Complete news archive

  • Master ABS structures examined

    French auto originators have over the past 12 months made increasing use of master ABS structures, which provide for the possibility of additional note issuances out of an existing structure. Moody's notes in its latest Credit Insight publication that the use of such structures has credit positives and negatives for French ABS transactions because while these structures provide some protective .......

    News Round-up 15 January 2014

  • Ocwen settlement to hurt investors

    S&P suggests that the potential impact of the Ocwen servicing settlement (SCI 23 December 2013) on US RMBS transactions is similar to that of JPMorgan's settlement with the Department of Justice (SCI 17 December 2013). As such, investors are expected to bear the losses that result from modifications executed under the agreement.

    Ocwen last month entered into an agreement with .......

    News Round-up 15 January 2014

  • Statute of limitations in focus

    S&P says that investor recourse may be limited with or without sunset representation and warranty provisions, following the ACE Appellate ruling (SCI 7 January). As such, to mitigate the potential impact of limited post-default remedies, the agency expects prudent investors and market participants to consider any applicable statute of limitations (SOLs) and continue to focus on upfront due diligence.

    The .......

    News Round-up 15 January 2014

  • Japanese CMBS defaults surveyed

    From 2Q08 to end-September 2013, 147 loans backing Japanese CMBS transactions rated by S&P defaulted. The agency surveyed loan- and property-level data for these loans and found that the recovery process for 138 of them was completed by the end of the period, leaving only nine outstanding defaulted loans.

    The simple average recovery rate of the 134 loans with completed .......

    News Round-up 15 January 2014

  • Punch restructuring proposal published

    Punch has released the full terms of its restructuring proposal, which represents the culmination of 14 months of stakeholder engagement. The restructuring is conditional upon the approval of the Punch A and Punch B securitisation noteholders, as well as certain other securitisation creditors. Consent solicitation documents relating to each securitisation and a notice of noteholder meetings to be held on .......

    News Round-up 15 January 2014

  • Autos boost ABS supply

    US ABS BWIC volume rose markedly yesterday to US$219m. Offering levels were down slightly for auto loan bonds, which dominated supply, with several tranches debuting in SCI's PriceABS data.

    Among the auto ABS tranches out for the bid that had not previously been picked up by PriceABS was HUNT 2012-1 B, which traded during the session. Also circulating .......

    Market Reports 15 January 2014

  • Front office offering bolstered

    Markit has expanded its front office offering by acquiring thinkFolio. The London-based firm offers portfolio management software, including sophisticated order management, portfolio modelling, compliance and cash management capabilities for the cash and derivative markets across multiple asset classes including bonds, commodities, equities and foreign exchange.

    thinkFolio will operate as a separate business unit alongside Markit's other solutions. thinkFolio ceo and .......

    Job Swaps 15 January 2014

  • Basel 3 agenda creeps forward

    The Basel Committee's oversight body, the Group of Governors and Heads of Supervision (GHOS), has endorsed a number of important steps in the completion of the Basel 3 agenda. Although the move entails a dilution of some of the proposed rules, the debate on appropriate capital levels on a risk-weighted and a non-risk based approach is expected to continue.

    First, .......

    News Round-up 15 January 2014

  • REIT vet joins CRE advisory

    Situs has grown its West Coast team with the appointment of Eric Smith as business development leader. He will be based in San Francisco and report to Kenneth Segal and Eric Lindner.

    Smith also currently serves as an independent director at KBS Strategic Opportunity REIT. He has 25 years of experience in the industry, having previously worked at Loan Value .......

    Job Swaps 15 January 2014

  • Manager adds former Citi chief

    Napier Park Global Capital has named John Havens as non-executive chairman and partner. He was most recently president and coo at Citigroup. Havens has also worked at Morgan Stanley for almost two decades and began his career as a trader at Kidder Peabody.

    .......

    Job Swaps 15 January 2014

  • Law firm promotes real estate pair

    Danielle Schechner has been elected to partner in the real estate group of Pryor Cashman, while Benjamin Teig has been named as of counsel. Both are based in New York.

    Schechner has been at the firm since 2006. She has also worked at Millennium Inorganic Chemicals and Fried Frank.

    Teig focuses on commercial real estate and was previously a real .......

    Job Swaps 15 January 2014

  • Trups CDOs get Volcker reprieve

    The US Fed, the FDIC, the OCC, the CFTC and the SEC have approved an interim final rule to permit banking entities to retain interests in certain Trups CDOs under the Volcker rule. The move comes after the American Bankers Association agreed to delay advancing a lawsuit on the issue until 17 January (SCI 2 January).

    Under the interim final .......

    News Round-up 15 January 2014

  • Bright spots

    Mixed fortunes in structured finance recruitment

    Certain areas of the structured finance recruitment sector are growing, but large parts remain muted. European activity is all but moribund, while the picture in the US is mixed.

    The US securitised markets show several areas of growth, not least in CLOs. While the CMBS and RMBS sectors are mixed, the ABS market is anticipated to become even quieter going .......

    News Analysis 15 January 2014

  • Risk transfer deal differs

    Fannie Mae's US$750m CAS 2014-C01 transaction is broadly similar to the CAS 2013-C01 issue, but there are some notable differences. Weighted average voluntary prepayments are 41bp lower and cumulative defaults are 3bp higher than in the 2013-C01 transaction.

    The M1 tranche of the new transaction has initial subordination of 165bp and the M2 tranche has 30bp of original credit enhancement. .......

    News Round-up 14 January 2014

  • Analytics platform adds CDS

    Capital Market Exchange has enhanced its investment grade bond analytics platform to include CDS. Clients can now apply the platform's sentiment adjusted spreads to identify negative basis and pure arbitrage trades in the CDS market.

    The enhancement allows teams to filter for the most attractive CDS contracts. Investment teams can customise and analyse opportunities identified by the sentiment-based analytics and .......

    Job Swaps 14 January 2014

  • Further repo impact from tapering

    Tapering and financial regulation will impact the US tri-party repo market again in 2014, says Fitch. The tri-party repo market dropped US$257bn in 2013 and all eyes are now on interest rates and how banks adjust to the Basel 3 leverage ratio.

    The US tri-party repo market as a whole declined to US$1.61trn at end-2013. Agency RMBS repo fell by .......

    News Round-up 14 January 2014

  • Green bond principles supported

    A consortium of investment banks has announced their support for a set of green bond principles developed to serve as voluntary guidelines on the recommended process for the development and issuance of green bonds. The principles encourage transparency, disclosure and integrity in the development of the green bond market, which will use both direct project exposure and securitisation.

    A green .......

    News Round-up 14 January 2014

  • Bank boosts Hong Kong SF team

    Vincent Moge has joined HSBC in Hong Kong as asset and structured finance md. He was previously partner and ceo of the Singapore office at StormHarbour Securities and has served as head of EMEA structured credit sales and solutions at Bank of America Merrill Lynch in London.

    .......

    Job Swaps 14 January 2014

  • CRE prices continue to rebound

    Central business district office properties in major markets have performed the best of the office segments in the Moody's/RCA Commercial Property Price Indices since the January 2010 trough, increasing around 97%. Major market prices have recovered nearly all of their peak-to-trough loss, while non-major markets have recovered more than half of their loss.

    Growth in office prices in Manhattan has .......

    News Round-up 14 January 2014

  • Collaborative bid-list platform launched

    Trepp has launched a collaborative workflow solution to provide bid-list management, analysis and colour tracking for traders and other market participants. The offering is dubbed TreppTrade and is designed to help workgroups spend less time collecting data so they can focus on other tasks.

    TreppTrade features robust bond screening, team-oriented workspaces and powerful yield tables. The solution is designed to .......

    News Round-up 14 January 2014

  • JPA sought to implement eminent domain

    The city council of Richmond, California has adopted a resolution to seek other cities with which to form a Joint Powers Authority (JPA) that would be able to use eminent domain to acquire underwater mortgages in private label RMBS. Such a move could enable the council to sidestep existing barriers.

    While the city council has failed to achieve a super-majority .......

    News Round-up 14 January 2014
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