Complete news archive

  • Asia hedge fund appoints ceo

    Greg Donohugh has joined Double Haven Capital in Hong Kong as ceo and will lead strategy and capital raising efforts at the company. He was previously at Wells Fargo, where he led regional fixed income and capital markets operations in Asia.

    Prior to Wells Fargo, Donohugh was svp at Lehman Brothers where he worked in global real estate and structured .......

    Job Swaps 12 September 2013

  • Richmond continues with MRP plan

    Richmond, California city council yesterday voted 4-3 to continue exploring Mortgage Resolution Partners' (MRP) proposal to use the City's power of eminent domain to seize underwater mortgages (SCI passim). SIFMA responded by stating it continues to believe that the move is unconstitutional and "would do much more harm than good" in the local Richmond community and across the country.

    The .......

    News Round-up 12 September 2013

  • Apartment prices take off

    Apartments in New York and San Francisco are the hottest property sector in major markets, each having topped its previous peak by more than 20%, according to the latest Moody's/RCA CPPI report. Conversely, core commercial properties in Los Angeles and Chicago lag well behind, more than 20% below their respective peaks.

    Los Angeles and Chicago commercial prices have each recovered .......

    News Round-up 12 September 2013

  • Intermediary initiative

    Nassar Hussain, managing partner at Brookland Partners, answers SCI's questions

    Q: How and when did Brookland Partners become involved in the CMBS market?
    A:     Brookland Partners has been lead financial adviser on over 25 CMBS transactions totalling in excess of €22bn since our launch in 2009. We act as financial adviser to government agencies, financial institutions, private equity firms, property companies and the vast majority of .......

    Provider Profile 12 September 2013

  • CLO call, re-pricing risk discussed

    A manager's ability to reinvest - specifically regarding WAL tests - must be considered when analysing US CLO call and re-pricing risk, according to Wells Fargo structured products analysts. They believe that 2.0 deals already failing, or close to failing, WAL tests are more likely to be called - even if primary triple-A spread levels may suggest otherwise.

    "All else .......

    News Round-up 11 September 2013

  • B-piece retention issues remain

    The re-proposed US risk retention rules (SCI 29 August) have been welcomed by CMBS market participants for eliminating the premium capture cash reserve account (PCCRA) provision. How risk retention for large loan and single-borrower deals should be satisfied remains unclear, however.

    The requirement that 5% of the fair value of a CMBS be retained for a period of five years .......

    News 11 September 2013

  • Law firm boosts structured products group

    Peter Morgan has joined Pillsbury Winthrop Shaw Pittman's structured products team in New York. His primary practice focuses on structured finance although he also has experience in leasing, lending, private equity and fund formation. Morgan was previously a partner at Dentons and before that worked at Thacher Proffitt & Wood and as a tax consultant at Deloitte & Touche.

    .......

    Job Swaps 11 September 2013

  • Reset notes to be redenominated

    GCO Education Loan Funding Master Trust II has executed a fifth supplemental indenture, which will permit the series 2006-2 reset rate notes to be remarketed on the initial reset date (10 September) in US dollars in a principal amount not to exceed US$249.51m, with an interest rate not to exceed 65bp over one-month Libor. The notes are currently denominated in .......

    News Round-up 11 September 2013

  • Leveraged loan vet enlisted

    Shenkman Capital Management has appointed David Lerner as svp and portfolio manager for bank loans. He joins from Credit Suisse's credit investments group and will lead Shenkman's bank loan business.

    Lerner worked at Donaldson, Lufkin & Jenrette until its merger with Credit Suisse. Before that he worked at First Dominion Capital, in the leveraged finance group of Mitsubishi Trust and .......

    Job Swaps 11 September 2013

  • First bank Trups CDO liquidated

    Tropic CDO I - a 2003-vintage deal that declared an EOD in January - last month became the first bank Trups CDO to complete a liquidation, underlining recent price rises in the sector. A slew of further Trups CDO liquidations are unlikely, however, given insufficient market value coverage for the notes and the presence of large out-of-the-money interest rate swaps.

    News 11 September 2013

  • OTC derivatives support tool prepped

    Commerzbank and Clearstream are launching an integrated management solution for OTC derivatives. TradeCycle will offer increased efficiency, reduced risk and enhanced processing to cleared and uncleared OTC derivative transactions.

    The service will be an end-to-end solution for the handling of OTC derivatives, minimising operational inefficiencies and improving risk management as well as helping users prepare for future regulatory requirements. TradeCycle .......

    Job Swaps 11 September 2013

  • Bush Terminal sees second modification

    The Bush Terminal loan - securitised in GCCFC 2007-GG11 and CGCMT 2008-C7 - has been modified again, after superstorm Sandy devastated the buildings. The loan received a US$190m/US$110m A/B split modification in April 2012 (see SCI's CMBS loan events database).

    Damage from Sandy resulted in US$39m in initial insurance claims. According to the modification commentary, Schron recognised an .......

    News 11 September 2013

  • EMIR 'add-on' document rolled out

    ISDA has published a DFP2 to EMIR Top Up Agreement, which seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol (DFP2) and do not wish to adhere to the EMIR Protocol in addition to this. The document extends DFP2 to cover EMIR compliance 'add-ons'. The association has provided an explanatory memo to assist .......

    News Round-up 11 September 2013

  • Strong start for secondary RMBS

    US RMBS BWIC volume reached US$1.3bn yesterday, after a particularly quiet session to end last week. Non-agency supply stood at more than US$800m, with adjustable-rate bonds dominating activity.

    SCI's PriceABS data lists price talk on several option ARM tranches, such as SAMI 2006-AR5 4A1, from yesterday's session. That tranche was talked in the low/mid-50s and mid-50s, having first .......

    Market Reports 10 September 2013

  • REC 6 insolvency to trigger copycats?

    An insolvency event has been declared for Alburn Real Estate Capital (REC 6), after the directors of the issuer determined "it is more likely than not" that the CMBS will be unable to pay its debts as they fall due. A number of other European CMBS deals are now expected to follow suit, with the aim of switching the waterfall .......

    News 10 September 2013

  • ABS CDO auction announced

    An auction is to be conducted for Independence IV CDO on 30 September. The collateral shall only be sold if the collateral manager certifies that the highest bid will result in the sale proceeds, together with the balance of all eligible investments and cash held by the issuer, will be at least equal to the auction call redemption amount.

    .......

    News Round-up 10 September 2013

  • Iberian tariff deficit plans compared

    Portugal's plans to eliminate its electricity tariff deficit (TD) are more credible than Spain's, Fitch suggests. The agency says that Portugal's plans benefit from a deadline for TD elimination, a detailed agenda and supervision process, and regulatory independence. These elements are either absent from or less well developed in Spain's roadmap, it adds.

    Outstanding TDs in Portugal were 45% of .......

    News Round-up 10 September 2013

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date registered 72.1% last month, according to the latest Trepp pay-off report. This figure is down two points from 74.1% in July, which was the highest reading in almost five years. August's rate is the second highest level during that period.

    At 72.1%, the August pay-off percentage is well .......

    News Round-up 10 September 2013

  • CMBS loan liquidations down

    US CMBS loan liquidations totalled US$1.09bn last month, according to Trepp. This compares to July's US$2.05bn and the 12-month moving average of US$1.32bn.

    August loss severity came in at 40.9%, down from July's reading of 43.63% and below the 12-month moving average of 43.44%. The number of loans liquidated during the month was 90, which resulted in US$444.29m in losses .......

    News Round-up 10 September 2013

  • CMBS loss severity up

    The weighted average loss severity for all loans backing US CMBS that liquidated at a loss was 41.5% in 2Q13, up from 40.7% in the previous quarter, Moody's reports. Excluding loans with losses of less than 2%, the weighted average loss severity was 53.5%, up from 52.9% the previous quarter. Loans with losses of less than 2% account for 23% .......

    News Round-up 10 September 2013

  • Ginnie-guaranteed conduit prepped

    The Federal Home Loan Bank of Chicago plans to issue securities guaranteed by Ginnie Mae and backed by mortgages originated by member financial institutions. The new conduit product - dubbed MPF Government MBS - is designed to provide mortgage lenders with a new option when creating mortgage products for their home-buying customers. Lenders will be able to choose whether to .......

    News Round-up 10 September 2013
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