Complete news archive

  • European liquid assets examined

    The European Banking Authority (EBA) has published two reports on liquidity. One concerns the impact assessment for liquidity coverage requirements and the other appropriate uniform definitions of high quality liquid assets (HQLA) and extremely HQLA on operational requirements for liquid assets.

    The first report combines an empirical analysis of liquidity data provided by 357 European banks on a voluntary basis, .......

    News Round-up 20 December 2013

  • LRT recommendations released

    The Joint Forum has published its final report on longevity risk transfer (LRT) markets, following its consultation earlier this year (SCI 15 August). The forward-looking report, entitled 'Longevity risk transfer markets: market structure, growth drivers and impediments, and potential risks', includes a set of recommendations to policymakers and supervisors.

    Among the recommendations is that supervisors should communicate and cooperate internationally .......

    News Round-up 20 December 2013

  • Canada poised for issuance up-tick

    With a sound economy, solid financial institutions and strong regulatory regime, new securitisations in Canada are poised for higher activity headed into next year, Fitch suggests. Although issuance is unlikely to reach levels seen during peak years, the agency expects increased activity across several asset classes.

    Among them is CMBS, where activity - while modest - has improved in recent .......

    News Round-up 20 December 2013

  • CMBS recoveries rebound

    After suffering a fairly sizeable setback during 2Q13, recoveries on liquidated US CMBS loans rebounded significantly last quarter, according to Fitch's latest quarterly index results for the sector. The recovery rate for CMBS liquidated loans jumped to 75.2% for 3Q13, compared to 60.5% in 2Q13.

    "23 liquidated loans had 85% or greater recovery, while recoveries on 16 of those loans .......

    News Round-up 20 December 2013

  • Solar bond issued

    Independent Debt Capital Markets (IDCM) - as sole arranger and bookrunner - has closed TRFC 2013-1, a £66m solar bond issued The Renewable Financing Company (TRFC). The 21-year RPI-linked bond, secured by six accredited UK solar parks with aggregate output of 20.29 megawatts, was placed with UK institutional investors.

    TRFC provides financing to renewable energy assets and funds itself via .......

    News Round-up 20 December 2013

  • CCP reporting strengthened

    The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on the reporting of the hypothetical capital of a central counterparty (CCP). They specify calculations and reporting frequencies and templates for the information relating to hypothetical capital that a CCP has to deliver to all the credit institutions and investment firms that are clearing members for .......

    News Round-up 20 December 2013

  • Volcker Rule spurs CLO sale

    BankUnited has disclosed that it sold its CLO holdings, as well as some Re-Remic positions on the open market. The sales were prompted by the release of the Volcker Rule and its potential impact on the bank's investment activities, it says.

    The amortised cost basis of the CLOs sold was approximately US$431m, comprising the firm's entire CLO portfolio, and the .......

    News Round-up 20 December 2013

  • Second loan-level phase prepped

    LCM Partners has won a tender from the ECB to provide advisory services on the second phase of the ABS Loan Level Initiative, an ECB initiative that has the primary goal of restoring investor confidence in the European ABS market. LCM has been working with the central bank since 2009 and will continue to provide advisory services on this programme, .......

    News Round-up 20 December 2013

  • EIOPA eyes 'granular' treatment of ABS

    EIOPA has released its technical report on standard formula design and calibration for certain long-term investments. The report's key proposal is to introduce a more granular treatment of securitisations.

    Instead of the currently proposed uniform 7% spread risk charge for triple-A rated securitisations, EIOPA recommends decreasing the charges for less risky issues to 4.3% while increasing them for riskier ones .......

    News Round-up 20 December 2013

  • New recruit expands Euro reach

    Cantor Fitzgerald Europe has grown its structured credit sales and trading team by appointing Juergen Haferkorn as md in London. He will focus on ABS and help to expand Cantor's reach in German-speaking countries. Haferkorn has previously worked at MBIA and BAWAG.

    .......

    Job Swaps 20 December 2013

  • Italian segregation law 'credit positive'

    The Italian government last week approved amendments to Law 130/1999 that improve the segregation of transaction funds and, in the case of a debtor default, limit potential claw-backs of prepayments. Moody's suggests in its latest Credit Outlook publication that these measures are credit positive for Italian securitisations and covered bond programmes because they will reduce certain risks associated with servicer .......

    News Round-up 19 December 2013

  • Credit inflows 'muted' in November

    Investor flows into hedge funds were positive for a fifth consecutive month in November, according to eVestment. New allocations of US$15.3bn brought the five-month total of inflows to US$68.5bn.

    Industry assets hit a five-year high in November of US$2.84trn and trail their pre-financial crisis peak by just over 3%. Total industry assets are on pace to increase by an estimated .......

    News Round-up 19 December 2013

  • Uneven RMBS performance eyed

    The improvement in RMBS performance has been uneven across the US, much like the differences in regional home prices, Fitch notes. While home prices have increased by roughly 17% nationally since 4Q11, regional price changes vary widely around the average.

    Home prices have increased by 40% in some regions over the same time period, while other areas have seen modest .......

    News Round-up 19 December 2013

  • Bulk MSRs acquired

    Two Harbors Investment Corp subsidiary Matrix Financial Services Corporation has entered into an agreement to acquire a bulk pool of mortgage servicing rights from Flagstar Bank. Under the agreement, Flagstar will sell to Matrix the MSRs on residential mortgage loans having an aggregate unpaid principal balance of approximately US$40.7bn, for the purchase price of approximately US$500m.

    The underlying pool of .......

    News Round-up 19 December 2013

  • Caution urged on CLO risk retention

    The Loan Syndications and Trading Association (LSTA) has commissioned a study conducted by Oliver Wyman, which finds that the recently re-proposed regulations to implement risk retention requirements for ABS under Dodd-Frank will likely severely limit the availability of CLOs in the future. The study recommends that regulators proceed cautiously to implement risk retention in a way that does not disrupt .......

    News Round-up 19 December 2013

  • Liquidity seen to be fragmenting

    Confusion over the US CFTC's Footnote 88 and the definition of a US person prompted ISDA to conduct a survey to obtain a clear picture of potential market disruption or fragmentation resulting from SEF rule implementation. The association found that total derivative trading volume measured as a percentage of notional amount decreased from 2 October, the first day of SEF .......

    News Round-up 19 December 2013

  • Second securitisation consultation launched

    The Basel Committee has issued a second consultative paper on revisions to its securitisation framework. The paper comprises a detailed set of proposals, including draft standards text, for a comprehensive revision of the treatment of securitisation within the risk-based capital framework.

    In developing these proposals, the Committee says it has carefully taken into account the comments received on the first .......

    News Round-up 19 December 2013

  • Euro card index rolled out

    DBRS has introduced 'Beyond the Plastic', a new Europe-wide index and periodical covering credit card ABS. The report analyses charge-off rates, delinquency rollover rates, yields, excess spread and other metrics to provide insight of performance beyond securitisation ratings.

    "With an increase of credit card issuance from continental Europe, it makes sense to capture the complete picture for a truly accurate .......

    News Round-up 19 December 2013

  • Taper talk becomes reality

    The New York Fed is to begin tapering its asset purchases with an initial US$10bn reduction in the monthly pace, evenly split between agency MBS and Treasuries. The Fed now plans to buy US$35bn of agency MBS and US$40bn of Treasuries per month beginning in January.

    RMBS strategists at Barclays Capital note that the Fed's announcement implies a quicker beginning .......

    News 19 December 2013

  • New syndicate underwriter named

    Nephila Capital has appointed Adam Beatty as active underwriter for Lloyd's syndicate 2357, which is managed by Asta and backed by Nephila. Beatty takes over the role from Nephila co-founder Frank Majors.

    Beatty joined Nephila earlier this year as business development director in London. He has also worked at Willis Capital Markets & Advisory and at Willis Re.

    .......

    Job Swaps 19 December 2013

  • Law firm selects ceo

    Hogan Lovells has named Steve Immelt as its next ceo, replacing current co-ceos Warren Gorrell and David Harris in July 2014. Immelt and new deputy ceo David Hudd will each serve four year terms.

    Immelt is currently a member of the firm's international management committee and global co-head of its litigation, arbitration and employment practice. Hudd leads the global finance .......

    Job Swaps 19 December 2013
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