Complete news archive

  • REO assets tipped for auction

    Only two properties securitised in US CMBS are set for a note sale via Auction.com in August.

    The first is the US$42.9m Tallahassee Mall securitised in CSFB1999-C1, which has been in REO since January 2011. The latest reported appraisal (from September 2010), pegged the value of the property at only US$4.5m.

    The loan was deemed non-recoverable in mid-2011 and the .......

    News Round-up 16 July 2013

  • REO sales drive late-pay decline

    Fitch reports that US CMBS late-pays declined by 19bp in June to 7.18% from 7.37% a month earlier, the lowest level since March 2010. The decline was fuelled by the sale of US$622m (in stated loan balance) of REO assets across 34 Fitch-rated transactions, mostly from 2005-2007 vintages. This compares with just US$262m in May.

    The June REO sales were .......

    News Round-up 16 July 2013

  • RMBS dominates quiet session

    US secondary RMBS proved the most active sector in an unusually quiet session yesterday. ABS and CMBS BWIC volume totalled US$100m between them, while US RMBS topped US$500m.

    Non-agency paper accounted for more than half of that RMBS supply. However, as SCI's PriceABS data shows, several of those tranches did not trade.

    In the prime fixed space, the .......

    Market Reports 16 July 2013

  • Pre-trade tool released

    Markit has enhanced its front office analytics solution to enable financial institutions to calculate the costs of funding and capital resources of their OTC derivatives trades in a single application. The new Integrated Resource Management (IRM) solution is designed so that customers can dynamically manage their balance sheet resources and optimise trading decisions prior to execution.

    Paul Jones, director at .......

    News Round-up 15 July 2013

  • CCP consultation underway

    The EBA has launched a consultation on draft implementing technical standards (ITS) on the reporting of the hypothetical capital of a central counterparty (CCP). These ITS will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in Europe. The consultation runs until 30 September.

    The draft ITS relate to prudential requirements for banks' exposures .......

    News Round-up 15 July 2013

  • Storm surge bond debuts

    GC Securities and Goldman Sachs are in the market with what is believed to be the first natural peril catastrophe bond whose trigger is linked solely to storm surge. Dubbed MetroCat Re series 2013-1, the transaction provides parametric coverage for First Mutual Transportation Assurance Co (FMTAC), a subsidiary of the New York Metropolitan Transportation Authority.

    S&P has assigned a preliminary .......

    News Round-up 15 July 2013

  • Repo specialist brought on board

    Rule Financial has appointed Catherine Houston as principal consultant in its domain group. She joins from RBS and will be based in London, reporting to domain group head Jim Warburton.

    Houston has over 21 years of experience in financial services and specialises in operational processing and repo. Before RBS she was at ABN Amro, Dresdner Kleinwort Wasserstein and Goldman Sachs.

    .......

    Job Swaps 15 July 2013

  • Suit alleges ratings fraud

    Liquidators of two Bear Stearns funds have filed a lawsuit in the New York Supreme Court against McGraw Hill Financial, Moody's Corp and Fitch Group. They are seeking more than US$1bn for fraudulent investment ratings on RMBS and CDOs.

    The liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) allege .......

    Job Swaps 15 July 2013

  • Irish code of conduct 'credit positive'

    The Central Bank of Ireland on 1 July introduced a revised code of conduct for lenders, governing how they must deal with mortgage borrowers that are in arrears. Among other things, the revised rules remove the limit on how often lenders are allowed to contact delinquent borrowers, clarify when they can treat borrowers as uncooperative, and potentially reduce the time .......

    News Round-up 15 July 2013

  • NCUA RMBS action dismissed

    A federal court in Kansas has dismissed an action by the NCUA against Barclays Capital as time-barred. The lawsuit was filed last year, alleging US$555m of RMBS was misrepresented when it was sold to the US Central and Western Corporate credit unions.

    According to a Lowenstein Sandler memo, in dismissing the action as untimely the court relied on a recent .......

    Job Swaps 15 July 2013

  • CDSClear expands its reach

    LCH.Clearnet has received permission to begin clearing credit default swaps for US clearing members through CDSClear. This is while LCH.Clearnet's application to the CFTC for registration as a derivatives clearing organisation (DCO) is pending. The move allows US members to clear proprietary CDS index trades through LCH.Clearnet's Paris-based CCP, with the aim of expanding the choice of institutions through which .......

    News Round-up 15 July 2013

  • Further antitrust suit brought

    Four Danish pension funds have filed a lawsuit against a group of banks which they accuse of blocking the entry of exchanges into the CDS market. All of the accused are also subject to an antitrust investigation by the European Commission (SCI 1 July) and a separate lawsuit brought by a US pension fund (SCI 7 May).

    This lawsuit is .......

    Job Swaps 15 July 2013

  • Inaugural project bond unveiled

    The first transaction to be issued under the EU's Europe 2020 Project Bond Initiative hit the market last week. Dubbed Watercraft Capital, the €1.43bn bond will refinance outstanding loans in connection with the construction and operation of an underground gas storage facility off the northern Spanish Mediterranean coast.

    Escal UGS (the 'ProjectCo') was granted a 30-year concession by the Spanish .......

    News Round-up 15 July 2013

  • SCI Start the Week - 15 July

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

    Pipeline
    The mix of deals added to the pipeline last week was skewed towards CMBS and CLOs. Only one ABS (US$1bn Volkswagen Auto Lease Trust 2013-A) and one RMBS (US$440m NRP Mortgage Trust 2013-1) began marketing, with five CMBS and four CLOs joining them.

    The CMBS comprised: US$600m CGBAM 2013-BREH; US$1.54bn FREMF 2013-K29; US$1.3bn GSMS 2013-GC13; US$70m JPMCC 2013-ACMZ; and €1.409bn .......

    News 15 July 2013

  • RHG takeover bids eyed

    Australian lender Pepper has announced an unsolicited bid for RHG (formerly RAMS Home Loans), which is currently in wind-down. Meanwhile, RHG's board of directors has recommended that its shareholders accept a takeover proposal from former RHG director Trevor Loewensohn and Resimac.

    Moody's suggests in its latest Credit Outlook, that a takeover by either Resimac or Pepper would be credit positive for .......

    Job Swaps 12 July 2013

  • CMHC update welcomed

    Covered bond programmes from CIBC and RBC have become the first to be registered under the Canada Mortgage and Housing Corporation's (CMHC) new legal framework for covered bonds. Their approval follows updates on 27 June to CMHC's regulations for covered bonds.

    The first key change included in the updated regulations applies to Canadian mortgage products that allow the borrower to .......

    News Round-up 12 July 2013

  • Clearing consultation begins

    ESMA has released a discussion paper in preparation for the regulatory technical standards (RTS) that will implement provisions of EMIR regarding the obligation to centrally clear OTC derivatives. The aim of the consultation is to determine which classes of OTC derivatives need to be centrally cleared and the phase-in periods for the counterparties concerned.

    The discussion paper outlines ESMA's approach .......

    News Round-up 12 July 2013

  • Euro CLO activity up

    European CLO market participants spent yesterday poring over an ABS CDO BWIC, which came out late in the day. Meanwhile, in the primary market the recently-priced Cadogan Square CLO V has sparked some debate.

    Yesterday's CDO bid-list traded well, according to one trader. It included names such as CAVSQ 1 A2, CAVSQ 1 B, CAVSQ 1 C, FAXT 2004-1X S .......

    Market Reports 12 July 2013

  • Securitisation trading director joins

    HSBC has appointed Eugene Gorelik as director for securitisation trading. He is based in London and forms part of the bank's efforts to grow its credit business in the region.

    Gorelik previously traded ABS at Credit Suisse, also in London. Before that he was based in New York, working first for Cadwalader and then for Goldman Sachs.

    .......

    Job Swaps 12 July 2013

  • Risk management specialist added

    Twelve Capital has added Markus Stricker as risk management partner. As well as taking responsibility for risk management he will help to further drive the development of Twelve Capital's proprietary analytical tools.

    Stricker has previously worked at SwissRe and Aon ReSolution and has consulting experience from roles at companies such as Tower Perrin Tillinghast. His most recent position was as .......

    Job Swaps 12 July 2013

  • Hiscox strengthens ILS capabilities

    Hiscox Re has named Michael Jedraszak as ILS director in London, responsible for overseeing Hiscox's strategy and planning around ILS. Jedraszak has been at Hiscox for eight years and will retain key strategic influence in the firm's international business until a new leader for that unit is appointed.

    .......

    Job Swaps 12 July 2013
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