Complete news archive

  • 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

  • ISDA deputy joins UK trade group

    The Investment Management Association (IMA) has appointed Richard Metcalfe as director of regulatory affairs for institutional and capital markets in London. It is one of two new regulatory affairs positions created as part of an organisational restructure.

    Metcalfe joins from ISDA, where he was EMEA deputy head. The other new role will be filled by Julie Patterson, who is moving .......

    Job Swaps 10 September 2013

  • Allonhill team, technology acquired

    Stewart Lender Services has acquired key assets of Allonhill, adding due diligence, loan quality reviews, compliance solutions and servicer performance management to its suite of services. Allonhill's team will move over to Stewart as part of the transaction and ceo Sue Allon will become vice chairman at Stewart and will lead the company's capital markets efforts.

    .......

    Job Swaps 10 September 2013

  • SF counsel appointed in NY

    Vinson & Elkins has added Robert Scherer to its finance practice group as counsel in New York. He joins from Cadwalader, Wickersham & Taft and focuses on credit derivatives, fixed income derivatives and structured finance products.

    .......

    Job Swaps 10 September 2013

  • Bank agrees to RMBS settlement

    Barclays Bank will pay US$36.1m to settle allegations that it financed, purchased and securitised residential loans that were presumptively unfair under Massachusetts law. Similar actions against Morgan Stanley, Goldman Sachs and RBS have already achieved over US$214m in settlements.

    Barclays will pay more than US$25m for principal reduction and related relief, approximately US$2m to compensate cities and towns, approximately US$1m .......

    Job Swaps 10 September 2013

  • Promotion for non-agency chief

    Anup Agarwal is replacing Stephen Fulton as cio at Western Asset Mortgage Capital Corporation and head of agency RMBS at Western Asset Management Company. Fulton is retiring from the investment management industry.

    Agarwal joined Western Asset Management Company earlier this year as head of non-agency RMBS and ABS (SCI 30 July). He will retain these roles as he assumes agency .......

    Job Swaps 10 September 2013

  • SCI Start the Week - 9 September

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

    Pipeline
    Several deals were added to the pipeline last week, many of them ABS. Alongside the half-dozen new ABS entrants, there were also two RMBS and two CLOs.

    The ABS comprise: €695.6m FCT Ginkgo Compartment Loans 2013-1; US$1.28bn HART 2013-C; US$350m HSART 2013-T6; A$278m Impala Trust 2013-1; US$1.4bn M&T Bank Auto Loans 2013-1; and US$783m World Omni Lease Securitization 2013-A.

    The .......

    News 9 September 2013

  • Arbitration guide published

    The 2013 ISDA Arbitration Guide has been released, providing the first comprehensive set of ISDA model arbitration provisions for use worldwide. The document offers guidance on the use of an arbitration clause with the 1992 and 2002 versions of the ISDA Master Agreement and includes a range of model arbitration clauses covering a number of institutions and seats of arbitration .......

    News Round-up 9 September 2013

  • CMBS recovery rate dips

    The recovery rate on liquidated US CMBS loans suffered somewhat of a set-back last quarter, dipping to 60.5% for 2Q13 compared to 71.4% in 1Q13, according to Fitch's latest quarterly index results for the sector. Thirty CMBS loans saw losses of 95% or more last quarter, with 16 of them seeing losses of 100% or more.

    CMBS loans in special .......

    News Round-up 9 September 2013

  • Reconciliation service launched

    Data connectivity between the DTCC Data Repository (US) and TriOptima's triResolve portfolio reconciliation service is now live and operational (SCI 6 June). The service enables the reconciliation of OTC derivatives trades reported to DTCC's US trade repository.

    The move is designed to help ensure compliance with the CFTC-mandated reconciliation deadline of 23 August. DTCC and TriOptima anticipate that their collaboration .......

    News Round-up 9 September 2013

  • Reporting compliance enabled

    The ECB has enhanced the loan-level reporting requirements for RMBS and SME ABS that are used as collateral in Eurosystem monetary policy operations but are unable to satisfy the previously announced implementation timeline. The enhancements aim to ensure a smooth transition to full compliance while ensuring a level playing field between RMBS and SME ABS at different stages of the .......

    News Round-up 9 September 2013

  • Markit continues Asia-Pacific push

    Markit co-founder Kevin Gould is transferring to Singapore to spearhead the company's expansion in the Asia-Pacific region. He was previously leading North American operations and will remain Markit president as he takes up his new responsibilities in Asia.

    .......

    Job Swaps 9 September 2013

  • Secondary CDO supply up, talk low

    There were several US CDO tranches out for the bid in yesterday's session. SCI's PriceABS data shows a considerable list of names included on Thursday's BWICs, where price talk was consistently in the single digits.

    The vast majority of the names circulating were from CDOs issued around 2006, although there was also one result from 2011 - ACCDO 2011A SUB .......

    Market Reports 6 September 2013

  • Conduit concerns for US CMBS

    US CMBS issuance has now reached US$56bn, surpassing the full-year issuance in 2012 of US$48bn. Conduit transactions account for about US$36bn of the total and S&P notes that although average credit metrics have held steady on a quarter-by-quarter basis they are riskier than a year ago.

    The rating agency says slipping loan standards will lead to higher eventual loss rates .......

    News Round-up 6 September 2013

  • Vegas council rejects eminent domain use

    The North Las Vegas city council has rejected a plan promoted by Mortgage Resolution Partners (MRP) to use eminent domain to seize underwater mortgages from securitisation trusts. The vote to oppose the plan was unanimous.

    .......

    News Round-up 6 September 2013

  • CDO-squared suit dismissed

    A federal court in New York has dismissed a Bank of America lawsuit against Bear Stearns Asset Management, JPMorgan and former Bear Stearns managers. The suit was in connection with a May 2007 CDO-squared transaction.

    Bank of America alleged that the defendants deceived the bank by failing to disclose that Bear Stearns Asset Management was ailing and had received heavy .......

    Job Swaps 6 September 2013

  • China steps up securitisation support

    China's State Council announced several measures last week which Fitch believes could signal an intensifying commitment to developing its securitisation market. The measures include steps to boost market liquidity, broaden the investor base and enhance regulatory and risk controls.

    The announced proposal to allow securitised products to be traded on stock exchanges would provide a liquidity boost, facilitating a real-time .......

    News Round-up 6 September 2013

  • Firm boosts portfolio management, debt teams

    Tikehau Group has added Patrick Marshall to its loan portfolio management team in London. He specialises in credit, risk management, leveraged loans and distressed debt.

    Marshall joins from WCAS Fraser Sullivan and has also worked PWC, Société Générale and Lehman Brothers. Cécile Mayer-Levi has also joined Tikehau's private debt team in Paris, joining from AXA Private Equity.

    .......

    Job Swaps 6 September 2013

  • CLO chief joins investment manager

    Altum Capital has appointed Alexei Kroujiline as a senior analyst in London. He will focus on structured products, working alongside Cathy Price, head of Altum London. Kroujiline joins from Citi, where he traded CLOs, CDOs and other securitised products in London and New York.

    .......

    Job Swaps 6 September 2013

  • HK regulators consider OTC proposals

    The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) have published their conclusions on a joint supplemental consultation regarding the proposed scope of activities to be regulated under the new OTC derivatives regime and regulatory oversight of systemically important participants. They report that market feedback has been broadly positive.

    The revised proposals have been incorporated into the .......

    Job Swaps 6 September 2013

  • Risk retention to spark loan tiering?

    The re-proposed US risk retention rule (SCI 29 August) favours larger CLO managers and could result in a two-tiered loan market. Issuance is also expected to drop after the regulation takes effect, potentially raising borrowing costs for below-investment grade corporates.

    The minimum 5% risk retention requirement for CLOs is unchanged under the re-proposed rule, but is now based on fair .......

    News 5 September 2013
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