Complete news archive

  • Rating watches resolved

    Fitch has resolved the rating watch status of various classes in the US prime, Alt-A, subprime and re-REMIC RMBS sectors. The classes previously on rating watch negative generally reflected increasing tail risk, as well as rating sensitivity to the agency's updated loan loss model and surveillance criteria (SCI 13 August).

    For classes on watch negative, 89% of them have been .......

    News Round-up 6 December 2012

  • Asset managers named for Gemini

    Receivers of the properties securing the Gemini (Eclipse 2006-3) CMBS have made a number of appointments in relation to the asset management of the portfolio.

    Valad Investment Management Services has been appointed as asset manager for the office, industrial and leisure portfolio and certain retail properties. Vale Asset Management has been named as asset manager to the English shopping centre .......

    News Round-up 6 December 2012

  • Further FHFA claim to proceed

    The FHFA is to proceed with most of its fraud claims against Societe Generale in connection with losses suffered by Fannie Mae and Freddie Mac related to the purchase of US$1.3bn of RMBS. A trial is scheduled for January 2015.

    The transactions were issued by Societe Generale and underwritten by Deutsche Bank and Bear Stearns. In denying most of the .......

    Job Swaps 6 December 2012

  • Increased clarity on LLD requirements

    The latest amendments to the ECB's collateral eligibility framework include information on loan level data (LLD) requirements for posted securitisations and the European DataWarehouse (ED). Data will have to be reported to the ED at least on a quarterly basis, no later than one month after the IPD. If data is not provided within one month of the IPD, repo .......

    News Round-up 6 December 2012

  • CMBS delinquencies inch up

    The delinquency rate for US CMBS loans moved up by 2bp in November to 9.71%, according to Trepp. Loans that were newly delinquent during the month - totalling around US$3.7bn - put upward pressure of about 68bp on the rate.

    Loan resolutions remained elevated in November, with over US$1.7bn resolved with losses. The removal of these loans from the delinquent .......

    News Round-up 6 December 2012

  • Alternative investment group grows

    KPMG has boosted its alternative investment funds (AIF) practice in Los Angeles and San Francisco. The practice focuses on providing audit, tax and advisory services to hedge, private equity, real estate and infrastructure funds, as well as fund of funds.

    Martin Griffiths joins in Los Angeles as federal tax principal. He will lead the real estate tax practice for the .......

    Job Swaps 6 December 2012

  • RBC in further CDO recruitment

    Ming Tang has joined RBC Capital Markets as CDO and CLO trader, continuing the firm's expansion into the CDO space. He is based in New York and reports to Allen Fu, who joined as head of CDO trading two months ago (SCI 10 October).

    Tang joins from StormHarbour Securities. Prior to that he was md at DFG Investment Advisers and .......

    Job Swaps 6 December 2012

  • Alternative investment transition due

    Recent investor notices for the Duane Street CLO I to IV transactions provide an insight into how the Volcker Rule is impacting bank investment management arms.

    The notices state that certain Citigroup Alternative Investments (CAI) businesses - including the Duane Street CLOs - are being transitioned to a newly formed employee-owned asset management company (dubbed Newco) controlled by the current .......

    Job Swaps 5 December 2012

  • Manager transfers agreed

    Halcyon Neptuno II Management has assumed from Bankia investment management responsibilities for Neptuno CLO II. Moody's has confirmed that the move won't cause the current ratings of the notes to be reduced or withdrawn.

    Separately, Dock Street Capital Management has added another ABS CDO to its roster. The firm has been named successor collateral manager for Mercury CDO III, which .......

    Job Swaps 5 December 2012

  • Reg cap concerns underlined

    Bond investors remain cautious on taking exposure to European corporate risk via SME CLOs, Fitch reports. This is due partly to regulatory capital treatment, since SME leasing transactions are still being placed with investors, which suggests there is appetite for securitised SME corporate risk but only for deals with short tenors that attract less punitive capital charges.

    A handful of .......

    News Round-up 5 December 2012

  • CRE, Trups CDOs creep higher

    SCI's PriceABS data recorded over 100 CDO line items yesterday, with a significant number of CRE and Trups transactions represented. Prices were flat to slightly higher against Monday's session.

    In the CRE CDO space, a US$15m piece of CRELT 2006-1A A2B was talked in the low-80s and 80 area, which is also where it was talked in the .......

    Market Reports 5 December 2012

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 6th Annual Pricing, Trading & Risk Management Seminar, which is taking place on 7 December in London. The event is being held at Reed Smith's offices at 20 Primrose Street, EC2A 2RS.

    This conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The programme .......

    News Round-up 5 December 2012

  • Second infrastructure debt fund launched

    AMP Capital has appointed Patrick Trears as infrastructure debt director in New York and launched a new debt fund in response to increased infrastructure investment demand. The new fund is AMP Capital Infrastructure Debt Fund II (IDF II).

    Trears joins from WestLB and has previously held structured and project finance positions at Hypo Real Estate, Citi Investment Bank and DEPFA .......

    Job Swaps 5 December 2012

  • Basel 3 liquidity challenges examined

    Basel 3 is introducing significant challenges to the traditional ALM product set in the way that liquidity risk is managed and reported. Such considerations are, in turn, forcing firms to approach risk management on an enterprise-wide basis.

    The Basel 3 liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) require banks to project forward - for 30 days and .......

    News 4 December 2012

  • Pricing analytics offered

    Deutsche Bank has made two of its analytic models - Deutsche Bank CMBS Credit Model and Deutsche Bank Mortgage Prepayment Model - available on the Bloomberg Professional service. The former is the first independent CMBS model on the Bloomberg Professional service and enables investors to estimate the overall value of commercial mortgage securities and effectively analyse loan portfolios. The latter .......

    News Round-up 4 December 2012

  • EMEA funding gap underlined

    Over 70% of EMEA CMBS loans maturing in 2012 have not been repaid, suggesting that a lack of refinancing options will continue to weigh on the sector in 2013 and 2014, Fitch says. Evidence of new entrants in the European commercial mortgage market is growing, with several senior debt funds in the process of raising equity and large insurance companies .......

    News Round-up 4 December 2012

  • Mixed outlook for US CMBS

    The overall credit quality of loans backing new US CMBS will continue to weaken in 2013, but underwriting will not match the low quality experienced when CMBS volumes peaked in 2007, according to Moody's. Higher DSCRs and greater amortisation are expected to combine to somewhat mitigate the impact of higher leverage in new transactions, which the agency predicts will total .......

    News Round-up 4 December 2012

  • Conflict of interest warning

    Fitch believes that the steep reduction in the balance of US CMBS loans in special servicing (SCI 3 December) may intensify some of the conflicts of interest that special servicers have wrestled with. It also may be difficult to maintain over the long run, as the balance remains high and a large number of maturities are due in 2015-2017.

    A .......

    News Round-up 4 December 2012

  • KNG grows fixed income team

    Alessandro Vargiu and Filippo Gromo have joined the fixed income team at KNG Securities. They follow the appointment of fixed income head Andrea Podesta, who joined as managing partner last month.

    Vargiu and Gromo will play a key role in strengthening KNG's offering, particularly for the Italian markets. Vargiu has previously worked at Deutsche Bank and Credit Suisse, working across .......

    Job Swaps 4 December 2012

  • Fund closed, new one prepped

    Deer Park Road Corp's flagship fund, STS Partners Fund, has closed to new investors. The fund - which focuses on deeply discounted short-duration, high cashflow MBS and other ABS securities - was launched in May 2008 and has since grown to more than US$600m AUM.

    Michael Craig-Scheckman, portfolio manager and owner of the firm, comments: "In order to preserve the .......

    Job Swaps 4 December 2012

  • CIM3 credit enhancement concern

    Fitch has published an unsolicited comment on CSMC Trust Mortgage Corp 2012-CIM3 (see also SCI 3 December), suggesting that the RMBS has insufficient credit enhancement to achieve a triple-A rating. Although asked to provide feedback, the agency was ultimately not selected to rate the transaction.

    Fitch believes it has a more conservative credit stance regarding the deal: at 5.85%, the .......

    News Round-up 4 December 2012
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