Complete news archive

  • Trups CDO on the block

    An auction has been scheduled for Libertas Preferred Funding I on 19 February. The collateral will only be sold if the proceeds meet the total senior redemption amount.

    .......

    News Round-up 29 January 2013

  • GE lawsuit settled

    The FHFA has voluntarily dismissed its lawsuit against General Electric, resulting in the first settlement to be agreed of the 17 lawsuits that the agency filed as conservator for Fannie Mae and Freddie Mac relating to losses on more than US$200bn in RMBS (SCI passim). Terms of the settlement were not made public. The case was brought in the US .......

    Job Swaps 29 January 2013

  • RMBS pro charged with fraud

    The US SEC has charged ex-Jefferies md Jesse Litvak with RMBS fraud. He has been arrested after a federal grand jury sitting in New Haven also returned a 16-count indictment charging him with securities fraud, TARP fraud and making false statements to the government.

    The SEC charges Litvak with lying about the price at which Jefferies had bought an RMBS .......

    Job Swaps 29 January 2013

  • CMBX.6 credit curve flattening expected

    CMBX.6.BBB- spreads were approximately 30bp cheap versus similarly-rated cash bonds, following the launch of the index last Friday (SCI 7 January). The credit curve is expected to flatten as levered long positions are put on the lower-rated tranches and shorts are rolled into the higher-rated tranches

    Citi CMBS analysts confirm that dealers looking to hedge spread risk will generate ample .......

    News 29 January 2013

  • Card delinquencies hit all-time low

    The US credit card delinquency rate declined to an all-time low of 2.28% in December, 9bp lower than in November, according to Moody's Credit Card Indices. The early-stage component of delinquencies also fell to an all-time low of 0.63%, 6bp below its November level of 0.69%.

    "The rate of improvement in both metrics had slowed in the several months prior .......

    News Round-up 28 January 2013

  • Mediannuaire auction scheduled

    The auction for Mediannuaire LCDS (SCI 22 January) will be held on 31 January, following the occurrence of a failure to pay credit event. Dealers voted to hold an auction for transactions referencing certain facilities entered into on 10 October 2006 pursuant to a senior credit agreement with Mediannuaire.

    .......

    News Round-up 28 January 2013

  • Bondholder notification service offered

    Citi has launched a communication and notification service to enable structured finance issuers to communicate key actions directly to investors in real-time via the Bloomberg Professional service. In its capacity as notification agent for issuers, the bank will deliver automated amendments, waivers and consents and other types of notices directly to investors via CF, the corporate filing platform available to .......

    News Round-up 28 January 2013

  • Woolgate Exchange transaction unveiled

    Further details have emerged about the sale of London's Woolgate Exchange, one of the properties securing the Cornerstone Titan 2006-1 CMBS (see SCI's CMBS loan events database). The property has been acquired by Ivanhoé Cambridge and TPG for £265M in what is described as a "complex and innovative financial structure".

    Ivanhoé Cambridge is co-investing with TPG, which originated .......

    News Round-up 28 January 2013

  • SCI Start the Week - 28 January

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

    Pipeline
    In a week dominated by new issuance, only three deals joined the pipeline and remained there by the week's end. These included two auto ABS and one CMBS.

    The auto ABS comprise US$538m Ford Auto Securitisation Trust Series 2013-R1 and €606m Red & Black TME Germany 1. The CMBS was US$2.52bn Extended Stay America Trust 2013-ESH.

    Pricings
    Once again, a long .......

    News 28 January 2013

  • Appleby CLO specialist to move on

    Nicola Bashforth is set to join Maples and Calder as counsel in the finance team. She is currently at Appleby and will complete her move in April.

    Bashforth has particular expertise in CLOs and will report to Mark Matthews, parter and head of the firm's CLO team.

    .......

    Job Swaps 28 January 2013

  • CDO auction due

    An auction is to be conducted for Margate Funding I , an ABS CDO, on 15 February. The collateral will only be sold if the proceeds meet the auction call redemption amount.

    .......

    News Round-up 28 January 2013

  • Secured future?

    Euro ABS, covered bond convergence contemplated

    A growing number of banks are combining their European ABS and covered bonds research under the umbrella term of 'secured funding'. Although the investor bases remain distinct for each product, the move could mark the start of a convergence between the two sectors.

    Peter Nowell, head of ABS trading at BNP Paribas, notes that there are logical reasons for banks .......

    News Analysis 28 January 2013

  • Lyxor expands in credit

    Lyxor Asset Management is strengthening its presence in the UK and expanding into managed credit solutions.

    Pierre Gil has been named ceo of Lyxor UK. Based in London, he reports to Lyxor ceo Inès de Dinechin and locally to Ian Fisher in his capacity as UK chief country officer for Societe Generale Group. Gil remains a member of Lyxor's executive .......

    Job Swaps 25 January 2013

  • Cairn CLO takes shape

    Credit Suisse is circulating the preliminary capital structure of Cairn Capital's long-awaited €300.5m European CLO. Cairn CLO III features a €181.5m senior tranche and appears to be relatively low-levered, with the subordinated notes accounting for around 20% of the capital structure. A short three-year reinvestment period should also offer comfort to investors.

    Pramerica is also said to be prepping a .......

    News Round-up 25 January 2013

  • RMBS flurry in bumper session

    Yesterday proved to be a bumper session for the secondary markets - as shown by SCI's PriceABS data, which reached a single-session record of 700-plus line items. Activity was seen across the board, with US RMBS alone contributing over US$3bn of BWIC volume.

    Interactive Data figures put Thursday's US RMBS non-agency BWIC volume at US$2.56bn. "Overall BWIC volume .......

    Market Reports 25 January 2013

  • Credit card criteria issued

    Kroll Bond Rating Agency has released its methodology for rating US credit card ABS. The methodology incorporates an analysis of the quality and expected performance of the underlying collateral, the originator and servicer's business model and operational capabilities.

    KBRA's approach reviews a credit card issuer's ongoing originations, target customer base, account management and customer service capabilities. In addition, the agency .......

    News Round-up 25 January 2013

  • Auto ABS losses up on seasonal factors

    Seasonal patterns drove losses on both US prime and subprime auto loan ABS higher last month, according to Fitch's latest index results for the sector. Nevertheless, prime asset performance is expected to remain strong in 2013, albeit with losses normalising throughout the course of the year.

    Prime losses closed out 2012 within historically low levels and 18% below the rate .......

    News Round-up 25 January 2013

  • Investor due diligence challenge examined

    Principia has released its 4Q12 loan level and collateral performance data survey, which highlights the varying approaches investors use to analyse their securitisation exposures in an increasingly data-rich world. As regulatory clarity increases around securitisation, those providing the data to investors have a vital role to play, according to the firm. However, with the ever-expanding supply of data from issuers .......

    News Round-up 25 January 2013

  • RMBS assessment service launched

    CoreLogic has introduced CoreLogic Bond Tracker, a bond assessment service for non-agency RMBS. The service offers granular, dynamic and automated analyses of security holdings and underlying collateral. It incorporates a wide range of risk factors, including property value changes and other market-impacting events.

    Specifically, CoreLogic Bond Tracker provides credit assessments of non-agency RMBS across product type, vintage and tranche position, .......

    News Round-up 25 January 2013

  • French auto lease legal implications eyed

    Access to underlying sales proceeds can be limited in case of seller/lessor insolvency in French auto lease receivables securitisations, Fitch says. This is due to the specifics of insolvency proceedings under French law and is, in the agency's opinion, making assessment of the legal implications of the seller/lessor insolvency essential for such deals.

    Fitch's view is based on legal opinions .......

    News Round-up 25 January 2013

  • US$1bn servicer acquisition announced

    Starwood Property Trust and Starwood Capital Group have entered into a definitive agreement to acquire LNR Property for US$1.05bn in cash. The acquisition is expected to close during 2Q13 and will significantly expand Starwood Property Trust's product offerings and underwriting capabilities.

    For US$856m, Starwood Property Trust will acquire: LNR's US special servicing business, which is the biggest in the country; .......

    Job Swaps 25 January 2013
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