Complete news archive

  • 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

  • CIFC snags CLO chief

    John Wu has joined CIFC Corp as md and portfolio manager focusing on structured investments. He has 16 years of financial industry experience and specialises in structured credit and CLOs.

    Wu was previously head of CLO structuring at UBS. He has also held senior roles at China International Capital Corporation, Deutsche Bank and Goldman Sachs.

    .......

    Job Swaps 21 December 2012

  • Endeavour vote rescheduled

    In the first of the votes to unwind the nine series comprising A$250m of Australian CDOs in limbo as a result of the Lehman default, insufficient bondholders voted to form a quorum and the resolution failed to pass. The quorum requirement was 75% of the noteholders submitting votes of either 'yes', 'no' or 'abstain', with 75% of the votes cast .......

    News Round-up 21 December 2012

  • Canadian covered bonds 'riskier'

    Moody's believes new guidelines from the Canada Mortgage and Housing Corporation (CMHC) will result in greater credit risk for new programmes because they prohibit the inclusion of insured mortgages and cash as an eligible asset in covered bond programmes, regardless of oversight and disclosure requirements. CMHC published details of its legal framework for covered bonds earlier this month (SCI 19 .......

    News Round-up 21 December 2012

  • BAML sued by Merrill trusts

    Two Merrill Lynch RMBS trusts, acting through the trustee US Bank, have filed a complaint in New York state supreme court against two Merrill units and Bank of America. The action - filed on behalf of Merrill Lynch Mortgage Investors Trust series 2006-RM4 and 2006-RM5 - alleges that the defendants refused to repurchase the loans underlying the securities, in violation .......

    Job Swaps 21 December 2012

  • PAYE repayment plan welcomed

    Fitch believes that the 'Pay as You Earn' income-based student loan repayment plan could have a positive impact on FFELP ABS portfolios. The programme is designed to modify Federal direct loans and may reduce the financial pressure on some student loan borrowers that may also carry FFELP loans.

    "We believe it is possible that the new programme could help some .......

    News Round-up 21 December 2012

  • SLABS outlook remains negative

    The outlook for US student loan ABS remains negative, says Moody's. That is the case for both private loan and FFELP securitisations.

    Moody's says securitisations of private student loans will contain loans of slightly stronger credit quality in 2013 than they did in 2012. Collateral performance of outstanding securitisations will improve modestly but still be weak because of the wider .......

    News Round-up 21 December 2012

  • ESMA seeks CRA opinions

    ESMA has launched a consultation paper on guidelines for the scope of credit rating agencies (CRA) regulation. Concerns about CRA 3 were highlighted earlier this month (SCI 6 December).

    The draft guidelines aim to clarify certain aspects of the regulation to registered rating agencies and other market participants such as national securities markets regulators. ESMA says it has been prompted .......

    News Round-up 21 December 2012

  • Euro ABS CDOs reviewed

    Fitch has completed a review of European high grade and mezzanine ABS CDOs, which addressed the ratings on 193 tranches across 36 cash and synthetic transactions. The majority of deals were affirmed, with eight tranches being downgraded from six transactions.

    The senior most note in transactions invested in originally high grade ABS are now for the most part rated triple-C .......

    News Round-up 21 December 2012

  • ABS CDOs transferred

    Cairn Capital is replacing Aladdin Capital Management as collateral manager on Altius I Funding, Altius II Funding and Citius I Funding. Moody's has determined that the assignment of the collateral management agreements for the ABS CDOs will not impact any current long-term rating on the notes. In reaching its conclusion, the agency considered the experience and capacity of Cairn to .......

    Job Swaps 21 December 2012

  • Clearinghouse collateral warning

    The nature of the collateral that clearinghouses collect and how they help clients manage and deploy that collateral will be the primary factors by which they are judged, says S&P. How they manage risk and address client demand will determine their ratings and, ultimately, success. But the agency is concerned by the widening of what is considered to be eligible .......

    News 20 December 2012

  • Mixed outcomes for EMEA CMBS

    The total number of EMEA CMBS loans in special servicing declined in November, according to Moody's, as five loans left special servicing and three loans were newly transferred. At the end of the month, 145 loans were in special servicing across the large multi-borrower and single-borrower transactions monitored by the agency.

    Two loans entered special servicing due to non-payment at .......

    News Round-up 20 December 2012

  • Trups CDO cures trending higher

    US bank Trups CDO defaults and deferrals remained stable at 30.7% of the original collateral notional balance by the end of November, according to Fitch. Defaults and deferrals remained stable at 17.4% and 13.3% respectively.

    There have been 27 new deferrals year to date through the end of November, compared to 73 new deferrals over a comparable period in 2011. .......

    News Round-up 20 December 2012

  • ABS CDO on the block

    An auction has been announced for Sunrise CDO I. It will be held on 14 January, but the trustee shall only sell the collateral if the sale results in proceeds greater than or equal to the auction call redemption amount.

    .......

    News Round-up 20 December 2012

  • CCP consultation paper launched

    ESMA has published a consultation paper on guidelines for the assessment of interoperability arrangements for CCPs. The guidelines clarify the obligations for national regulators on how to assess existing or new interoperability arrangements between CCPs.

    From 2013, CCPs will have to obtain authorisation under EMIR in order to do business within the EU. ESMA's guidelines seek to improve the rigour .......

    News Round-up 20 December 2012

  • ESMA provides forbearance guidance

    ESMA has issued a public statement on forbearance practices in IFRS financial statements. It is concerned that a lack of consistency amongst issuers raises issues over the transparency and accuracy of their financial statements.

    The ESMA statement deals with the definition of forbearance practices, their impact on the impairment of financial assets and the specific disclosures relating to forbearance activities .......

    News Round-up 20 December 2012

  • EMIR standards adopted

    The European Commission has adopted nine regulatory and implementing technical standards to complement the obligations defined under EMIR. They were developed by the European Supervisory Authorities and have been endorsed by the Commission without modification. The adoption of these technical standards finalises requirements for the mandatory clearing and reporting of transactions, in line with the EU's G20 commitment made in .......

    News Round-up 20 December 2012

  • Update for CLOs with peripheral exposure

    Fitch has updated its criteria assumptions for European CLOs with respect to partial exposure to peripheral eurozone countries where rating caps have been applied. The average exposure to assets in Spain, Ireland, Portugal and Greece across all Fitch-rated CLOs is 10%.

    The agency does not expect any material rating changes as a result of this update, owing to the currently .......

    News Round-up 19 December 2012

  • Stress tests underline ratings resilience

    Fitch says that stress tests it conducted across a range of structured finance asset classes globally shows that its ratings would be resilient in the face of further stress. The tests suggest that the extent of macroeconomic stress that would be required to result in severe multiple category downgrades to its triple-A ratings is very remote. In many instances, the .......

    News Round-up 19 December 2012

  • New general counsel for REIT

    Rebecca Sandberg has been appointed general counsel of Two Harbors Investment Corp. She was previously deputy general counsel and secretary and takes over from Timothy O'Brien.

    Sandberg served as Two Harbors' senior counsel before serving as deputy general counsel. Prior to Two Harbors she was senior associate at Fulbright & Jaworski and then Stoel Rives.

    O'Brien, who has served as general .......

    Job Swaps 19 December 2012

  • Canadian covered bond framework published

    Canada Mortgage and Housing Corporation (CMHC) has released details of the legal framework for Canadian covered bonds. The framework is designed to support financial stability by helping lenders further diversify their sources of funding and by attracting more international investors to the market for Canadian covered bonds.

    "The new framework establishes a high standard of disclosure for covered bonds for .......

    News Round-up 19 December 2012
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