Complete news archive

  • Securitisation chief appointed

    VEB Capital's former head of debt capital markets, Sergei Kaduk, has joined Sberbank CIB as debt capital markets director in charge of securitisation and structured products. In previous roles he has also served as head of research at RuMAC and as a senior associate at KPMG.

    .......

    Job Swaps 18 November 2013

  • Structured trade finance md added

    The Bank of Tokyo-Mitsubishi UFJ has appointed Michael Oka as md in its commodities and structured trade finance group. He will expand the product offerings and customer base with the Brazilian trade finance business and report to head of structured trade finance Erich Michel.

    Oka was previously at Banco Bilbao Vizcaya Argentari. He has also worked at Citibank in Brazil .......

    Job Swaps 18 November 2013

  • Single-family space targeted

    Blackstone has established B2R Finance to provide residential buy-to-rent mortgages for property investors, focusing exclusively on single-family home investors. Blackstone intends to securitise the loans provided.

    Blackstone has appointed John Beacham as president of B2R. He was previously head of single-family rental home finance at Deutsche Bank.

    Jeff Tennyson will serve as B2R's ceo. He has 20 years of experience .......

    Job Swaps 18 November 2013

  • Asset-based vet appointed

    BM Structured Finance has appointed Simon Belton as director of broking in London. He has over 25 years of experience in asset-based lending and has previously worked at Scottish Pacific Benchmark, Bibby Financial Services, Allianz Finance, Factoring UK, IBM Global Financing and International Factors.

    .......

    Job Swaps 18 November 2013

  • Synthetic CDO transferred

    Swiss Re Portfolio Advisors Corporation has assigned its rights and obligations as manager to Ghisallo to BlueMountain Capital Management (BMCM). Under the terms of the assignment, BMCM agrees to assume all the duties and obligations of the collateral manager.

    Moody's has determined that the move will not adversely impact any of the synthetic CDO's ratings. In reaching its conclusion, the .......

    Job Swaps 18 November 2013

  • Skyline mod drives late-pays lower

    US CMBS late-pays fell by 25bp in October to 6.32% from 6.57% a month earlier, according to Fitch's latest index results for the sector. The modification of the US$678m Skyline Portfolio loan, which closed on 30 October (see SCI's CMBS loan events database), drove the decline.

    The Skyline Portfolio is securitised in three CMBS transactions - BACM 2007-1, .......

    News Round-up 18 November 2013

  • Secondary CMBS stuck in neutral?

    The US secondary CMBS market appeared to be stuck in neutral for a third straight day yesterday, with spreads largely remaining unchanged. Volumes failed to breach the US$200m level for the fourth day in a row, with about US$170m out for the bid, up from around US$150m the previous session.

    A mixed bag of securities from various vintages and from .......

    Market Reports 15 November 2013

  • Prepayments drive Euro CLO upgrades

    Moody's has upgraded the ratings on 66 tranches in 29 European CLOs, totalling approximately €1.9bn outstanding. The move is primarily a result of the substantial deleveraging of senior notes and increases in the overcollateralisation levels in the affected CLOs, which improved the credit enhancement levels of outstanding tranches.

    The magnitude of the upgrades range generally between one and three notches. .......

    News Round-up 15 November 2013

  • Unusual mod raises recovery uncertainty

    CWCapital last week released the modification template for the US$678m Skyline portfolio (see SCI's CMBS loan events database). The unusual treatment of a loan provided by Vornado Realty Trust under the modification introduces a level of uncertainty for A-note recovery.

    The Skyline loan is placed pari passu in three deals - US$271.2m in BACM 2007-1, US$203.4m in JPMCC .......

    News 15 November 2013

  • Positive outlook for Aussie ABS, RMBS

    Moody's expects Australia's securitisation market to continue performing well in 2014, with issuance levels likely to remain similar to those seen in 2013. Specifically, RMBS will carry into next year the steadiness seen this year, as losses will remain low - even though delinquencies are anticipated to rise incrementally.

    The agency bases this view on its expectation for modest GDP .......

    News Round-up 15 November 2013

  • Ratings reviewed for swap linkage

    Moody's has placed on review for downgrade the ratings of 150 notes in 48 RMBS, 17 notes in 14 ABS and four notes in two CMBS due to swap counterparty exposure. At the same time, it has placed on review for upgrade three tranches in two RMBS transactions. The move follows the finalisation of the agency's swap linkage approach (SCI .......

    News Round-up 15 November 2013

  • Mid-market financing firm adds three

    NXT Capital has grown its direct originations team by hiring Doug Vitek, John Mills and Daniel Green. They will focus on providing structured finance solutions to the middle-market.

    Vitek was most recently svp at Dougherty & Company in Minneapolis. He has also worked for GE Capital and Norwest Bank Minnesota.

    Mills joins from JPMorgan Chase in Kansas City. He has .......

    Job Swaps 15 November 2013

  • Maintaining momentum

    Borrowers benefit from increasing high-yield bond, loan and direct lending opportunities

    Over the past 12 months leveraged borrowers in search of finance have found a positive environment in which the high-yield bond market has had a bumper year, leveraged loan origination has been rising and the direct lending market continues to be attracting new business. Although there are many buy- and sell-side opportunities in this sector, there are also challenges that .......

    News Analysis 14 November 2013

  • Further Richmond case dismissed

    US District Court Judge Charles Breyer last week issued an order in the Bank of New York Mellon v. City of Richmond, California and Mortgage Resolutions Partners LLC case. The plaintiff sought to block Richmond from using its eminent domain authority to seize and restructure underwater mortgage loans.

    The order grants Richmond's motion to dismiss without prejudice, stating that the .......

    News Round-up 14 November 2013

  • Structured salesman joins in NY

    Brian Bowes has joined StormHarbour Securities in a structured products sales role in New York. He covers ABS, CLOs, CMBS and RMBS in the US as well as ABS and RMBS in Europe.

    Bowes was previously head of non-agency mortgage trading at KGS-Alpha Capital Markets. He has also worked for Hexagon Securities and UBS, where he focused on residential mortgages.

    .......

    Job Swaps 14 November 2013

  • GSE profitability set to continue

    Fannie Mae and Freddie Mac are expected to show strong profitability over the next few years, as their asset quality continues to improve. Moody's suggests that the GSEs will continue to benefit from the improved US housing market and increased top-line growth in guarantee fee income.

    "Lower provisions for loan losses have been the primary driver of the GSEs' recent .......

    News Round-up 14 November 2013

  • Post-merger ICE execs announced

    IntercontinentalExchange Group has completed its acquisition of NYSE Euronext. The stock-and-cash transaction had a total value of approximately US$11bn, with the company having a combined market capitalisation of US$23bn.

    The combined company operates 16 global exchanges and five central clearing houses. ICE and NYSE Euronext businesses will continue to operate under their respective brand names, although the company expects to .......

    Job Swaps 14 November 2013

  • Law firm further strengthens structured group

    Sullivan & Worcester has appointed Mark Norris as a partner in its London office, focusing on structured export credit finance, structured trade and commodity finance in emerging markets and acquisition finance. The firm also appointed Simon Cook to the team last week (SCI 8 November).

    Norris joins from Squire Sanders and advises on domestic and cross-border structured finance throughout Europe, .......

    Job Swaps 14 November 2013

  • Credit manager adds RMBS director

    400 Capital Management has appointed Jason Yeung as agency RMBS trading director. He will lead the firm's efforts in analysing, trading and managing investment opportunities in the space.

    Yeung was previously at Amherst Securities, where he was md for new issue and secondary agency-backed structured derivatives trading. He has also worked at Bank of America Merrill Lynch, where he traded .......

    Job Swaps 14 November 2013

  • Golub adds executive director

    Ross Van der Linden has joined Golub Capital as an executive director, based in Charlotte, North Carolina. He was previously at StormHarbour Securities and spent over a decade at Wachovia. He specialises in securitisation, derivatives, CDOs and CLOs.

    .......

    Job Swaps 14 November 2013

  • Cards, autos lead ABS charge

    US ABS BWIC volume picked up considerably yesterday to reach around US$200m. Much of that supply was driven by credit card bonds, but some auto names were also out for the bid.

    SCI's PriceABS data recorded covers for both CHAIT 2012-A4 A4 and DCENT 2012-A6 A6. The CHAIT tranche had only appeared in the PriceABS archive once before .......

    Market Reports 14 November 2013
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