Complete news archive

  • 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

  • Trader joins lobbyist

    Caitlin Kline has joined Better Markets as a derivatives specialist. She previously worked as a flow and structured credit derivatives trader in Credit Suisse's emerging markets group for five years until 2011. Prior to that, she was an analyst with the bank's fixed income index and analytics group.

    Since 2011, Kline has been a financial reform advocate, providing expert guidance .......

    Job Swaps 5 November 2013

  • MSR flow sale agreed

    Two Harbors Investment Corp subsidiary Matrix Financial Services Corporation has entered into a flow sale agreement with PHH Mortgage Corporation for the purchase and sale of mortgage servicing rights. Under the agreement, PHH Mortgage may sell to Matrix the MSRs on 50% or more of PHH Mortgage's newly-originated residential mortgage loans that are eligible for sale, subject to the parties' .......

    News Round-up 5 November 2013

  • Refi divergence expected for UK office

    Current high levels of refinancing risk will disparately impact the UK CMBS office sector, Moody's says. The majority of the UK CMBS portfolio - around 78% by loan balance - is expected to remain unaffected by refinancing risks, as it is made up of high quality assets located in the much sought-after London areas of the City, the West End .......

    News Round-up 5 November 2013

  • Singapore reporting ahead of schedule

    ISDA has submitted a letter to the Monetary Authority of Singapore (MAS) on behalf of 20 industry participants to drive trade reporting of OTC derivatives in Singapore ahead of the mandatory reporting timeline of 1 April 2014. The signatories to the letter are committed to begin trade reporting of OTC derivatives by 3 February 2014 for standardised interest rate and .......

    News Round-up 5 November 2013

  • TRACE expansion proposed

    FINRA last week filed a proposed rule change with the US SEC to amend the TRACE dissemination protocols to include additional ABS transactions and to reduce the reporting periods for such securities. The agency also proposes to re-name as 'securitised products' the broad group of securities currently defined as 'asset-backed securities' and to redefine the term asset-backed security more narrowly. .......

    News Round-up 5 November 2013

  • German MFH correction expected

    The high volume of sales of German multifamily housing (MFH) blocks this year indicates that investor demand remains strong, even as prices per square-metre continue to rise and prime yields drop below 4.5%. While low yields provide investors with little protection against interest rates normalising, Fitch's says its analysis of MFH CMBS transactions incorporates a sizeable buffer, which should help .......

    News Round-up 4 November 2013

  • Shortfall trends reviewed

    Morningstar has reviewed monthly occurrences of US RMBS interest shortfalls for the year to date through end-3Q13. The data shows that interest shortfalls continue to slowly trend higher across different collateral types, tranche types and vintages, with the likelihood of repayment being impacted by both the amount and duration of the interest shortfall. Smaller and shorter shortfalls are expected to .......

    News Round-up 4 November 2013

  • Near-term student loan risks unlikely

    Rising student loan default rates are unlikely to present risk to federal student loan ABS over the near term, Fitch says. The US Department of Education recently announced that the 2011 two-year national cohort default rate increased to 10% from 9.1%, while the rate for the Federal Family Education Loan Program decreased from 6.5% to 6.26%.

    Over the longer term, .......

    News Round-up 4 November 2013

  • CWCapital note sales due

    CWCapital Asset Management has disclosed plans to sell US$665m of CMBS assets through Auction.com on 9-11 December, in addition to the US$2.6bn REO liquidation. The forthcoming note sales appear to be distributed across multiple deals, although COMM 2006-C7 and MLCFC 2007-5 account for nearly 40% of the assets, according to Barclays Capital estimates.

    Among the largest loans out for the .......

    News Round-up 4 November 2013

  • Upside potential for Spirit A7s

    Spirit has released the results of its tender offer for its class A1 and A3 bonds (SCI 22 October), with £126.2m tendered in the A1s (87% of the outstanding) and £107.8m of the A3s (92% of the outstanding). The pubco will accept 80% of those tendered for the A1s and 54% for the A3s to reach the original target acceptance .......

    News Round-up 4 November 2013

  • CRE partner recruited

    Paul Hastings has hired commercial real estate specialist David Ryland as a partner in its London office. He joins the firm from SJ Berwin, where has was also a partner.

    .......

    Job Swaps 4 November 2013

  • EverBank MSR sale agreed

    Walter Investment Management Corp has entered into a series of definitive agreements through its Green Tree subsidiary with EverBank Financial Corp. The firm also expects to finalise in the near term the establishment of a delinquency flow outsourcing arrangement, wherein it will provide outsourced default servicing on a flow basis to EverBank from its mortgage portfolio.

    Under the agreements, Green .......

    News Round-up 4 November 2013

  • Trups CDO manager resigns

    Cira SCM (formerly known as Strategos Capital Management) intends to resign as collateral manager on Libertas Preferred Funding I. The firm has provided 90 days' written notice of its intension.

    The issuer intends to appoint a successor collateral manager, but if one isn't found within 60 days, the controlling class of noteholders has the right to appoint a successor manager .......

    Job Swaps 4 November 2013

  • Management strengthened amid reshuffle

    BlueBay Asset Management has recruited Luc Leclercq as partner, coo and a member of the management committee. The move comes ahead of a planned reorganisation in 2014 aimed at further strengthening the firm's management team.

    Leclercq was previously an svp at State Street, where he was responsible for managing client relations in the middle office business, with a focus on .......

    Job Swaps 4 November 2013

  • IABF unwind to boost Alt-A supply

    ING has reached an agreement with the Dutch state to unwind the Illiquid Assets Back-Up Facility (IABF), which was established in 2009 to reduce the risk and uncertainty for the bank from a portfolio of US Alt-A RMBS. The bank says that market developments now allow for the securities to be sold, with a cash profit for the Dutch state.

    News Round-up 4 November 2013

  • Sukuk specialists look to Europe

    Amanie Advisors has appointed Noel Lourdes as head of its European advisory division as the firm seeks to grow its presence in the region. He will work closely with teams in Dubai and Kuala Lumpur while being based in Dublin, reporting to group president Mohd Daud Bakar.

    Before joining Amanie, Lourdes advised the Central Bank of Ireland to help create .......

    Job Swaps 4 November 2013

  • Origination exec promoted

    Barclays Capital has promoted Martin Attea to co-head of securitised products origination in its Americas global finance and risk solutions group. He will work alongside Cory Wishengrad and report to head of DCM Jim Glascott and head of global securitised products trading Scott Wede.

    Wishengrad will continue to lead the esoteric group, reporting to head of global leveraged finance JF .......

    Job Swaps 4 November 2013

  • SCI Start the Week - 4 November

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

    Pipeline
    All securitised asset classes were well represented in the pipeline last week. The new entrants included the first-ever single-family rental securitisation (US$500m Invitation Homes 2013-SFR1) and Freddie Mac's second risk transfer deal (US$245m STACR 2013-DN2). Rounding out the RMBS announced transactions was US$941.1m Citigroup Mortgage Loan Trust 2013-J1.

    The CMBS joining the pipeline comprised: US$345m BAMLL 2013-DSNY, US$1.1bn GSMS 2013-GCJ16, .......

    News 4 November 2013

  • CreditLink adds further FCMs

    Traiana has added the support of a further seven futures commissions merchants (FCMs) to its CreditLink service in time for today's regulatory deadline for pre-trade screening of SEF trades. The service now has a total of 15 FCMs supporting it.

    The newly-added FCMs include BNP Paribas, BNY Mellon, Deutsche Bank, RBS, UBS and Wells Fargo. These are in addition to .......

    News Round-up 1 November 2013
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