Complete news archive

  • New Taurus CMBS nears

    Further details have emerged on Taurus 2013 (GMF1), the European multifamily CMBS that will refinance the WOBA mortgage loan, previously securitised within the Windermere IX and Deco XIV Pan Europe 5 transactions (SCI 30 April).

    Fitch has assigned preliminary ratings to the transaction, which comprises: €710m triple-A rated class A notes, €130m double-A class Bs, €120m single-A class Cs, €95m .......

    News Round-up 7 May 2013

  • SIX, Triangle in data partnership

    Triangle Park is partnering with SIX Financial Information to provide clients with an expanded range of market data. Triangle Park clients now have the ability to incorporate security prices supplied by SIX Financial to their workflow tools to perform tolerance and variance checks for compliance and audit purposes.

    Triangle Park provides difficult-to-procure workflow tools and market data sets for monitoring .......

    Job Swaps 7 May 2013

  • PERILS coverage enhanced

    PERILS has extended its market coverage to include Italy, providing data for both earthquake and flood perils. The data includes market-wide property sums insured and event loss information.

    PERILS will collect property sums insured and event loss data from primary insurers in Italy on a CRESTA zone and property line of business basis. Based on the collected data, the firm .......

    News Round-up 7 May 2013

  • Euro SME deals remain 'uneconomic'

    The market for European SME securitisations remains shut, despite significant spread contraction, Fitch reports. The agency notes that this is mainly because securitisations of loans to SMEs, if placed with investors, are uneconomic from the lenders' perspective.

    "The prevailing view is that SME securitisation - due to the lack of liquidity in the market, as well as the perceived additional .......

    News Round-up 7 May 2013

  • Wide-ranging rep, warranties settlement agreed

    MBIA Inc and its subsidiaries have agreed a comprehensive settlement with Bank of America. MBIA Corp will receive a net payment of approximately US$1.7bn, consisting of around US$1.6bn in cash and US$137m principal amount of MBIA's 5.7% senior notes due 2034, as well as a US$500m line of credit.

    In exchange for the payment, MBIA will dismiss the ongoing litigation .......

    Job Swaps 7 May 2013

  • Fannie performance data published

    Fannie Mae is to make loan-level credit performance data available on over 18 million single-family mortgages that it has acquired since 2000. The move aims to help investors model the credit performance of loans owned or guaranteed by the GSE as it works with the FHFA to develop potential risk sharing transactions.

    "Transparency is a key component to encouraging private .......

    News Round-up 7 May 2013

  • Advisory launches Connecticut credit unit

    New York-based NewOak Capital has launched NewOak Credit Services in Danbury, Connecticut. The unit will support NewOak's mortgage operations, from origination to servicing, oversight and securitisation.

    NewOak ceo Ron D'Vari says the infrastructure revamp is in response to the sea-change of regulations and transparency requirements. NewOak Credit Services intends to recruit locally.

    .......

    Job Swaps 7 May 2013

  • Solid performance for MM tranches

    Money market (MM) tranches that are part of global structured finance transactions performed well throughout the crisis, according to Fitch. This is reflected in the solid ratings performance of these tranches, as well as their strong repayment trends, the agency reports.

    MM tranches include those where the term of assets and liabilities is matched (for example, ABS) and those where .......

    News Round-up 7 May 2013

  • REIT makes two senior appointments

    Two Harbors Investment Corp has appointed Marcin Urbaszek as md and promoted Victor Baev to the same level. They will help pursue new business initiatives within the residential mortgage market.

    Urbaszek was previously at Credit Suisse, where he was responsible for sourcing and executing strategic and financing transactions for the firm's corporate clients. He has also worked at Citigroup, JPMorgan .......

    Job Swaps 7 May 2013

  • Pension fund brings CDS antitrust suit

    The Sheet Metal Workers Local No. 33 Cleveland District Pension Plan has filed a class action lawsuit against 12 banks in the Illinois Northern District Court. The action alleges that the banks - together with ISDA and Markit - conspired to thwart competition in the CDS market, thereby raising fund managers' costs.

    The defendants comprise Bank of America, Barclays, BNP .......

    Job Swaps 7 May 2013

  • Assured reaches RMBS settlement

    Assured Guaranty has reached a settlement with UBS to resolve claims related to RMBS that were issued, underwritten or sponsored by UBS and insured by Assured under financial guaranty insurance policies. Assured will receive an initial cash payment of US$358m.

    UBS will also reimburse Assured for a portion of all future losses on certain transactions under a collateralised loss-sharing reinsurance .......

    Job Swaps 7 May 2013

  • NY law firm adds partner

    Morrison & Foerster has added partner Lawrence Ceriello to its real estate finance group in New York. He specialises in the origination of loans backing CMBS.

    Ceriello also has extensive experience handling mezzanine debt and workouts of distressed real estate, as well as equity investments and the purchase, sale, restructuring and foreclosure of performing and non-performing commercial mortgage and mezzanine .......

    Job Swaps 7 May 2013

  • Servicer ratings, REO aging linked

    There is a meaningful relationship between US CMBS servicer ratings and the aging of real estate owned (REO) inventories, according to Fitch. The agency notes that servicers with the highest ratings have shorter liquidation time lines than lower rated servicers.

    Fitch says it analysed this relationship in response to market concerns regarding the growing and potential aging inventory of assets .......

    News Round-up 7 May 2013

  • CMBS pay-offs trending upwards

    The percentage of US CMBS loans paying off on their balloon date stood at 64.6% for April, according to Trepp. This was eight points above the March reading of 56.6%, with the rate now exceeding 60% in six of the past eight months.

    The April rate of 64.6% is well above the 12-month moving average of 52.8%. By loan count .......

    News Round-up 7 May 2013

  • Insurer adds two to capital markets team

    Aon Benfield Securities has boosted its capital markets capabilities by adding Robert James and Michael Pedraja, who each join as md and report to ceo Paul Schultz. They will be based in Chicago and advise clients on mergers and acquisitions, insurance and reinsurance company formations and capital raising initiatives.

    James joins from Willis Capital Markets & Advisory, where he was .......

    Job Swaps 7 May 2013

  • RMBS vet joins Angel Oak

    Thomas Dolan has joined Angel Oak Funding as md. He has significant mortgage capital markets experience, including in sales, trading, loan origination and portfolio management.

    Dolan was previously partner at RMBS Management and head of whole-loan sales and trading at Jefferies. He has also worked at ABN Amro, E*Trade Financial, JPMorgan, Morgan Stanley, Société Générale and Salomon Brothers.

    .......

    Job Swaps 7 May 2013

  • Legal challenge to CFTC clearinghouse decisions

    The DTCC has filed a lawsuit challenging three interrelated actions by the US CFTC and asking a federal court to vacate the CFTC's approval of CME Rule 1001 and ICE Rule 211. It says the CME and ICE Rules are anticompetitive and undermine the core principles of the Dodd-Frank Act (SCI 17 January).

    The DTCC says that, under the threat .......

    Job Swaps 7 May 2013

  • Agency appoints Canada chief

    Fitch has named Andrew Smitiuch as senior director and Canadian business head. He will be based in Toronto and lead all aspects of the rating agency's business and relationship management efforts in the country, reporting to md Douglas Murray.

    Smitiuch has spent most of his career at RBC Capital Markets, where he was most recently md responsible for senior corporate .......

    Job Swaps 7 May 2013

  • Project Aspen JV formed

    Ireland's NAMA and Starwood Capital Group have established a joint venture relating to the sale of NAMA's €810m portfolio of commercial real estate non-performing loans known as Project Aspen. Under the terms of the agreement, NAMA will sell the portfolio to the new joint venture entity, which will be 20% owned by NAMA and 80% owned by a consortium led .......

    News Round-up 3 May 2013

  • Capital raising mandate signed

    Credit hedge fund manager Varden Pacific has mandated alternative assets placement agent MCAM Group to raise capital internationally for its flagship Varden Pacific Opportunity Partners fund. The strategy returned 29.1% net of fees last year and year-to-date through April the strategy is up by an estimated 3.4%.

    Currently managing over US$250m, Varden Pacific's focus is to capitalise on international credit .......

    News Round-up 3 May 2013

  • Strong card ABS performance continues

    Positive macro news and improving consumer health pushed US credit card ABS performance to levels not seen in more than two decades, according to the latest monthly index results from Fitch. Credit card ABS performance once again hit or held near-record levels on most fronts.

    Prime 60+ day delinquencies touched record lows, while retail late-pays approached record lows. Excess spread .......

    News Round-up 3 May 2013
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