Complete news archive

  • Junior paper joins CMBS jamboree

    The US CMBS secondary market saw around US$350m of BWIC volume yesterday. A greater variety of paper across the breadth of the capital structure was circulating than in the previous session.

    For example, a US$12.218m slice of BAYC 2005-2A A1 tranche was talked in the high-70s. In contrast, a US$2.8m piece of the LBUBS 2006-C7 G tranche was covered at .......

    Market Reports 28 February 2013

  • EMEA securitisation director enlisted

    Stafford Butt has joined Wells Fargo Securities' asset-backed finance and securitisation group. He joins as md responsible for EMEA structured products origination and execution.

    Butt joins from WestLB, where he was executive director, and has previously worked at Mitsubishi UFJ Group as head of EMEA securitisation. He is based in London and reports to Chris Pink.

    .......

    Job Swaps 28 February 2013

  • Differentiated basis trades touted

    A meaningful move in the CDS basis has occurred over the last few months, with cash underperforming synthetic risk due to a glut of new bond issuance. Given the twin concerns of higher rates and the potential for increased idiosyncratic credit risk, credit derivatives strategists at Morgan Stanley recommend differentiating basis trades based on dollar prices, credit curves and absolute .......

    News Round-up 27 February 2013

  • ABS CDO auction due

    An auction is to be held for Capital Guardian ABS CDO I on 18 March. The collateral includes small business loan, subprime RMBS, CRE CDO and CMBS assets. It will only be sold if the proceeds are at least equal to the auction call redemption amount.

    .......

    News Round-up 27 February 2013

  • Compliance schedule released for iTraxx swaps

    The CFTC has released a revised compliance schedule for clearing of iTraxx CDS indices. Category 1 and 2 entities must comply by 26 April and 25 July respectively, while all other entities must comply by 23 October.

    The previously established schedule for all other swaps subject to the clearing requirement - CDX CDS indices and all four classes of interest .......

    News Round-up 27 February 2013

  • SEC alleges New Stream fund fraud

    The US SEC has charged New Stream Capital and two of its former hedge fund managers with lying to investors about their fund's structure and financial condition. Unbeknownst to investors, they were not investing on equal terms after the fund was restructured without their knowledge.

    David Bryson and Bart Gutekunst are accused of having secretly revised the fund's capital structure .......

    Job Swaps 27 February 2013

  • Range of special servicers broadening

    Increased issuance volume is bringing several new B-piece buyers to the US CMBS market. But Fitch notes that, unlike in previous years, they are not specially servicing these deals.

    Absent from the B-piece investors across the 81 CMBS transactions issued in 2012 were the so-called 'old cartel' of special servicers, made up of LNR Partners, CWCapital and C-III. These firms .......

    News Round-up 27 February 2013

  • Subprime sets pace for busy session

    Non-agency US RMBS supply shot up yesterday to around US$1.86bn, boosted by a large amount of subprime paper. SCI's PriceABS data shows activity from yesterday's session across all of the RMBS sub-sectors, with paper from as far back as 2002 appearing on bid-lists.

    "Overall BWIC volume has soared from the prior session, led by the subprime sector. Two .......

    Market Reports 27 February 2013

  • Senior reshuffle for investment manager

    ING Investment Management has promoted Hans Stoter to cio. He succeeds Mark Weber, who has returned to the US to resume his responsibilities as evp of structured assets, loans and alternatives.

    Stoter joins the international management committee and will chair the global investment leadership team. He has held various roles at ING since joining in 1998 and has previously worked .......

    Job Swaps 27 February 2013

  • RV securitisation tipped for growth

    As Americans increasingly purchase recreational vehicles (RVs) and leisure boats, S&P believes that securitisation may be an option for lenders looking to diversify their funding sources. The low interest rate environment and a growing number of loan originators - both new entrants and re-entrants to the market - have increased consumer access to credit for RVs and boats.

    Both the .......

    News Round-up 26 February 2013

  • Auto paper doing the rounds

    A number of auto names were circulating in the US ABS secondary market yesterday. Some of these names appeared in SCI's PriceABS data for the first time, including two Ford tranches.

    Price talk for the FORDO 2009-E A4 tranche was plus 10, with FORDO 2012-A D talked in the mid-90s. Other auto names of interest seen during the .......

    Market Reports 26 February 2013

  • Mortgage settlement progress report released

    US mortgage servicers have distributed US$45.83bn in direct relief to over 550,000 homeowners - or roughly US$82,000 per homeowner - as part of the National Mortgage Settlement, according to a progress report released by the Office of Mortgage Settlement Oversight. As of 31 December, more than US$22.48bn of the relief has been via debt forgiveness, which has lowered monthly payments .......

    News Round-up 26 February 2013

  • CMBS losses moving up the capital stack?

    The composition of US CMBS loan liquidations appears to be shifting. Over the past three years, less than half of all liquidations each month were for loans sized between US$10m-US$50m, with special servicers largely liquidating loans sized US$10m or less. However, this month 69% of all liquidated loans had balances of between US$10m-US$50m.

    If this trend continues, it could lead .......

    News Round-up 26 February 2013

  • Seasonal factors drive auto losses

    Prime and subprime US auto ABS losses have risen in recent months, according to Fitch's latest index results for the sector. The trend is likely to be fleeting as the sector enters a seasonally strong period, however.

    Prime annualised net losses (ANL) rose by 5% in January, recording the fifth consecutive increase. That said, prime losses are still at their .......

    News Round-up 26 February 2013

  • RMBS ratings approach explained

    US RMBS with weak structural frameworks are unlikely to receive a Aaa rating from Moody's, even if they have strong prime loan pools and satisfactory originators and servicers. The agency explains that RMBS with provisions that significantly limit originators' obligations to repurchase defective loans, have a narrow third-party pre-securitisation due diligence scope or a weak alignment of interests between the .......

    News Round-up 26 February 2013

  • CMBS strategy head moves on

    Richard Parkus has joined Seer Capital Management as md and trader for its CMBS team. He will report to Tony Barkan and lead the firm's efforts in identifying CMBS and CRE debt investments.

    Parkus was most recently head of CMBS strategy at Morgan Stanley, having joined the bank two and a half years ago (SCI 18 August 2010). Prior to .......

    Job Swaps 26 February 2013

  • Pricing service adds Fitch CDS data

    Interactive Data has added Fitch Solutions' CDS consensus pricing as an additional input to its CDS evaluation service. The evaluation service covers a wide range of single name corporate, sovereign and US municipal entities as well as CDX and iTraxx index trades.

    Fitch's CDS consensus pricing data comes directly from contributing market makers. Fitch provides end-of-day pricing for index, sovereign .......

    Job Swaps 26 February 2013

  • ClearPoint off-loaded

    Gleacher & Company has sold substantially all of the assets of its ClearPoint subsidiary to Ocwen Financial Corporation subsidiary Homeward Residential. The firm announced its plans to sell the business in 3Q12, after defaulting under agreements with its lenders that required Gleacher to provide payment guarantees.

    .......

    Job Swaps 25 February 2013

  • BRUNT 2007-1 restructuring agreed

    Noteholders last week agreed to the amendments to Bruntwood Alpha, as proposed by the borrower (SCI 1 February). The restructuring of the UK CMBS centres on a two-year extension of the notes and one of the two loans - the £229.2m B2000 loan - in exchange for which noteholders have been offered an increase in margin on a staggered basis.

    News Round-up 25 February 2013

  • Trups CDO defaults decrease further

    Combined defaults and deferrals for US bank Trups CDOs decreased further to 29.7% at the end of January, from 30.2% at the end of the previous month, according to Fitch's latest index results for the sector. Approximately 0.45% of this drop is attributed to the removal of the defaulted and deferring collateral of five Trups CDOs that no longer have .......

    News Round-up 25 February 2013

  • SCI Start the Week - 25 February

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

    Pipeline
    Many deals joined the pipeline last week, with a good number remaining even after several priced before Friday's end. The largest addition was US$1.28bn JPMCC 2013-C10, which was joined by two other CMBS in the shape of US$1.49bn COMM 2013-CCRE6 and US$569m GSMS 2013-G1.

    The only new RMBS to enter the pipeline was US$600.2m Sequoia Mortgage Trust 2013-3, while US$387.75m .......

    News 25 February 2013
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