Complete news archive

  • Distressed debt vets move on

    Courage Capital Management has recruited distressed debt industry specialists John Klinge and Scott Imbach. They each join as senior md and will open a Los Angeles office to lead the firm's investment efforts for its credit opportunities strategy.

    Klinge joins from Levine Leichtman Capital Partners (LLCP), where he was senior md and chief credit officer. He has also worked for .......

    Job Swaps 15 March 2013

  • Basel MSFA critiqued

    The ASF has submitted a comment letter to the Basel Committee in response to its 18 December consultative document (SCI 19 December 2012). The letter outlines several guiding principles that the association believes should be embodied in any framework for determining capital for securitisation purposes.

    These principles include: promoting understanding by banks of the risks associated with their securitisation exposures; .......

    News Round-up 15 March 2013

  • Securitisation splinter group formed

    The Structured Finance Industry Group (SFIG), a new trade industry advocacy group, has been formed in the US. Its creation comes in the wake of a major division within the ASF, which saw over 20 members resign.

    PNC Capital Markets' Reggie Imamura has been named as chairman of the SFIG board, which will feature a board of directors representing a broad .......

    News 15 March 2013

  • Trups CDO defaults decrease further

    Combined defaults and deferrals for US bank Trups CDOs further decreased to 29% at the end of Feb from 29.2% at the end of the previous month, according to Fitch. There were no new deferrals year-to-date through the end of February, compared to four new deferrals over a comparable period in 2012.

    New defaults are also trending lower, with only .......

    News Round-up 15 March 2013

  • Mid-market APAC lending opportunities targeted

    Olympus Capital Asia has launched Olympus Capital Asia Credit (OCA Credit) in Singapore and recruited structured credit veterans Nitish Agarwal and Gary Stead to lead the new business. The lender believes there is a growing opportunity in the region as many international banks are pulling back because of regulatory capital constraints.

    Agarwal joins from Barclays and has been made md .......

    Job Swaps 15 March 2013

  • New approach

    Unconstrained absolute return funds in vogue

    New approaches to credit are being explored, as the asset class seeks to remain appealing relative to the equity market. A proliferation of unconstrained absolute return credit funds is consequently expected to emerge.

    The 'great rotation' into equities isn't an immediate threat, considering the nature and composition of the fixed income investor base, according to ECM Asset Management lead portfolio .......

    News Analysis 15 March 2013

  • Fair value to drive CMBS tiering?

    US CMBS price tiering could start to emerge this year, as investors begin differentiating between special servicers on a deal. CMBS analysts at Bank of America Merrill Lynch anticipate that special servicers' approach to fair value purchase options will increasingly influence investors' buying decisions.

    "To the extent bondholders do not want to purchase bonds from deals that are specially serviced .......

    News Round-up 14 March 2013

  • Bank names global TAS chief

    Deutsche Bank has appointed Sriram Iyer as global head of trust and agency services (TAS) within its global transaction banking (GTB) division. The TAS unit provides trustee, agency, escrow and related services to corporate clients, government agencies and financial institutions.

    Iyer will be based in London and report to Satvinder Singh. He has been at the bank for 16 years, .......

    Job Swaps 14 March 2013

  • CIP securitisation agreement signed

    The European Investment Fund, UniCredit and Federconfidi have signed the first Competitiveness and Innovation Programme (CIP) securitisation agreement to support SMEs in Italy. The transaction will facilitate SME access to an additional €60m of loans. Within the framework of the CIP, the EIF has been allocated €1.1bn to be split between venture capital (under the High Growth and Innovative SME .......

    News Round-up 14 March 2013

  • Cajamar brings first tender of the year

    Cajamar Caja Rural has announced a tender offer for nine RMBS bonds and one SME CLO bond, launching the first ABS/RMBS tender of the year. No maximum purchase amount has been disclosed, with €1.6bn currently outstanding across the 10 tranches, according to Barclays Capital figures.

    All of the bonds offered in the latest tender were previously offered in March 2012. .......

    News Round-up 14 March 2013

  • Stable performance forecast for esoterics

    Moody's expects the performance of asset classes backing US commercial and esoteric ABS to be stable in 2013.

    "With event risk in general declining, most of the kinds of risk we have to watch out for now are idiosyncratic; that is, risks specific to an issuer or asset class," says Michael McDermitt, a Moody's senior credit officer. "This would include, .......

    News Round-up 14 March 2013

  • Many firms unready for EMIR

    The first compliance deadline of the European Markets and Infrastructure Regulation (EMIR) comes into force tomorrow, with many firms expected to be unable to meet the deadline. The derivative rules will apply initially to financial and non-financial counterparties located in the EU and later to entities trading outside the EU under certain circumstances.

    Technical standards designed to implement the requirements .......

    News Round-up 14 March 2013

  • Peripheral ratings on review

    Moody's has placed on review for downgrade the ratings of 60 classes of notes in 41 RMBS and seven ABS transactions from Spain, Italy and Ireland due to potentially insufficient credit enhancement. The determination of the applicable credit enhancement that drives the rating actions reflects the introduction of additional factors in the agency's analysis to better measure the impact of .......

    News Round-up 14 March 2013

  • Straight-A winding down

    As it enters its senior year, the Straight-A Funding ABCP programme continues to provide liquidity to a market still in need of it, according to Fitch. The vehicle issues ABCP to fund FFELP student loans purchased from lenders between May 2009 and June 2010, but is set to terminate in January 2014.

    "Straight-A married Bush-era legislation with securitisation technology to .......

    News Round-up 14 March 2013

  • Mall benchmarking survey prepped

    Trepp and the International Council of Shopping Centers (ICSC) are set to produce an analysis of shopping centres in the US. The collaboration, which will focus on the collection and analysis of benchmark and performance data, leverages Trepp's detailed information of nearly 20,000 shopping centers and ICSC's research organisation.

    The analysis, which will be offered to the ICSC membership, is .......

    News Round-up 14 March 2013

  • DB settles over Carina CDO

    The Massachusetts Securities Division, a division of the Office of the Secretary of the Commonwealth of Massachusetts, and Deutsche Bank Securities Inc (DBSI) have entered into a consent order in connection with the Division's investigation into DBSI's failure to disclose conflicts of interest related to the US$1.56bn Carina CDO. DBSI submitted an offer of settlement and has been fined US$17.5m.

    Job Swaps 14 March 2013

  • Credit manager adds in Americas, Europe

    Alcentra has appointed Jack Yang as md and head of Americas business development and Michael Johnson as md and head of UK direct lending. Yang reports to Paul Hatfield, president and head of Alcentra US, while Johnson reports to Graeme Delaney-Smith, head of European direct lending and mezzanine investments.

    Yang takes responsibility for leading Alcentra's marketing and business development efforts .......

    Job Swaps 14 March 2013

  • Servicer loan sales eyed

    One lawsuit that grabbed the market's attention last week is the KIRP versus Nationstar Mortgage case, in which Nationstar is alleged to have harmed investors by selling non-performing loans via the auction.com platform. Bank of America Merrill Lynch MBS analysts suggest that the issue is similar to the eminent domain challenge (SCI passim), where the key question likely will be .......

    News Round-up 13 March 2013

  • Uncertainty remains under latest IASB draft

    The IASB last week published an exposure draft on the recognition of impairment losses for financial assets on financial institutions' balance sheets. The proposed model would require firms to recognise impairment losses on an accelerated basis vis-a-vis current rules, which are expected to more closely align financial statements with the economics of lending and investing.

    However, because the IASB proposal .......

    News Round-up 13 March 2013

  • Margin warning sounded

    ISDA has published a paper entitled 'Non-Cleared OTC Derivatives: Their Importance to the Global Economy'. The paper explains what non-cleared OTC derivatives are, who uses them and why. It outlines the evolution of clearing in the OTC derivatives markets, why some - but not all - OTC derivatives will be cleared, the types and benefits of non-cleared OTC derivatives and .......

    News Round-up 13 March 2013

  • CRE paper underpins CDO supply

    The US CDO secondary market saw a heavy influx of CRE CDO supply yesterday. But some rare collateralised fund obligation (CFO) paper out for the bid also attracted attention during the session.

    SCI's PriceABS data shows a number of CRE CDO names from Tuesday's session, including the PRIMA 2006-CR1A A2 tranche, which was talked at between 101 and .......

    Market Reports 13 March 2013
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