Complete news archive

  • 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

  • Trups CDO defaults decline again

    Combined US bank Trups CDO defaults and deferrals declined to 27.4% at the end of September, according to Fitch. The total had stood at 27.7% at the end of August.

    There was only one new default in September, although Trups CDOs had a large exposure to the First National Bank Group which totalled US$116m across 10 CDOs. The total notional .......

    News Round-up 7 November 2013

  • CMBS balloon payoffs slip slightly

    The percentage of US CMBS conduit loans paying off on their balloon date slipped last month to 68.6% by balance, says Trepp, having hit 74.5% - the highest level since December 2008 (SCI 4 October) - the month before. The payoff percentage for last month is still above the 12-month moving average.

    By loan count, 68.1% of loans paid off, .......

    News Round-up 7 November 2013

  • CMBS lending JV formed

    Walker & Dunlop has entered into a joint venture with an affiliate of a fund managed by Fortress Investment Group to form a CMBS lending platform. The new venture - Walker & Dunlop Commercial Property Funding - will provide first mortgage loans on all commercial property types and will originate high yield whole loans, mezzanine debt and preferred equity.

    The joint venture .......

    Job Swaps 7 November 2013

  • Ratings withdrawn on equipment ABS

    Moody's has downgraded and withdrawn its provisional ratings of four classes of notes to be issued by Temese Funding 1. The agency says these actions are driven by a correction to one key input of the rating model it used for the transaction.

    The £226m class A notes have been downgraded from Aaa to A2 and the £16m class B .......

    News Round-up 7 November 2013

  • Aviation specialist jets in to London office

    DLA Piper has appointed Tony Lopez as a structured finance partner, based in London. He previously worked for Clifford Chance in both London and New York.

    Lopez specialises in high yield bonds and aviation finance. Before that he worked at Cahill Gordon & Reindel.

    .......

    Job Swaps 7 November 2013

  • ICAP, IDC in OTC partnership

    ICAP and Interactive Data have announced a collaboration between the firms for OTC data distribution. The agreement will give Interactive Data clients access to ICAP's Consolidated Feed, which includes credit and fixed income data.

    The agreement will also provide Interactive Data clients with greater pre-trade transparency through real-time price discovery across a range of asset classes and the ability to .......

    Job Swaps 7 November 2013

  • US home price rises 'unsustainable'

    Several US cities are approaching inflated bubble-year price peaks, according to Fitch. US home prices have risen 13% and the rating agency views this as unsustainable.

    According to Fitch's sustainable home price model, house prices are now 17% overvalued, with Californian cities such as San Francisco seeing prices rise fastest. That city and San Jose are on course to set .......

    News Round-up 7 November 2013

  • Subprime boost seen

    US non-agency RMBS supply picked up yesterday, boosted by a mix of senior and mezzanine subprime floaters. Option ARM bonds were also well represented.

    Among the subprime names out for the bid during the session, JPMAC 2007-HE1 AV2 was talked at low/mid-80s, according to SCI's PriceABS archive. In the Alt-A fixed-rate space, the RALI 2006-QS2 1A4 tranche was .......

    Market Reports 6 November 2013

  • Modified loan trends analysed

    Of the 3.2 million currently outstanding mortgages in the Loan Performance database originated between 2004 and 2007, 1.2 million have been modified at least once, according to Morgan Stanley estimates. Given the variation in modification types, securitised product strategists at the bank have put together some heuristics to help investors evaluate performance prospects within modified deals.

    The Morgan Stanley strategists .......

    News 6 November 2013

  • Japanese CMBS performance examined

    Fitch reports that 55% of its rated Japanese CMBS loans have defaulted over the past five years, although most of the notes previously rated triple-A have been paid in full. A total of 87% of defaulted loans defaulted at maturity.

    The agency cites downsizing of the operations of foreign securitised lenders, falling real estate prices and general lack of refinancing .......

    News Round-up 6 November 2013

  • Rating withdrawal process detailed

    Moody's has outlined its global process to determine the minimum number of borrowers in the pools underlying RMBS, below which excessive exposure to the idiosyncratic credit risk of a few borrowers may prevent it from assigning or maintaining ratings. The implementation of this process will result in the immediate withdrawal of two ratings in Asia Pacific and of 312 ratings .......

    News Round-up 6 November 2013

  • Data distribution agreement signed

    Bloomberg and Markit have entered into a non-exclusive agreement to distribute their pricing and reference data through Markit's Enterprise Data Management (EDM) platform and Bloomberg PolarLake respectively. The EDM and PolarLake offerings provide enterprise data management solutions that enable the acquisition, validation, storage and distribution of data in a consistent, fully audited environment.

    John Randles, ceo of Bloomberg PolarLake, comments: .......

    News Round-up 6 November 2013

  • Cards extend positive performance

    US credit card ABS performance extended its positive trend during the September collection period, according to Fitch's latest index for the sector. 60+ day delinquencies remained flat month-over-month and charge-offs descended to levels only observed once before in the 23-year history of the indices.

    The Fitch Prime 60+ Day Delinquency Index increased by 1bp month-over-month (MOM) to 1.28% and remains .......

    News Round-up 6 November 2013

  • Benchmark indices tweaked

    Barclays has amended its benchmark fixed income indices, after concluding its annual index review and governance process last month. The governance process has resulted in a number of rule and methodology changes that will take effect next year.

    Under the amendments, agency CMBS will become eligible for the US Aggregate and Global Aggregate Indices, as of 30 June 2014. Barclays .......

    News Round-up 6 November 2013

  • Law firm eyes frontier markets

    Fasken Martineau has appointed Elizabeth Uwaifo and Francis Nwokedi as partners in the firm's London banking and finance group. They each have over 20 years' experience in derivatives and structured finance, and have been brought in to enhance the firm's offering of customised financing solutions, especially in the nascent frontier markets. Uwaifo was previously a partner at Sidley Austin, while .......

    Job Swaps 6 November 2013

  • ESAIL 2007-5 restructuring approved

    The extraordinary resolution to approve the sale of the remaining claims against LBSF and LBHI and an associated restructuring proposal was approved by all classes of Eurosail UK 2007-5NP notes on 31 October (SCI 8 October). The resolution will now be implemented by the issuer.

    The proposal relates to the sale of the remaining outstanding claim against LBSF and LBHI .......

    News Round-up 6 November 2013

  • Lehman scheme of arrangement agreed

    Lehman Brothers Australia creditors last month voted to accept the 'insurance only' scheme of arrangement on the terms negotiated by the liquidator PPB. Amanda Banton of Piper Alderman and David Proudman of JWS have been voted on to the committee of inspection, which will oversee the operation of the scheme by PPB on behalf of the creditors.

    After a 21-day .......

    News Round-up 6 November 2013

  • Broker beefs up in structured finance

    Sterne Agee has expanded its structured products offering with the addition of seven new staffers. Joining the company's New York office in various positions are: Katya Baron, David Jacob, Brendan Keane, Mike Krull, Dariush Pouraghabagher, John Rozario and John Woodruff.

    Jacob and Krull join Sterne Agee as co-heads of CMBS trading in the structured products group. The pair will focus .......

    Job Swaps 6 November 2013

  • Further forbearance losses recognised

    At least 28 RMBS serviced by Chase (EMC) took losses related to past forbearance modifications, according to the October remittance. The affected transactions come from the BALTA, BSABS, BSMF, GPMF, HMBT, PRIME and SAMI shelves.

    The average write-down for the month was 0.6%, ranging from 0.0%-6.3% across deals, according to Bank of America Merrill Lynch figures. For some transactions, Chase .......

    News 5 November 2013

  • Toys R Us spreads hit highs

    Credit default swap spreads for Toys R Us have widened by 20% over the past month, according to the latest case study from Fitch Solutions. Credit protection on Toys R Us is now pricing at the highest levels observed since 2009.

    "The widening CDS seems to be signalling mounting market concern as Toys R Us continues to face increasing competition .......

    News Round-up 5 November 2013
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