Complete news archive

  • Research firm promotes credit chief

    Haywood Kelly is set to become global head of research at Morningstar. He will replace Don Phillips in the role at the start of next year.

    Kelly is currently head of equity, credit and structured credit research and has been with the company for 22 years. Phillips will remain a member of the board and serve as md.

    .......

    Job Swaps 10 October 2013

  • Exploring the whole loan alternative

    As rating agencies continue to alter the status of tranches...

    With the financial services sector continuing to rebuild following the financial crisis, investment funds are on the hunt for the highest yield opportunities to ensure investor satisfaction. This remains a core challenge, however, across most investment sectors as absolute yields remain low.

    Funds that have typically focused their trading strategies on RMBS are currently facing the difficulty of a series .......

    Talking Point 10 October 2013

  • CMBS spreads flat, supply up

    Generic US CMBS spreads were unchanged yesterday. BWIC supply remained restricted due to IMN's ABS East conference but did increase to over US$150m, with SCI's PriceABS data showing a number of covers from the session.

    For example, BACM 2006-6 A3 was covered at mid-102. The tranche was first covered in the PriceABS archive on 12 July 2012 at .......

    Market Reports 9 October 2013

  • CLO manager concentration highlighted

    The ten largest CLO managers manage over 50% of US CLOs and 30% of European CLOs, Moody's notes in its latest CLO Interest publication. Nevertheless, the entrance of new managers to the market appears to have more than offset the consolidation of managers that prevailed between 2009 and 2011.

    The number of US managers declined by roughly 23% to 120 .......

    News Round-up 9 October 2013

  • Merger to create full service boutique

    The Seaport Group and Global Hunter Securities plan to merge their firms to create a full service global investment bank. The unification is set to be completed by year-end and the new entity will be headquartered in New York and New Orleans.

    Building on Seaport's distressed debt expertise, the companies will create a full service boutique investment bank offering clients .......

    Job Swaps 9 October 2013

  • Law firm adds CMBS pros

    Winston & Strawn has added Christine Spletzer and Bola Oloko to its capital markets real estate practice in New York. The practice includes an array of real estate transactions and CMBS.

    Spletzer has worked at Winston & Strawn before and joins from Paul Hastings. She focuses her practice on CMBS and has particular experience in mezzanine financing.

    Oloko was previously .......

    Job Swaps 9 October 2013

  • ILS manager adds research director

    Jennifer Norris has joined Elementum Advisors as director of research in Chicago. She was previously an associate at Sidley Austin, where she spent five years, and joins the ILS investment manager in a newly-created role.

    .......

    Job Swaps 9 October 2013

  • European client clearing launched

    ICE Clear Europe has introduced client clearing for European credit default swaps, with five clients actively clearing trades and five clearing members signed up. ICE's client clearing solution covers 47 European index and 121 corporate single name CDS instruments.

    The clearer says its client clearing solution permits firms to retain important trading and contractual relationships, including accepting transactions from a .......

    News Round-up 9 October 2013

  • Retail property prices outperforming

    Retail properties continue to be the best performing US core commercial real estate sector, with prices increasing by 23.3% over the last 12 months, according to the latest Moody's/RCA CPPI report. The national all-property composite index increased by 1.2% in August, driven by a 1.7% increase in its core commercial component. Apartment prices nationally increased by 0.1% during the month.

    News Round-up 9 October 2013

  • High Q4 default probability predicted

    Moody's expects European CMBS loan repayment rates for loans maturing in 4Q13 to be no better than the four-quarter rolling average of 37%. The agency projects a high refinance default probability for 55% of the 31 loans - worth €2.3bn - that will mature in the fourth quarter, based on the increased number of loans with high Moody's LTV ratios .......

    News Round-up 9 October 2013

  • ESAIL 2007-5 restructuring proposed

    Meetings for all Eurosail UK 2007-5NP noteholders have been scheduled for 31 October to consider an extraordinary resolution to approve the sale of the transaction's remaining claims against Lehman Brothers and an associated restructuring proposal. The restructuring proposal revises the original sale proposal, which was approved by the class A noteholder in July 2012 but never implemented.

    Out of a .......

    News Round-up 8 October 2013

  • Validation tool enhanced

    Interactive Data has released a new set of transparency and workflow enhancements to its Vantage solution. The enhanced Vantage Price Validation Workflow module aims to enable buy- and sell-side firms to more efficiently manage their price review process, thereby reducing the operational cost of meeting current regulatory requirements.

    The module is designed to serve as a central hub for client .......

    News Round-up 8 October 2013

  • CLO manager handbook released

    Fitch has published the first edition of its US CLO Asset Manager Handbook, which contains profile reports for 46 active US CLO managers. The reports are designed to provide investors with a consistent framework for evaluating and benchmarking managers.

    The reports contain a combination of key manager facts and attributes, including corporate structures, key personnel, assets under management and CLOs .......

    News Round-up 8 October 2013

  • Aircraft ABS issuance weighed

    Fitch expects recent positive trends in aircraft leasing to pave the way for increased new operating lease ABS issuance in the near term. However, evolving risks in the sector could impact long-term performance and warrant continued consideration.

    Lessors have steadily grown their share of the aircraft finance market. Meanwhile, record expected aircraft deliveries and tightened financing sources have created the .......

    News Round-up 8 October 2013

  • Modification performance analysed

    At least 31% of the US mortgage loans that were seriously delinquent in December 2008 have been modified at least once and performed much better than those that weren't modified, according to Moody's latest Servicer Dashboard publication. The 2Q13 report focuses on the status, as of June 2013, of approximately 1.1 million loans that were 60-plus days delinquent and in .......

    News Round-up 8 October 2013

  • Further fines for Catalyst leadership

    The UK FCA has fined two more Catalyst Investment Group executives after previously fining former compliance officer Alison Moran and censuring the company (SCI 7 October). Timothy Roberts has been fined £450,000 and Andrew Wilkins has been fined £100,000.

    Catalyst ceo Roberts has also been banned from the industry. Wilkins is a former director at the company and the FCA .......

    Job Swaps 8 October 2013

  • Securitisation group expands

    Clayton Holdings has promoted Dan Pinero to director of securitisation for operations and Joe Ozment to director of securitisation for client services. Pinero has spent almost 10 years at Clayton, while Ozment joined in 2011 and has previous experience from Lender Processing Services and Goldman Sachs. The pair will manage an expanded securitisation team at the firm and report to .......

    Job Swaps 8 October 2013

  • 2.0 structuring tool launched

    Lewtan has launched a structuring tool geared towards the 'securitisation 2.0' environment. Dubbed ABSNet Modeler, the firm says that the offering is unique due to the transparency of the cashflow waterfall and resulting output.

    The tool is designed to assist users at each step of the deal structuring process with advanced cashflow analytics to run deal, pool, tranche and loan-level .......

    News Round-up 8 October 2013

  • P2P ABS debuts

    National Alliance Capital Markets and Waterford Capital have completed what is believed to be the first securitisation of peer-to-peer consumer loans - Eaglewood Consumer Loan Trust 2013-1 - for Eaglewood Income Fund I, a consumer credit fund managed by Eaglewood Capital Management. The transaction comprises US$40m class A notes and US$12.8m class Bs, and features a revolving period whereby collections .......

    News Round-up 8 October 2013

  • Collateralised reinsurance firm formed

    Montpelier Re Holdings has filed a registration statement with the US SEC relating to the proposed IPO of its Blue Capital Reinsurance subsidiary. The newly-formed Bermuda reinsurance holding company will primarily offer collateralised reinsurance in the property catastrophe market by underwriting a diversified portfolio of short-tail reinsurance contracts and investing in insurance-linked securities. The number of shares to be offered .......

    Job Swaps 8 October 2013

  • LMI sensitivity examined

    Moody's says that most Australian RMBS transactions with lenders' mortgage insurance (LMI) insuring the mortgage loan payments are insensitive to changes in the credit quality of mortgage insurers. The agency analysed 215 Australian RMBS notes with LMI and found that the ratings of only 11 senior and two mezzanine tranches were reliant on the credit quality of mortgage insurers.

    The .......

    News Round-up 8 October 2013
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