Complete news archive

  • Solar ABS debuts

    SolarCity Corp's inaugural solar securitisation has hit the market via Credit Suisse. Rated triple-B plus by S&P, the US$54.43m SolarCity LMC Series I (series 2013-1) is secured by 5,033 photovoltaic (PV) systems.

    The transaction's cashflows depend on a number of key inputs, some of which were derived from contractual terms, while others were modelled based on historical performance, rating-dependent economic .......

    News Round-up 12 November 2013

  • CLO chief moves on

    Florian Bita has joined RBC Capital Markets in New York as a trader, specialising in CDOs and CLOs. He was previously head of CLO trading at Cantor Fitzgerald (SCI 16 May) and before that held a similar role at UBS. He has also worked for Deutsche Bank, Goldman Sachs and Salomon Brothers.

    .......

    Job Swaps 12 November 2013

  • Islamic bank hires for European push

    Gatehouse Bank has appointed Natale Giostra as evp and head of real estate finance. He will be based in London and strengthen the Shariah-compliant investment bank's new focus on UK and European jurisdictions.

    Giostra joins from CBRE, where he led the UK debt advisory team. He has over a decade of debt origination and syndication experience, specialising in senior and .......

    Job Swaps 12 November 2013

  • AIFMD exemption clarified

    The Central Bank of Ireland has published a clarification of the exemption for securitisation vehicles from AIFMD.

    According to law firm Matheson, the central bank has clarified that securitisation companies registered as 'financial vehicle corporations' pursuant to ECB Regulation No24/2009 and/or funded by debt or other non-equity instruments are outside the scope of the Alternative Investment Fund Managers Directive. As .......

    News Round-up 11 November 2013

  • Credit option analytics offered

    SuperDerivatives has launched a market data and analytics package to support the growing demand for credit index options from the buy-side. The service offers volatility surfaces for a wide range of credit indices, including the iTraxx Main, Crossover and Senior Financials indices, as well as the CDX IG and High Yield indices.

    David Ezra, head of credit derivatives at SuperDerivatives, .......

    News Round-up 11 November 2013

  • Bankruptcy credit event called

    ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in connection with OGX Petroleo e Gas Participacoes, after the firm filed a judicial recovery request due to its challenging financial situation. An auction will be held in due course in respect of outstanding CDS transactions on the entity.

    .......

    News Round-up 11 November 2013

  • Aussie ABS index rolled out

    Fitch has published its first Australian Dinkum ABS Index report. The index is designed to enable investors track the arrears and losses of prime auto loans and leases collateralising Australian auto ABS, of which there is currently A$9bn outstanding.

    Australian prime auto ABS issuance slowed this year, arguably due to the uncertainty surrounding the federal government's announcement in July to .......

    News Round-up 11 November 2013

  • SCI Start the Week - 11 November

    A look at the major activity in structured finance over the past seven days

    Pipeline
    The pace of deals joining and exiting the pipeline last week was brisk. After a particularly busy five days, the week ended with 12 new ABS, four new RMBS, four new CMBS and four new CLOs remaining.

    Among the North American ABS to be announced last week were: US$185.87m Academic Loan Funding Trust Series 2013-1; US$446m Chrysler Capital Auto Receivables .......

    News 11 November 2013

  • ABS leader brought in

    Guggenheim Securities has appointed Cory Wishengrad as a senior md to focus on developing the firm's ABS capabilities. He joins from Barclays Capital, where he was co-head of securitised products origination for the Americas and he has previously served as head of the esoteric ABS group at Lehman Brothers.

    .......

    Job Swaps 11 November 2013

  • Final confirmation for merger

    IntercontinentalExchange now has all regulatory approvals needed to complete its acquisition of NYSE Euronext (SCI 31 October). ICE and Euronext intend to close the transaction on 13 November.

    .......

    Job Swaps 11 November 2013

  • Opportunities eyed in German NPLs

    CORPUS SIREO expects non-performing loans to generate a market potential in real estate asset management services worth more than €2bn in Germany over the next two years. Commercial real estate financing in the country currently stands at between €250bn-€300bn, about one-tenth of which has been securitised in CMBS.

    Given the sheer volume of the loans coming due, the redemption of .......

    News Round-up 11 November 2013

  • US RMBS BWIC supply stays strong

    US non-agency RMBS BWIC volume approached US$850m in yesterday's session, with SCI's PriceABS data recording a number of covers. There were fewer ARM tranches than in the previous session, although Alt-A and subprime collateral was well represented.

    In the subprime space, the NHEL 2003-4 A1 tranche was talked in the low/mid-90s and covered at 92 handle, .......

    Market Reports 8 November 2013

  • Partner joins London law firm

    Sullivan & Worcester has appointed Simon Cook as a partner in London. He will focus on structured trade and commodities finance in emerging markets.

    Cook was most recently at Dentons, where he worked in the London and Dubai offices, and will rejoin Geoff Wynne, who serves as head of Sullivan & Worcester's London office. Cook specialises in structured finance, trade .......

    Job Swaps 8 November 2013

  • Distressed pair join credit team

    Cantor Fitzgerald has added Jose Contreras and David Coffey to its credit fixed income sales and trading team in London. Contreras will focus on high yield, distressed securities and ABS in Spain and Portugal, while Coffey will focus on sales and sourcing for investment grade, high yield, leveraged, distressed and aircraft bonds and loans.

    Contreras joins from Yorvik Partners and .......

    Job Swaps 8 November 2013

  • RBS settles subprime RMBS charge

    The US SEC has charged RBS Securities with misleading investors in a 2007 subprime RMBS offering. RBS has agreed to settle for US$150m without admitting or denying the allegations.

    RBS is alleged to have failed to mention that nearly a third of the loans backing the RMBS failed to meet the lender's underwriting guidelines. Further, RBS is alleged to have .......

    Job Swaps 8 November 2013

  • RFC CDO auctions scheduled

    Auctions have been scheduled to take place on 2 December for RFC CDO II and RFC CDO III. In each case, the trustee shall sell the collateral debt securities only if the sale would result in sale proceeds, together with the balance of all eligible investments and cash in the accounts, greater than or equal to the redemption amount.

    .......

    News Round-up 8 November 2013

  • OTC stats show counterparty breakdown

    The BIS has released OTC derivatives statistics at end-June 2013. For the first time, CDS data includes a regional breakdown of foreign counterparties.

    Counterparties based in the home country of the dealer accounted for 19% of notional CDS outstanding, while contracts with foreign counterparties headquartered in Europe accounted for another 53%. Contracts with counterparties headquartered in the United States accounted .......

    News Round-up 8 November 2013

  • UK credit card improvement continues

    UK credit card ABS performance in the third quarter was the strongest since 2008-2009, says Fitch. Charge-off and delinquency rates continued to decline from the historical lows reached in 2Q13 and payment rates continued to improve.

    The strong performance is a result of both an uptick in the UK economy and the continuing long-term impact of tighter underwriting. Fitch's latest .......

    News Round-up 8 November 2013

  • FCPA concerns drive Avon widening

    Avon Products' senior five-year credit default swap spreads have spiked, underlining investor concerns aroused by penalties resulting from violating the Foreign Corrupt Practices Act (FCPA) as well as accelerating declines in North America, says Fitch. The agency has downgraded Avon's long-term ratings and placed them on rating watch negative.

    Avon's spreads have widened 26% in a month whereas the broader .......

    News Round-up 7 November 2013

  • Countrywide objections dropped

    The Boston, Chicago and Indianapolis Federal Home Loan Banks and two Cranberry Park entities have dropped their objection to the US$8.5bn Countrywide settlement (SCI passim). However, many other objectors remain.

    Those objectors include AIG, FHLB Pittsburgh, Triaxx CDOs, CIFG Assurance, American Fidelity Assurance, certain small banks and insurance companies, Retirement Board of Policemen's Annuity & Benefit Fund of City of .......

    News Round-up 7 November 2013

  • ISDA considers short-term suspensions

    ISDA has responded to a request from the FDIC, Bank of England and others to consider amending its master agreement to include a short-term delay in contract closings in the event that a large bank fails. The association says it supports efforts to create a more robust financial system and developing a standard provision in which counterparties agree to a .......

    News Round-up 7 November 2013
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