Complete news archive

  • Trade identifier service offered

    Traiana has launched a comprehensive unique trade identifier (UTI) management solution using the Harmony network. The service facilitates the exchange of UTIs between counterparties, thereby allowing both parties to a trade to report using a common trade identifier, to the same or different trade repositories. Reporting using the same trade identifier is the responsibility of both sides of the trade .......

    News Round-up 27 November 2013

  • No-action relief for non-US dealers

    The CFTC has issued a time-limited no-action letter that provides relief to swap dealers (SDs) registered with the CFTC that are established under the laws of jurisdictions other than the US from certain transaction-level requirements under the Commodity Exchange Act. The no-action relief lasts until 14 January.

    On 14 November, the Commission issued an advisory in response to inquiries from .......

    News Round-up 27 November 2013

  • ABS CDO auction due

    An auction has been scheduled for the Pinetree CDO on 18 December. The securities will only be sold if the proceeds are at least equal to the auction call redemption amount.

    .......

    News Round-up 27 November 2013

  • QM standards to limit mortgage credit

    The new ability-to-repay (ATR) rule and qualified mortgage standards under the US Truth in Lending Act could mean that tight access to mortgage credit will continue, according to S&P. Beginning with loan applications accepted on 10 January 2014, the rule will require loan originators to make a reasonable, good faith determination of a borrower's ability to repay a loan. It .......

    News Round-up 27 November 2013

  • Loan mod growth to continue

    S&P has analysed which forms of mortgage loan modification have the best success rate when it comes to minimising borrower defaults. Rate reductions appear to be the most common form of modification, but principal reductions offer the most benefit to borrowers looking to avoid default.

    Both modifications pose different levels of risk to RMBS cashflows, however. "Just as no two .......

    News Round-up 27 November 2013

  • Pre-LEI codes proliferating

    Fitch Solutions reports that EMIR has become the key driver this year for entities obtaining pre-LEI codes in Europe, while regulators in Asia-Pacific are also beginning to include the codes in their reporting requirements. In anticipation of these global initiatives, the firm has continued to add pre-LEI codes to all Fitch-rated issuers and debt issues as they are issued and .......

    News Round-up 27 November 2013

  • Punch ups the ante on restructuring

    Punch's latest financial results raise the probability of the group removing its support of its securitisations as another round of restructuring proposals begins next month. Without an agreement on the restructuring, a borrower event of default in Punch A and B would follow.

    Punch's Q1 results for the 2013/2014 financial year reported positive like-for-like net income growth in the core .......

    News 27 November 2013

  • Liquidation timelines lengthening

    Morningstar Credit Ratings forecasts that, given current market dynamics, it will take 49 months to clear US RMBS distressed inventories. This forecast is five months higher than the agency's 2Q13 forecast and has increased by eleven months from its forecast one year ago.

    The overall distressed inventory has decreased by 20% from one year ago, while the number of liquidations .......

    News Round-up 27 November 2013

  • Positive outlook for sukuk

    Global sukuk issuance is likely to maintain its positive long-term growth trends, says Moody's, driven primarily by growing demand for Islamic banking assets and the increasing familiarity of both Islamic and conventional investors with these instruments. Additional drivers include the promotion of Islamic financial services by governments of Muslim countries and the increasing standardisation of unsecured sukuk structures.

    "The strong .......

    News Round-up 27 November 2013

  • OGX auction scheduled

    The auction to settle the credit derivative trades for OGX PETROLEO E GAS PARTICIPACOES S.A. CDS is to be held on 4 December. ISDA's Americas Determinations Committee has ascertained that the reference entity has ceased to be the issuer of the 8.500% Senior Notes due 2018 issued by OGX Petróleo e Gás Participações S.A. as the result of an issuer .......

    News Round-up 27 November 2013

  • ESAIL 2007-5 restructuring implemented

    Eurosail-UK 2007-5NP bondholders yesterday duly passed the extraordinary resolutions relating to the proposed restructuring of the £662m RMBS and the issuer is set to implement the first stage of the process (SCI 6 November). The transaction is the second UK Lehman RMBS deal to be restructured to resolve 'broken swap' issues, but the first to have required bondholder meetings to .......

    News Round-up 27 November 2013

  • SEF leverages compression functionality

    Tradeweb Markets says it has completed the first fully-electronic compression transaction of cleared derivatives trades on its swap execution facility, TW SEF. Arcem Capital successfully executed a pool of interest rate swap (IRS) trades as one or a zero line-item transaction with Deutsche Bank that was cleared by LCH.Clearnet's SwapClear.

    Compression trade functionality on TW SEF creates operational efficiencies for .......

    News Round-up 27 November 2013

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 7th Annual Seminar, which is taking place on 4 December in London. The event is being held at Reed Smith's offices at Broadgate Tower, 20 Primrose Street, EC2A 2RS.

    This conference will focus on the 'new normal' appearing in the structured credit markets as banks continue to dispose of risky assets and .......

    News Round-up 27 November 2013

  • US ABS returns highlighted

    The US ABS market saw a year-to-date total return of 0.74%, as of 30 September 2013, according to the JPMorgan ABS Indices. The firm's auto, credit card, student loan and other ABS indices returned 0.15%, -0.2%, 2.11% and -0.15% respectively during the period.

    After good performance up to June, the ABS sector sold off along with the rest of the .......

    News Round-up 26 November 2013

  • FONE positive for TFOVIS RMBS

    The Mexican Lower House of Congress recently approved the governing laws for the just-created Contribution Fund for Educational Payroll and Operating Expenses (FONE). Anticipated to take effect in 2015, the reform would make the Mexican government directly responsible for the payrolls of 70%-75% of all teachers in public schools, thereby removing the responsibility from the states.

    Moody's notes in its .......

    News Round-up 26 November 2013

  • Margining platform rolled out

    OpenGamma has launched a new margining platform for clearing members to support OTC derivative initial margin calculation requirements of CCPs. Dubbed OpenGamma Platform for Margining, the service combines the real-time risk engine of the OpenGamma platform with a comprehensive in-memory data management platform to support new critical client requests and replication of the IM and variation margin (VM) calculation methodologies .......

    News Round-up 26 November 2013

  • Broker names new coo

    ICAP has promoted Ken Pigaga to global coo, reporting to ceo Michael Spencer. He will be based in London and join the company's global executive management group, taking responsibility for the operation of the group's governance and control frameworks.

    Pigaga joined ICAP in 2006 as coo for the Americas. Before that he was at JPMorgan and he has also worked .......

    Job Swaps 26 November 2013

  • GSE progress report released

    The FHFA has issued a progress report on the initiatives outlined in the 'Strategic Plan for the Enterprise Conservatorships' and the '2013 Conservatorship Scorecard'. In particular, it says that important progress has been achieved towards the establishment of a new secondary mortgage market infrastructure and the contracting of Fannie Mae and Freddie Mac's dominant presence in the marketplace.

    Among the .......

    News Round-up 26 November 2013

  • CMBS spreads start to tighten

    US CMBS secondary spreads have been flat for a while, but tightening was observed yesterday for 2.0 and 3.0 bonds after legacy AMs and AJs moved modestly tighter at the end of last week. Monday's BWIC volume reached just under US$100m, with a mix of vintages represented.

    Despite the approach of Thanksgiving, SCI's PriceABS data shows a number .......

    Market Reports 26 November 2013

  • CMBS downsized after loan removal

    Fitch has reissued a presale report on MSBAM 2013-C13, following the removal of the Chicago Mixed Use Portfolio loan from the pool. The asset was previously the ninth largest loan backing the CMBS.

    The agency initially assigned expected ratings for the transaction on 19 November. The deal is now backed by 63 loans secured by 74 properties, with an aggregate .......

    News Round-up 26 November 2013

  • LMI sensitivity examined

    The sensitivity of Australian triple-A rated prime RMBS to lenders' mortgage insurance (LMI) providers has continued to decrease, S&P reports. The agency adds that subordinated RMBS credit quality remains highly dependent on the credit quality of LMI providers and the continuation of their strong claims pay-out ratios.

    Without giving credit to LMI, about 82% of triple-A rated prime RMBS are .......

    News Round-up 26 November 2013
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