Complete news archive

  • Project finance to see capital markets boost

    S&P expects new ways of financing infrastructure projects throughout EMEA, developed in the face of declining bank lending, to prompt an increase in debt issuance in the industry in 2013. The agency says that the outlook for credit quality in the sector will remain stable over the rest of this year.

    "The project finance industry will likely see a pick-up .......

    News Round-up 4 June 2013

  • CMBS delinquencies inch up

    The Trepp CMBS delinquency rate inched up by 4bp in May, one month after posting its lowest reading in more than two years. The delinquency rate for US commercial real estate loans in CMBS was 9.07% at the end of last month.

    The resolution of distressed US CMBS loans was a major factor in driving the delinquency rate lower over .......

    News Round-up 4 June 2013

  • Leveraging value-at-risk

    Richard Green, director at Venn Partners, answers SCI's questions

    Q: How and when did Venn Partners become involved in the securitisation market?
    A: Venn Partners was established in 2009 by a team of four former bankers. We've grown to a team of 20 since then.

    The business focuses on three areas: European CRE lending; bank solutions; and advisory and analytics. Our CRE lending platform - .......

    Provider Profile 4 June 2013

  • UNITE refi prepped

    HSBC and Lloyds are in the market with a fixed-rate UK CMBS backed by student accommodation. The £380m UNITE (USAF) II transaction will fund the repayment of a UNITE subsidiary's debt, including the refinancing of the existing UNITE (USAF) CMBS notes.

    Fitch and S&P have assigned a preliminary rating of single-A to the single tranche of notes. The loan is .......

    News Round-up 3 June 2013

  • MILAN introduced in Mexico

    Moody's has updated its approach to rating Mexican RMBS. The adoption of the new methodology won't result in any changes to existing ratings, however.

    Under the new approach, MILAN becomes a key element of Moody's loan- and portfolio-level evaluation for Mexican RMBS. The approach combines the MILAN collateral analysis model with a cashflow model.

    Moody's primarily calibrated MILAN for Mexico .......

    News Round-up 3 June 2013

  • Weak recourse provisions critiqued

    Loan documents for a number of recent CMBS contain revisions to recourse liability provisions that are credit negative for CMBS, according to Moody's. These provisions define the lender's ability to pursue both the borrower and the borrower's deep-pocketed controlling sponsor, if the borrower commits any 'bad boy' acts.

    Bad boy recourse liability provisions dissuade and penalise certain acts of the .......

    News Round-up 3 June 2013

  • Delayed write-downs hit RMBS

    More than US$1bn of losses have been retroactively recognised on 170 US RMBS. The result of mortgage modifications, Moody's notes in its latest Credit Outlook publication that the losses are credit negative for the impacted transactions.

    According to Ocwen Loan Servicing, which began servicing the transactions in December, the transactions incurred the losses because of principal forbearance modifications the previous .......

    News Round-up 3 June 2013

  • Next Euro CLO nears

    Further details have emerged on CELF Advisors' forthcoming €300m European CLO - Carlyle Global Market Strategies Euro CLO 2013-1. The deal comprises six tranches of fixed and floating rate notes.

    S&P has assigned preliminary ratings to the €180m class A notes (triple-A), €33m Bs (double-A), €17m Cs (single-A), €13m Ds (triple-B) and €21m Es (double-B). The capital structure also includes .......

    News Round-up 3 June 2013

  • Electronic markets head appointed

    GFI Group has named James Toffey as global head of electronic markets. He will be responsible for spearheading GFI's services for traders and market makers of cash and derivative financial and commodity products.

    Toffey was previously ceo and president at Tradeweb Markets, which he founded. He also launched Benchmark Solutions two years ago (SCI 21 July 2011).

    .......

    Job Swaps 3 June 2013

  • ULC proposal criticised

    The American Securitization Forum has submitted a comment letter in response to the Uniform Law Commission's (ULC) draft residential real estate mortgage foreclosure process and protections. The ULC is proposing to reverse the holder in due course doctrine, which currently provides that a mortgage assignee that paid value for a loan in good faith and that lacked notice of certain .......

    News Round-up 3 June 2013

  • Call for reassessment of CDS ban

    ESMA has published technical advice evaluating the impact of the regulation on short selling and certain aspects of credit default swaps on European financial markets. The document is in response to a European Commission request for technical advice to inform its report to the European Parliament and Council on the impact of the regulation, due by end-June.

    The advice was .......

    News Round-up 3 June 2013

  • CMBS liquidation rate reverts

    US CMBS liquidation volume fell back below US$1bn in May, according to Trepp, although loss severity moved up on a majority of losses in the greater than 2% category. May liquidations totalled US$849.2m, relative to the 12-month moving average of US$1.3bn.

    The number of loans disposed with a loss in May came in at 82, down from 128 in April. .......

    News Round-up 3 June 2013

  • Broker sets up London base

    Gottex Brokers has opened a London office providing credit trading services in structured credit and rates, global high yield and investment grade credit. It will serve clients in EMEA and around the world and will manage relationships with institutional investors such as asset managers, hedge funds, family offices and pension funds.

    The new London credit team comprises Robert Burns, Abid .......

    Job Swaps 3 June 2013

  • Indian rating agency offer made

    McGraw Hill Financial is making a voluntary open offer to acquire up to 15,670,372 shares in Indian rating agency CRISIL, representing 22.23% of the total equity shares outstanding. Full acceptance of the offer would increase McGraw Hill's total stake in CRISIL from 52.77% to 75%.

    McGraw Hill would maintain CRISIL as an independent company. The cash offer of R1210 per .......

    Job Swaps 3 June 2013

  • London clearing transition confirmed

    ICE Clear Europe will provide clearing services for NYSE Liffe's London-based derivatives market from 1 July. The subsidiaries of ICE and NYSE Euronext entered into a clearing services agreement late last year, when ICE agreed to acquire NYSE Euronext (SCI 21 December 2012).

    .......

    Job Swaps 3 June 2013

  • SCI Start the Week - 3 June

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

    Pipeline
    It has been another busy week for the pipeline, with ABS, RMBS, CMBS and CLO transactions all being announced. Much of the activity was in RMBS, where Nationstar announced six series of notes.

    Nationstar is bringing Nationstar Mortgage Advance Receivables Trust Series 2013-VF1, 2013-VF2, 2013-VF3, 2013-T1, 2013-T2 and 2013-T3 to the market, with a total size of US$2.022bn. These deals .......

    News 3 June 2013

  • Real-time reporting service rolled out

    Law Debenture's new Dynamic Analytical Reporting Tool System (DARTS) went live with its first CLO manager in May. The real-time service leverages business intelligence to retrieve, report and analyse European ABS and CLO performance data.

    With the rise of the CLO market, traditional investor reporting had become cumbersome, while collateral managers were unable to receive results of hypothetical test requests .......

    News 3 June 2013

  • Further Trups CDO auction due

    A sixth auction is due to be conducted for Libertas Preferred I on 20 June. The securities will only be sold if the proceeds equal to the total senior redemption amount.

    .......

    News Round-up 31 May 2013

  • Bluestone clerical error rectified

    The principal balance of mortgages assigned at closing for the Bluestone 2005, Bluestone 2006 and Bluestone 2007 RMBS was overstated by the unintentional inclusion of fees and interest arrears following a clerical error. This has resulted in under-collateralisation of the notes by £208,821, £1.33m and £4.36m respectively.

    As a form of rectification, the seller Redstone has repaid these balances to .......

    News Round-up 31 May 2013

  • HAMP gets two-year extension

    The Making Home Affordable Program has been extended from 31 December 2013 to 31 December 2015. The new deadline was determined in coordination with the FHFA to align with extended deadlines for the Home Affordable Refinance Program (HARP) and the Streamlined Modification Initiative for homeowners with loans owned or guaranteed by the GSEs.

    Since its launch in March 2009, about .......

    News Round-up 31 May 2013

  • Pace of loan resolutions slows

    The specially serviced US CMBS loan universe fell to US$64.2bn as of 31 March, according to Fitch. US$8bn in loans were transferred out of special servicing in the first quarter compared to US$12bn in 4Q12, while the volume transferring into special servicing in 1Q13 was roughly US$4bn.

    "The pace of CMBS loans resolving slowed noticeably last quarter, but on a .......

    News Round-up 31 May 2013
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