Complete news archive

  • 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

  • Feedback sought on EMEA set-off

    Moody's is seeking feedback on its proposed approach for assessing set-off risk in securitisation and covered bonds transactions in EMEA, as well as on its general approach to assessing set-off risk. The agency is considering several changes to its existing methodology, in particular for Dutch set-off risk.

    Moody's proposed approach is substantially the same as its existing published methodologies, save .......

    News Round-up 10 July 2013

  • Weak outlook for EMEA CMBS loan maturities

    While the number of EMEA CMBS loans coming due this quarter is once again large, only a few are expected to repay, according to Fitch's latest quarterly index report for the sector. Loan-to-value (LTV) levels are increasing, in some cases quite sharply. In parallel, many of the loans coming due are already in poor shape, the agency notes.

    "Ten loans .......

    News Round-up 10 July 2013

  • RFC issued on CRA3 implementation

    ESMA has published a discussion paper dealing with the implementation of the CRA3 Regulation, which entered into force last month (SCI 19 June). ESMA is required to draft regulatory technical standards (RTS) regarding: disclosure requirements on structured finance instruments (SFIs); the European Rating Platform (ERP); and the periodic reporting on fees charged by rating agencies.

    The SFI draft RTS will .......

    News Round-up 10 July 2013

  • US RMBS makes welcome return

    The US RMBS secondary market sprang back to life yesterday after a string of quiet sessions before and after 4 July. SCI's PriceABS data shows around twice as many US RMBS tranches for Tuesday's session as it does for Monday.

    Supply was elevated across fixed, hybrid and subprime paper, with total volume estimated at US$930m. Tomorrow's session is .......

    Market Reports 10 July 2013

  • Freddie credit quality examined

    Kroll Bond Rating Agency has published an analysis of Freddie Mac's historical performance data that considers the potential performance of risk-sharing reference pools, given current origination trends. Credit performance of jumbo prime mortgages and Freddie Mac mortgages were found to be highly comparable when controlling for characteristics, such as FICO, LTV, balance and income/asset documentation.

    Freddie Mac has released a .......

    News Round-up 10 July 2013

  • BHC leverage ratio strengthened

    The US Fed, the FDIC and the OCC yesterday proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant US banking organisations. At the same time, the FDIC approved an interim final rule and the OCC approved a final rule identical in substance to the final capital rules issued by the Fed on 2 July .......

    News Round-up 10 July 2013

  • CREFC adds analysis, relations vp

    The CRE Finance Council has appointed Christina Zausner as industry and policy analysis vp. It is a newly-created role in which she will analyse industry data and trends and write reports for distribution to the CREFC membership and general public.

    Zausner will also be part of the CREFC's government relations initiatives, helping to increase the group's presence and relationship development .......

    Job Swaps 10 July 2013

  • UK servicer appoints operations chief

    Paul McMillan has joined mortgage servicer Acenden as coo. He reports to ceo Amany Attia and joins the company's operational management committee.

    McMillan joins from Ulster Bank and has held several roles in Ulster's parent bank, RBS. He will be based in High Wycombe and take responsibility for all the core operating teams in the business.

    .......

    Job Swaps 10 July 2013

  • Secondary CLOs are all talk

    After a difficult June for the secondary US CLO sector, this month has begun with a couple of covers and DNTs. Market participants appeared to take a cautious approach yesterday, with SCI's PriceABS data showing plenty of talk but no trades.

    The sell-off in June saw generic US CLO secondary spreads widen by about 70bp month-over-month for legacy .......

    Market Reports 9 July 2013

  • Prepays set to move sharply lower

    Total FNCL pay-downs fell by 9% month-on-month in June to US$40.5bn at 24.6 CPR, according to Barclays Capital figures, as two fewer processing days and a decline in HARP activity overwhelmed a modest decline in driving rate. The focus is now expected to turn to the July/August reports, where a cumulative 100bp increase in US mortgage rates will likely force .......

    News 9 July 2013

  • Exclusive CLO portfolio advisor appointed

    Advantage Insurance Holdings has entered into a long-term agreement for GSO Capital Partners to serve as Advantage's exclusive portfolio advisor. GSO will be responsible for deploying the capital and surplus of Advantage's subsidiaries into CLOs and other investments.

    The Advantage portfolios will be managed by Mark Moffat at GSO's London-based affiliate, GSO Capital Partners International. Moffat is a senior md .......

    Job Swaps 9 July 2013

  • Insolvencies weigh on leasing ABS

    An increase in German corporate insolvencies in 1H13 is expected to result in a moderate increase in default rates in commercial leasing ABS transactions, according to Fitch, although the agency does not anticipate any impact on current ratings. The first-half increase is consistent with its deal-by-deal base-case default assumptions and so observed default rates should remain below those assumed in .......

    News Round-up 9 July 2013

  • Internal audit code released

    The Chartered Institute of Internal Auditors (IIA) has published a new code designed to enhance risk management within financial institutions. In line with the recent report of the UK Parliamentary Commission on Banking Standards - which calls for improvements to internal audit's ability to flag concerns about the management of risks as one element in improving the governance and behaviour .......

    News Round-up 9 July 2013

  • CSA risk review tool offered

    eClerx has launched its ISDA Credit Support Annex (CSA) Document Risk Review solution, which aims to allow financial institutions to strategically mine information comprehensively and accurately from CSAs for more informed management of credit and legal risk. The idea is to leverage the data pre-trade to ensure derivative transactions are priced correctly and post-trade to optimise collateral movements across counterparties.

    News Round-up 9 July 2013

  • Pick-up expected in Euro CMBS shortfalls

    Moody's expects further interest shortfalls to occur in respect of legacy European CMBS. Note-level interest shortfalls are more likely for transactions with loan-level appraisal-reduction mechanisms and increased loan-level interest shortfalls, as well as substantially reduced loan pools, particularly if issuer level costs are higher on a certain interest payment date.

    "Specific transaction structures exacerbate the recently observed interest shortfalls in .......

    News Round-up 9 July 2013

  • Synthetic risk touted over cash

    US fixed income markets are pricing in the beginning of the end of extraordinary central bank support and it is having a material impact on rates and credit spreads. But - even as cash bonds struggle to deal with technicals - the benchmark CDX IG index is nearly 10bp tighter over the course of 2013, according to Morgan Stanley figures.

    News 8 July 2013

  • Social housing arrears jump on 'bedroom tax'

    The UK National Housing Federation has published a report showing the impact of the government's controversial 'bedroom tax' on housing association arrears in Merseyside. First impressions suggest that the reduction in housing benefit is having a negative impact on housing association bonds, with the step-change in arrears as high as that seen in peripheral European RMBS between 2010 and 2011.

    News Round-up 8 July 2013

  • Venture debt ABS closes

    Specialty finance company Horizon Technology Finance Corporation has completed its debut securitisation. The US$90m Horizon Funding Trust 2013-1, backed by venture capital debt, is rated A2 by Moody's and was arranged by Guggenheim Securities.

    The notes bear a fixed interest rate of 3% and have a stated maturity date of 15 May 2018. The transaction has enabled Horizon to both .......

    News Round-up 8 July 2013

  • Second CVA consultation begins

    The European Banking Authority has launched a second consultation on draft regulatory technical standards (RTS) for credit valuation adjustment risk. The aim is to further specify how a proxy spread should be determined for the calculation of own funds requirements and to provide additional details on a limited number of smaller portfolios.

    These RTS will be part of the single .......

    News Round-up 8 July 2013

  • Dutch bank adds senior analyst

    Ruben van Leeuwen has joined Rabobank as senior ABS analyst. He joins from ABN Amro and will provide sell-side research with a focus on Dutch RMBS and covered bonds.

    At ABN Amro he was a fixed income strategist, portfolio manager and senior US economist. His various roles included covering Dutch and global credit markets and the development of fixed income .......

    Job Swaps 8 July 2013
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