Complete news archive

  • 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

  • FHFA suit settled

    The FHFA and Citi have reached a settlement in connection with a suit FHFA filed on 2 September 2011, alleging that the defendants misled Fannie Mae and Freddie Mac into buying US$3.5bn in RMBS. In a stipulation filed with the court, the parties stated that they "have reached a settlement disposing of all claims asserted" in the action. The terms .......

    Job Swaps 31 May 2013

  • Counterparty credit risk uncovered - part three

    Terri Duhon, managing partner at B&B Structured Fina...

    Most of the chatter about counterparty credit risk is around OTC derivatives. Exchange-traded derivatives (ETP) have counterparty credit risk as well, but the overall size of the market (around 10% of the derivative market place), the average maturity of the product (less than one year), the type of product (mostly futures and options) and the daily margining requirements mean that .......

    Research Notes 31 May 2013

  • FpML coverage enhanced

    ISDA has published the Recommendation for Financial products Markup Language (FpML) version 5.5. One area of expanded coverage relates to the European reporting requirements detailed by ESMA in its technical standards published last autumn, including coverage of listed derivatives as mandated by EMIR. Further functionality has been included to support the reporting of complex and bespoke products in different jurisdictions, .......

    News Round-up 31 May 2013

  • UK bank poaches RBS pair

    Marc Sefton and Kieran McSweeney are leaving RBS to join Shawbrook. They will jointly lead a new wholesale funding division.

    Sefton was a director at RBS originating and executing structured finance debt facilities, having previously worked at Barclays Capital. McSweeney led a team focused on the origination and execution of strategic debt solutions in the UK specialty finance sector, having .......

    Job Swaps 31 May 2013

  • Private SLABS on review

    Moody's has placed under review for possible downgrade 60 classes of notes from 24 private student loan securitisations sponsored, administered and currently serviced by Sallie Mae. The move was prompted by the increased risk of servicing disruption as a result of SLM's intention to separate its education loan management business and consumer banking business.

    The notes under review include 58 .......

    News Round-up 31 May 2013

  • Data provider adds duo

    Lewtan has recruited Miten Amin as market applications director and Youriy Koudinov as market applications and securitised products director. Amin will be based in London while Koudinov will be based in the US.

    Amin has 12 years of structured finance experience in investment banking and will focus on formulating and driving the company's strategy for investor and issuer based solutions .......

    Job Swaps 31 May 2013

  • Euro ABS mandates minted

    Cervus Capital Partners has launched two European ABS mandates: European Amortising ABS Mandate I and II. The first mandate was set up for high net-worth individuals and family offices; the second was specifically set up for a Dutch institutional investor.

    Both mandates have the same investment guidelines and target mid/high-single digit returns in short-dated European ABS. The focus will be .......

    Job Swaps 31 May 2013

  • CDS auctions due

    Two auctions to settle credit derivative trades are to be held next week. The first is in connection with Bankia CDS on 5 June, while the second is related to URBI, Desarollos Urbanos, Sociedad Anonima Bursatil De Capital Variable CDS the day after.

    .......

    News Round-up 31 May 2013

  • Highly anticipated RMBS list arrives

    A US$8.5bn 256 line-item BWIC of non-agency bonds hit the US RMBS market yesterday. It was sold in five groups, with Credit Suisse, Goldman Sachs and Bank of America each understood to have bought a batch and Morgan Stanley snapping up two.

    The BWIC is the largest all-or-none list to trade since the Fed's Maiden Lane sales last year (SCI .......

    Market Reports 31 May 2013

  • Tranche repositioning recommended

    The strong rally in MBIA credit risk in the aftermath of the company's legacy exposure settlements is one driver of changing relative value in the CDS and tranche markets. Relative valuations in standard CDX and iTraxx index tranches are now at extremes relative to the last 10 years.

    Other events this year, such as the strong outperformance of CDS over .......

    News 31 May 2013

  • Volatility spooks Euro CMBS market

    After a brief flurry of activity, the European CMBS market has once again quietened down this week. Broader market volatility appears to be keeping investors on the sidelines, although positive developments within CMBS are providing encouragement.

    "With the bank holiday, half term and some volatility in broader equity and credit markets, investors have been handed a good excuse to take .......

    Market Reports 30 May 2013

  • Buy-back targets mezz bonds

    UCI has launched a fixed price tender offer for 11 Spanish RMBS tranches from across the UCI 10 to UCI 17 deals. The bank is offering to purchase up to €300m of the €3.4bn currently outstanding across the bonds.

    This is the seventh tender for UCI bonds, with the first being in August 2009 and the last in November 2010. .......

    News Round-up 30 May 2013

  • SLM split 'mildly positive' for SLABS

    Sallie Mae intends to split its existing businesses into two separate publicly-traded entities - an education loan management business and a consumer banking business. The aim is to "unlock value and enhance long-term growth potential".

    The education loan management business will comprise the company's portfolios of federally guaranteed (FFELP) and private education loans, as well as most related servicing and .......

    News 30 May 2013

  • US trading head named

    Barclays Capital has named Adam Yarnold as head of US securitised products trading. He is based in New York and reports to Scott Wede, former head of US securitised products trading and now head of global securitised products trading.

    Yarnold takes on management oversight for all the securitised products trading desks in the US. He joined Barclays in 2009 from .......

    Job Swaps 30 May 2013

  • Tech consultancy adds collateral management pro

    Catalyst Development has appointed Storme Thompson as managing partner. She specialises in collateral, cash and treasury management and will report to senior partner Peter Stone.

    Thompson was most recently at Credit Suisse where she was vp in the strategic change group, implementing programmes across collateral, clearing and liquidity management. Before that she spent over a decade at Deutsche Bank.

    .......

    Job Swaps 30 May 2013

  • New name for investment firm

    UCM Partners is rebranding as Semper Capital Management, effective from 1 June. The firm's senior management, investment personnel and ownership remain unchanged.

    The firm specialises in RMBS, CMBS and ABS, offering investors access to a range of securitised debt investment platforms, from private absolute return to public index-based strategies.

    .......

    Job Swaps 30 May 2013

  • CRE tap turning back on

    UK banks - which remain in a process of rehabilitation - continue to provide new lending into the commercial real estate sector, but in constrained amounts. While conditions are expected to improve, S&P suggests that the market for bank credit is unlikely to return to its 2007-2008 heights.

    In the aftermath of the financial crisis, banks - in the UK .......

    News Round-up 29 May 2013

  • Short sales trump loan mods

    The remedy of choice for underperforming residential mortgage loans has undergone a sea-change of sorts over the last several months for US RMBS servicers, according to Fitch's latest quarterly index for the sector. Once the norm, loan modifications have slowed notably, while short sales have become the proverbial order of the day.

    For non-agency loans, short sales by bank servicers .......

    News Round-up 29 May 2013

  • Back to BlackRock

    Armando La Morgia has rejoined BlackRock from KNG Securities, having spent five months at the firm (SCI 13 February). He joins BlackRock as director in London.

    La Morgia was previously a consultant in BlackRock's financial markets advisory group and has also served as portfolio manager at Hemera Capital Management, director at Merrill Lynch, vp at Morgan Stanley and bond analyst .......

    Job Swaps 29 May 2013

  • CLO indenture comparisons prepped

    Fitch has launched CLO Indenture Abstracts, which will be published for every Fitch-rated US CLO 2.0 transaction. The new reports are designed to provide what the agency believes is unprecedented insight into the key features of the CLO indenture and how those features compare to other Fitch-rated CLOs.

    The nuances of CLO indentures can significantly influence investment theses and may .......

    News Round-up 29 May 2013
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