Complete news archive

  • GRAND progress beats expectations

    Deutsche Annington has agreed partial refinancing transactions of €785m for the GRAND CMBS. Net of costs and other cash usage, this represents 71.5% of the principal amount needed to comply with the restructuring conditions for 2013, according to CMBS analysts at Barclays Capital.

    The largest portion of the new financing (€657m) will be provided by Berlin Hyp, which plans to .......

    News 18 January 2013

  • Collateral alliance established

    Five central securities depositories - the ASX, Cetip, Clearstream, Iberclear and Strate - have formed the Liquidity Alliance, with the aim of providing solutions to the global collateral shortage through the optimisation of collateral pools. The founding members embrace open architecture and are therefore looking to integrating new members going forward. The plan is for participants to meet each quarter .......

    Job Swaps 18 January 2013

  • Spanish counterparty review completed

    Fitch has affirmed 32 tranches, upgraded four tranches, revised the rating watch on four tranches to positive, placed three additional tranches on rating watch positive and downgraded 26 tranches of 52 Spanish structured finance (SF) transactions. 66 tranches of 31 Spanish RMBS transactions remain on RWN pending a full review of the performance of their collateral portfolios, given the deteriorating .......

    News Round-up 18 January 2013

  • Clarity on downpayments required

    Fitch says that the recent qualified mortgage (QM) announcement (SCI 11 January) is a positive step toward finalising risk retention and premium capture rules for securitisers of residential mortgages. Given that the QRM definition for exemption from these rules is linked to that of the QM, the back-end debt-to-income (DTI) requirement for a QRM is now clear. However, a key .......

    News Round-up 18 January 2013

  • Euro SME CLOs on review

    S&P has placed or kept on credit watch negative its ratings on 100 tranches in 33 European SME CLOs, following an update to its criteria that addresses credit quality of the securitised assets and payment structure/cashflow mechanics (SCI 11 January). The move affects approximately 33.6% (by number) of the European SME CLO tranches that the agency currently rates.

    The originator's .......

    News Round-up 18 January 2013

  • Assured IFS ratings hit

    Moody's has downgraded the insurance financial strength (IFS) rating of: Assured Guaranty Municipal Corp (AGM) to A2 from Aa3; Assured Guaranty Corp (AGC) to A3, from Aa3; and Assured Guaranty Re (AGRe) to Baa1 from A1. At the same time, the agency downgraded the senior unsecured debt ratings of both Assured Guaranty US Holdings and Assured Guaranty Municipal Holdings to .......

    News Round-up 18 January 2013

  • Structured credit vet signed up

    Steve Baker has joined Apollo Global Management in London. He was most recently at the UK FSA, conducting capital and liquidity analysis on structured funding and securitisation transactions.

    Baker was previously director of capital markets solutions at Standard Chartered, where he led the structured finance solutions team. He was also svp at Lehman Brothers, first building its CLO franchise and .......

    Job Swaps 18 January 2013

  • Data coverage expanded

    The Fitch Research product now includes proprietary market-based data and fundamental financials for over 9,500 new unrated entities. The aim is to provide subscribers with further insights into the direction of credit risk for entities where the availability of independent data may be more limited, Fitch Solutions says.

    The data covers CDS spreads, CDS implied ratings and other market-based indicators. .......

    News Round-up 18 January 2013

  • 'No major suprises' in servicing rules

    The CFPB has issued its final mortgage servicing rules, which the majority of servicers must adhere to by 10 January 2014. The final rules are based on the servicing standards set by last year's national servicer settlement and the OCC consent order issued in April 2011 (SCI passim).

    New protections under the rules for struggling borrowers include: restricted dual-tracking; notification .......

    News Round-up 18 January 2013

  • WINDM X boost for Euro CMBS

    Windermere X prices received a boost yesterday, following positive developments in connection with the Thunderbird and Tour Esplanade loans securitised in the deal. Senior European CMBS prices were also generally higher, according to SCI's PriceABS data.

    Significantly, the €109.9m Thunderbird loan has been extended to 15 October, with the credit rating defaults waived by the master servicer. In return, .......

    Market Reports 17 January 2013

  • Due diligence enhancements introduced

    Principia has released system enhancements aimed at addressing the US Market Risk Final Rule securitisation investment guidelines. The ruling, which came into force on 1 January 2013, implements due diligence requirements for US banks that must now demonstrate adequate independent credit analysis, risk management and timely reporting when investing in structured finance assets.

    Version 6.8 of Principia's Structured Finance Platform .......

    News Round-up 17 January 2013

  • Edison auction results in

    The final price for Edison Mission Energy CDS was determined to be 48.5. At an auction held yesterday, 12 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity.

    .......

    News Round-up 17 January 2013

  • CRA 3 approved

    New credit rating agency rules - CRA 3 - have been approved by the European Parliament (SCI 6 December 2012). They allow rating agencies to issue unsolicited sovereign debt ratings only on set dates and enable private investors to sue them for negligence. Agencies' shareholdings in rated firms will also be capped, to reduce conflicts of interest.

    In addition, the .......

    News Round-up 17 January 2013

  • SDR 'bundling' concerns raised

    The DTCC has filed a comment letter with the CFTC expressing concern over the lack of clarity as part of an overall arbitrary and inconsistent rulemaking process to determine the regulatory reporting structure for OTC derivatives. The letter details the most recent in a series of what the DTCC says are CFTC missteps that have "raised serious questions about decision-making .......

    News Round-up 17 January 2013

  • ABS CDO transfer on the cards

    PIMCO is set to transfer its collateral management responsibilities for Crystal Cove CDO to Vertical Capital. The most senior class in the transaction is currently rated single-C, indicating that default appears inevitable for the notes. In addition, the transaction is no longer in its reinvestment period and all overcollateralisation tests have been failing.

    The manager's capabilities are consequently no longer .......

    Job Swaps 17 January 2013

  • Sukuk group names chairman

    Giambattista Atzeni has been named as chairman of the Gulf Bond and Sukuk Association's (GBSA) steering committee. Atzeni is MENA and Turkey vp for corporate trust at BNY Mellon and takes over as chairman from Andrew Dell, who is HSBC's head of CEEMA DCM.

    The GBSA is the regional trade association representing the Arabian Gulf bond and sukuk market. It .......

    Job Swaps 17 January 2013

  • Euro SF volume tough to call

    European structured finance volume for 2013 remains difficult to call. For example, while S&P expects overall investor-placed issuance to fall over the year, Fitch forecasts a rise of 5%.

    Fitch predicts that public and retained European structured finance issuance this year will be broadly unchanged from 2012, at about €200bn. Of this figure, 40% is expected to be placed with .......

    News Round-up 16 January 2013

  • Subprime spike for RMBS

    While the US ABS and CMBS secondary markets are in hiatus, RMBS supply actually rose yesterday, thanks to a spike in subprime bid-lists. Interactive Data figures put non-agency BWIC volume at US$885m for the session.

    The subprime space was characterised by a positive tone, with a mix of various vintage senior and mezz paper out for bid. Dealer offerings were .......

    Market Reports 16 January 2013

  • Derivatives 'cease and desist' issued

    The OCC has issued a cease and desist order against JPMorgan Chase for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the chief investment office (CIO). The CIO's credit derivatives trading resulted in more than US$6bn in losses for the bank (SCI 15 May 2012).

    The .......

    Job Swaps 16 January 2013

  • Markit names new India head

    Markit is increasing its Indian presence, under the leadership of new regional head Sid Banerjee. He joins from Deutsche Bank, where he was coo for India, and replaces Gautam Moorjani, who has been appointed head of global product services in New York.

    Markit will also add almost 200 new employees by the end of the year, who will be engaged .......

    Job Swaps 16 January 2013

  • CCAR solution enhanced

    Moody's Analytics has enhanced its enterprise risk management platform, RiskFoundation, to help banks better manage their Dodd-Frank Act Stress Test (DFAST) and Comprehensive Capital Analysis and Review (CCAR) data and reporting requirements. RiskFoundation version 1.3 integrates reporting solutions with data modelling capabilities, and incorporates the 2013 CCAR scenarios recently released by the Federal Reserve. Users can also create FR Y-14 .......

    News Round-up 16 January 2013
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