Complete news archive

  • CMBS loan re-defaults eyed

    So far this year, 43 loans over US$20m have transferred to a special servicer, representing a steep drop through the same period in 2012 (94) and 2011 (103). Of that amount, six loans over US$100m transferred to special servicing during first-half 2013 compared to 16 in 1H12, according to Fitch.

    One trend that the agency says it is watching closely .......

    News Round-up 2 July 2013

  • CRE fund lists

    ALPS Advisors and Principal Real Estate Investors have completed an IPO on the New York Stock Exchange for the Principal Real Estate Income Fund. The closed-end fund raised approximately US$126m in proceeds in the offering of 6.3 million common shares at US$20 per share.

    The offering seeks to benefit from the recovery in commercial real estate markets by investing in .......

    News Round-up 2 July 2013

  • Corporate real estate vp added

    Lauren Hedvat has joined Goldman Sachs in New York as corporate real estate transactions vp, reporting to Michelle Gill. She was previously at Barclays Capital and before that worked as an analyst at Deutsche Bank and in the MBS banking group at Lehman Brothers.

    .......

    Job Swaps 2 July 2013

  • Structured pro takes marketing role

    Jisook Choi has joined Altum Capital in New York as a senior marketer focusing on capital raising. She was previously an executive director at UBS specialising in securitised and structured product sales and has also worked at Broadpoint Capital and in the CDO banking group at Bear Stearns.

    .......

    Job Swaps 2 July 2013

  • CRE firm adds capital markets vet

    Walker & Dunlop has added William Wein to its capital markets department. He joins as svp responsible for the day-to-day operations of the group and will be based in Chicago.

    Wein joins from Marcus & Millichap Capital Corporation where he managed loan originators in the eastern and central US and also managed life company, bank and CMBS lender relationships. He .......

    Job Swaps 2 July 2013

  • CDS antitrust violations alleged

    The European Commission (EC) has informed a group of investment banks of its preliminary conclusion that they infringed EU antitrust rules by colluding to prevent exchanges from entering the credit derivatives business. If this is found to be the case then the companies in question could be fined 10% of their annual worldwide turnover.

    The EC's statement of objections is .......

    Job Swaps 1 July 2013

  • Patrimonio modifications eyed

    The loan modification programme that Patrimonio plans to implement in connection with eleven Mexican RMBS could have mixed results, according to Moody's, depending on the transaction and the assumptions used in the analysis. The agency says it will monitor the implementation and results of the programme as information becomes available.

    The final assessment of the impact will depend on the .......

    News Round-up 1 July 2013

  • Reconciliation transfer concerns raised

    Some US RMBS servicers are shifting custodial account reconciliation items to their internal corporate general ledger accounts, a practice that raises significant concerns about transparency, according to Moody's in its latest ResiLandscape publication. Although RMBS documentation does not prohibit such transfers, the agency says that the practice could mask significant operational issues that will ultimately require write-downs on securitisations.

    Because .......

    News Round-up 1 July 2013

  • PFI CLOs on the cards?

    The UK government last week hosted an information session for prospective bidders to provide the senior financing - dubbed the aggregator - for about 90% of the cost of its Priority School Building Programme (PSBP) under the Project Finance 2 initiative. One of the funding options being considered draws on PFI CLO technology.

    Under the PSBP, the aggregator will be .......

    News Round-up 1 July 2013

  • CDO auctions scheduled

    Auctions for Belle Haven ABS CDO, Longport Funding II and Libertas Preferred Funding I are scheduled for 22 July. The collateral will only be sold if the proceeds reach the auction call redemption amount.

    Meanwhile, the proceeds from the auction of Mercury CDO II on 13 June have been distributed to noteholders. In contrast, the auction call redemption amount for .......

    News Round-up 1 July 2013

  • Derivatives-related consultation begins

    The Basel Committee has released two consultative papers on the treatment of derivatives-related transactions under the capital adequacy framework.

    'The non-internal model method for capitalising counterparty credit risk exposures' paper outlines a proposal to improve the methodology for assessing the counterparty credit risk associated with derivative transactions. The proposal would, when finalised, replace the capital framework's existing methods - the .......

    News Round-up 1 July 2013

  • Broker adds derivatives indices head

    ICAP has named Jan de Smedt as global head of indices, based in London. He will report to Kevin Taylor, head of information services, and focus on increasing the number of ICAP indices linked to exchange traded products, mutual funds and derivative products.

    Before ICAP de Smedt worked at S&P Dow Jones Indices, where he was senior director for licensing .......

    Job Swaps 1 July 2013

  • SCI Start the Week - 1 July

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

    Pipeline
    CLOs led the way last week, both in terms of new additions to the pipeline and deal prints. Six new CLOs were announced, as well as one ABS, one ILS, one RMBS and two CMBS.

    The CLOs comprised: €310m Ares European CLO VI; US$350m NewStar CLF 2013-1; €306.2m Pinewood CLO 2013-1; US$352.75m Saranac CLO I; St Paul's CLO II; and .......

    News 1 July 2013

  • Law firm adds derivatives vet

    Milbank, Tweed, Hadley & McCloy has appointed John Williams as partner in its New York office. He joins from Allen & Overy, where he led the US derivatives practice, and previously served as principal US counsel to ISDA for its big bang and small bang protocols.

    Williams advises clients across the spectrum of derivatives products and on the cross-border implications .......

    Job Swaps 28 June 2013

  • Manager adds Asia relations director

    3i Debt Management has appointed Lisa Johnson as investor relations director in Asia, based in Singapore. Johnson previously held a similar role at Parker Global Strategies, where she was responsible for developing and maintaining strategic relationships with a variety of investors.

    .......

    Job Swaps 28 June 2013

  • Student list buoys ABS session

    US ABS secondary trading was dominated yesterday by a large student loan list, during what was otherwise a quiet session. BWIC volume was just under US$100m, with aircraft ABS also accounting for a modest amount of paper.

    The most recently issued student loan bond circulating yesterday was SLMA 2013-R1 A, which was talked in the low-200s, according to SCI's PriceABS .......

    Market Reports 28 June 2013

  • ABS CDO auction due

    An auction has been scheduled for Buckingham CDO on 19 July. The collateral shall only be sold if the proceeds reach the total senior redemption amount.

    Separately, the Ambassador Structured Finance CDO was successfully liquidated on 4 June (SCI 28 May). Proceeds from the sale of the collateral will be distributed on 3 July.

    .......

    News Round-up 28 June 2013

  • Data, legal challenges remain for Chinese ABS

    More securitisation transactions are expected to launch in China, following new regulations promulgated under the specific asset management plan (SAMP) and the credit asset securitisation pilot scheme (CAS). However, challenges remain in data robustness, legal enforceability and transaction structure, according to Fitch.

    "Due to the rapid and continuous growth of China's economy in the past 30 years, asset delinquency and .......

    News Round-up 28 June 2013

  • Minimal negative equity seen in Aussie RMBS

    Prepayments and higher house prices have helped stop loan-to-value (LTV) ratios in the Australian mortgage market rising, Fitch reports. The agency's analysis of more than A$180bn of outstanding mortgages in 141 Australian RMBS deals indicates that just 0.5% of these mortgages are in negative equity, after taking into account revaluations due to property indexation.

    The index analysis shows that 70% .......

    News Round-up 28 June 2013

  • Auto delinquencies hit 10-year low

    US prime auto ABS 60+ delinquencies stood at 0.29% in May, according to Fitch's latest index results - the lowest level seen in the last 10 years and unchanged month-over-month (MOM). The rate in May was also 24% improved year-over-year (YOY).

    Prime annualised net losses (ANL) posted a strong 30% drop in May over April, down to 0.17%. This rate .......

    News Round-up 28 June 2013

  • Servicer sustainability questioned

    The sale of over US$500bn in unpaid principal balance (UPB) of mortgage servicing rights (MSRs) to non-bank servicers from banks has been publicly reported, according to an analysis by Fitch. However, the agency expects the sustainability of growth for non-bank servicers in the longer term to be constrained by the declining size of the subprime market, reflecting the lack of .......

    News Round-up 28 June 2013
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