Complete news archive

  • 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

  • Spreads tighten as purchase looms

    The credit default swaps (CDS) market appears to have reacted favourably to plans by Lixil and the Development Bank of Japan to buy a majority stake in Grohe Holding GmbH, according to a study by Fitch Solutions. Grohe's spreads are 48% tighter than they were at the end of August.

    Spreads are 82% tighter than a year ago as market sentiment .......

    News Round-up 1 October 2013

  • Structured pro takes Freddie role

    James Mackey is joining Freddie Mac as evp and cfo, replacing the retiring Ross Kari. He joins next month and will report to ceo Donald Layton.

    Mackey was most recently evp and cfo at Ally Financial. Before that he was at Bank of America, where he held various roles including md within the global structured products group.

    .......

    Job Swaps 1 October 2013

  • Cantor enlists agency specialist

    Christopher Obara has joined Cantor Fitzgerald in New York as a director. He was previously at Pierpont Securities, Ally Securities, Nomura and UBS and focuses on agency RMBS trading and structuring.

    .......

    Job Swaps 1 October 2013

  • ILS trader follows former boss

    Justin Hull has joined Aspen Capital Markets as a portfolio manager in New York. He was previously an ILS trader at PartnerRe and has also worked at Citi as an associate. Aspen Capital Markets was set up earlier this year by Brian Tobben (SCI 17 April), who was head of ILS at PartnerRe.

    .......

    Job Swaps 1 October 2013

  • Modelling pro joins portfolio management team

    Deer Park Road Corp has appointed Rick Fontana as associate portfolio manager. He will focus on helping manage the recently-formed Burgess Creek Fund (SCI 3 April), which focuses on deeply discounted RMBS and ABS.

    Fontana will report directly to portfolio manager Scott Burg. He has previously worked at TD Securities in New York and has strong experience in modelling and .......

    Job Swaps 1 October 2013

  • Group expounds AFA proposal's merits

    The working group led by Georges Duponcheele has published two research papers dealing with key aspects of its proposed arbitrage-free approach (AFA) to securitisation capital. They cover the applicability of the AFA and the impact of maturity effects.

    The group has developed both the AFA and Simplified AFA as a response to the Basel Committee's capital proposals (27 June 2013). .......

    News Round-up 30 September 2013

  • Singapore card rules 'credit positive'

    Changes to credit card and unsecured credit rules in Singapore finalised this month will improve the credit quality of securitisation receivables, according to Moody's. The agency says the changes will improve underwriting standards and the overall quality of obligors, providing securitisation transactions with greater protection against the default of weaker obligors.

    The revised rules require financial institutions to obtain updated .......

    News Round-up 30 September 2013

  • Arrival to boost ILS expansion

    Neil Strong has joined Securis Investment Partners in London as head of business development. He will help to expand the firm's ILS and reinsurance capabilities.

    Strong was previously at Execution Nobel, where he spent six years and served as partner. He joins in a newly-created role.

    .......

    Job Swaps 30 September 2013

  • Asian SF pro appointed

    VTB Capital has appointed Jason Fung as head of Asia financing structuring. He will be responsible for developing the firm's structured finance business in the region.

    Fung will be based in Hong Kong and report to head of international private finance structuring Peter Firmin and to Asia ceo Damian Chunilal. Fung was previously head of the North Asia and emerging .......

    Job Swaps 30 September 2013

  • Capital markets origination addition made

    Michael Tamburrino has joined Citi in New York as an associate. He will work on capital markets origination for the global securitised products group.

    Tamburrino was previously at PricewaterhouseCoopers, where he was a manager. Tamburrino spent five years at PwC working in the financial instruments, structured products and real estate group.

    .......

    Job Swaps 30 September 2013

  • SCI Start the Week - 30 September

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

    Pipeline
    The number of deals joining the pipeline slowed a little last week, although there was still a good variety. Three new ABS were announced along with an ILS, two RMBS and two CMBS.

    The ABS were C$704m Ford Auto Securitization Trust series 2013-R4, RUB10bn HC Finance and Hollis Receivables Term Trust II 2013-1. The ILS was €200m Calypso Capital II.

    News 30 September 2013

  • Spanish NPL warning issued

    The rise in Spanish non-performing loans (NPLs) recently announced by the Bank of Spain is likely to continue as banks reclassify some refinanced loans and reduce the support they have provided to their structured finance transactions, Fitch says. If the rate of increase continues, the agency says it could trigger a review of its probability of default assumptions for individual .......

    News Round-up 27 September 2013

  • Multifamily origination expands

    Greystone has closed a CMBS transaction for US$38.75m on behalf of a suburban Cleveland-based multifamily property owner. The loan has a 10-year term, with only three years of interest at a rate of 2.35% over ten-year swaps. The firm says it closed the deal in 35 days and expects to close a number of additional deals before year-end.

    Launched earlier .......

    News Round-up 27 September 2013

  • Auto performance atypical for August

    US auto prime annualised net losses (ANL) crept up by 3% in August over July's level, showing much less of an increase during this historically weaker period, Fitch reports. Also atypical for August, used vehicle values were strong during the month, helping to contain loss severity on defaulted loans.

    Prime 60+ days delinquencies stood at 0.33% in August, unchanged from .......

    News Round-up 27 September 2013

  • Servicers switching strategies?

    With improving US commercial real estate fundamentals, commercial mortgage loan servicers have begun shifting gears to prepare for continued growth in lending. In particular, the industry has seen a number of mergers and acquisitions, as well as greater CMBS B-piece buyer participation.

    "Some servicers' business strategies are once again predicated on growth, as opposed to taking advantage of market distress," .......

    News Round-up 27 September 2013

  • Costly losses for German retail loans

    Performance has been weak for European CMBS loans secured by German retail properties. A Barclays Capital analysis of 69 securitised loans predicts total principal losses of €1.4bn for the affected deals, with an average loss severity of 26%.

    German retail properties back €5.3bn of loans across 27 European CMBS looked at by the Barclays Capital analysts. "Their performance has been .......

    News 27 September 2013

  • Regional banks step up ABS issuance

    Securitisation activity among large US regional banks has picked up significantly over the past few weeks, opening up new funding options for auto assets in particular. Fitch suggests that the revival of auto ABS issuance is partly an effort by these banks to gain some regulatory relief on capital and liquidity requirements.

    Aside from Huntington Bancshares, few large US regional .......

    News Round-up 27 September 2013

  • SEFs set to improve pricing transparency

    Fitch says that swap execution facilities (SEFs) are likely to improve pricing transparency for traders of interest rate swaps and other credit derivatives. The venues could over time begin to generate meaningful revenue streams for firms offering voice and electronic execution of derivative transactions, as required under Dodd-Frank, according to the agency.

    "However, we believe that in the near term .......

    News Round-up 27 September 2013

  • CDO pricing service launched

    Thomson Reuters has launched a new evaluated CDO pricing service, covering ABS CDOs, CRE CDOs and Trups CDOs. The offering provides end-of-day valuations based on asset-level analysis and aims to provide customers with greater transparency into the complex CDO market. Securities are priced by a team of evaluators, with access to analytics and current market colour, which is then applied .......

    News Round-up 27 September 2013

  • ABS CDO transfer due

    Declaration Management & Research is set to transfer the asset management responsibilities for the Independence II CDO to Cairn Capital. The replacement is expected to become effective on 30 September, provided noteholders do not object before that date. Terms of the proposed replacement collateral management agreement have remained almost identical, with only minor differences that are not material to the .......

    Job Swaps 27 September 2013
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