Complete news archive

  • 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

  • First-half weighting for CDO supply

    JPMorgan has surveyed CDO BWIC volume from 1 January to 29 November, based on original notional balances. They find that US CDO BWIC volume dropped by 42% year-over-year to US$36.9bn, driven by a reduction in ABS CDO bid-lists, with the liquidation of the Maiden Lane portfolios boosting activity in 2012.

    However, US CLO BWIC volume of US$22.48bn is around 5% .......

    News Round-up 18 December 2013

  • Euro VFNs re-emerge

    PineBridge Investments has closed its €335m Euro-Galaxy III CLO, which features a variable funding note (VFN) that provides enhanced flexibility and efficient cash management during the ramp-up phase. It is the first European CLO to include a VFN since the financial crisis.

    Arranged by Barclays Bank, Euro-Galaxy III marks the nineteenth CLO that PineBridge has completed. As of 17 December, .......

    News Round-up 18 December 2013

  • CMBS refi wave decoded

    Trepp estimates that US$1.4trn in US commercial mortgages will mature between 2014 and 2017, with CMBS loans representing about a quarter of the total. The firm predicts that US$346bn in CMBS loans will mature between 2014 and 2017, with a peak of US$113bn maturing in 2016.

    Among the six major regions of the US, the Northeast has the greatest amount .......

    News Round-up 18 December 2013

  • Innovative trade finance ABS debuts

    Citi and Santander have closed the inaugural ABS issuance from Trade MAPS, a global multi-bank asset participation programme aimed at enhancing trade banks' ability to support global trade flows and grow their trade finance portfolios. The programme is intended to address a number of challenges facing the banking industry, including capital management, liquidity, increased credit constraints and Basel 3 capital .......

    News Round-up 18 December 2013

  • Troubled malls have 'exaggerated impact'

    Absent additional enhancement, the credit quality of new issue US CMBS conduit and fusion transactions is at risk because of high losses from defaulting loans on troubled malls, Moody's reports. The agency says that a default of a single mall loan can have an exaggerated impact on trust performance: even though these defaults have accounted for only 1% of liquidations .......

    News Round-up 18 December 2013

  • CMBS pro to lead West Coast operations

    CCRE has appointed Bill Whalen as md to lead operations in its new office in San Francisco. He will focus on originating fixed and floating rate loans and expanding the firm's multifamily lending and securitisation business on the West Coast, reporting to ceo Anthony Orso.

    Whalen was previously md at Wells Fargo Multifamily Capital. He has also worked at Hamilton .......

    Job Swaps 18 December 2013

  • US REIT makes board addition

    Two Harbors Investment Corp has appointed Jacques Rolfo to its board of directors. The derivatives and structured products specialist was formerly ceo at CIFG and has also worked at CDC Group, Lehman Brothers and The World Bank.

    .......

    Job Swaps 18 December 2013

  • GSE portfolio execution closer?

    Fannie Mae and Freddie Mac have released updated loan-level pricing adjustment (LLPA) matrices, effective from 1 April. After adjusting for the removal of the adverse market delivery charge (AMDC), it appears that nearly all mortgages will see their LLPAs at least offset the reduction in AMDC and a vast majority will see net increases in excess of the 25bp AMDC.

    News 18 December 2013

  • Independent CLOB introduced

    MarketAxess Holdings has rolled out MarketAxess Trade Crossing Hub (MATCH), believed to be the first independent central limit order book (CLOB) for single-name credit default swaps. The service is designed to offer a new way to trade single-name CDS, with market participants able to send and receive anonymous orders, to be accessed by all other market participants. Barclays will act .......

    News Round-up 18 December 2013

  • Euro retention rules finalised

    The European Banking Authority has published final draft regulatory technical standards (RTS) on securitisation retention rules and related requirements, as well as its final draft implementing technical standards (ITS) on the convergence of supervisory practices relating to additional risk weights in the case of non-compliance with the retention rules. The rules aim to provide greater clarity and transparency for market .......

    News Round-up 18 December 2013

  • Further large-lot sales expected

    January is anticipated to be an attractive time to bring a large portfolio sale to market, with many investors likely having excess cash to put to work. Of the few large RMBS holdings left that could come to market, the remainder of the ING IABF assets and the GSE portfolios provide the best opportunities for investors to source bonds in .......

    News 17 December 2013

  • SFR risks analysed

    Morningstar has published a report detailing six areas that it recommends investors pay close attention to in future single-family rental securitisation proposals.

    One area is the risk presented by multiple borrowers/property managers. Only a few investors and property managers have an inventory of rental homes large enough to issue a single-borrower securitisation and that have the capability to manage all .......

    News Round-up 17 December 2013

  • Italian lease ABS, SME CLO outlooks differ

    Weaker structural features in Italian lease ABS compared with Italian SME CLOs mean that Fitch's 2014 rating outlook for the two sectors is different, despite both being exposed to Italian SME asset performance. Most outstanding Italian ABS leasing transactions were structured so the portfolio could be replenished during the initial revolving period and that the mezzanine tranches could be repaid .......

    News Round-up 17 December 2013

  • Divergence seen in Aussie delinquencies

    Fitch reports that Surfers Paradise, in Queensland, has become the worst performing postcode in Australia for missing housing loan payments - with a 30+ days delinquency rate of 4%. The improvement in property markets over the past six months and the sale of a significant number of foreclosed properties means that Nelson Bay in New South Wales is no longer .......

    News Round-up 17 December 2013

  • Tax lien RFC issued

    Moody's is seeking comments on a new methodology that covers its approach to rating tax lien ABS. If the proposed methodology is adopted, the agency does not expect any rating changes to currently outstanding US tax lien-backed transactions.

    "Tax lien securitisations are backed by liens on properties arising out of delinquent property taxes, assessments, sewer rents, sewer surcharges, water rents .......

    News Round-up 17 December 2013

  • Investors on the hook for 'consumer relief'?

    S&P says it is unclear how the US$4bn in consumer relief agreed under JPMorgan's recent US$13bn settlement with the US Department of Justice (SCI 20 November) will be paid, as the settlement provides 'credit' towards this amount to be given for certain types of actions. The agency suggests that in cases where securitised loans are modified, the bank will get .......

    News Round-up 17 December 2013

  • Trups CDO defaults, deferrals flat

    The number of combined defaults and deferrals for US bank Trups CDOs has remained at 27.3% at the end of November, according to Fitch's latest index results for the sector. One issuer, representing US$2m in collateral, deferred on its Trups during the month. No new defaults and no new cures were recorded.

    Year-to-date there have been 15 new deferrals and .......

    News Round-up 17 December 2013

  • Sponsor indicted for fraud

    The sponsor of and property manager for one of the loans backing the WFRBS 2013-C18 CMBS currently in the market has been indicted on federal criminal charges. The disclosure, in connection with a US$38.5m pari passu piece of the US$113.5m Sullivan Center loan, comes six days after Fitch issued a presale and expected ratings for the transaction.

    Larry Freed and .......

    News Round-up 17 December 2013

  • Diversification boost

    Euro periphery to mitigate negative net issuance?

    The European securitisation market is set to end 2013 on a positive footing, boosted by a growing diversity of new issuance. However, while the re-marketing of retained transactions is expected to further augment the peripheral paper on offer next year, negative net issuance remains a concern.

    Placed European ABS issuance volume is expected to reach about €64bn this year, 16% .......

    News Analysis 17 December 2013

  • Stable outlook for LatAm SF

    Fitch foresees stability across Latin American structured finance sectors in 2014. On average, asset portfolios are expected to perform within base-case assumptions, reflecting stable economic conditions within each of the major Latin American countries.

    The ongoing positive dynamics of the Brazilian oil industry support Fitch's stable outlook for offshore vessel contract monetisation transactions in the cross-border market. Stable unemployment, despite .......

    News Round-up 16 December 2013
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