies to expand in new and existing market segments. TMF will be able .......

    Job Swaps 18 February 2014

  • CLO refinancing options examined

    Moody's notes in its latest CLO Interest publication that more refinancing options have become available for recent CLO 2.0 transactions. The agency says that the ability to refinance liabilities, either partially or in whole, is credit positive because refinancing enhances the available credit support and offsets the negative effects of loan re-pricings.

    As the non-call periods of most 2011-2012 vintage .......

    News Round-up 18 February 2014

  • GSO/Blackstone tops manager rankings

    Moody's top-10 CLO manager rankings in the US, Europe and globally have changed little since 2012, despite issuance in the US reaching a post-crisis high last year and issuance in Europe making a comeback. Ten new players entered the US CLO market in 2013, while Apollo expanded into the European market.

    In the US, 81 managers issued new CLOs in .......

    News Round-up 18 February 2014

  • Euro ramp-up risk overdone

    European CLO managers do not appear to have found it difficult to ramp up their portfolios, with most reaching their effective dates ahead of the anticipated time, S&P reports. The agency has analysed ramp-up activity in 2013, given that managers faced a dearth of new loans to use as collateral, introducing the risk of investment in lower-quality less diverse assets.

    News Round-up 18 February 2014

  • Asian advocacy group founded

    ASIFMA has launched an asset management group to advocate the views and interests of Asian asset managers at local, regional and global levels. ASIFMA's Asset Management Group (AAMG) is being led by Eugenie Shen and currently has 15 members.

    AAMG intends to function as the collective voice of the asset management industry in Asia, promoting the development of liquid, efficient .......

    Job Swaps 18 February 2014

  • Vivarte exposure eyed

    French retailer Vivarte last week suspended payments on €2.8bn of buyout debt while it negotiates a restructuring. The move could cause some European CLOs to fail their coverage tests, resulting in a diversion of cashflows from junior to senior tranches.

    European securitisation analysts at Bank of America Merrill Lynch estimate that Vivarte accounts for around 2% of the underlying collateral .......

    News Round-up 18 February 2014

  • CDO manager replaced

    Dock Street Capital Management has been appointed successor collateral manager to Libertas Preferred Funding I, following the resignation of Cira SCM (SCI 4 November 2013). Moody's has confirmed that the move will not affect its rating on the CDO.

    Under the terms of the appointment, Dock Street agrees to assume all the responsibilities, duties and obligations of the collateral manager .......

    Job Swaps 17 February 2014

  • CLO issuance forecast revised

    JPMorgan has revised its downside forecast for US CLO issuance in 2014 to US$38bn, or 42% lower than its US$65bn base case, due to regulatory volatility. The bank's supply expectations for European CLOs remain at €10bn-€15bn, given the level of investor demand across the region.

    CDO strategists at the bank have also revised their end-2014 US CLO primary triple-A spread .......

    News Round-up 17 February 2014

  • SCI Start the Week - 17 February

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

    Pipeline
    Last week saw a healthy mix of deals added to the pipeline. Three new ABS, two ILS, an RMBS, two CMBS and two CLOs were announced.

    The ABS comprised US$515.6m Castlelake Aircraft Securitization Trust 2014-1, Driver China One and US$241m TAL Advantage V series 2014-1. The ILS were US$200m Kizuna Re II and Queen Street IX.

    The newly-announced .......

    News 17 February 2014

  • CIFC hires for middle-market

    CIFC Asset Management has appointed Peter McLaughlin as md in New York to strengthen its middle-market offering. He joins from Longroad Asset Management, where he was head of originations, and has also worked at Gottex Middle Market Debt Fund, Contrarian Capital Management, GoldenTree Asset Management, Wells Fargo Foothill and JPMorgan.

    .......

    Job Swaps 17 February 2014

  • Further positive CWCap outcomes

    The February remittance for the MLCFC 2007-5 CMBS recorded US$192m of liquidations across 10 properties listed in the CWCapital bulk sale. The dispositions resulted in US$103.7m of realised losses, implying a 54% severity, according to CMBS analysts at Barclays Capital.

    The liquidations pushed losses up to the F tranche of the transaction. After including US$67m of scheduled pay-downs, incoming principal .......

    News Round-up 17 February 2014

  • CMBS commutations announced

    MBIA Insurance Corp has disclosed that it commuted policies insuring approximately US$3bn of CMBS exposure, in which the reference CMBS were originally rated single-A, for a cost in excess of the third-quarter statutory loss reserve. The monoline says it now has approximately US$760m of CMBS exposure remaining, in which the reference obligations were originally rated triple-B, of which approximately US$391m .......

    News Round-up 17 February 2014

  • Late-pays drop on bulk sales

    US CMBS delinquencies declined by 9bp in January to 5.89%, from 5.98% a month earlier. Late-pays are poised to fall by approximately 40bp over the next two months, however, due to CWCapital bulk asset sales being finalised and reflected in the February and March remittances. These distressed sales will likely bring the overall rate to below 5.5% by the end .......

    News Round-up 17 February 2014

  • OBO trade completed

    Tradeweb Markets has completed what is believed to be the first swap trade by a futures commission merchant 'on behalf of' (OBO) a US-based asset manager on a swap execution facility (SEF). Credit Suisse successfully executed a five-year high yield credit default index swap via TW SEF on behalf of an asset manager, which cleared at ICE Clear Credit.

    Tradeweb .......

    News Round-up 17 February 2014

  • New Russian SPVs highlighted

    The official text of Federal Law No. 379-FZ 'On Amendments to Certain Legislative Acts of the Russian Federation' was published on 23 December 2013 (SCI passim). A recent Liniya Prava client memo outlines the highlights of the legislation as it pertains to securitisation.

    The law provides for the securitisation of non-mortgage assets and creates a legal framework for project finance .......

    News Round-up 14 February 2014

  • Trups CDOs exposed to CPP

    TARP's biggest programme, the Capital Purchase Program (CPP), is winding down. Many of the banks left in it are smaller community institutions with typically narrow geographical footprints and franchise recognition that struggled to attract new capital through new issuance or generate interest from private investors at auction sales. Trups CDOs are exposed to those banks, Fitch reports.

    Of the US$1.8bn .......

    News Round-up 14 February 2014

  • Final straight for legacy issues?

    After some GMAC/RFC deals wrapped by FGIC began to receive settlement payments in the January remittance (SCI 7 February), this month and the next should see further cash flow through for the remaining bonds. Additional returns are also expected to emerge as a result of ongoing settlement negotiations.

    FGIC entered into a settlement with ResCap debtors, deal trustees and certain .......

    News 14 February 2014
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