Complete news archive

  • RFC issued on Aussie RMBS proposal

    Moody's has issued a request for comment regarding its proposed monitoring approach to assessing tail risk in Australian RMBS. The proposal evaluates tail risk in Australian RMBS that pay principal to the securities on a pro-rata basis and assesses the sufficiency of the credit enhancement and liquidity support available to the rated securities.

    The proposed approach uses scenario analysis in .......

    News Round-up 29 April 2013

  • Office properties driving CMBS defaults

    The cumulative default rate for fixed-rate US CMBS increased to 13.6% in 1Q13, an 18bp rise from year-end 2012, according to Fitch. Office properties continue to drive the increase in defaults.

    Office loans, which have led defaults over the past two years, accounted for 55% of defaults by balance (42 loans). Defaulted office loans ranged in size from US$1.4m to .......

    News Round-up 29 April 2013

  • SCI Start the Week - 29 April

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

    Pipeline
    Three new ILS deals joined the pipeline last week, as well as a further four ABS and two RMBS. All three catastrophe bonds reference US hurricane risk as the main peril and the proposed paper totals US$550m.

    Those ILS deals comprise: US$150m Blue Danube II series 2013-1; US$150m Long Point Re III series 2013-1; and US$250m Sanders Re Series 2013-1.

    News 29 April 2013

  • CMBS sponsor's merger agreement challenged

    Brookfield Office Properties and its affiliates have entered into a definitive merger agreement with CMBS sponsor MPG Office Trust. A newly formed fund dubbed DTLA Holdings will own both Brookfield's downtown Los Angeles offices assets and all the assets of MPG, although legal concerns have been raised.

    DTLA will be sponsored and managed by Brookfield, which will own 47% of .......

    Job Swaps 29 April 2013

  • GC adds reinsurance pro

    Guy Carpenter has appointed Stephen Mathews as md of GC Securities. He is based in New York and reports to Chris Ezbiansky.

    Mathews will now use his reinsurance experience in Guy Carpenter's capital markets division. He was previously a senior member of Willis Capital Markets & Advisory and has also held positions at Banc of America Securities, Goldman Sachs and .......

    Job Swaps 29 April 2013

  • Dutch RMBS performance reviewed

    Moody's has undertaken a performance review of the Dutch RMBS market and updated its portfolio loss assumptions in 36 transactions and MILAN CE in four transactions out of the 106 transactions reviewed.

    The agency has increased its lifetime loss assumption as the performance of the underlying mortgage portfolios to date has been worse than previously assumed and pressure on loss .......

    News Round-up 29 April 2013

  • TITN 2007-CT1 note EOD likely?

    Comprising 33 loans, down to 18 currently, Cornerstone Titan 2007-1 has the largest loan count among European conduit CMBS. The majority of the remaining loans is already in special servicing and the transaction is expected to be backed by a fully non-performing loan portfolio soon.

    The work-out proceeds and losses for the largest loan in the portfolio - Xanadu - .......

    News 26 April 2013

  • Solar securitisation risks examined

    Moody's observes in its latest ABS Spotlight publication that four major credit risks arise in the securitisation of residential solar contracts. These risks are heightened by the contracts' long tenor.

    Residential solar contracts, under which customers pay a monthly fee in exchange for the electricity from the solar power system a solar company installs on their rooftops, typically last for .......

    News Round-up 26 April 2013

  • CMBS investors broadening horizons

    It has been a quieter week for European CMBS. Primary issuance still seems a fair distance away and secondary volumes have been down, although investors appear to be becoming more flexible in the paper they will buy.

    "It has been quite a funny week because - from having a good amount of CMBS last week, but not much ABS - .......

    Market Reports 26 April 2013

  • Rating stability forecast for Euro CLOs

    Fitch expects European leveraged loan CLOs to maintain rating stability throughout the rest of 2013. The agency recently reviewed its 27 rated European leveraged loan CLOs, with all but two transactions being affirmed.

    Fitch's April 2013 European Leveraged Loan CLO Tracker Excel file reveals that the triple-C and below bucket has remained stable at 9.2% since October 2012. There have .......

    News Round-up 26 April 2013

  • FLS set to depress RMBS issuance further

    S&P believes that the extension of the Funding for Lending Scheme (FLS) will be at best neutral for investor-placed UK securitisation issuance, but will more likely depress it further (SCI 24 April). No investor-placed UK prime RMBS transaction has priced so far in 2013, despite previously being the largest European securitisation sector (see also separate article).

    UK RMBS placed with .......

    News Round-up 26 April 2013

  • Issuance awaited

    UK RMBS spreads tighten as investors lack options

    No prime UK RMBS has been issued this year and that lack of issuance is helping to drive secondary spreads in the sector ever tighter. Issuance is expected to resume over the summer, but investors receiving redemption proceeds in the meantime face a shortage of investment options.

    Paratus AMC launched Virgil Mortgage No.1, the first investor-placed UK RMBS of the .......

    News Analysis 26 April 2013

  • Private, FFELP SLABS performance compared

    US private student loans originated after 2008 are currently defaulting at a lower rate than FFELP student loans, according to Moody's in its latest ABS Spotlight publication. Because of the marked improvement in the credit profile of newly originated private loans in recent years, this gap in performance is expected to continue widening. Lenders have tightened credit underwriting for private .......

    News Round-up 25 April 2013

  • Early amortisation likely for Canadian card ABS

    The impact of a rare instance of credit card ABS early amortisation in Canada is credit neutral for the SCORE Trust securitisation for two reasons, Moody's notes in its latest ABS Spotlight publication. First, these notes will enter early amortisation because of unique structural provisions that result in a breach of an excess spread trigger during the accumulation period, rather .......

    News Round-up 25 April 2013

  • Instalment loan ABS under pressure

    The Japanese Consumer's Class Action bill - which was last week sent to the ordinary session of the Diet for approval - is credit negative for instalment sales loan ABS in the country, according to Moody's in its latest Credit Outlook. The agency notes that if the securitised pool includes receivables originated through merchants involved in a class action for .......

    News Round-up 25 April 2013

  • Second auction due for CBO

    An auction has been scheduled for the Trainer Wortham First Republic CBO III on 15 May. This is the second time the trustee has tried to sell the collateral this year, after the auction call redemption amount was not met in an auction held in February (SCI 14 January).

    Separately, the trustee has announced that it was unable to sell .......

    News Round-up 25 April 2013

  • Reporting tool enhanced

    Sapient Global Markets' Compliance Management and Reporting System (CMRS) now has the ability to facilitate portfolio reconciliation. The aim is to allow firms to collate vast amounts of data from disparate systems, apply reporting eligibility logic, translate it into the destination message format and deliver it directly to swap data repositories (SDRs). As part of the new functionality, users can .......

    News Round-up 25 April 2013

  • Credit trading alliance created

    BlackRock and MarketAxess have announced a strategic alliance to create a unified, open trading solution in the US credit markets. The alliance between BlackRock's Aladdin Trading Network and MaketAxess is designed to help reduce liquidity fragmentation and improve pricing across credit markets, while expanding both firms' open trading efforts.

    MarketAxess will run electronic trading and broker dealer operations, which will .......

    Job Swaps 25 April 2013

  • ABCP programmes restructured

    Deutsche Bank has implemented a complete overhaul of the programme documents for its Rhein-main Securitisation Limited (RMSL) and Rheingold Securitisation Limited (RGSL) ABCP conduits. In conjunction with the programme amendments, any maturing ABCP issued out of RGSL will be refinanced by RMSL or repaid through drawings under the liquidity facilities. No further ABCP can be issued out of RGSL going .......

    News Round-up 25 April 2013

  • RBA unveils final reporting templates

    The Reserve Bank of Australia (RBA) last week published the final reporting templates for issuers of RMBS under its repo eligibility criteria, following a consultation period (SCI 22 October 2012). The templates modify the initial draft by adding a requirement for issuers to supply a cashflow waterfall template, while removing a requirement for mandatory pool-level reporting.

    Issuers will be required .......

    News Round-up 25 April 2013

  • LCDS auction results in

    The final results of the Dex Media West and SuperMedia LCDS auctions are 79 and 74.625 respectively. Eight dealers submitted initial markets, physical settlement requests and limit orders to the auctions, which were held yesterday.

    .......

    News Round-up 25 April 2013
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