Complete news archive

  • 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

  • CMBS loan resolution timelines diverge

    The length of time between a US CMBS loan transferring to special servicing and ultimately being resolved depends largely on the workout strategy being pursued. The average time to modification has decreased recently, although the time to liquidation has been on the rise.

    There appears to be little variation between special servicers in the average amount of time it takes .......

    News 25 April 2013

  • Residential mortgage vet enlisted

    Five Oaks Investment Corp has appointed David Akre to the senior management team of its external manager, Oak Circle Capital Partners. Akre joins as md and will lead the company's strategic development in non-agency residential mortgage investments, securitisation and origination.

    Akre's residential mortgage experience also encompasses whole loan acquisition, credit underwriting, hedging and financing. He was previously co-ceo and co-founder .......

    Job Swaps 25 April 2013

  • Conduit leverage nearing inflection point

    Loans in US conduit CMBS transactions rated by Moody's in 1Q13 had an average Moody's loan-to-value (MLTV) ratio of 98%, remaining near the 100% MLTV mark for the third consecutive quarter. The agency considers 100% MLTV to be an inflection point, beyond which the probability of default ramps up sharply and extra credit enhancement is necessary to offset the additional .......

    News Round-up 25 April 2013

  • Allocations cap weighs on FFELP SLABS

    Fitch believes that it is possible for an obscure aspect of the Budget Control Act of 2011 to affect FFELP student loan ABS deals. Smaller not-for-profit servicers of the Federal Direct Loan Program (FDLP) are likely to be pressured by a cap on the allocations of borrower accounts to existing not-for-profit (NFP) servicers in 2013, the agency explains.

    They will .......

    News Round-up 25 April 2013

  • Trups CDO deferral cures hit highs

    Combined defaults and deferrals for US bank Trups CDOs has further decreased to 28.2% at the end of the first quarter, from 29.8% at end-4Q12, according to Fitch.

    In 1Q13, 25 banks - representing US$443.9m of collateral in 42 CDOs - resumed interest payments and repaid accrued interest on their Trups. This is the highest level of deferral cures experienced .......

    News Round-up 25 April 2013

  • Operations benchmarking survey published

    ISDA has released its 2013 operations benchmarking, which identifies and tracks operations processing trends in privately-negotiated OTC derivatives. The results provide individual firms with a benchmark against which to measure the promptness and accuracy of their trade data capture, confirmation and settlement procedures, as well as the level of automation of their operational processes.

    Infrastructure improvements are reflected in the .......

    News Round-up 25 April 2013

  • New ISDA directors confirmed

    ISDA has elected 12 directors at is latest AGM in Singapore. This includes new directors Sotaro Kato and Christopher Murphy, as well as 10 re-elected directors.

    Kato is md in the global markets group at Nomura Securities, responsible for day-to-day sales and trading activities in the Asia Pacific region. Murphy is global head of rates and credit within the investor .......

    Job Swaps 25 April 2013

  • European SF research head added

    Gordon Kerr has joined DBRS as head of structured finance research for Europe, based in London. He joins from Citi, where he was head of European securitised products research.

    Kerr has previously worked as an ABS trader at Citi, which he joined in 2003. Before joining Citi he was a relationship manager at CIBC Mellon and a negotiator at MediaVest.

    .......

    Job Swaps 24 April 2013

  • Patriarch adds CDO specialist

    Guillaume Fillebeen has been made vp at Patriarch Partners in New York. He was most recently at PF2 Securities Evaluations, where he co-headed the team responsible for CDO evaluations and structured finance litigation consulting.

    Fillebeen's areas of expertise are CDOs, CMBS and RMBS. Before joining PF2 he was associate at RBS, structuring CDOs backed by RMBS, and associate analyst at .......

    Job Swaps 24 April 2013

  • Increased volume as US RMBS reawakens

    The US RMBS secondary market yesterday shook off the lethargy with which it had been afflicted to spring back into action. Non-agency supply was particularly impressive, picking up after a quiet few days to reach US$662m in BWIC volume.

    "Secondary supply is finally picking up in the RMBS sector, after more than a week of muted volume. Dealer offering levels .......

    Market Reports 24 April 2013

  • FLS extension agreed

    The Bank of England and the UK Treasury have extended the Funding for Lending Scheme (FLS) by one year to January 2015. The aim is to provide participating lenders with confidence that they will be able to access funding on reasonable terms for longer in the light of continued uncertainty in the euro area.

    In determining the amount participants can .......

    News Round-up 24 April 2013

  • CMBS hedging importance underlined

    The bankruptcy of General Growth Properties (GGP) (SCI 13 May 2009) underlines the importance of investors hedging the credit risk of CMBS sponsors. Hedging the risk related to some of the recently issued US single-asset CMBS deals secured by retail - which have tenants that may be both included and excluded from the loan collateral - should especially be considered.

    News 24 April 2013

  • Small lenders to lose out under AOFM action?

    Moody's says it doesn't expect the end of the AOFM's investments in RMBS (SCI 10 April) to have any immediate impact on Australia's financial sector, given that improved market conditions have enabled lenders to issue RMBS without AOFM support. However, although the rebound in RMBS has been modest, the agency does not expect RMBS issuances to support the competitive positions .......

    News Round-up 24 April 2013

  • CRA roundtable agenda announced

    The US SEC has announced the agenda for its credit ratings roundtable, which will be held on 14 May. The roundtable will consist of three panels.

    The first panel will discuss the potential creation of a credit rating assignment system for ABS. The second will discuss the effectiveness of the SEC's current system to encourage unsolicited ratings of ABS, while .......

    News Round-up 24 April 2013

  • Standardised IRS confirm published

    ISDA has published a form of confirmation for a market agreed coupon (MAC) contract as an additional choice for market participants that wish to use OTC interest rate swaps (IRS) that have common, pre-agreed terms. The MAC confirmation features a range of pre-set terms in such areas as start and end dates, payment dates, fixed coupons, currencies and maturities.

    It .......

    News Round-up 24 April 2013

  • Private-label policy proposals released

    As part of its ongoing white paper series, the ASF has released a report entitled 'ASF Policy Proposals to Increase Private Capital in the US Housing Finance System'. The paper constitutes a concise summary of key policy proposals that can be implemented in the short term to expedite the process of bringing private capital back to the mortgage market by .......

    News Round-up 24 April 2013

  • Refinanced CLO notes syndicated

    The triple-A, single-A and triple-B rated tranches of the 2011-vintage OHA Intrepid Leveraged Loan Fund were refinanced last week. Unlike other recent CLO refinancings (SCI 8 March), the Oak Hill Advisors deal refinancing was syndicated (via Morgan Stanley).

    The new coupons on the class A, C and D tranches are 92bp, 200bp and 305bp over Libor, down from 150bp, 230bp .......

    News Round-up 23 April 2013

  • Regional variation seen in Euro auto ABS

    Strong collateral performance over the financial crisis and recent economic downturn continue to underpin investor demand for European auto ABS, according to S&P. Together with rapid structural amortisation, this means there have been relatively few auto ABS downgrades in recent years and defaults have remained scarce.

    "Following a sharp reduction in securitisation issuance in 2008 and 2009, several European banks .......

    News Round-up 23 April 2013

  • Improved origination, servicing for Russian RMBS

    Stable performance and improving origination and servicing standards underpin Moody's current stable outlook on the Russian RMBS market, the agency reports. The sector has reached record levels due to new entrants and new products.

    Around 10 new Russian RMBS are expected to be issued in 2013, versus seven in 2012, with an anticipated volume in the range of RUB50bn-RUB60bn. It .......

    News Round-up 23 April 2013

  • Third-party capital boosts convergence market

    The emergence of third-party capital vehicles designed to provide investors with direct access to insurance risk could not only pressure rates in traditional property catastrophe reinsurance market, but could also create opportunities for reinsurers able to create vehicles of their own, according to S&P. Capital from this so-called convergence market now provides an estimated 15% of the more than US$200bn .......

    News Round-up 23 April 2013
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