Complete news archive

  • 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

  • Revised Punch proposal welcomed

    A revised restructuring proposal from pub operator Punch appears to address some of the main concerns with the previous proposal (SCI 11 February), while also containing a number of optional extras. The flexibility and improvement in terms for senior bondholders mean that the restructuring is more likely to be agreed, according to MBS analysts at Barclays Capital.

    "We would expect .......

    News Round-up 10 June 2013

  • First issuer for EWSM

    The European Wholesale Securities Market (EWSM) has announced its inaugural listing. Grand Harbour I, a CLO registered in the Netherlands, listed seven classes of securities on the EU-regulated market on 5 June. The transaction was arranged by Citi, with Mediterranean Bank acting as initial seller and sub-advisor to the collateral manager GSO/Blackstone Debt Funds Management.

    .......

    News Round-up 10 June 2013

  • Standard CSA released

    ISDA has published the 2013 Standard Credit Support Annex (SCSA), which seeks to standardise market practices in collateral management for OTC derivatives. It removes embedded optionality in the existing CSA, promotes the adoption of overnight index swap (OIS) discounting and aligns the mechanics and economics of collateralisation between the bilateral and cleared OTC derivative markets, the association says. In addition, .......

    News Round-up 10 June 2013

  • Dock Street UK acquired

    Zolfo Cooper has expanded its financial advisory & restructuring services practice following the acquisition of Dock Street Capital Management UK (DSUK). Dock Street Capital Management's operation in the US is not affected by the deal and the firms will look to collaborate on opportunities going forward.

    There will be no change in the business currently undertaken by DSUK, with asset .......

    Job Swaps 10 June 2013

  • Latest Euro CLO prints

    GoldenTree Asset Management has priced a European CLO that is said to not comply with risk retention criteria. The €300.32m-equivalent Goldentree Credit Opportunities European CLO 2013-1 - via Morgan Stanley - comprises eight tranches of floating- and fixed-rate notes.

    Rated by S&P, the triple-A senior notes consist of: €82m A1s (that priced at 135bp over six-month Euribor), €35m A2s (2.44%) .......

    News Round-up 10 June 2013

  • SCI conference line-up revealed

    The final panellists have been announced for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 13 June in New York. The event is being held at Bank of America's offices at 4 World Financial Center.

    The conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The .......

    News Round-up 10 June 2013

  • Second CDO auction due

    The second auction of the year is being held for Independence IV CDO on 27 June, after proceeds from an auction in March failed to meet the required redemption amount. The underlying assets comprise RMBS, CMBS and ABS CDO securities.

    .......

    News Round-up 7 June 2013

  • Securitisation group appoints acting head

    Christopher Killian has been named as acting head of SIFMA's securitisation group. He takes over from Richard Dorfman, who took on the role three years ago (SCI 20 April 2010).

    Killian has been with SIFMA since 2005, serving as securitisation md. Before that he was an accountant at Bank One, where he was responsible for investor reporting and accounting for .......

    Job Swaps 7 June 2013

  • Abacus trial to proceed

    Former Goldman Sachs trader Fabrice Tourre has failed in his attempt to narrow a US SEC lawsuit against him by eliminating a fraud claim based on foreign transactions. The SEC filed the lawsuit in 2010, alleging that Tourre defrauded investors in the Abacus 2007-AC1 CDO by failing to disclose the role of hedge fund Paulson in selecting the underlying securities .......

    Job Swaps 7 June 2013

  • Pre-trade credit checks rolled out

    Two vendors have announced their expansion into pre-trade credit checking for OTC derivatives.

    Markit says that Bank of America Merrill Lynch, Citi and Goldman Sachs have become the first futures commission merchants (FCMs) to use MarkitSERV Credit Centre, its pre-trade credit checking solution. MarkitSERV Credit Centre aims to provide clearing certainty for trades executed in electronic and hybrid marketplaces.

    MarkitSERV .......

    News Round-up 7 June 2013

  • Urbi CDS settled

    The final price for Urbi Desarrollos Urbanos Bursatil de Cap Variable CDS was determined to be 19 during yesterday's auction. Twelve dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing URBI, Desarollos Urbanos, Sociedad Anonima Bursatil De Capital Variable.

    .......

    News Round-up 7 June 2013

  • Resi originator builds CRE team

    Freedom Mortgage Corporation has launched a commercial real estate lending division in New York. It will be led by Mary Davenport, Nichole Kim and Shawn Townsend and will initially focus on mortgage originations from US$2m-US$10m for CMBS execution.

    Davenport was most recently at RBS Securities. She has also worked at Prima Capital Advisors, as co-head of CMBS investments at Capmark .......

    Job Swaps 7 June 2013

  • ISDA appoints full-time chairman

    ISDA's board of directors has named Stephen O'Connor as full-time chairman. He will continue to be involved in derivatives industry reform and take a more active role in driving ISDA's strategic initiatives.

    O'Connor has served as ISDA chairman since April 2011, but the pace and scope of regulatory reform and ISDA's related initiatives has prompted the board to make the .......

    Job Swaps 7 June 2013

  • Linking-in credit

    Mike Manning, DealVector co-founder and ceo, and Dave Jeffer...

    Q: How and when did DealVector become involved in the structured finance markets?
    MM: The system has been live for two months or so, although of course we have been developing for longer than that. We really are filling a gap in the market and providing a service that investors tell us they have been crying out for.

    DealVector is 'LinkedIn' .......

    Provider Profile 6 June 2013

  • Benchmark-setting principles published

    ESMA and the EBA have published their final report setting out their 'Principles for Benchmark-Setting Processes in the EU'. The principles are designed to address the problems identified with benchmark-setting processes and will provide benchmark users, administrators, calculation agents, publishers and data submitters with a common framework for carrying out these activities.

    The two authorities stress the importance of the .......

    News Round-up 6 June 2013

  • Risk calculation tie-up agreed

    Markit has licensed Quartet FS' ActivePivot offering - an aggregation engine that provides a high performance view of transactional data - within its Markit Analytics platform. The integration is designed to enhance the way Markit Analytics' customers visualise stochastic risk calculations, such as risk weighted assets (RWA), credit valuation adjustment (CVA) and initial margin (IM), including pre-trade limit checks across .......

    News Round-up 6 June 2013

  • MMF reform 'premature'

    The US SEC is proposing to reform the way that money market funds operate in order to make them less susceptible to runs that could harm investors. The proposal includes two principal alternative reforms that could be adopted alone or in combination.

    One alternative would require a floating net asset value (NAV) for prime institutional money market funds. The other .......

    News Round-up 6 June 2013

  • Data verification enabled

    TriOptima is set to support data verification and portfolio reconciliation of DTCC's trade repository data, as requested by triResolve clients for their OTC derivatives portfolios. The firm becomes the first portfolio reconciliation provider to receive directly DTCC repository data for this purpose.

    Raf Pritchard, ceo of triResolve, comments: "Making repository data directly available to the reconciliation process contributes to data .......

    News Round-up 6 June 2013

  • SME covered bonds tipped for growth

    Following such issuances in Turkey and Germany, SME-backed covered bonds (SME CBs) are gaining traction in Europe, according to Moody's. The agency expects the product to feature in other jurisdictions, such as Italy, Spain and France.

    The lack of bank financing and the current relatively low level of investor demand for SME ABS imply that SMEs will need to find .......

    News Round-up 6 June 2013

  • Second Gagfah CMBS prepped

    Goldman Sachs and Bank of America Merrill Lynch are in the market with German Residential Funding 2013-1, Gagfah's much-anticipated second German multi-family CMBS (SCI passim). The €2bn transaction refinances a loan advanced to the sponsor, which in turn refinanced a loan previously securitised as part of the German Residential Funding deal.

    GRF 2013-1 comprises five tranches of notes rated by .......

    News Round-up 6 June 2013
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