Complete news archive

  • Restricted delivery provisions published

    ISDA has published additional provisions relating to credit derivative transactions with a restricted delivery party where physical settlement applies. The additional provisions are for use where the settlement method is physical settlement and either party to the credit derivative transaction is restricted from holding a loan or there is a limit on the outstanding principal balance of a bond which .......

    News Round-up 26 June 2013

  • Global real estate JV prepped

    TIAA-CREF and Henderson Global Investors have agreed to launch a new real estate investment company, TIAA Henderson Global Real Estate. The new company will offer global real estate investment opportunities and accelerate the growth of each firm's real estate business.

    The new company will consist of TIAA-CREF's European real estate business, Henderson's European and Asia Pacific-based real estate business and .......

    Job Swaps 25 June 2013

  • RMBS settlement agreement reached

    Assured Guaranty and Flagstar Bank have entered into a settlement agreement concerning Assured Guaranty's litigation against the bank for breaches of reps and warranties. The settlement follows a New York District Court ruling earlier this year in Assured Guaranty's favour (SCI 12 February).

    Flagstar will pay Assured Guaranty US$105m and also reimburse the company in full for all future claims .......

    Job Swaps 25 June 2013

  • Manager promotes CRE pro

    CR Investment Management UK has named Richard Fine as md. He has also assumed responsibility for CR's international activities.

    Fine has served as a CR Investment Management director in London since April 2010 and has helped build the organisation in Ireland, the UK and Holland. Before that he worked at Europa Capital, Barclays Capital and Hogan Lovells.

    .......

    Job Swaps 25 June 2013

  • Derivatives notional up

    Insured US commercial banks and savings institutions reported trading revenue of US$7.5bn in 1Q13, up by US$3.1bn (72%) from US$4.4bn in 4Q12 and US$466m higher (7%) than in 1Q12, according to the OCC's 'Quarterly Report on Bank Trading and Derivatives Activities'. Trading revenues in the first quarter were the fourth highest on record.

    The net impact from valuation adjustments, which .......

    News Round-up 25 June 2013

  • Derivative criteria revised

    S&P has published revised criteria for global derivative agreements. The update is not expected to affect any outstanding ratings.

    The criteria are being updated to identify provisions in derivatives agreements that may introduce uncertainties in the amount and timing of an issuer's derivative cashflows. The criteria also identify provisions that potentially expose an issuer to unanticipated costs and to the .......

    News Round-up 25 June 2013

  • Rep and warranty criteria updated

    Fitch has updated its criteria for analysing representations and warranties and enforcement mechanisms (RW&Es) in new issue US RMBS. As part of its rating criteria, the agency expects a full RW&E framework to be provided for in such transactions.

    A full RW&E framework contains all of the reps and warranties listed in Fitch's criteria report, has a provision for an .......

    News Round-up 25 June 2013

  • ABS fastest out of the blocks

    US ABS secondary volume has started the week strongly, helping to compensate for lower levels in non-agency RMBS. Supply on Monday was elevated across the credit card, auto loan and student loan sectors.

    Around US$350m of ABS bonds circulated on BWICs yesterday, with auto, card and student paper dominating the session. A mix of various vintage senior and subordinate tranches .......

    Market Reports 25 June 2013

  • Mid-market benchmark offered

    S&P has launched what it says is Europe's first credit benchmark aimed specifically at increasing the transparency and comparability of mid-sized companies from a credit perspective. The aim is to facilitate access to new sources of capital market funding.

    Dubbed Mid-Market Evaluation, the offering will target companies with revenues below €1.5bn and debt below €500m. "European businesses have traditionally relied .......

    News Round-up 25 June 2013

  • Mortgage market reforms recommended

    The Mortgage Bankers Association (MBA) has released a concept paper outlining steps to ensure mortgage lenders have the confidence to lend to the full range of qualified borrowers. Aligning the GSEs' underwriting standards and creating clear standards for representations and warranties is essential for a smooth transition to a sustainable secondary market operating with an explicit, limited government guarantee, the .......

    News Round-up 25 June 2013

  • Commercial, residential solar risks weighed

    When considering the securitisation of commercial solar contracts, the assets are subject to less obsolescence risk than residential solar contracts, but face different types of contract risks (SCI 26 April). Sponsor and performance risks apply similarly for both residential and commercial solar contracts, however.

    Commercial entities are less likely than homeowners to stop payments on panels that technological changes over .......

    News Round-up 24 June 2013

  • Credit card performance to remain strong

    Moody's expects credit card trust collateral performance to remain near its current levels in the US, the UK and Canada through the end of 2013, as the steady improvement in performance since the recession comes to an end. However, collateral performance in Canada is anticipated to be relatively more sensitive to shifts in the country's unemployment rate than is the .......

    News Round-up 24 June 2013

  • Collateral optimisation trends analysed

    SunGard has released a report on collateral optimisation, which identifies key trends that can help financial institutions find significant cost savings and competitive advantages. The traditional collateral optimisation approach of manually ranking assets based on preferences can no longer be relied on to deliver optimal collateral allocation results, the firm says.

    In a recent survey conducted by InteDelta and SunGard, .......

    News Round-up 24 June 2013

  • Credit opportunities fund listed

    CVC Credit Partners has raised €351.22m for its new LSE-listed credit fund CVC Credit Partners European Opportunities Limited. Net proceeds from the issue will be invested in CVC Credit Partners European Credit Opportunities, the firm's existing European credit opportunities investment vehicle.

    The listing involved the placement of 174,729,500 euro-denominated shares at an issue price of €1 and 150,849,080 sterling-denominated shares .......

    News Round-up 24 June 2013

  • Margin activity surveyed

    ISDA has published the results from its 2013 Margin Survey. The study reveals that collateral in circulation in the non-cleared OTC derivatives market rose by 1% during 2012, from US$3.65trn at end-2011 to US$3.7trn as at 31 December 2012.

    Among the firms responding to the survey, 69.1% of all non-cleared trades are subject to collateral agreements. For large firms, the .......

    News Round-up 24 June 2013

  • CRE practice strengthened

    Tushna Gamadia has joined Morrison & Foerster in New York as of counsel. She brings over a decade of experience representing clients in all aspects of real estate financings, including CMBS. She was previously at Nixon Peabody and before that worked at Citi and Cadwalader, Wickersham & Taft.

    .......

    Job Swaps 24 June 2013

  • SCI Start the Week - 24 June

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

    Pipeline
    A variety of deals were announced last week. Four ABS, two ILS, one WBS, one RMBS, one CMBS and one CLO joined the pipeline.

    The ABS comprised: €742.5m Driver Eleven; Ford Floorplan Auto Securitization Trust Series 2013-F1; US$304.72m Massachusetts Educational Financing Authority series 2013; and US$638m Tobacco Settlement Financing Corp (State of Louisiana) Series 2013A.

    The ILS were US$130m Ibis .......

    News 24 June 2013

  • Eminent domain move slammed

    The City Council of North Las Vegas has entered into an advisory agreement with Mortgage Resolution Partners, the firm advancing the use of eminent domain to seize performing mortgages for modification. SIFMA, the Association of Mortgage Investors, the Greater Las Vegas Association of Realtors and the Nevada Bankers Association have responded by issuing a statement in which they express their .......

    News Round-up 21 June 2013

  • Impact of compression, clearing analysed

    ISDA has published its analysis of the OTC derivatives market based on year-end 2012 statistics. The analysis underscores the significant impact that portfolio compression and central clearing have had on the size of the OTC derivatives market in recent years, the association says.

    During 2012, US$48.7trn in notional amount of OTC derivatives were eliminated via portfolio compression, including US$44.6trn of .......

    News Round-up 21 June 2013

  • SAFT 2013-1 origination scrutinised

    Moody's has assessed New Penn Financial as a below average originator of prime jumbo residential mortgage loans. The move comes at the same time as the lender is in the market with its debut RMBS - the US$261.58m Shellpoint Asset Funding Trust 2013-1.

    Moody's says its overall below average assessment of New Penn Financial is based on the lender's originator .......

    News Round-up 21 June 2013

  • German insolvency amendment 'credit negative'

    The German parliament last month passed an act amending the personal insolvency regime, shortening to three years from six the period after which a borrower under personal insolvency can discharge his remaining unsecured debt if he has repaid 35% of the total. The law will be effective from 1 July 2014.

    Moody's notes in its latest Credit Insight publication that .......

    News Round-up 20 June 2013
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