Complete news archive

  • 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

  • RWA consistency examined

    The Basel Committee has published its first report on the regulatory consistency of risk-weighted assets (RWAs) for credit risk in the banking book. This study is a part of its wider Regulatory Consistency Assessment Programme (RCAP), which aims to ensure consistent implementation of the Basel 3 framework.

    The study draws on supervisory data from over 100 major banks, as well .......

    News Round-up 8 July 2013

  • SCI Start the Week - 8 July

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

    Pipeline
    Despite a predictably quiet week for the market, nine new deals were added to the pipeline. These transactions comprised two ABS, two RMBS and five CLOs.

    The ABS were €606m SC Germany Auto 2013-2 and US$375m TACSEE Funding Co. The RMBS consisted of €225m Rural Hipotecario XIV and US$875.44m Springleaf Mortgage Loan Trust 2013-2.

    Finally, the CLOs comprised: US$500m Ares .......

    News 8 July 2013

  • Government-sponsored exits?

    GSE sell-offs raise questions about future

    Fannie Mae and Freddie Mac are in the process of moving around US$60bn in guaranteed mortgages over to private investors by the end of the year. That would provide some of the largest blocks of mortgage credit risk ever offered and open up a new stream of investable assets, but it also raises the question of what happens to the .......

    News Analysis 8 July 2013

  • Flexible cat bond debuts

    An unusual catastrophe bond, sponsored by AIG, is expected to close next week. Dubbed Tradewynd Re 2013, the transaction features a variable attachment point, designed to provide the sponsor with risk management flexibility.

    The US$125m five-year single-tranche of notes is rated single-B plus by S&P and is expected to pay 825bp over the US money market fund yield. Aon Benfield and .......

    News Round-up 5 July 2013

  • No holiday for Euro RMBS

    Although secondary markets on either side of the Atlantic were quiet yesterday, some activity was observed in European RMBS. Seldom-seen Portuguese bonds were doing the rounds, as well as UK non-conforming paper.

    One of the Portuguese tranches captured in SCI's PriceABS data is ATLAM 1 A, which was talked at 88. It was previously covered at 90.31 on .......

    Market Reports 5 July 2013

  • Repeat Bankia tender under way

    Bankia has announced a tender offer for 17 senior Spanish RMBS tranches - across 12 2004-2007 vintage CAJAM, BCJAF and BCJAM transactions - in a repeat exercise of its previous offering for the same bonds last year (SCI 28 March 2012). The bank is offering to repurchase up to €500m of paper, half of what it had planned in its .......

    News Round-up 5 July 2013

  • Dawning realisation

    Forbearance losses stack up on transferred MSRs

    The large losses realised by Ocwen on loans previously serviced by Homeward Residential (AHM) came as a surprise to many investors (SCI 3 June). Further forbearance-related losses could yet be realised, not least as a result of recent mortgage servicing right transfers.

    Ocwen realised around US$1.5bn in losses on loans previously serviced by AHM in May, while further losses were .......

    News Analysis 5 July 2013

  • Negative outlook for UK WBS

    Fitch says that the outlook for UK whole business securitisations (WBS) remains predominantly negative, largely due to weak economic conditions and the consequent pressures on consumer and government spending. In particular, the main UK WBS sectors - pubs and care homes/hospitals - are expected to continue to struggle in the latter stages of 2013.

    The UK government's surprise move to .......

    News Round-up 4 July 2013

  • Delay forecast for GRAND repayment

    Deutsche Annington has postponed its IPO, which was planned for 3 July, citing adverse market conditions. The company was seeking to raise €1.1bn, which would have contributed to the full repayment of the GRAND CMBS before the October 2013 IPD.

    With a securitised balance of €3.2bn as of April 2013, DAIG had planned to repay GRAND with several secured loans .......

    News 4 July 2013

  • Europe reacts to unusual RMBS, ABS deals

    It has been an interesting couple of weeks in European RMBS and ABS, with noteworthy primary issuances in each sector grabbing investors' attention. A quiet end to this week is expected as the US marks Independence Day, although activity in the secondary markets has been relatively strong up to this point.

    "European RMBS spreads definitely widened out on the back .......

    Market Reports 4 July 2013

  • Transaction banking leader added

    Susan Skerritt is to join Deutsche Bank's global transaction banking (GTB) division as regional head for the Americas. She will be based in New York and report to GTB head Werner Steinmueller and North America ceo Jacques Brand.

    Skerritt has more than 30 years of transaction banking experience and was most recently evp and global head of business strategy and .......

    Job Swaps 4 July 2013

  • Changes in bank CLO holdings eyed

    Changes in the way US banks pay deposit insurance premiums to the FDIC may precipitate a shift in the composition of bank leveraged loans and CLOs in second-quarter financial statements, Fitch reports. The agency says that the changes have the potential to influence demand for triple-A rated CLO tranches, pushing banks into higher-risk pieces of recently issued securitisations, or force .......

    News Round-up 4 July 2013

  • CMBS loss severity jumps

    Average loss severity on liquidated US CMBS loans this month saw its biggest month-over-month increase since last August, according to Trepp, with a majority of the losses in the greater than 2% category. Severity came in at 56.49%, up from May's reading of 48.15% and above the 12-month moving average of 44.02%.

    The number of loans disposed with a loss .......

    News Round-up 4 July 2013

  • Investment manager change for CDPC

    BlueMountain Capital Management has been appointed replacement investment manager to Channel Capital under the provisions of a new investment management agreement. The terms of the appointment do not alter the responsibilities, duties and obligations of the investment manager under the prior investment management agreement. Channel and BlueMountain have also concluded a transitional services agreement designed to support BlueMountain to ensure .......

    Job Swaps 4 July 2013

  • Benchmarking style

    CLO analytics approaches discussed

    Representatives from Moody's Analytics and ING Investment Management discussed how to leverage the latest analytics and data for CLO portfolio management, valuations and benchmarking during a live webinar, hosted by SCI in May (view the webinar here). Topics included manager style, differences between CLO 1.0 and 2.0 deals, and which data points to look out for. This Q&A article .......

    Talking Point 3 July 2013

  • Further CDO sale due

    The second auction of the year for Trainer Wortham First Republic CBO IV has been scheduled for 23 July. The collateral will only be sold if the sale proceeds are greater than or equal to the auction call redemption amount.

    .......

    News Round-up 3 July 2013

  • MBO for EM boutique

    Emerging markets boutique Global Evolution has completed a management buyout from Saxo Bank, after three years of cooperation. The firm is now 80% owned by management and employees and 20% by Tactica, which initially funded its launch and continues to be a supportive financial partner.

    The management at Global Evolution has for some time had a strong interest in regaining .......

    Job Swaps 3 July 2013

  • Secondary CMBS market not shut yet

    The quarter began quietly enough for the US CMBS sector, although secondary activity did pick up yesterday. SCI's PriceABS data shows a number of bonds out for the bid, with several covers and some strongly divergent price talk.

    "The CMBS market enjoyed a modest lift on the coattails of US equities. Legacy super seniors ended [Monday] a basis .......

    Market Reports 3 July 2013

  • Mixed outlook for legacy RMBS

    US RMBS issued between 2005-2008 will continue to benefit from rising home prices, but many risks remain that will limit how much their performance improves, according to Moody's. The agency expects losses tied to loan servicing issues to significantly offset the benefits from borrowers being more incentivised to keep up their mortgage payments as they watch the values of their .......

    News Round-up 3 July 2013

  • Basel 3 final rule approved

    The US Fed has approved a final rule to implement the Basel 3 regulatory capital reforms and certain changes required by the Dodd-Frank Act. The final rule establishes an integrated regulatory capital framework that addresses shortcomings in capital requirements - particularly for larger, internationally active banking organisations - that became apparent during the recent financial crisis, while minimising the burden .......

    News Round-up 3 July 2013
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