Complete news archive

  • 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

  • Ten-year conduit loans set to pay off

    Of the US$14.4bn in Fitch-rated performing conduit CMBS loans set to mature this year, US$3.2bn (22.2%) are defeased. As interest rates remain low and conduit issuance remains robust, the agency expects ten-year loans maturing over the next year to continue to pay off at or near their maturity dates.

    "Roughly 60% of loans maturing in 2013 were originated in 2003 .......

    News Round-up 3 May 2013

  • RMBS shortfalls trending higher

    Morningstar Credit Ratings has reviewed monthly occurrences of interest shortfalls for 1Q13. The data shows that interest shortfalls continue to slowly trend higher across different collateral types, tranche types and vintages.

    The analysis focused on nearly 25,000 bonds with an active balance from across roughly 4,000 deals in the Morningstar RMBS database. As of the March 2013 remittance cycle, 16.7% .......

    News Round-up 3 May 2013

  • CLO pricing service offered

    Markit has launched a new pricing service for CLO tranches. The service covers more than 5,000 investment grade tranches of US and European CLOs and is expected to be used for price discovery, price verification, valuation and risk management.

    The service uses observable market data and best-in-class models to value CLOs. Markit will provide customers with detailed information on data .......

    News Round-up 3 May 2013

  • CMBS advisory firm launches

    Sabal Financial Group has expanded its CMBS business by launching Sabal Commercial Advisors. Sabal Commercial will leverage the company's existing CMBS loan underwriting and due diligence platform to provide a single-source solution for transaction support services.

    Sabal Commercial will provide loan origination underwriting and loan re-underwriting services. The loan origination underwriting services will include due diligence and underwriting of both .......

    Job Swaps 3 May 2013

  • ECB boost for SME ABS

    The ECB has begun consultations with the European Council and EIB in order to promote a functioning market for SME ABS. While the move has been welcomed as a step in the right direction, market participants are not expecting any significant progress in the near future.

    ABS analysts at JPMorgan highlight the cautious tone taken by the ECB. With consultations .......

    News 3 May 2013

  • Counterparty credit risk uncovered - part one

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

    For as long as derivatives have been around, counterparties have taken contingent credit risk to each other. Originally, the efforts to quantify and manage this risk were relatively simple, but over time they have evolved and become more sophisticated. As well, the derivatives transactions themselves have become more complex and the size and diversity of each counterparty's positions have grown.

    Research Notes 3 May 2013

  • Difficult road ahead for FHFA nominee

    President Obama has nominated Representative Mel Watt to replace Edward DeMarco as director of the FHFA. No action is expected in the short term, however, given the contentiousness of GSE reform.

    The US Senate has to confirm a nominee before an appointment is made. This has proved difficult in the past due to the politically-charged nature of the debate over .......

    News Round-up 2 May 2013

  • IRP RFC issued

    The CRE Finance Council has released for comment version 7.0 of its investor reporting package (IRP). The association plans to publish CREFC IRP v7.0 on 1 July, with an effective date of 1 October.

    The exposure draft includes final changes to the following: updated CREFC overview narrative; updated change matrix; updated data dictionary and legend; IRP new fields/field deletions to .......

    News Round-up 2 May 2013

  • CMBS delinquency rate drops

    At 9.03%, the Trepp CMBS delinquency rate last month posted its lowest reading in more than two years. The 47bp drop in the delinquency rate was the biggest one-month gain since Trepp began publishing the number in autumn 2009.

    All major property types saw their delinquency rates fall in April. Hotel and apartment loans led the pack, each with more .......

    News Round-up 2 May 2013

  • Cross-border swap rules proposed

    The US SEC has issued proposed rules and interpretive guidance for parties to cross-border security-based swap transactions. The proposal explains which regulatory requirements apply when a transaction occurs partially within and partially outside the US. The proposed rules also set forth when security-based swap dealers, major security-based swap participants and other entities - such as clearing agencies, execution facilities and .......

    News Round-up 2 May 2013

  • REIT beefs up CRE capabilities

    Annaly Capital Management has added several members to its commercial real estate platform. The additions will all be in place in time for Annaly's acquisition of CreXus Investment Corp, which will close on 23 May (SCI passim).

    Annaly's CRE platform will be headed by md Robert Restrick, who has been coo of CreXus for the past two years. He has .......

    Job Swaps 2 May 2013

  • Euro CMBS picks up as predicted

    SCI's PriceABS data shows 100 European CMBS BWIC line items for yesterday's session, as high secondary market volumes were maintained from earlier in the week. This is in stark contrast to the previous week, continuing the pattern of alternating activity in the ABS and CMBS sectors, which traders observed last week (SCI 26 April).

    Several bonds out for the .......

    Market Reports 2 May 2013

  • Delaware law firm adds three

    Potter Anderson & Corroon has added three Delaware attorneys, all of whom have structured finance experience. Robert Symonds, Matthew O'Toole and Thomas Mullen each become partners in the firm.

    Symonds and O'Toole both join from the corporate, finance and capital markets practice at Stevens & Lee. Mullen comes from the corporate and business law counselling practice group of Prickett, Jones .......

    Job Swaps 1 May 2013

  • PE data standard unveiled

    A number of major private equity firms have formed a new global industry alliance called the AltExchange Alliance. The group has made available the private equity industry's first comprehensive standard for data formats.

    It is hoped that the common format defined by this new standard will transform the way general partners, limited partners, fund of funds and fund administrators share, .......

    News Round-up 1 May 2013

  • Varied mortgage origination practices eyed

    Moody's notes in its latest ResiLandscape publication significant variations among US mortgage loan originators in key aspects of their practices. Focusing on loan performance, originator ability and originator stability, the originators that the agency has reviewed have achieved overall assessments of at least average and most were assessed at above average

    A key driver of Moody's originator assessments is early .......

    News Round-up 1 May 2013

  • ABS, RMBS sales trio recruited

    Pierpont Securities has hired John Duffy, John Ou and Brian Hartmann to its sales team. The three help build out the firm's structured finance capabilities.

    Duffy specialises in mortgages and has previously worked at Deutsche Bank, JPMorgan and DLJ Securities. Ou joins the structured finance sales desk from Brean Capital and will cover RMBS and ABS, reporting to md Kim .......

    Job Swaps 1 May 2013

  • Fifth Libertas auction due

    An auction for Libertas Preferred Funding I is set to take place on 21 May. An auction has been held for the Trups CDO every month this year, but so far bids have failed to meet the auction call redemption amount.

    .......

    News Round-up 1 May 2013

  • Markit continues Latin push

    Markit has entered into a partnership with Agência Estado, whereby Agência Estado will distribute Markit's credit index and CDS pricing data via the Broadcast platform. Agência Estado is the leading news agency and distributor of real-time financial information in Brazil.

    Under the agreement, price information from Markit is now available for a range of credit indices and CDS on corporate .......

    Job Swaps 1 May 2013

  • Bermuda cat firm adds PM

    Bermuda-based Pillar Capital Holdings has added Jeff Franklin as svp and portfolio manager. He reports to cio Stephen Velotti.

    Franklin joins from Flagstone Re, where he was chief underwriting officer, overseeing international property catastrophe bond pricing across Flagstone's offices. He began his insurance career at Ace Tempest Re.

    .......

    Job Swaps 1 May 2013

  • Italian BUS appointments scrutinised

    The appointment of a back-up servicer (BUS) in several Italian structured finance transactions has sometimes taken longer than Fitch envisaged, which could raise concerns if there were a rapid deterioration of a servicer's creditworthiness. However, the rating agency says that the Bank of Italy's willingness to ensure that servicer defaults are managed in an orderly fashion eases its concerns regarding .......

    News Round-up 1 May 2013
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