Complete news archive

  • Richmond ruling appealed

    Trustees for investors including BlackRock, PIMCO and DoubleLine Capital are appealing US District Judge Charles Breyer's dismissal of the Richmond eminent domain case (SCI 24 September). They are asking a federal appeals court in San Francisco to review the ruling. A SFIG memo notes that lawyers for the trustees allege the majority of the targeted loans are still performing, while .......

    News Round-up 24 October 2013

  • FHFA suits progress

    The US District Court for the Southern District of New York last week denied a motion by several banks to compel the FHFA to produce approximately 22,000 documents related to the agency's lawsuits against the banks. The move was in connection with the FHFA's actions against 17 financial institutions involved in the packaging, marketing and sale of RMBS purchased by .......

    Job Swaps 24 October 2013

  • Law firm continues expansion

    Mayer Brown has appointed two partners to its banking and finance team in London. Trevor Wood joins from Berwin Leighton Paisner and Mayank Gupta joins from White & Case.

    As well as structured finance and leveraged finance, Wood's practice covers syndicated and bilateral lending. He has also worked for Jones Day and Clifford Chance and has experience across Europe, Asia .......

    Job Swaps 24 October 2013

  • OTC products leader joins SEF

    ICAP has named Laurent Paulhac as ceo of ICAP SEF, reporting to ICAP's group ceo Michael Spencer. Paulhac will be based in New York and take responsibility for leading ICAP's SEF initiative and strategic direction with regard to regulatory reforms and the company's partnerships with exchanges and CCPs.

    Paulhac joins from CME Group, where he was senior md for interest .......

    Job Swaps 24 October 2013

  • Total return fund minted

    BlueBay Asset Management has launched the BlueBay Total Return Credit Fund. The fund provides diversified global exposure to sub-investment grade credit through the credit cycle and aims to achieve a total return of 5%-10% per annum.

    Sources of return are broad-based, with alpha achieved via security selection, asset allocation, asset class beta and - in periods of maximum uncertainty - .......

    News Round-up 23 October 2013

  • Market data offering extended

    SuperDerivatives has extended its market data offering with the launch of DGX Direct, a real-time data feed that streams directly into customers' systems. The service streams real-time, snapshot and end-of-day data for all cash and derivatives instruments across all markets via an API delivery mechanism. It allows an organisation to subscribe to a direct feed of any subset of data .......

    News Round-up 23 October 2013

  • Credit market changes to boost liquidity

    US institutional fixed income investors struggling with recent reductions in credit market liquidity are seeking relief in derivative products, but finding that they are a less-than-perfect solution, according to Greenwich Associates. The firm has published a new report - entitled 'The Great Transformation: A Credit Liquidity Story' - which suggests that while liquidity in the corporate bond market is unlikely .......

    News Round-up 23 October 2013

  • Liquidation timelines continue to extend

    Liquidation timelines continue to extend for distressed US RMBS loans, according to Fitch. The agency's liquidation timeline index increased to 32.2 months for 3Q13.

    This metric is up from 31.1 in 2Q13 and 28.3 in 3Q12. In aggregate, timelines have increased every quarter since 4Q08 and remain at historical highs.

    "As timelines on distressed inventory continue to lengthen, mortgage loss .......

    News Round-up 23 October 2013

  • Rapid deleveraging seen in Euro CLOs

    European leveraged-loan CLOs are deleveraging more rapidly than might be expected after their reinvestment period ends, Fitch reports. Excluding older deals with looser reinvestment criteria, most CLO portfolios have repaid close to 20% of their liabilities one year after their reinvestment period ended.

    This is surprisingly high, considering that the low cost of funding - which reflected market conditions when .......

    News Round-up 23 October 2013

  • Change afoot for Freddie K-series

    Losses on even the most recent Freddie Mac K-series CMBS notes are expected to be low, despite signs of weakening underwriting quality. There are also signs that issuance for the sector may have peaked in 2Q13, with higher rates and the FHFA mandate to reduce originations expected to drive volumes lower over the coming months.

    About US$22bn of multi-borrower deals .......

    News 23 October 2013

  • Event-driven fund launches

    Channel Capital Advisors has launched a high yield catalyst fund, investing in CDS, liquid bonds and equity. The fund's strategy is to identify mispriced corporate debt where a catalyst will drive price realignment and profit can be realised.

    The fund will seek to generate 10%-12% net returns with low volatility and little correlation to the major markets. It will be .......

    News Round-up 23 October 2013

  • SAFT 2013-2 shelved

    Shellpoint Partners has scrapped its planned Shellpoint Asset Funding Trust 2013-2 RMBS in favour of selling the underlying whole loans. The move comes after the transaction was revised during the marketing process.

    Presale reports for SAFT 2013-2 were initially published on 12 September, but the sponsor subsequently revised the collateral pool and structure, with updated presales published on 17 October. .......

    News Round-up 23 October 2013

  • RMBS vet appointed risk solutions director

    RiskSpan has named Don Brown as director of risk solutions. He has more than twenty years of trading experience and has previously worked at RBS, UBS, SwissRe Financial Products and Mizuho, trading both agency and non-agency RMBS, CDOs and CDS.

    .......

    Job Swaps 23 October 2013

  • Risk-linked securities expert appointed

    Capital markets specialist Brandon Young has been appointed as svp of Southport Lane and as coo of its reinsurance holding company Southport Re. He has almost 20 years of experience across insurance and securities.

    Young was most recently global corporate development vp at ACE Group. He has also worked at Bear Stearns covering US non-life insurance and within the alternative risk .......

    Job Swaps 22 October 2013

  • Retention rules to increase balance sheet risk

    CLO risk retention rules enacted in Europe and proposed in the US could increase balance sheet leverage for asset managers that need to obtain financing to comply with the regulation, according to Fitch. For those managers without the financial resources or market access to comply, this could result in their exit from the CLO market or push them to seek .......

    News Round-up 22 October 2013

  • Pomona eminent domain decision awaited

    Further details have emerged about Pomona, California's eminent domain proposal. The plan is the same as the one put forward by Mortgage Resolution Partners in other cities, with one exception: it will now allow short sales with a sale and lease-back option for homeowners after their mortgage has been taken from the private label RMBS trusts.

    The documents released by .......

    News Round-up 22 October 2013

  • Investment bank adds CLO vet

    Canaccord Genuity has appointed Sam Spackman as a CLO trader, further boosting its structured finance capabilities after a number of recent hires (SCI 3 September). He also has experience in ABS and RMBS.

    Spackman was previously CLO trading svp at Odeon Capital and has also served as structured products director at Katonah Debt Advisors, as structured credit analyst at Greywolf .......

    Job Swaps 22 October 2013

  • Back-up servicer concentration risk highlighted

    The growth of UK RMBS third-party servicer back-up servicing portfolios reflects awareness of the extra protection a back-up servicer (BUS) can provide against operational risk, Fitch says. However, an emerging trend for a small number of third-party servicers to hold a large proportion of back-up mandates could ultimately reduce the effectiveness of BUS appointments as risk mitigants, according to the .......

    News Round-up 22 October 2013

  • Cleared bunched trade executed

    Bloomberg SEF has completed what is believed to be the first-ever cleared bunched derivative trade. The trade was executed by MKP Capital Management through its FCM Credit Suisse, while CME Clearing provided clearing services.

    A bunched trade combines a number of smaller or uniquely-sized trade orders into a single order. It is initially cleared and then later allocated across multiple .......

    News Round-up 22 October 2013

  • Cap rate impact examined

    With the bulk of US legacy CRE loans approaching their maturity dates, liquidity, capitalisation rate and interest rate dynamics will become increasingly important. KBRA has released a paper examining the impact that increasing cap rates may have on the ability to refinance performing fixed-rate CMBS loans over the next five years.

    Generally interest rates and cap rates move in tandem, .......

    News Round-up 22 October 2013

  • Pubco swap offer 'credit positive'

    Spirit has made an offer to tender and swap its existing A1 and A3 bonds into newly-issued A6 and A7 bonds. The tender and swap offer is for up to 50% of the A1 bonds and 70% of the A3s, with the remainder left outstanding and amortising in line with the existing schedule.

    ABS analysts at Barclays Capital note that .......

    News 22 October 2013
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