Complete news archive

  • 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

  • Debut Russian consumer ABS discussed

    Moody's discusses in its latest Credit Insight publication the innovative features of Home Credit & Finance Bank's recent HC Finance transaction. The deal is the first rouble-denominated Russian consumer loan ABS issued in Russia.

    The principal innovation highlighted by Moody's is the absence of FX and interest rate risks. The assets are fixed-paying rouble loans, so the transaction's ability to .......

    News Round-up 14 November 2013

  • Asian market prospects 'steady'

    The strong performance of the ABS, CLO, CMBS and RMBS markets in Asia ex-Japan will continue next year, Moody's predicts. However, issuance volumes are not expected to pick up significantly.

    Tight government regulation of credit card companies in Korea is expected to benefit credit card ABS by limiting the growth in credit card receivables, thus lowering the risks in the .......

    News Round-up 14 November 2013

  • Creative structuring

    Semi-corporate, conduit-style CMBS diverging

    The European commercial real estate debt market has this year been characterised by its creativity. A divergence is emerging between semi-corporate and conduit-style CMBS transactions, however.

    The European CMBS market has seen 11 deals so far this year, versus three in 2012, with one or two more expected to launch by year-end - including an Italian transaction secured by the .......

    News Analysis 14 November 2013

  • Updated definitions set for review

    ISDA is preparing to release a pre-publication draft of the 2013 ISDA Credit Derivatives Definitions at the end of this week. This will mark the first time that the association has circulated detailed implementation language for the proposals.

    A detailed description of the proposals in connection with the bail-in asset package, succession events and qualifying reference obligations had previously been .......

    News 14 November 2013

  • Euro RMBS activity picking up

    Activity has picked up in the European RMBS market. Primary issuance is being well received while BWICs circulating in the secondary market are also meeting with good execution.

    "A strong growth area has been in UK mezzanine non-conforming RMBS where the government's Help-To-Buy scheme has sparked a rally (SCI 11 October). We are seeing higher prices there and we are .......

    Market Reports 13 November 2013

  • Southwest adds RMBS pro

    Southwest Securities has added Martin Baxter as svp in its RMBS sales group. He brings more than 25 years of experience to the role and will be based in Washington, DC.

    Baxter was most recently at Gleacher and Company. He has also worked at Amherst Securities, Raymond James & Associates and Paine Webber.

    .......

    Job Swaps 13 November 2013

  • SLABS ARS repurchased

    Approximately US$10.95m of outstanding auction rate securities (ARS) have been repurchased and cancelled from Pennsylvania Higher Education Assistance Agency's (PHEAA) 1997 student loan ABS trust. The student loan receivables balance will decrease by US$8m as those loans are sold and released from the lien of the trust. The amount of the loan sale combined with past loan sales for this .......

    News Round-up 13 November 2013
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