Complete news archive

  • CMBS AJs lead market restart

    The US CMBS secondary market has been among the quickest to start up in 2013. Yesterday's session was particularly notable for the volume of AJ paper circulating, with SCI's PriceABS data showing 35 CMBS AJs among the session's 120 line items.

    AJ CMBS had also dominated Wednesday's session and some of the names out yesterday - such as WBCMT .......

    Market Reports 4 January 2013

  • Titan property sales positive

    The multifamily properties securing Titan Europe 2006-2's Petrus loan have been sold. The buyer and sales price have not been disclosed, but the price is understood to be in excess of the amounts outstanding under the loan and is a better-than-expected outcome, helping to reduce expected principal loss for the CMBS.

    CMBS analysts at Barclays Capital expect note that the .......

    News 4 January 2013

  • Continued credit card ABS improvement

    US securitised credit card charge-offs decreased from 4.07% in October to a six-year low of 3.90% in November, according to Moody's latest index report. The improvement extends the steady decline since charge-offs peaked in 2010 and the charge-off rate index is now expected to remain between 3.5% and 4.5% over 2013.

    The delinquency rate index remained unchanged in November at 2.37% .......

    News Round-up 4 January 2013

  • Further prime, subprime auto divergence

    US prime auto ABS continued to perform strongly at the end of 2012, but the latest index results from Fitch show that subprime loans again took a step back. The agency expects stable asset performance for prime auto ABS this year, with a continuing positive rating outlook.

    Prime auto ABS had the strongest year-to-date, with losses dropping to record lows .......

    News Round-up 4 January 2013

  • Fresh CMBS loan maturity wave

    CMBS loan maturities continue to pose challenges in Europe. The latest Fitch index shows 36 loans coming due in 1Q13, with refinancing for most looking unlikely.

    Of those 36 loans, 35 mature this month alone. "22 maturing loans have a Fitch loan-to-value ratio above 80%, making refinancing doubtful," says associate director Mario Schmidt. "For the 13 of these CMBS loans .......

    News Round-up 3 January 2013

  • Legacy RMBS ratings change

    S&P has reviewed 837 ratings from 147 RMBS transactions issued between 1999 and 2007, backed primarily by US Alt-A, high LTV and negatively amortising mortgage loans. It has lowered ratings on 333 classes, raised ratings on 31 classes and affirmed ratings on 436 classes.

    Of the 333 downgraded classes, 168 saw ratings downgraded by more than three notches. The downgrades .......

    News Round-up 3 January 2013

  • Law firm gains China partner

    Rose Zhu has joined Cadwalader, Wickersham & Taft's corporate group as partner. She joins from K&L Gates, where she specialised in capital markets, mergers & acquisitions and bank financing transactions, and will be based in Beijing.

    .......

    Job Swaps 3 January 2013

  • Landesbank seeks RMBS redress

    Landesbank Baden-Wuerttemberg (Landesbank) has filed actions in New York state court against Goldman Sachs and Morgan Stanley. Both actions relate to RMBS purchases made by Landesbank.

    A recent Lowenstein Sandler memo notes that the action against Goldman Sachs accuses the investment bank of issuing offering materials containing material misrepresentations and omissions underlying approximately US$88.9m of RMBS that Landesbank purchased. Morgan .......

    Job Swaps 3 January 2013

  • Bank boosts Europe, Asia credit teams

    Nomura has grown its structured credit trading team with a trio of new recruits. All three are ultimately responsible to global head of structured credit trading Munish Varma.

    In Europe, Gavin O'Neill and Alex Mahler join as md and executive director, respectively, and will focus on special situations. They will be based in London and will be tasked with expanding .......

    Job Swaps 3 January 2013

  • Further Basel questions answered

    A fresh set of FAQs on Basel 3's counterparty credit risk and exposures to central counterparties has been released. The latest publication includes clarification on the default counterparty credit risk charge, the CVA capital charge and asset value correlations. It also includes FAQs relating to the interim framework for bank exposures to CCPs.

    .......

    News Round-up 2 January 2013

  • Upcoming CDO auctions announced

    An auction has been scheduled for 11 January for Bristol CDO I and for 18 January for the Belle Haven ABS CDO. In each case the collateral will only be sold if the highest bid results in the sale proceeds being at least equal to the auction call redemption amount.

    .......

    News Round-up 2 January 2013

  • ABS CDO auction unsuccessful

    The auction for RFC CDO I announced last month (SCI 10 December) did not lead to a sale of the securities because bids were not sufficient to meet the redemption amount. Consequently, an auction call redemption will not occur on the 15 January distribution date.

    .......

    News Round-up 2 January 2013

  • Sale agreed for large CMBS loan

    A sale agreement has been reached for the largest loan backing TITN 2007-CT1X. A sale agreement for the €261.6m Xanadu loan has now been entered into and the property sale is expected to be completed by 18 April.

    Xanadu accounts for around 30% of TITN 2007-CT1X. The base purchase price for the loan sale is just over €180m and the .......

    News Round-up 2 January 2013

  • Lehman CDO suit settled

    CIBC has reached a settlement to remit US$149.5m (US$110.3m after tax) to the Lehman Estate. The settlement brings to a close proceedings opened two years ago (SCI 22 September 2010).

    CIBC recognised a gain of US$841m in the wake of Lehman Brothers' 2008 bankruptcy filing, resulting from the reduction to zero of its unfunded commitment on a variable funding note .......

    Job Swaps 2 January 2013

  • Italy, Spain ABS reviews complete

    Moody's has revised key collateral assumptions in 29 Italian and Spanish ABS transactions backed by consumer and auto loans. New loss assumptions generally have no rating impact, although certain transactions have been downgraded.

    The rating revisions follow the agency's review of the Italian and Spanish auto and consumer loan sectors and were primarily driven by collateral performance deterioration as a .......

    News Round-up 24 December 2012

  • Cross-border swap reprieve announced

    The CFTC has announced that it will delay cross-border enforcement of certain derivatives requirements mandated by the Dodd-Frank Act until July 2013. The move is intended to provide market participants with more time to understand their obligations, to foster an orderly phase into the new regulatory regime.

    Non-US swap dealers and major swap participants, as well as foreign branches of .......

    News Round-up 24 December 2012

  • Euro CMBS in restructuring first

    The €4.3bn GRAND transaction, the largest CMBS ever issued in Europe, has been restructured. Unusually, it has been implemented by a solvent scheme of arrangement, which is a first for a CMBS restructuring.

    .......

    News Round-up 24 December 2012

  • Law firm adds SF trio

    Cadwalader, Wickersham & Taft has elected new partners, including a trio of structured finance specialists. Cheryl Barnes and David Burkholder each become capital markets partners, while Holly Marcille Chamberlain becomes corporate partner.

    Barnes has more than a decade of experience in securities and structured finance and specialises in mortgage pass-throughs and REMICs. She is based in Washington, DC.

    Burkholder concentrates .......

    Job Swaps 24 December 2012

  • IOSCO publishes rating agency reports

    IOSCO has published two reports on credit rating agencies (CRAs). The first is a final report on internal controls and the second is a consultation report on supervisory colleges.

    The final report on internal controls brings to a close a process which began in the first half of the year (SCI 25 May). It provides an overview of the internal .......

    News Round-up 21 December 2012

  • SF loss risks 'overestimated'

    The Basel Committee on Banking Supervision's latest proposals on the capital treatment of securitisation exposures are inconsistent with the strong performance of most structured finance securities, says Fitch. The agency believes the proposed capital treatment could significantly dent appetite for securitised debt among banks.

    The Basel Committee estimates that its proposals would sharply increase risk weights and Fitch believes those .......

    News Round-up 21 December 2012

  • ICE closes in on NYSE Euronext

    IntercontinentalExchange will acquire NYSE Euronext in a stock-and-cash transaction next year, while their subsidiaries, ICE Clear Europe and LIFFE Administration and Management, have entered into a clearing services agreement. Under the agreement ICE Clear Europe will provide clearing services to the London derivatives market of NYSE Liffe.

    The acquisition was unanimously approved by the boards of both companies. The transaction .......

    Job Swaps 21 December 2012
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