Complete news archive

  • Japanese CMBS, autos improve

    Japanese CMBS and auto loan ABS performance continued to improve in July and August, according to Moody's Japan. High job security is expected to keep performance trends stable.

    The CMBS default rate fell to 17.6% in August, down from 21.8% in July and down from 33.1% a year earlier. The annualised auto loan ABS default rate for July fell to .......

    News Round-up 4 October 2013

  • French credit sales chief selected

    Christian Chardot has joined RBC as head of credit sales, France. He is based in London and joins from Lloyds TSB, where he also held a credit sales role, and has previously worked at RBS, Lehman Brothers and CDC. He has experience in structured products and credit derivatives.

    .......

    Job Swaps 4 October 2013

  • RMBS BWIC supply picks back up

    US non-agency RMBS secondary market activity was solid yesterday, with US$556m of bonds offered on bid-lists. Non-agency BWIC volume was up considerably from Tuesday's levels, with subprime paper leading the charge, although agency supply was light.

    The ABFC 2007-WMC1 A2B tranche was one such subprime name out for the bid in the session. It was talked yesterday in the low/mid-60s, .......

    Market Reports 3 October 2013

  • Bulk of EMEA CMBS loans coming due

    EMEA CMBS servicers are set for a busy month, according to Fitch. Of the 37 loans which the agency rates that are maturing in this quarter, 36 fall due in October.

    Fitch notes that around 75% of the loans due are highly levered, with LTVs above 80%. Timely repayment for those is unlikely and the agency expects 14 of the .......

    News Round-up 3 October 2013

  • Colorado storms affect RMBS bonds

    Severe storms, flooding, landslides and mudslides in nine Colorado counties adjudged by the Federal Emergency Management Administration (FEMA) as eligible for Federal assistance have affected 1.08% of the entire US non-agency RMBS universe, reports Morningstar. More than 75% of the affected houses were securitised between 2005 and 2007.

    The overall exposure of non-agency RMBS properties to the event is relatively .......

    News Round-up 3 October 2013

  • RBA updates securitisation reporting templates

    The Reserve Bank of Australia (RBA) has released for consultation draft reporting templates for CMBS and ABS to be eligible for repo. The Australian Securitisation Forum notes that the new information requirements reflect the RBA's desire for more comprehensive information about the securities.

    The templates require transaction-level and security-level templates for CMBS and ABS and are comparable to those finalised .......

    News Round-up 3 October 2013

  • Neutral fixed income market prepped

    SunGard and DelphX are teaming up to provide Financial Information eXchange (FIX) connectivity through SunGard's Global Network (SGN) to create CentralX. CentralX will be a neutral, centrally-cleared global facility allowing for anonymous all-to-all interaction of orders entered by SGN users and buy-side and sell-side subscribers to DelphX.

    SGN offers trade automation and connectivity for listed derivatives, fixed income and other .......

    Job Swaps 3 October 2013

  • Software firm buys ILS market access

    SS&C Technologies Holdings has bought Prime Management Limited, a fund administrator and service provider to investment structures, sponsors and managers in the ILS market. The acquisition builds SS&C's ability to administer ILS and the funds which invest in them.

    .......

    Job Swaps 3 October 2013

  • Investment manager targets Dexia

    New York Life Investments is set to acquire full ownership of Dexia Asset Management for €380m, expanding the company's reach into Europe and Australia. New York Life already has eight CLOs and the acquisition will further strengthen its credit credentials.

    .......

    Job Swaps 3 October 2013

  • Asian credit sales head appointed

    Jimmy Ye has joined Société Générale in Hong Kong as head of credit sales for Asia ex-Japan. He was previously head of credit sales for China at Nomura and has also worked in Chinese and Taiwanese fixed income roles for Credit Suisse and in Greater China flow credit sales for Calyon.

    .......

    Job Swaps 3 October 2013

  • CLO equity economics concern investors

    Market participants do not believe risk retention rules should apply to CLOs and responses to JPMorgan's latest client survey show it is not just CLO managers who are saying so. However, CLO equity concerns are causing even greater worry than risk retention.

    Investor cash positions for the start of the final quarter are generally higher than they were in Q3, .......

    News Round-up 2 October 2013

  • ESMA clarifies AIFM requirements

    ESMA has published final guidelines on reporting obligations for alternative investment fund managers (AIFMs). Under the guidelines, hedge funds, private equity and real estate funds must regularly report certain information to national supervisors.

    The guidelines clarify provisions of the Alternative Investment Fund Managers Directive (AIFMD) to provide more comprehensive and consistent oversight of AIFM activities. ESMA has also proposed introducing .......

    News Round-up 2 October 2013

  • Positive card performance continues

    The US government shutdown is unlikely to impact US credit card ABS, according to Fitch. Ratings are likely to remain stable as the market continues to flourish.

    Fitch's prime chargeoff index performance metrics for August reached new lows while monthly payment rate (MPR) and excess spread reached all-time highs. 60-plus day delinquencies are still dropping at a steady pace, making .......

    News Round-up 2 October 2013

  • CMBS delinquencies dip further

    The Trepp US CMBS delinquency rate fell for the fourth consecutive month in September. The rate dropped 24bp from August to 8.14%.

    The delinquency rate is now at its lowest level for three years and is 185bp lower than it was one year ago. There were US$1.7bn in new delinquencies last month, a decline from US$2.5bn in August.

    US$1.9bn of .......

    Job Swaps 2 October 2013

  • MILAN introduced in Russia

    As a result of legislative amendments which came into effect this year, Moody's has updated its approach to modelling Russian RMBS and will now use the MILAN framework. The amendments are intended to raise mortgage agent protection to the level of bankruptcy remoteness traditionally expected from an SPV.

    The legislation stipulates that an SPV must be incorporated as a joint .......

    News Round-up 2 October 2013

  • Leadership change for OTC platform

    Markit has named Jeff Gooch as cfo. He was previously head of processing, ceo and chairman of MarkitSERV, the information company's OTC derivatives trade processing platform.

    Gooch will remain chairman of MarkitSERV. Brad Levy will take over as global head of processing and ceo of the derivatives platform, having previously served as co-head of Markit's information business.

    Gooch has been .......

    Job Swaps 2 October 2013

  • Capital markets group strengthens in ILS

    Willis Capital Markets & Advisory has appointed Brad Livingston as ILS vp. He will be based in New York and help to drive Willis' continued expansion into the ILS space. Livingston was most recently a broker at Guy Carpenter, where one of his roles was to originate, structure and market ILS for global insurance and reinsurance companies.

    .......

    Job Swaps 2 October 2013

  • Court allows RMBS claims to proceed

    A Federal Court in New York has ruled that the FDIC can proceed with its claims against several major banks in connection with US$388m of RMBS purchased by the now-defunct Colonial Bank (SCI 15 August 2012).

    The defendants include JPMorgan, Citigroup, Ally Securities, First Horizon, Credit Suisse, Deutsche Bank, HSBC, Merrill Lynch, RBS and Wells Fargo. The FDIC alleges the .......

    Job Swaps 2 October 2013

  • CMBS starts week with steady session

    US CMBS BWIC volumes remained steady yesterday as spreads generally widened. Over US$200m was out for the bid, with SCI's PriceABS data showing a mix of names from the session and a number of covers.

    One of the trades from the session was the BACM 2005-2 A5 tranche, which was being talked at 80 at the .......

    Market Reports 1 October 2013

  • Used condos not negative for Japan RMBS

    The rise in the number of used condominiums for Japanese investment-purpose condo loan RMBS is credit positive, says Moody's. They have higher DSCRs and are in better locations than new condos, thereby providing better loan affordability and generating steady cash inflows for obligors.

    Used condos now account for between 30% and 40% of the total rated condo loan RMBS. They .......

    News Round-up 1 October 2013

  • Pair of CDOs on the block

    An auction has been slated for Longport Funding II on 21 October. The trustee shall sell the collateral debt securities only if the sale would result in proceeds sufficient to meet the auction call redemption amount.

    The following day will see an auction for Libertas Preferred Funding I. Again, the collateral will only be sold if the proceeds are greater .......

    News Round-up 1 October 2013
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