Complete news archive

  • Four join credit hedge fund

    400 Capital Management has hired four new recruits to increase its investment and operations capabilities. Chi Lee, Edward Lee, Kara Bingham Regan and Yehuda Graber all join as directors.

    Chi Lee takes responsibility for the sourcing, analysis and structuring of CLOs as well as structured credit and related derivatives opportunities. He was previously at Navigant Consulting, and before that UBS, .......

    Job Swaps 10 April 2013

  • AOFM ends RMBS investment

    The Australian Office of Financial Management (AOFM) has announced that it will not make any new investments in RMBS, effective immediately. However, it may continue to hold its remaining RMBS holdings until maturity.

    Specifically, the AOFM says it will not entertain sales that undermine the improvements seen in the market to date, but may sell to assist the price discovery .......

    News Round-up 10 April 2013

  • Loan mapping tool unveiled

    Codean has released Codean Open Loan Mapping (Codean OLM), an open database of leveraged loans - including industries, spreads, maturities and alternative obligor names - for held by CLOs. Free registration provides access to all data, except for CLO holding information, which is available to paid subscribers.

    Peter Jasko, Codean md, comments: "Loans often trade under a variety of names .......

    News Round-up 10 April 2013

  • Bank names structured products vet EMEA ceo

    Nomura has named Jeremy Bennett as ceo for EMEA. Scott Bugie has also been made head of the financial institutions group's ratings advisory division for the region.

    Bennett has held non-executive director positions within Nomura's European businesses since 2010. His background is in structured products and derivatives and previous roles include global head of structuring at Credit Suisse and head .......

    Job Swaps 10 April 2013

  • Palmer Square boosts credit capabilities

    Jeffrey Fox has joined Palmer Square Capital Management from Sandler O'Neill, where he was md responsible for structuring and selling CLOs. He becomes executive director and takes on key responsibilities for Palmer Square's structured credit and CLO platform.

    Prior to Sandler O'Neill, Fox was at Société Générale, where he was part of the US CDO, CLO and RMBS credit advisory .......

    Job Swaps 10 April 2013

  • Ratings differentiation

    Call for improved assessment of derivatives risk

    'Too big to fail' is emerging as a mainstream concern and with it come calls for the assessment of derivatives risk to be improved. For securitisation investors, better differentiation of risk in credit ratings is being put forward as one solution.

    In a hypothetical scenario, where the securitisation industry could start over with regards to ratings frameworks, ex-Moody's svp William .......

    News Analysis 10 April 2013

  • Special servicer changes examined

    As US CMBS write-downs increase, shifting control higher up the structure, the number of special servicer changes is rising. The way distressed loans are handled will, in turn, change - impacting bond cashflows at both ends of the capital stack.

    About half of the 100-odd changes in special servicers that have occurred over the past two years have been on .......

    News 9 April 2013

  • BoJ boost for CLOs, MBS

    The stronger-than-expected quantitative easing announced last week by the Bank of Japan is likely to boost the US securitisation market. Of the US$200bn in incremental demand that the BoJ has signalled, over half is forecast to spill into US fixed income over the course of the year, with CLOs and MBS in particular anticipated to benefit.

    Several Japanese banks have .......

    News Round-up 9 April 2013

  • Primary issuance hotly anticipated

    With the European secondary markets subdued in the wake of Easter holidays, focus has turned to the CLO space. A few ABS bid-lists have kept the market ticking over and have been well received, but it is the anticipated forthcoming CLO primary issuance that is really garnering attention.

    The €306.5m ALME Loan Funding 2013-1 and the €300m Dryden CLO XXVII .......

    Market Reports 9 April 2013

  • CLO risk retention plan proposed

    In a comment letter to US federal agencies, the Loan Syndications and Trading Association last week proposed a new risk retention plan for CLOs that meets the requirements embodied in the Dodd-Frank Act, while also preserving the ability of market participants to originate new CLOs and continue a vital credit flow to financial markets and the US economy. The LSTA .......

    News Round-up 9 April 2013

  • Bankruptcy declines supporting card ABS

    Ongoing declines in US personal bankruptcy filings remain positive for credit card ABS collateral, according to Fitch. Following two consecutive year-over-year declines for 2011 and 2012, bankruptcy filings dropped further in the first quarter, ending 13.2% lower versus last year.

    This figure is running well below the agency's initial 2013 expectations, which call for a for a 6%-7% full-year decline. .......

    News Round-up 9 April 2013

  • 'Negligible' set-off risk in Aussie SF

    Moody's reports that the level of set-off risk in Australian RMBS, ABS and covered bond programmes is negligible based on the inherent features of these transactions, as well as their structural mitigants.

    "For authorised deposit-taking institutions (ADI), set-off risks are mitigated through origination by a special purpose vehicle (SPV) or - in the case of equitable assignment programmes - through .......

    News Round-up 9 April 2013

  • Sequester focus for ERFs

    Fitch has published the 1Q13 US economic risk factors (ERFs) applied in its residential mortgage loan loss model. This quarter, the agency focuses on the relationship between ERFs and the sequester.

    Of the major metropolitan areas, Washington D.C. and its surrounding area have the greatest dependency on federal spending, which is partly why home prices have performed better than the .......

    News Round-up 9 April 2013

  • Mexican RMBS performance data enhanced

    Moody's has rolled out two new products covering performance of Mexican RMBS - a Mexican RMBS Index and performance overview (PO) reports.

    "The index offers a general overview of the performance of the Mexican RMBS market," comments Moody's svp Maria Muller. "We group deals according to common characteristics, such as vintage or originator, and include performance information illustrated by charts .......

    News Round-up 9 April 2013

  • Lack of collateral concerns CLO investors

    Limited collateral and a lack of arbitrage emerged as the two stand-out concerns for respondents to JPMorgan's Q2 CLO client survey. Overall, US CLO 2.0 triple-A spreads are anticipated to move below 100bp by year-end, with European spreads also expected to tighten.

    US high-yield loan re-pricing and lack of European high-yield loan supply are weighing on market participants' minds, according .......

    News 9 April 2013

  • Collateral management tool offered

    Misys has launched a new version of its commercial lending solution for financial institutions, which aims to increase transparency and analysis of the data most critical to sound credit and asset management decision-making. By partnering with several existing clients, various industry utilities and market standards organisations, the firm says it has created a solution that improves cost-efficiencies and eliminates costly .......

    News Round-up 8 April 2013

  • Analytics platform unveiled

    Venn Partners has launched Venn Risk Analytics (VeRA), a platform designed to provide an independent, transparent and consistent approach to the analysis and valuation of a broad range of structured finance products. The team behind it consists of leading ABS buy-side, sell-side, rating agency and professional advisory experience, according to the firm.

    VeRA aims to help clients: demonstrate a high .......

    News Round-up 8 April 2013

  • Dryden Euro CLO nears

    Further details have emerged on Pramerica Investment Management's forthcoming European CLO - the €249m Dryden XXVII Euro CLO 2013. Guidance on the senior triple-A rated tranche is three-month Euribor plus 135bp area, a touch tighter than Cairn CLO III's senior print (see SCI's primary issuance database).

    The transaction comprises seven classes of notes, with preliminary ratings assigned by .......

    News Round-up 8 April 2013

  • SCI Start the Week - 8 April

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

    Pipeline
    The second quarter kicked off with a healthy number of new deals being announced. Of those transactions, one ABS, an ILS, two RMBS and three CMBS remained in the pipeline by the end of last week.

    The ABS was Sfr200m Swiss Credit Card Issuance No.2 Series 2013-1 and the ILS was the US$100m Bosphorus 1 Re.

    The RMBS consisted of .......

    News 8 April 2013

  • OTC processing partner buys out DTCC

    Markit has acquired the ownership stake in MarkitSERV previously held by the DTCC. Markit and the DTCC founded MarkitSERV as a joint venture in 2009.

    There will be no changes to the services provided by MarkitSERV. Jeff Gooch will remain as ceo of MarkitSERV and global head of processing at Markit.

    .......

    Job Swaps 8 April 2013

  • Restructuring partners added in London

    Schulte Roth & Zabel has recruited Peter Declercq and Sonya Van de Graaff to expand its London office. They each come from Brown Rudnick and join Schulte's business reorganisation practice as partners, where they will report to Adam Harris.

    Declercq's practice focuses on cross-border insolvencies, restructurings and distressed mergers and acquisitions. He currently represents the ad hoc bondholder group for .......

    Job Swaps 8 April 2013
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