Complete news archive

  • Electronic trading challenges examined

    New research from GreySpark Partners examines the state of electronic trading in fixed income markets for bonds, CDS and IRS. The report - 'Fixed Income Electronic Trading 2013' - analyses how the traditional roles of investment banks and trading venues for these products are changing, driven by a combination of macroeconomic forces and incoming capital markets regulations.

    The financial crisis .......

    News Round-up 22 May 2013

  • Markit looks east for growth

    Singapore-based Temasek has made a significant equity investment in Markit. The addition of Temasek as one of Markit's largest investors further diversifies the company's shareholder base and increases its links to Asia.

    Lance Uggla, ceo of Markit, comments: "Temasek is an expert investor in entrepreneurial growth companies, with a track record in increasing shareholder value. The strength of their position .......

    Job Swaps 22 May 2013

  • REIT subsidiary spun off

    Newcastle Investment Corp has spun off its New Residential Investment Corp subsidiary. New Residential is now an independent REIT trading on the New York Stock Exchange, primarily focused on investing in residential mortgage-related assets. Holders of Newcastle common stock have been electronically issued one share of New Residential common stock for each share of Newcastle common stock held.

    .......

    Job Swaps 22 May 2013

  • Direct lending fund closed

    BlueBay Asset Management has closed the BlueBay Direct Lending Fund, having raised over €800m of commitments from institutional investors. The fund will make investments of €20m-€100m to UK and Northern European mid-market companies, with an emphasis on targeting high-quality businesses representing an enterprise value of less than €500m.

    The fund aims to provide primarily senior and subordinated loans for acquisitions, .......

    Job Swaps 22 May 2013

  • Asset manager beefs up in Korea

    Highland Capital Management has appointed Jun Park as director of business development, Korea. He is based in the firm's Seoul office and will be responsible for business development and investor relations support in the country, reporting to Paul Adkins, md of business development (Asia-Pacific region).

    Park has more than 10 years of experience in global alternative investments. Prior to joining .......

    Job Swaps 22 May 2013

  • Liquid asset analysis outlined

    The EBA has issued a discussion paper presenting the methodology and scope of its forthcoming analysis on definitions of highly liquid assets. The proposed methodology is based on a scorecard, which aims at producing an ordinal ranking of assets by combining a set of different liquidity indicators. Following the outcome of the analysis, the EBA will report to the European .......

    News Round-up 22 May 2013

  • Buy-side vet joins PCS committee

    Will Howard Davies has agreed to serve on the Prime Collateralised Securities (PCS) Market Committee. He has worked on the investment side of securitisation for 14 years and is presently portfolio manager at PIMCO, responsible for RMBS and residential mortgages.

    .......

    Job Swaps 22 May 2013

  • Zombie deals: the living dead of structured credit

    Dave Jefferds, co-founder and COO of DealVector, examines ho...

    Five long years ago, the global financial crisis hit. Many deals imploded almost immediately, like ABS deals that blew through their event of default triggers. That capital was more or less destroyed.

    Other deals, like CLOs, were stretched but did not break at all. Their resilience allowed the structures to recover and that sector is now booming again.

    But there .......

    Talking Point 22 May 2013

  • Active start for non-agency RMBS

    The secondary US non-agency RMBS market has had an active start to the week, boosted by a CDO liquidation containing vintage mezzanine subprime collateral. A drop in supply was observed in fixed rate bonds, however.

    One notable subprime name out for the bid yesterday was PPSI 2005-WCW2 M3, which was talked in the high-40s. The tranche last appeared in SCI's .......

    Market Reports 21 May 2013

  • Further container ABS calls anticipated

    TAL International has re-priced its TAL Advantage IV Series 2010-1 transaction via an amendment to the structure. The unusual move is expected to trigger more container ABS calls going forward.

    Under the amendment, the coupon on the note was lowered from 5.5% to 3.25% and the call date was pushed back from July 2013 to July 2015. "While the coupon .......

    News Round-up 21 May 2013

  • CRE CDO late-pays remain flat

    US CRE CDO late-pays remained flat in the month of April, at 13.2%, according to Fitch's latest index results for the sector. Asset managers have steadily reduced the overall balance of delinquent assets through resolutions over the past year, which has helped stabilise delinquencies, the agency suggests.

    Only one new delinquency was reported in the month: this newly matured balloon .......

    News Round-up 21 May 2013

  • Senior appointments made at SIFMA

    SIFMA has appointed former three-term US Senator Judd Gregg as ceo. At the same time, the association has named acting president and ceo Kenneth Bentsen as president.

    "Judd's experience as both a governor and legislator will be of tremendous value to SIFMA in bridging the gap between the complexities of the financial markets and the positive impact our markets have .......

    Job Swaps 21 May 2013

  • Improvement seen in timeshare ABS

    Total US timeshare ABS delinquencies for 1Q13 stand at 3.27%, down from 3.55% in 4Q12 and 3.58% in 1Q12, according to Fitch's latest index results for the sector. The improvement in timeshare ABS delinquencies last quarter is typical of springtime performance, the agency notes.

    Defaults for 1Q13 also decreased to 0.72% from 0.75% in 4Q12. Delinquencies are now 0.82% lower .......

    News Round-up 21 May 2013

  • Specialised depositary 'critical' for Russian MBS

    Specialised depositary and management company roles are critical for Russian RMBS transactions, Moody's notes. Failure to adequately perform these functions may lead to losses for the mortgage agent and, in some cases, default under the notes.

    "To reflect the importance of these roles, we evaluate the entities acting as specialised depositary and management company as part of our rating analysis," .......

    News Round-up 21 May 2013

  • Uncovered FX eyed in Euro CLOs

    Managers' increasing desire to include sterling assets - funded with either euro or sterling-denominated liabilities - in the new generation of European CLOs may introduce uncovered FX exposure, Fitch warns. The agency notes that managers are trying to access the largest possible asset universe and achieve a desirable level of diversification in their portfolios. But, with the economics of European .......

    News Round-up 21 May 2013

  • Mortgage, risk management capacity strengthened

    Treliant Risk Advisors has expanded its mortgage and risk management capacity with five financial services hires.

    John Ward joins the firm as senior director. He is a risk management consultant with broad experience in building and re-engineering diverse financial services industry businesses. Previously, he worked at Citibank for almost 30 years in the derivatives, loan sales and structured credit markets.

    Job Swaps 21 May 2013

  • Stable performance continues for Trups CDOs

    Combined defaults and deferrals for US bank Trups CDOs have remained stable, standing at 28.2% at the end of April, according to Fitch's latest index results for the sector. One new bank - representing US$5m of collateral in one CDO - defaulted during the month, while another bank - representing US$10m of collateral in one CDO - began deferring interest .......

    News Round-up 21 May 2013

  • REIT beefs up in operations

    Annaly Capital Management has named Glenn Votek as chief administrative officer. He brings over 20 years of financial and operational experience, with particular expertise in risk management, capital raising, liability management and regulatory oversight. He will report to Kevin Keyes, Annaly's president.

    Votek joins from CIT Group, where he was an evp and treasurer since 1999 and president of consumer .......

    Job Swaps 21 May 2013

  • Willis taps Asia head

    Willis Capital Markets & Advisory has appointed Michael Guo as md and head of Asia. Based in Hong Kong, he reports to the firm's ceo Tony Ursano and will be responsible for developing its capital markets and strategic advisory business in the region.

    Guo has more than fifteen years of experience working with financial institutions. He joins from Boston Consulting .......

    Job Swaps 21 May 2013

  • Documentation overhaul spooks sub CDS holders

    Concern that ISDA's plan to update the CDS definitions (SCI 19 December 2012) could impact the liquidity of current subordinated contracts is believed to have driven compression in the Markit iTraxx Senior Financials and Subordinated indices yesterday (20 May). The latter index tightened by 17bp to 182.5bp, leaving the multiple to the senior index at 1.41. Markit notes that the .......

    News Round-up 21 May 2013

  • SSFA provision clarified

    The OCC has clarified a provision of the market risk capital rule. Specifically, it has addressed the measurement of a parameter used in the simplified supervisory formula approach (SSFA) for securitisation exposures.

    When an institution assigns the specific risk capital requirement for a securitisation position, the OCC is clarifying that exposures underlying the securitisation position should not necessarily be considered .......

    News Round-up 20 May 2013
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