Complete news archive

  • Legacy RMBS tipped for limited upgrades

    The improving US housing market and stable macro environment are supporting legacy US RMBS performance, though the sector still has persistent challenges to overcome, according to Fitch. Signs of the turnaround in RMBS include improving new delinquency roll-rates and declining loss severities on liquidated loans.

    These trends have resulted in improved rating stability and positive rating momentum in 2013. Fitch .......

    News Round-up 12 June 2013

  • Swaps push-out transition granted

    The US OCC has granted seven banks extra time to comply with the swaps push-out rule under Dodd-Frank by extending its effective date by two years. The rule seeks to prevent entities that receive government backstops from participating in certain trading activities that are deemed to be risky. Banks must undertake swaps activity via separate arms or forgo federal support .......

    News Round-up 12 June 2013

  • SFIG appoints advisors

    The Structured Finance Industry Group (SFIG) has retained the advisory firms of Kristi Leo and Armando Falcon to build on its momentum in membership growth. They will help the group to engage with a wider range of market participants and regulators.

    Leo and her firm will work alongside SFIG as a resource for all member groups, focusing on assisting members .......

    Job Swaps 12 June 2013

  • Insurance pro joins law firm

    Daniel Rabinowitz has joined the insurance practice group of Kramer Levin Naftalis & Frankel in New York. He becomes a partner in the firm and brings expertise in transactional and regulatory matters within the insurance industry, including capital markets, securitisation and structured finance.

    Rabinowitz is currently chair of the insurance law committee at the New York City Bar Association. He .......

    Job Swaps 12 June 2013

  • Pair join credit hedge fund

    400 Capital Management has appointed John Bateman as cfo and Tami Witham as director. They will both be based in New York.

    Bateman will take responsibility for the firm's financial and tax activities. He was previously coo and cfo for technology, media and telecom investment banking, precious metals trading and emerging markets fixed income trading at Credit Suisse.

    Witham will .......

    Job Swaps 12 June 2013

  • ABS CDO on the block again

    An auction is to be conducted for RFC CDO I on 28 June. An auction was previously conducted for the deal on 28 March, but sale proceeds didn't meet the auction call redemption amount.

    .......

    News Round-up 11 June 2013

  • CMBS underwriting standards eyed

    US CMBS issuance has climbed to US$39bn so far this year, compared with about US$15bn during the same period in 2012. Conduit/fusion transactions account for about US$23bn of the 2013 CMBS total. S&P believes that these new deals -especially those issued during the second quarter - are riskier compared with 2012 and other recent vintage conduit/fusion deals.

    The agency suggests .......

    News Round-up 11 June 2013

  • CRE solution strengthened

    Trepp and The Rockport Group have released TreppPort 2.0, an enterprise level commercial real estate solution. The new release advances the capabilities of the web-based platform to deliver a mobile, interactive visualisation of real estate exposure, the two firms say.

    Rick Trepp, chairman of Rockport, states: "Even when clients are away from their desks, they can see what's happening in .......

    News Round-up 11 June 2013

  • Secondary split seen in RMBS

    The US RMBS secondary market has had a mixed start to the week, with agency supply up but non-agency BWIC volume markedly down. SCI's PriceABS data shows several covers for agency bonds during yesterday's session, but fewer for non-agencies.

    Agency RMBS supply reached almost US$1bn yesterday, boosted by several large derivatives lists. Interactive Data notes that BWIC execution .......

    Market Reports 11 June 2013

  • Cross-referencing tool introduced

    S&P Capital IQ has launched a new tool designed to improve users' ability to identify systemic and counterparty risk while reducing operating costs. Its new business entity cross reference service provides immediate cross-reference capabilities for over two million public and private entities using standardised and proprietary identifiers, including all available legal entity identifier (LEI) codes.

    The service aims to enable .......

    News Round-up 11 June 2013

  • SAREB sales underway

    The start of property sales by Spain's bad bank - SAREB - underscores Fitch's negative view on the country's residential property market, the agency says. As the pace of disposals by SAREB speeds up, it will add to supply, which may further depress prices.

    SAREB announced last week that it has closed sales of 550 homes in three months from .......

    News Round-up 11 June 2013

  • Buy-side clearing begins

    Barclays reports that it cleared the industry's first single-name credit default swap client transactions for two buy-side clients. The transactions were cleared first by Citadel and then by MKP Capital Management, through ICE Clear Credit, with Barclays acting as clearing broker. In both instances, the clients benefitted from portfolio margin netting, the bank says.

    The transactions were executed and cleared .......

    News Round-up 11 June 2013

  • Clearing standard gains traction

    FCMs Bank of America Merrill Lynch, Barclays, JPMorgan and UBS have confirmed their support for the Clearing Connectivity Standard (CCS) initiative to standardise reporting for cleared OTC derivatives (SCI 25 October 2012). Custodian banks BNY Mellon, JPMorgan, Northern Trust and State Street also support the standard.

    The clearing broker support for CCS is the latest step in an industry push .......

    News Round-up 11 June 2013

  • CMBS late-pays declining

    US CMBS late-pays declined by 7bp in May to 7.37% from 7.44% a month earlier, according to Fitch's latest index results for the sector. Meanwhile, delinquencies for transactions issued post-2009 (CMBS 2.0) stood at just 0.03%.

    The tighter post-recession credit environment, coupled with low interest rates is helping to keep newer CMBS delinquencies hovering near zero. Conversely, the peak vintage .......

    News Round-up 11 June 2013

  • Clearing template launched

    ISDA and the Futures and Options Association (FOA) have launched the ISDA/FOA Client Cleared OTC Derivatives Addendum. It is a template for cleared swaps market participants to document the relationship between a clearing member and its client for purposes of clearing OTC derivatives transactions across CCPs that use the principal-to-principal client clearing model.

    The Addendum is designed to be a .......

    News Round-up 11 June 2013

  • Forborne principal to be reclassified?

    Fitch has reviewed 92 RMBS transactions previously serviced by Homeward Residential and acquired by Ocwen Financial in December 2012. The trusts reported unusually large realised losses last month due to a revision in the reporting of principal forbearance modifications performed prior to July 2012 (SCI 3 June). For Fitch-rated transactions, the realised loss was approximately US$450m, or roughly 3% of .......

    News Round-up 11 June 2013

  • GRAND redemption nears

    GRAND sponsor Deutsche Annington (DAIG) intends to list on the Frankfurt Stock Exchange. As it seeks to rebalance its funding, the likelihood of the GRAND CMBS being redeemed on or before its October IPD has greatly increased.

    DAIG plans to move towards a mix of secured and unsecured funding and has taken out several secured loans and entered into an .......

    News 11 June 2013

  • Private ILS platform minted

    Tokio Solution Management and GC Securities have launched a private catastrophe bond platform called the Tokio Tensai Platform. The aim is to provide sponsors with a more efficient platform for funding excess of loss catastrophe reinsurance in the private capital markets.

    The platform is an alternative to the traditional Rule 144A offering process. Tokio Solution will allow clients to sponsor .......

    News Round-up 11 June 2013

  • CLO services strengthened

    Markit has added new loan performance data and analytics to its set of services that streamline the construction and management of CLOs. The Loan Performance Database calculates current and historical performance and risk factors for syndicated loans, including return, yield and duration.

    It provides analytics that help portfolio managers systematically identify assets that are suitable for their portfolios and a .......

    News Round-up 11 June 2013

  • Bank adds resi mortgage vet

    Nomura has enhanced its financial institutions team with the appointment of Anthony Viscardi as md. He will advise clients in the residential mortgage industry and leverage Nomura's trading and securitisation capabilities to help clients meet their financing needs.

    Viscardi joins from Deutsche Bank, where he spent five years in the investment banking team (SCI 12 November 2008). He has previously .......

    Job Swaps 11 June 2013

  • SCI Start the Week - 10 June

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

    Pipeline
    New deals continued to join the pipeline last week, with three ABS, two RMBS and two CMBS announced. The ABS were US$205m CPS Auto Receivables Trust 2013-B, US$153m Nations Equipment Finance Funding I and US$15.87m Vermont Student Assistance Corporation Senior Series 2013A.

    The RMBS were US$460.16m Sequoia Mortgage Trust 2013-8 and A$500m Series 2013-1 Harvey Trust. The newly announced CMBS .......

    News 10 June 2013
×