Complete news archive

  • Post-trade processing solution provided

    Accenture and Broadridge Financial Solutions have launched a post-trade processing solution to help banks in Europe and Asia-Pacific reduce post-trade processing costs and adapt to new regulations and technology. Accenture Post-Trade Processing combines Accenture's global capital markets industry expertise with Broadridge's post-trade processing technology.

    The solution has also been designed to accommodate other technology, such as reconciliations and corporate actions .......

    Job Swaps 23 July 2013

  • Non-agency roll rates hit post-crisis lows

    US mortgage performance continues to improve as the rate of new delinquencies across all sectors trend down, according to Fitch's latest mortgage market index results. In aggregate, non-agency roll rates from current to delinquent have improved to their lowest levels since early 2007.

    Fitch's delinquency (DQ) roll rate index declined to 2% for 2Q13, down from 2.4% in 1Q13 and .......

    News Round-up 23 July 2013

  • Updated swap linkage RFC out

    Moody's has published a request for comment on its proposed approach to assessing the rating impact of linkage to swap counterparties in cashflow structured finance transactions. The report replaces the swap linkage RFC that the agency published last summer (SCI 3 July 2012).

    If implemented, the proposal is likely to be rating-neutral for most structured finance transactions, but could result .......

    News Round-up 23 July 2013

  • Mortgage firm recruits SF pro

    Stonegate Mortgage Corporation has further strengthened its structured finance team with the addition of Julianne Ilstrup. She becomes structured finance svp and will work with the firm's non-agency RMBS team to build Stonegate's capabilities to execute securitisations.

    Ilstrup will report to structured finance evp Eric Scholtz, who joined earlier this year (SCI 30 January). She joins from US Bank and .......

    Job Swaps 23 July 2013

  • TRACE adds specified, SBA securities

    FINRA has begun disseminating via TRACE information for specified pool transactions in agency pass-through MBS and SBA-backed securities. This represents approximately 3,500 trades, totalling US$18bn in par value, on an average daily basis.

    TRACE will disseminate transaction information, such as the time of the trade, price and volume. For security identification, in lieu of the CUSIP, FINRA will provide the .......

    News Round-up 23 July 2013

  • Asset manager boosts team

    Stenham Asset Management has appointed Damian Brannan as md, allowing cio Kevin Arenson to focus exclusively on investment management and risk control. Brannan will also become a member of Stenham's investment advisory committee.

    Brannan will work closely with Arenson and senior executive Dominique Montier to provide client service and deliver investment returns. He was most recently at Union Bancaire Privee, .......

    Job Swaps 23 July 2013

  • Muni bond insurance company formed

    Assured Guaranty has launched Municipal Assurance Corp (MAC), a new municipal bond insurance company. It will complement the municipal bond insurance businesses of Assured Guaranty Municipal Corp (AGM) and Assured Guaranty Corp (AGC), which jointly own the company.

    MAC has been capitalised to approximately US$800m through cash and securities contributed by AGM and AGC. It will avoid many of the .......

    Job Swaps 23 July 2013

  • Rebuilding Basel

    'Sweeping' capital requirement changes under consideration

    The Basel Committee sought and received feedback on a consultative paper launched late last year (SCI 19 December 2012). Market participants voiced concerns over the proposals and they are now expected to be amended in advance of a second consultation later this year.

    "Relative to the existing framework, the changes proposed by the Basel Committee are quite sweeping. They appear .......

    News Analysis 23 July 2013

  • Cerberus grows German holdings

    Cerberus Capital Management affiliates have acquired two portfolios of German real estate properties: the Phoenix portfolio of nine shopping centres formerly owned by Wells Fargo; and the Monsoon portfolio of ten retail properties, which secures the Countrywide Kaufland loan securitised in EPIC Drummond (see SCI's CMBS loan events database).

    The Phoenix portfolio includes a combined floor space of .......

    News Round-up 22 July 2013

  • UK refinancing activity on the up?

    Lower interest rates on new loans in the past year mean that up to half of UK mortgage borrowers might now be both willing and able to refinance, up from about one-third a year ago. A new S&P report highlights how the incentive to remortgage fell sharply between 2008 and 2010, consistent with declining mortgage payment rates. However, more recently, .......

    News Round-up 22 July 2013

  • Dignity tap to finance acquisition

    Funeral services provider Dignity plans to tap its Dignity Finance whole business securitisation. At the same time, the transaction's security group will acquire a new Dignity entity.

    Dignity Finance closed in April 2003 and has already been tapped twice since then -in February 2006 and September 2010 - as permitted by the transaction documents. As on the closing and the .......

    News Round-up 22 July 2013

  • Eminent domain prohibition encouraged

    Legislation proposed by US Congressman John Campbell to prohibit Fannie Mae and Freddie Mac from purchasing, the FHA from insuring and the Department of Agriculture from guaranteeing, making or insuring a mortgage located in a municipality that has used the power of eminent domain to seize a residential mortgage has been welcomed by SIFMA. The association recommends that Congress quickly .......

    News Round-up 22 July 2013

  • Green light for European index clearing

    LCH.Clearnet has received regulatory approval to clear CDS index transactions for European clients through CDSClear. The CCP expects to be able to offer single name CDS clearing soon.

    CDSClear's index clearing service provides portability through its asset tagging solution, which allows clearing members to track which of their client-related non-cash collateral and positions could be transferred to another member in .......

    News Round-up 22 July 2013

  • Consultation begins on LCR standards

    The Basel Committee has issued for consultation liquidity coverage ratio disclosure standards, following the publication of the LCR standard at the beginning of the year (SCI 7 January). The aim is to balance the benefits of promoting market discipline against the challenges associated with disclosure of liquidity positions under certain circumstances, including the potential for undesirable dynamics during periods of .......

    News Round-up 22 July 2013

  • Eurosail proposals put forward

    Fitch has affirmed 30 tranches of six Lehman currency swap transactions and placed five tranches of Eurosail-UK 2007-5NP on rating watch negative (RWN).

    Following the bankruptcy of Lehman Brothers and the subsequent termination of the respective currency swaps, the seven UK non-conforming RMBS transactions continue to be exposed to foreign currency movements. Given the movement of FX rates against the .......

    News Round-up 22 July 2013

  • Administrator role transferred

    Due to a potential conflict of interest relating to its role as securities administrator on Natixis 2007-HE2 and as an originator of loans sold into RMBS mortgage trusts, Wells Fargo is assigning its duties to pursue repurchase obligations to Computershare Trust Company. Under the deal's governing document, Computershare is identified as the separate securities administrator. Wells Fargo will remain the .......

    Job Swaps 22 July 2013

  • No rating impact from REIT merger

    Spirit Realty Capital and Cole Credit Property Trust II have merged to create a publicly traded triple-net-lease REIT, with the combined company taking on the Spirit Realty name. Moody's has confirmed that the move will not result in the downgrade of the Spirit Master Funding Series 2005-1, Spirit Master Funding II Series 2006-1 and Spirit Master Funding III Series 2007-1 .......

    Job Swaps 22 July 2013

  • No new CRE CDO delinquencies

    For the first time in five years, no new US CRE CDO delinquencies were reported last month, according to Fitch's latest index results for the sector. The overall late-pay rate fell to 11.8% in June from 12.7% in May, as 15 assets were removed from the index.

    The removed assets included ten assets disposed of at losses, two defaulted assets .......

    News Round-up 22 July 2013

  • Credit spread futures alliance formed

    CME Group and trueEX have forged a strategic partnership to develop trueEX credit spread futures contracts based on the S&P indices which launched earlier this year (SCI 11 April). The contracts will be distributed on CME Globex, while CME Clearing will provide trueEX with clearing services.

    .......

    Job Swaps 22 July 2013

  • SCI Start the Week - 22 July

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

    Pipeline
    After only seeing a single deal in the previous week, ABS returned to the pipeline last week. Three new ABS deals were announced, together with two ILS, three RMBS, one CMBS and four CLOs.

    The ABS comprised: US$267.4m AEPOH 2013-1; US$173m JGWPT 2013-2; and US$1bn Nissan Auto Receivables 2013-B. The ILS were MetroCat Re Series 2013-1 and US$150m Northshore Re .......

    News 22 July 2013

  • Asset manager adds credit PM

    Chris Boas has joined CQS in London as a senior portfolio manager for credit long/short strategies. He was previously at Longwood Credit Partners, which he founded after leaving Citadel Securities (SCI 5 January 2011), and he has also worked at Morgan Stanley.

    .......

    Job Swaps 22 July 2013
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