Complete news archive

  • 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

  • Statistical sampling examined

    The recent Flagstar (SCI 4 April) and Countrywide (SCI 7 May) rulings indicate an increased willingness of courts to allow statistical sampling as evidence of pool-wide breaches of MBS representations and warranties. However, the cases also open up many questions regarding statistics and evidence, according to NewOak Capital.

    For example, the firm notes that the applicability of such reasoning to .......

    News Round-up 12 July 2013

  • CLO growth underlined

    Appleby has released its inaugural 'CLO Insider' report, which provides data and analysis on the global CLO market, focusing on the first half of 2013. A total of 98 CLOs closed in the first half of 2013, a significant increase on the 39 deals that closed in the first six months of 2012.

    "With the value of the market growing .......

    News Round-up 12 July 2013

  • CMBS pay-offs dip

    The percentage of US CMBS loans paying off on their balloon date registered 58.5% last month, according to the latest Trepp pay-off report. This reading is one point below the May level of 59.5% and the second lowest of the year.

    The June pay-off percentage is slightly above the 12-month moving average of 57.4%. By loan count as opposed to .......

    News Round-up 12 July 2013

  • SME loan fund prepped

    Tikehau IM has been selected to manage a loan fund targeting SMEs, following a request for proposal initiated by the Caisse des Dépôts et Consignations (CDC), the Fédération Française des Sociétés d'Assurances (FFSA) and 18 institutional investors. The fund - created at the initiative of insurance companies and the CDC - aims to provide loans to SMEs by directing available .......

    Job Swaps 11 July 2013

  • AVA consultation begins

    The EBA has launched a public consultation on draft regulatory technical standards (RTS) that set out the requirements related to prudent valuation adjustments of fair valued positions. The objective of these draft RTS is to determine prudent values that can achieve an appropriate degree of certainty while taking into account the dynamic nature of trading book positions. The consultation runs .......

    News Round-up 11 July 2013

  • Trups CDO criteria updated

    Fitch has updated its rating criteria report for Trups CDOs to include an outline of the key assumptions for cashflow analysis. These assumptions form a range of scenarios with respect to redemptions in the underlying portfolios, default timing and interest rate stresses.

    Over the past few years Fitch says it has observed meaningful levels of redemptions from large issuers. The .......

    News Round-up 11 July 2013

  • Alternative investment platform launched

    An independent investment platform has been launched for investors and hedge fund managers. Dubbed ClearVest, the platform offers a total portfolio solution with what is described as an intelligent interface between a diversified offering of alternative managers, world-class research, institutional quality infrastructure and leading-edge technology.

    ClearVest was founded by HedgeACT (which will provide the technology backbone), The Alpha Cooperative (which .......

    Job Swaps 11 July 2013

  • Bankruptcy credit event called

    ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in respect of Cengage Learning Acquisitions. The firm filed a voluntary petition under Chapter 11 on 2 July.

    .......

    News Round-up 11 July 2013

  • RBS novation confirmed

    Fitch confirms that there is no rating impact following the novation by RBS NV to RBS plc, ABN AMRO Bank and/or Bank Nederlandse Gemeenten with respect to the roles it covers across any European structured finance transaction. RBS plc notified the agency in May that, as part of the continuing transfers of business activities from RBS NV to RBS plc, .......

    News Round-up 11 July 2013

  • Hotels track apartment price rises

    The rise in full service hotel prices is keeping up with that in apartments, according to the latest Moody's/RCA CPPI report.

    Full service hotel prices have risen by 52.3% and apartment prices by 55.3% since 4Q09. In the 12 months ending 31 May, apartment prices rose by 12.9%, more than triple the 3.4% rise in the core commercial sector.

    Limited-service .......

    News Round-up 11 July 2013

  • NRPMT 2013-1 concentration scrutinised

    Fitch has released an unsolicited comment on NRP Mortgage Trust 2013-1, Nomura Corporate Funding Americas's new prime RMBS. The transaction has insufficient credit enhancement to achieve a triple-A rating, according to the agency.

    Fitch notes that the deal is backed by high quality originations from First Republic Bank (FRB), with the loans characterised by strong attributes. However, it has a .......

    News Round-up 11 July 2013

  • Alternative ABCP liabilities gain traction

    Fitch reports that US ABCP conduit sponsors are developing alternative liability structures to minimise the potential increased costs of liquidity under the proposed Basel 3 liquidity coverage requirements. Sponsors are amending ABCP programme documentation to allow for the issuance of callable, puttable-callable and investor-option extendible notes.

    "ABCP sponsors are essentially creating liabilities that would allow them to reduce the number .......

    News Round-up 11 July 2013

  • Counterparty risk survey completed

    Over 120 senior traders and chief risk officers were surveyed at a recent seminar to gain insight into the approaches taken towards counterparty credit risk and Basel 3. The seminar was hosted by Quantifi, Ernst & Young and PRMIA.

    Among the key findings from the survey was that the majority of banks have Basel 3 projects in progress (71%), but .......

    News Round-up 11 July 2013

  • Appraisal exemptions extended

    The US Fed, the CFPB, the FDIC, the FHFA, the NCUA and the OCC have issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money, as well as promote the safety and soundness of creditors.

    The proposed rule would exempt .......

    News Round-up 11 July 2013

  • PE firm buys into credit advisor

    Dyal Capital Partners has agreed to acquire a passive interest in Waterfall Asset Management from the latter's original seed investor. Waterfall co-founders Jack Ross and Thomas Capasse will continue to lead the firm and control its operations and investment process.

    As part of the transaction, Waterfall's principals will significantly increase their ownership over time. Kleinberg, Kaplan, Wolff & Cohen advised .......

    Job Swaps 11 July 2013

  • Risk and reward

    Leveraged credit investing becoming more complex?

    Risk appetite for leveraged diversified credit is rising with the hunt for yield. But, at the same time, the infrastructure required to access the sector has become more complex.

    Quantifi ceo Rohan Douglas confirms that credit has become the focus from both a risk and investment perspective. "Asset managers are under pressure to broaden their asset class and geographical coverage .......

    News Analysis 11 July 2013

  • Large list looks like GSE sell-off

    Non-agency US RMBS have largely held on to their year-to-date gains, despite the uncertainty caused by suggestions of Fed tapering, whereas Treasuries and agency RMBS have been more strongly affected. The relative outperformance could open the door for the GSEs to liquidate their legacy holdings while market levels remain elevated, with a large list due out today.

    Benchmark 10-year Treasury .......

    News 11 July 2013

  • Rating agency expands European footprint

    Moody's is opening an office in Warsaw as Poland's regional significance continues to grow. The agency has named Anna Jelowicka as general manager of Moody's Poland.

    Jelowicka will lead Moody's operations in the country and take responsibility for directing and coordinating the rating agency's activities and managing key customer relationships. She has been with Moody's for six years, having previously .......

    Job Swaps 11 July 2013

  • Scope for litigation expanding?

    As litigation with respect to loan origination and other issues stemming from the financial crisis begins to ebb, a number of other areas are emerging as potential foci of investor scrutiny and regulatory compliance, according to NewOak Capital. The firm suggests that while some of these matters may appear to be solely the domain of consumer rights and protection, what .......

    News Round-up 10 July 2013

  • Real estate debt platform prepped

    Brookland Partners is launching Brookland Financial, a new intermediary platform to connect parties in the real estate debt markets. The platform will act for both borrowers and lenders and is being led by Nassar Hussain, Brookland Partners founder and managing partner.

    Brookland Financial has access to two independent teams and can provide investors with a full debt arranging solution through .......

    Job Swaps 10 July 2013
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