Complete news archive

  • 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

  • EC proposal 'credit positive'

    The European Council's proposal to give depositors preference over senior unsecured creditors would be credit positive for EMEA RMBS and ABS, says Moody's in a Credit Insight note. The proposal would increase the likelihood of undisrupted payments to depositors of a defaulting institution, increase potential recoveries on defaulting deposits and potentially mitigate set-off risk.

    Set-off risk could be further reduced .......

    News Round-up 19 July 2013

  • EMIR protocol released

    ISDA has launched a new protocol and reporting guidance note. The ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol is intended to allow swap market participants to amend agreement terms to reflect certain portfolio reconciliation and dispute resolution obligations imposed by regulation on OTC derivatives, central counterparties and trade repositories.

    The protocol also includes a disclosure waiver relating .......

    News Round-up 19 July 2013

  • US home prices up as economies lag

    The disconnect between rising home prices and sluggish local economies is particularly wide for many US cities, according to Fitch's latest quarterly home price report. Broadly speaking the picture is stabilising, with real home prices rising nearly 6% last year, although several cities are bucking this trend.

    The rating agency note that home prices were up 17% for Detroit as .......

    News Round-up 19 July 2013

  • Multifamily list dominates CMBS session

    US CMBS BWIC volume more than doubled yesterday to US$857m. Spreads tightened slightly and SCI's PriceABS data shows a number of senior bonds which attracted covers during the session.

    GG10 Dupers were quoted yesterday at plus 163/160, having closed on Wednesday at plus 162. Legacy conduit fixed seniors, AMs and AJs were 1bp, 2bp and 4bp .......

    Market Reports 19 July 2013

  • ECB provides ABS collateral boost

    The ECB's governing council has adjusted its risk control framework to tighten covered bond rules in favour of ABS. The changes provide updated haircuts for marketable instruments and an expanded list of collateral which will be accepted under the permanent Eurosystem collateral framework.

    The ECB has reduced the haircuts applicable to ABS eligible under the permanent and temporary Eurosystem collateral .......

    News Round-up 19 July 2013

  • Conduit CMBS standards 'slipping'

    Loan leverage and the share of interest-only loans in conduit CMBS reached new highs for the CMBS 2.0 market in 2Q13. With debt service coverage also moving downwards, Moody's says conduit loan underwriting quality is now similar to 2005 vintage loans and declining rapidly.

    "The credit lessons learned from the poorly underwritten loans in the peak CMBS 1.0 vintages had .......

    News Round-up 19 July 2013

  • Aite expands Asian footprint

    Aite Group has acquired consultancy firm Solution Services. The firm provides financial and IT industry information, news distribution and consulting services for Japanese clients. The two companies have previously worked closely together but the acquisition gives Aite Group greater direct access to Japanese clients and increases its footprint in Asia-Pacific.

    .......

    Job Swaps 19 July 2013

  • Cashflow waterfall template finalised

    The Reserve Bank of Australia has published its finalised cashflow waterfall reporting template for repo-eligible RMBS. The template is one of four new reporting templates that will need to be completed for RMBS to be considered for eligibility for repurchase agreement with the Reserve Bank from 31 December 2014.

    After extensive consultation, the RBA published in April final templates covering .......

    News Round-up 19 July 2013

  • CMBS production head named

    Greystone has appointed Robert Russell as head of CMBS production and md for the firm's Fannie Mae and Freddie Mac platform. He will be based in New York and report to Joe Mosley, executive md for Fannie Mae and Freddie Mac lending.

    It is a newly-created position in which Russell will coordinate the firm's production of CMBS loans and originate .......

    Job Swaps 19 July 2013

  • Risk manager promotes administrative chief

    Kamakura Corporation has promoted Martin Zorn from chief administrative officer to president and coo. Warren Sherman has been named vice chairman, while Ardi Tavakol and Mark Slattery each become md.

    Zorn will oversee all day-to-day operations and serve Kamakura's risk management clients. He has spent the last two years at Kamakura, before which he worked at Tennessee Commerce Bank, Integra .......

    Job Swaps 19 July 2013

  • Volatility cited as biggest CLO concern

    CLO supply is predicted to reach US$34.5bn and €3.6bn in the second-half of the year, according to JPMorgan's latest client survey for the sector, implying a full-year global forecast of about US$87bn. End-2013 spread targets for US and European triple-A primary spreads are mainly concentrated around the Libor plus 110bp-120bp area, with a significant Libor plus 100bp population.

    Market volatility .......

    News Round-up 18 July 2013

  • RMBS 2.0 set to broaden?

    The clarification of Basel 3 risk weightings associated with US residential mortgages is expected to facilitate the broadening of the '2.0' non-agency RMBS market from a prime jumbo low-LTV sector to somewhere further down in credit, such as borderline Alt-A/prime borrowers with higher LTVs. It could also spur improved fundamental credit performance for legacy RMBS.

    Residential mortgage risk weightings under .......

    News Round-up 18 July 2013

  • Credit manager adds Goldman vet

    DFG Investment Advisers has appointed Philip Darivoff as chairman both of DFG and of parent company Vibrant Capital Partners. He previously spent 27 years at Goldman Sachs, most recently as a member of the firm's structured finance capital committee and director of the firm's office of alumni relations.

    Darivoff joined Goldman Sachs as an associate in the mortgage securities department. .......

    Job Swaps 18 July 2013

  • Non-EU counterparty consultation underway

    ESMA has launched a consultation on draft regulatory technical standards (RTS) designed to implement EMIR provisions related to OTC derivative transactions by non-EU counterparties in certain cases and prevent attempts by non-EU counterparties to evade EMIR's provisions. The paper clarifies the conditions where EMIR's provisions regarding central clearing or risk mitigation techniques would apply to OTC derivative trades undertaken by .......

    News Round-up 18 July 2013

  • Watt appointment could bring opportunity

    US Representative Mel Watt is strongly tipped to become the next FHFA director. His successful nomination could escalate RMBS policy concerns, although an over-reaction would present a strong buying opportunity.

    The Senate banking committee could confirm Watt's nomination as soon as today (18 July), which would be the first step towards a Senate vote. Bank of America Merrill Lynch ABS .......

    News 18 July 2013

  • Markit appoints Japanese operations head

    Markit has named Matthew Serynek as md and head of operations in its Tokyo office. He will be responsible for developing the company's presence in Japan and fostering new relationships with customers. Serynek was most recently president of SunGard Japan.

    .......

    Job Swaps 18 July 2013

  • Mapeley work-out gains momentum

    Eight of the 20 properties securing the £162.3m Mapeley loan, securitised in the Deco 6 - UK Large Loan 2 CMBS, have been sold since the loan was accelerated and enforced a year ago (see SCI's CMBS loan events database). So far, the work-out process appears to have been relatively successful.

    The combined gross sales proceeds for six .......

    News Round-up 18 July 2013

  • Clean-up for LBUBS 07-C2 delinquencies

    The July remittance for LBUBS 2007-C2 indicates that US$773m of delinquent loans have been liquidated at an average 40% loss severity, wiping out nine outstanding mezzanine bonds and imposing a 10% loss on the AJ note. The spurt in liquidations was widely expected and follows an auction of the trust's delinquent loans by Orix (SCI 30 April).

    The gross proceeds .......

    News Round-up 18 July 2013

  • IRS central clearing recommended

    The Reserve Bank of Australia, Australian Prudential Regulation Authority and Australian Securities and Investments Commission have released a report on the Australian OTC derivatives market. The report constitutes the latest advice from the regulators regarding mandatory requirements for trade reporting, central clearing and platform trading of OTC derivatives.

    The report focuses primarily on the case for mandatory central clearing. Based .......

    News Round-up 18 July 2013

  • GRAND redemption due

    Each of the GRAND REF note issuers are expected to prepay in full tomorrow, followed by the redemption of the CMBS notes on the 22 July IPD. The move follows DAIG's successful IPO last week: the company is partially funding the repayment with an unsecured loan, which was contingent on generating IPO proceeds of at least €400m (see SCI's CMBS .......

    News Round-up 17 July 2013
×