Complete news archive

  • 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

  • West Coast SF team bolstered

    Winston & Strawn has appointed Daniel Passage as a partner and Francisco Flores as of counsel in its Los Angeles office. The pair will complement the firm's existing national platform in structured finance and deepen its West Coast practice.

    Passage was previously at Bingham McCutchen where he served in the structured transactions group. He has also worked at O'Melveny & .......

    Job Swaps 14 February 2014

  • Law firm beefs up Asian unit

    Hogan Lovells has appointed Andy Ferris as a partner in its international debt capital markets (IDCM) team in Singapore. He will work with IDCM partner Andrew Carey and on bond restructuring with Neil McDonald.

    Ferris joins from Allen & Overy, where he was a senior associate. He advises clients on issues of debt and equity-linked instruments throughout the Asia-Pacific region.

    .......

    Job Swaps 14 February 2014

  • Stable outlook for Canadian ABS

    Moody's is maintaining its stable outlook for Canadian ABS and RMBS in 2014 because of the improving Canadian economy, which should support already strong collateral performance. Assets backing Canadian ABS and RMBS are predominantly consumer receivables, whose performance correlates to economic conditions.

    "Rising Canadian GDP and employment bode well for the performance of securitised collateral," says Richard Hunt, a Moody's .......

    News Round-up 14 February 2014

  • 'Broken swap' restructurings progressing

    Restructurings are progressing, at different stages, for three UK Lehman RMBS.

    First, restructuring proposals have been implemented for ESAIL 2007-PR1 (SCI 5 February), with an aggregate amount of US$64.87m of proceeds converted into an amount of £39.78m. £1.5m converted realised termination amounts were credited to the restructuring costs ledger and the remainder to the distributable termination proceeds ledger, according to .......

    News Round-up 14 February 2014

  • RMBS tender withdrawn

    Fir Tree Partners has terminated its cash tender offer for six RMBS (SCI passim). All of the trusts that were subject to the offer are involved in active litigations against JPMorgan for breaches of representations and warranties. On those trusts where Fir Tree is acting as a directing holder, it says it will continue to vigorously seek to prosecute these .......

    News Round-up 14 February 2014

  • Euro CLO collateral evolves

    Last year saw 21 European CLOs price and several of those deals have now passed their effective dates. Compared to legacy deals, changes in collateral composition are already becoming apparent.

    Legacy European CLOs typically included a minimum requirement for the percentage of senior secured loans in the ramped-up portfolio, which has generally been replaced in 2.0 deals by a 90% .......

    News 14 February 2014

  • Solar platform enhanced

    Solar energy firm Mercatus has released its second-generation platform to accelerate securitisations of residential and commercial portfolios. Mercatus 2.0 includes new and enhanced features, such as portfolio analysis and automated ratings for both the residential and commercial segments. It also features enhanced tools to help investors make more informed decisions when allocating budgets and resources with enhanced data and analytics .......

    News Round-up 14 February 2014

  • SEF volumes low ahead of MAT

    MarketAxess estimates that less than 20% of CDS index volume is trading on SEFs, ahead of the 26 February 'made available to trade' (MAT) deadline. Together the eight products that fall within the CDS MAT determination represent 80% of overall volume in CDS index market.

    The universe of required transactions falling under MAT is substantial in terms of its proportion .......

    News Round-up 14 February 2014

  • Trups CDO action transferred

    A challenge brought by a junior noteholder in five Trups CDOs regarding the trustee's interpretation of the transactions' payment mechanics has been transferred from a Minneapolis district court to the US District Court for the Southern District of New York (SCI 16 December 2013). The action - involving Tropic CDO I, II, III and IV and Soloso CDO 2005-1 and .......

    News Round-up 14 February 2014

  • Best practices

    Noteholder communications, technology and clearing systems discussed

    Participants in SCI's latest corporate trust roundtable met in December to discuss post-closing best practices and noteholder communications. Technology and documentation challenges, as well as improvements to the clearing systems were among the topics covered. (The full SCI Corporate Trust Roundtable discussion can be downloaded here.)

    Corinne Smith, SCI: Investor concern over securitisation noteholder communications is increasing. I .......

    News Analysis 13 February 2014

  • Op risk proposal to be revised

    S&P is making a number of changes to its proposed methodology for assessing operational risk in structured finance transactions, based on responses it received to its RFC (SCI 5 October 2011). The changes include additional operational risk factors, revised risk considerations for key transaction parties based on the substance of their roles and additional transparency regarding circumstances where, because of .......

    News Round-up 13 February 2014

  • NHG approach clarified

    S&P has published additional criteria for assessing the support from the NHG guarantee in Dutch RMBS. The criteria clarify the methodology the agency uses for the analysis of Dutch government support under the NHG programme.

    The criteria apply to all new and existing Dutch RMBS and covered bond deals where the benefit of the guarantee provided under the Dutch NHG .......

    News Round-up 13 February 2014

  • SEF, MTF harmonisation progressing

    The CFTC and the European Commission say they have made "significant progress" towards harmonising a regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs), as contemplated under the Path Forward statement issued in July 2013. The Path Forward statement set out that the CFTC and EC would work together on extending appropriate time-limited transitional relief .......

    News Round-up 13 February 2014

  • Crossover constituents to increase

    The iTraxx Crossover Index is set to expand by 10 names to 60 during the March 2014 index roll. This will be done by leveraging the iTraxx Crossover Supplementary List rules, with updated iTraxx Europe Index rules reflecting this change to be published in the coming weeks. Markit says the move is in response to the continued growth in high .......

    News Round-up 13 February 2014

  • Diversified aircraft ABS prepped

    Goldman Sachs is in the market with Castlelake Aircraft Securitization Trust 2014-1. The US$515.57m transaction is believed to be the first aircraft securitisation to feature turboprop collateral.

    The deal is supported by a pool of 79 aircraft initially leased to 26 lessees located in 17 countries, representing approximately 58% of sponsor Castlelake's managed aircraft fleet by number of aircraft. The .......

    News Round-up 13 February 2014

  • Barbelled resolutions for GG10

    The February remit for GSMS 2007-GG10 shows that 16 CMBS loans totalling US$592.6m were liquidated in the CWCapital auction at a weighted average loss severity of 51.3%. While this outcome is better than expected, the sale appears to have been barbelled, with some properties not commanding as high a price as the last appraisal value would suggest.

    "The net proceeds .......

    News Round-up 13 February 2014

  • Insurance manager adds two

    Kane has expanded its US team with two business development hires. The ILS specialist has added Monica Everett as business development director and Hannah Hayes as business development associate.

    Everett will take responsibility for building customer relationships and identifying new business opportunities. She was previously vp of Willis Insurance for North America and has also worked at Heffernan Insurance Brokers, .......

    Job Swaps 13 February 2014

  • SEC enforcer rejoins law firm

    Milbank, Tweed, Hadley & McCloy has appointed former US SEC co-director of enforcement George Canellos as a partner and global head of its litigation department. Much of his time at the SEC was spent on cases involving RMBS.

    Canellos will start in mid-March. He has worked at Milbank before, as well as at Wachtell, Lipton, Rosen & Katz and as .......

    Job Swaps 13 February 2014

  • A merry-go-round of reform

    Anu Munshi, managing partner at B&B Structured Finan...

    Anyone trying to keep track of bank regulations should be excused for clutching their head, screaming or both. The dizzying rash of regulations - with their revisions, implementation dates and their interpretation by different regions - is enough to give one a headache.

    Take the credit valuation adjustment (CVA) charge for OTC derivative trades required by Basel 3 as an .......

    Talking Point 13 February 2014

  • Cards lead ABS rebound

    US ABS BWIC volume surged to US$241m yesterday, up from just US$77m the day before. Supply was skewed towards credit card and auto bonds, where offering levels were mostly unchanged.

    SCI's PriceABS data captured a range of names during the session, including CHAIT 2012-A3 A3, which was talked at plus 15 - having been talked last month at .......

    Market Reports 13 February 2014
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