Complete news archive

  • Special servicer replaced

    The controlling party of Titan Europe 2007-2 has replaced Capita Asset Services with Mount Street Loan Solutions as special servicer for seven loans, representing 18.5% of the pool. Capita remains special servicer for the other loans backing the CMBS.

    Mount Street is now special servicer for the Cobalt (8.2% of pool), Skoduv Palace (5.5%), Six Hotels (1.6%), Toy Box (1.1%), .......

    News Round-up 15 October 2013

  • Reduction in sovereign ceiling proposed

    S&P has published a request for comment on proposed changes to its methodology for assigning ratings above a sovereign's foreign currency rating on single-jurisdiction structured finance transactions. The proposal is designed to bring additional clarity and comparability to the agency's global approach for considering structured finance ratings above that of the sovereign.

    The proposed criteria apply a rating differential above .......

    News Round-up 15 October 2013

  • Residual interest SLABS in demand

    Fitch anticipates that increased investor demand will lead to further issuance of US residual interest student loan ABS. To date, the agency has rated two such transactions - one backed by multiple FFELP residual interests (SLM 2013-M1) and the other backed by 99% of the residual interest of a single private SLABS trust (CSART 2013-A).

    However, with these transactions come .......

    News Round-up 15 October 2013

  • Large European CRE JV announced

    AXA Real Estate Investment Managers and Norges Bank Investment Management have entered into a European commercial real estate loan co-investment programme. They will target investments in large senior loans with a primary focus on the UK, France and Germany.

    The partnership strengthens AXA Real Estate's position in the market and increases the size of individual real estate loans it can .......

    Job Swaps 15 October 2013

  • ILS fund manager adds origination pro

    Nathalie Rushe has joined Mercury Capital as origination and marketing md. She is based in Bermuda.

    Rushe has considerable structured finance experience and has worked in a variety of insurance-linked roles. She was most recently principal at Rushe Capital Advisors and has also worked for Blue Capital Advisors, Hiscox, RAM Re, ACA Capital, Centre Solutions and Starr Excess Liability Insurance .......

    Job Swaps 15 October 2013

  • Commercial mortgage co sets up SF team

    Eastern Union Funding is forming a new structured finance division which will be led by Shaya Ackerman. He will work closely with underwriting director Dov Zabrowsky, who will serve as the group's senior analyst.

    .......

    Job Swaps 15 October 2013

  • EMEA CMBS RFC issued

    Moody's has issued a request for comment on changes to its approach to rating EMEA CMBS transactions. Proposed changes aim to introduce minimum yields to avoid strong fluctuations in Moody's property value assessment as a result of market yield volatility. Minimum yields will effectively cap the agency's value assessment for a given property cashflow, during peak market situations with low .......

    News Round-up 14 October 2013

  • IRS impact anticipated

    In light of the ongoing US government shut-down, Kroll Bond Rating Agency says it has reached out to RMBS issuers to find out how they are handling the inability to execute IRS form 4506-T (Request for Transcript of Tax Return) and what impact it may have on both origination practices and origination volumes.

    While the underwriting guidelines of most lenders .......

    News Round-up 14 October 2013

  • SF definition updated

    Moody's has updated its definition of the types of securities it considers to be structured finance instruments. US$45.99bn of securities are affected by the move.

    The agency intends to remove the 'sf' indicator from credit ratings it assigns to: student loan-backed bonds issued by a non-profit or public instrumentality that issues fewer than three classes of debt; US state and .......

    News Round-up 14 October 2013

  • Sears CMBS exposure discussed

    A new Morningstar report examines the CMBS exposure of Sears, given that the firm represents almost twice the square footage of J.C. Penney in terms of securitised properties. Sears Holdings has failed to produce top-line growth for eight consecutive years after merging with Kmart, having closed 68 of its Sears department stores and 125 of its Kmart stores since 2009.

    News Round-up 14 October 2013

  • ABS CDO on the block

    An auction has been scheduled to occur on 23 October for Birch Real Estate CDO I. The collateral will be sold only if the proceeds are greater than or equal to the auction call redemption amount.

    .......

    News Round-up 14 October 2013

  • Post-reset cat bonds affirmed

    S&P has affirmed its ratings on 29 natural-peril catastrophe bonds issued by 13 issuers, which had annual resets of the probability of attachment. In each case the probability of attachment was reset to a percentage consistent with the transaction documents and the current rating, the agency notes.

    S&P says it reviewed the creditworthiness of each ceding company and the ratings .......

    News Round-up 14 October 2013

  • Late-pays drop on REO dispositions

    US CMBS late-pays fell by 11bp in September to 6.57% from 6.68% a month earlier, driven by large REO dispositions, according to Fitch's latest index results for the sector. The drop was led by the liquidation of the Granite Run Mall loan, securitised in COMM 2006-C7 (see SCI's CMBS loan events database).

    Fitch expects CMBS delinquencies to continue .......

    News Round-up 14 October 2013

  • Account control agreement launched

    ISDA has released its 2013 Account Control Agreement, which facilitates the negotiation process of contractual arrangements that provide for segregation of independent amounts (IA) with a third-party custodian. Similar to other tri-party account control agreements, the ISDA ACA is a three-way contract between the custodian and two OTC derivatives counterparties and provides that the custodian will hold and release IA .......

    News Round-up 14 October 2013

  • Second bulk CRE liquidation due

    Further details have emerged on CWCapital Asset Management's liquidation of US commercial real estate loan and REO assets (SCI 26 September). The firm is marketing - via CBRE and Auction.com - a US$2.57bn diversified portfolio of what it describes as trophy, core, core-plus and value-add strategic investments.

    Nearly two-thirds of the assets, as a percentage of unpaid balance, are secured .......

    News Round-up 14 October 2013

  • Firm targets expansion in SE Europe

    European Risk Capital has launched a new Southeastern Europe division with a primary focus on Greece, Cyprus and the Balkans. The group will be based in Athens and led by Nikos Douros.

    Douros is executive director and will originate primary funding and refinancing opportunities across the capital structure, including potential acquisitions and disposals of distressed assets. He was most recently .......

    Job Swaps 14 October 2013

  • New CREFC chief arrives

    Peter Cosmetatos has now become ceo at CREFC Europe, after his appointment was announced earlier this year (SCI 27 June). He will be charged with implementing a number of initiatives to ensure CREFC Europe continues to represent its membership and the wider industry in education, regulatory matters, best practice and communication.

    Cosmetatos joins from the British Property Federation, where he .......

    Job Swaps 14 October 2013

  • SCI Start the Week - 14 October

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

    Pipeline
    The number of deals joining the pipeline was fairly consistent last week. Three new ABS were announced, as well as two RMBS, one CMBS and one CLO.

    The ABS were €481.2m FTA Santander Consumer Spain Auto 2013-1, US$200m NAVMT 2013-2 and €1.8bn Sunrise 09, while the RMBS were Firstmac Series 2E-2013 and NZ$67.8m Sapphire V NZ Series 2013-1 Trust. The .......

    News 14 October 2013

  • Record year for clean-up calls?

    The number of US non-agency RMBS clean-up calls has doubled since the start of summer (SCI 4 June), putting 2013 on course to see more deals called than in any year since 2005. However, shifting economic conditions may put the brakes on call activity, while not all sellers are embracing calls equally.

    Senior fixed-rate tranches have begun trading above par, .......

    News 11 October 2013

  • H2B2 positive for existing RMBS

    The mortgage guarantee component of the UK government's Help-To-Buy scheme should be positive for existing RMBS transactions via its short-term impact on house prices and mortgage funding conditions, Fitch says. An unsustainable rise in house prices and an increase in riskier lending could damage UK mortgage performance in the longer term, however.

    The agency notes that, combined with generally improved .......

    News Round-up 11 October 2013

  • Credit hedge fund performance lagging

    Credit hedge funds performed well last month, but are struggling to post returns of even half of the level seen in 2012, according to eVestment. The firm estimates that MBS-focused funds, in particular, are on pace for their worst year since the financial crisis.

    Credit strategies appeared to benefit from the reversal of the 10-year US Treasury rate climb in .......

    News Round-up 11 October 2013
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