Complete news archive

  • 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

  • Schron portfolio sales ongoing

    It has emerged that seven properties from the US$317m Schron Industrial Portfolio, securitised in GCCFC 2005-GG5, were sold via auction.com last November (SCI 30 October 2012). The note sales resulted in around US$30m of principal pay-downs and US$10m of advance/ASER reimbursement in the February and March remittances.

    The appraised value of the remainder of the portfolio fell by US$41m to .......

    News Round-up 13 March 2013

  • Portfolio management suite offered

    DataQuick has launched a portfolio management intelligence suite that aims to provide configurable solutions to meet clients' specific portfolio requirements, solve their portfolio management problems and identify high-return opportunities. The offering identifies credit, collateral, lien and transaction risks found within each lender's or investor's portfolio - enabling users to identify and capitalise on credit, collateral and portfolio opportunities to support .......

    News Round-up 13 March 2013

  • Apartments lead CRE price performance

    US commercial property prices across the board were effectively flat in January, according the Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. Over the last three years, however, Moody's found that apartment performance is leading that of hotels and homes.

    "Of the major types of properties where people sleep, apartments have been the clear price performance leader over .......

    News Round-up 13 March 2013

  • Container ABS criteria issued

    Moody's has published a methodology report that details its global approach to rating ABS backed by shipping containers. It reflects the rating agency's analytical approach to ABS deals backed by intermodal containers used primarily in cargo shipping and by the lease payments generated by the containers.

    "In a typical container lease ABS transaction, a special purpose vehicle issues securities and .......

    News Round-up 13 March 2013

  • FHFA files against HSBC

    The FHFA has filed a lawsuit in the New York Supreme Court against HSBC Finance Corporation and Decision One Mortgage Company, alleging that defendants breached their representations and warranties, and failed to repurchase certain residential mortgage loans pursuant to agreements with Decision One. Decision One is said to have agreed to buy back defaulting residential mortgage loans that were part .......

    Job Swaps 13 March 2013

  • Manager boosts development, client services teams

    Highland Capital Management has appointed Nikki Gill as director of business development and David Lyon as director of client services. They will both report to Clay Shumway, head of business development.

    Gill takes responsibility for developing and executing the firm's global growth initiatives related to new products, fund formation, strategic growth and asset gathering. She was formerly a global markets .......

    Job Swaps 13 March 2013

  • ED adds central bank economist

    The European DataWarehouse (ED) has appointed José Manuel González-Páramo as chairman. He will oversee the direction of the ED as it seeks to provide full disclosure and transparency for investors in ABS.

    González-Páramo was a member of the ECB's executive board until 2012, with responsibility for market operations and monetary policy implementation. Before that he was a member of the .......

    Job Swaps 13 March 2013

  • CRE CDO transfers due

    Gramercy Capitol Corp affiliate GKK Manager is set to transfer its collateral management rights and obligations for Gramercy Real Estate CDO 2005-1, Gramercy Real Estate CDO 2006-1 and Gramercy Real Estate CDO 2007-1 to CWCapital Investments. Consent to the assignment of the collateral management agreements from the majority of the respective controlling classes has been obtained, as required by the transaction documents.

    Job Swaps 12 March 2013

  • DTCC gets go-ahead for Japan subsidiary

    The DTCC's registration to establish a Japanese OTC derivatives trade repository with the Financial Services Agency of Japan has been approved. DTCC will begin operating this service ahead of the J-FSA's mandated 1 April deadline for market participants in Japan to begin reporting their OTC derivatives transactions directly to regulators or to a third-party trade repository.

    Based in Tokyo and .......

    Job Swaps 12 March 2013

  • Office bucks watchlist trend

    Knowing which criteria triggered a servicer watchlist (WL) placement can be helpful in predicting the likelihood of a CMBS loan default, according to Barclays Capital CMBS analysts. By constructing a historical time series of WL codes, they find that 90% of watchlist determinations are driven by one of two factors - financial conditions and lease rollovers.

    A currently performing loan .......

    News 12 March 2013

  • Uncommon names in ABS frame

    Following an up-tick in ABS secondary supply last week, healthy BWIC activity continued yesterday. In particular, SCI's PriceABS data shows some rarely seen aircraft and container names out for the bid.

    Having been talked in the low-80s on Thursday last week and then low-80s and low/mid-80s on Friday, the AIRSP 2007-1X G1 aircraft lease tranche traded yesterday. AIRSP .......

    Market Reports 12 March 2013

  • UK non-conforming arrears plummet

    S&P has published its 4Q12 UK RMBS index report, which shows that UK non-conforming mortgage arrears fell to their lowest level since 2008 during the quarter.

    The level of severe and total arrears has decreased in mortgages that back UK non-conforming RMBS transactions that the agency rates. It attributes this to a combination of persistently low interest rates and the .......

    News Round-up 12 March 2013

  • Country credit deterioration factors added

    Moody's has released a report describing adjustments for determining loss distributions using two additional considerations - the maximum achievable rating in a given country (the local current country risk ceiling, or LCC) and the applicable portfolio credit enhancement for this rating. The two additional factors will account for the impact of situations in which the availability of information limits the .......

    News Round-up 12 March 2013

  • Italian ratings cap lowered

    Fitch has downgraded 103 tranches - 69 RMBS, 15 ABS, 12 CMBS and seven structured credit assets - related to 69 Italian structured finance transactions (50 RMBS, 11 ABS, five CMBS and three structured credit deals) and four CLNs that reference Italian government bonds. The agency has also revised the outlook on 13 tranches of nine Italian RMBS transactions to .......

    News Round-up 12 March 2013

  • Punch class Ms organise

    Punch Taverns has released a positive trading statement and still expects to meet guidance on full-year operating profit, achieve disposals above book value and complete a consensual restructuring by the summer. However, this may prove optimistic, as investor groups begin to organise themselves.

    Punch A class M noteholders are the latest investor group to hire advisors, a move which didn't .......

    News 12 March 2013

  • Strong year expected for US lodging

    The US lodging sector is expected to experience another strong year in 2013, although the rate of growth will be slightly lower than last year, according to Moody's. US nominal RevPAR should reach a new high this year and surpass the 2007 peak, albeit it will remain below the peak when adjusted for CPI.

    "We are anticipating RevPAR growth higher .......

    News Round-up 12 March 2013

  • Post-crisis RMBS prepays examined

    Prime mortgage borrowers in US RMBS pools issued since the start of 2010 are still prepaying at rapid rates, reflecting the refinance incentives driven by low mortgage rates, Fitch says. Historically, high refinance activity has left poorer quality borrowers in mortgage pools, which in turn has increased performance volatility. For recent RMBS, however, the credit implications have been modest to .......

    News Round-up 12 March 2013

  • Canadian mortgage RFC issued

    Moody's has issued a request for comment on a proposal affecting how it analyses the credit risk of Canadian non-insured mortgage pools. The agency plans to use the proposed approach in conjunction with its existing methodologies to rate covered bond and ABCP transactions backed by such pools.

    The proposal centres on Moody's residential mortgage collateral analysis model MILAN, which is .......

    News Round-up 12 March 2013

  • MarkitSERV activity ramps up

    MarkitSERV reports that 148 buy-side firms and swaps dealers used the platform to match and process approximately 190,000 cleared OTC swap trades last month, ahead of the beginning of mandatory clearing in the US yesterday. These transactions included nearly 9,000 cleared buy-side trades.

    MarkitSERV provides a single point of connectivity for swap market participants to route trades to eight major .......

    News Round-up 12 March 2013

  • Sukuk issuance increase continues

    Global sukuk issuance grew for the fourth year in a row in 2012 and is expected to become even more mainstream over the next few years. Issuance reached about US$138bn last year and S&P notes there is "little to hinder" further strong performance.

    Malaysian sovereign and sovereign-related issuers largely dominate issuance, with Gulf Cooperation Council (GCC) countries also contributing a .......

    News Round-up 12 March 2013
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