Complete news archive

  • Strong values supporting auto performance

    Strong wholesale vehicle values drove yet another decline in US auto ABS losses in October, according to Fitch's latest index results for the sector. Prime cumulative net losses recorded the lowest level to date at 0.3%, a 6% improvement month-over-month (MOM) from September. This is a 50% decline year-over-year (YOY), as borrower credit quality of newer ABS has improved through .......

    News Round-up 21 November 2012

  • Dutch Securitisation Association minted

    The Dutch Securitisation Association - a project that was initiated by Holland Financial Centre two years ago - is now open for business (SCI 17 September). The association has also released a voluntary standard for Dutch securitisation transactions, based on market feedback.

    The move marks the culmination of Dutch issuers working with investors and other stakeholders to establish ways to .......

    News Round-up 21 November 2012

  • Card charge-offs continue to improve

    Securitised credit card charge-offs, as measured by Moody's Credit Card Index charge-off rate, decreased to 4.07% in October from 4.11% a month earlier. The improvement extends the steady decline since charge-offs peaked in 1Q10.

    The delinquency rate index decreased in October to 2.37% and remains 5bp above its August level, which marked an all-time low for the indices, while the .......

    News Round-up 21 November 2012

  • Working Group sets sights on Credit Suisse

    New York Attorney General Eric Schneiderman has filed a complaint against Credit Suisse Securities and its affiliates for making fraudulent misrepresentations and omissions in the sale of RMBS prior to 2008. It follows another RMBS Working Group lawsuit which was lodged last month against JPMorgan (SCI 3 October).

    RMBS sponsored and underwritten by Credit Suisse in 2006 and 2007 have .......

    Job Swaps 21 November 2012

  • Sovereigns drive CDS liquidity decline

    Global CDS liquidity has steadily declined since the end of July, according to Fitch Solutions, with the firm's global index closing at 9.09 as of Friday's market close compared to 8.81 on 31 July. This has been driven by the sovereign sector, where both Fitch's developed and emerging market indices have experienced the biggest falls in liquidity, moving from 7.55 .......

    News Round-up 21 November 2012

  • Overseas Shipholding auction due

    The auction to settle the credit derivative trades for Overseas Shipholding Group is to be held on 6 December. The firm filed voluntary Chapter 11 petitions on 14 November (SCI 16 November).

    .......

    News Round-up 21 November 2012

  • Ex-Citi CDO structurer hired

    StormHarbour Securities has hired Brian Stoker as md in New York. He will be responsible for CLO structuring and fixed income sales.

    Stoker has previously served as financial and business services group head at HBS Angel Investing Club, research analyst at Carson Capital and vp at Merrill Lynch, where he structured CLOs and traded RMBS, ABS and CDOs. He also .......

    Job Swaps 21 November 2012

  • Annington tap possible

    Terra Firma is set to acquire Annington Homes from Nomura for £1bn of new equity, as well as new debt and the assumption of the existing debt. The new owner is also reportedly considering issuing a £500m PIK note subordinated to the securitised debt.

    The proposed terms include a five-year non-call period, which credit analysts at RBS suggest means that .......

    News Round-up 20 November 2012

  • CMBS improvements to continue

    S&P reports that credit trends for US commercial CMBS were in line with its projections through the third quarter. The agency says it expects CMBS credit metrics to continue improving into 2013.

    "In our opinion, some of the same factors that drove our 2012 forecast are still in place," explains S&P credit analyst Larry Kay. "Looking forward, our 2013 forecast .......

    News Round-up 20 November 2012

  • Further RMBS rating actions taken

    In its latest set of rating actions as a result of the implementation of its revised criteria for surveilling pre-2009 US RMBS (SCI passim), S&P has lowered the ratings on 232 classes from 103 transactions and removed five of them from credit watch with negative implications and 36 of them from credit watch with developing implications. The agency has also .......

    News Round-up 20 November 2012

  • MBIA wraps at risk?

    Bank of America last week announced that it had made a tender offer to purchase at par any and all of MBIA Inc's outstanding senior notes due 2034. The move is seen as a clear negative for MBIA-wrapped non-agency RMBS.

    The tender offer follows MBIA's announcement on 7 November that it would solicit consent from its senior noteholders to amend .......

    News 20 November 2012

  • LMI sensitivity decreasing

    The sensitivity of Australian triple-A rated prime RMBS to lenders' mortgage insurance (LMI) providers has continued to decrease, according to S&P. At the same time, however, the credit quality of subordinated classes remains highly dependent on the credit quality of LMI providers and the continuation of their strong claims payout ratios.

    Without giving credit to LMI, about 79% of triple-A .......

    News Round-up 20 November 2012

  • RMBS in solid start to short week

    The US RMBS secondary market was dominated yesterday by non-agency subprime activity, where the focus was on an all-or-none BWIC with a mix of mezzanine and senior paper from various vintages. Overall dealer offering levels held steady as the holiday-shortened week got off to a solid start.

    Interactive Data figures put total US RMBS BWIC volume at US$697m for the .......

    Market Reports 20 November 2012

  • Dock Street adds to ABS CDO roster

    Dock Street Capital Management has been appointed successor collateral manager on the Jupiter High-Grade CDO IV and Orchid Structured Finance CDO III transactions under amended and restated collateral management agreements. The ABS CDOs were originally managed by Maxim Advisory and ST Asset Management respectively.

    Moody's notes that the amendments don't alter the responsibilities, duties and obligations of the collateral manager .......

    Job Swaps 20 November 2012

  • ABS CDO transfer mooted

    PIMCO is proposing to transfer its asset management responsibilities for Pacific Coast CDO to Cairn Capital. The replacement is expected to become effective on 26 November, provided the requisite noteholders or shareholders do not object before then.

    The terms of the proposed amended and restated collateral management agreement have remained almost identical, with only minor differences that are not material .......

    Job Swaps 20 November 2012

  • Pubco's bonds look attractive

    Enterprise Inns' full-year results show improved like-for-like net income and decreased debt net of cash. The group has purchased and cancelled £65m of the fixed rate Unique securitisation notes, but Spirit bonds may still offer superior value.

    Enterprise's like-for-like net income is down by 1.2% for the year, marking a material improvement on last year when it was down 4.3%. .......

    News 20 November 2012

  • Scratch-and-dent ratings targeted

    In its latest set of rating actions as a result of the implementation of its revised criteria for surveilling pre-2009 US RMBS (SCI passim), S&P has focused on adjustable- and fixed-rate subprime, scratch-and-dent and FHA/VA mortgage loan transactions. The agency has taken two lots of rating actions: one targeting deals issued between 1999-2007 and the other targeting deals issued between .......

    News Round-up 19 November 2012

  • Sunset Place on watchlist

    Morningstar has added the US$75.9m Shops at Sunset Place loan, securitised in JPMC 2010-C2, to its watchlist due to a drop in occupancy. Occupancy at the property fell from 89% at year-end 2011 to 75% as of June 2012.

    At deal issuance, anchor tenants at the property included AMC 24 Theatres, LA Fitness, Gameworks, Niketown and Barnes & Noble. Only .......

    News Round-up 19 November 2012

  • Another FHFA claim to proceed

    The FHFA is to proceed with its fraud claims against Goldman Sachs in connection with losses suffered by Fannie Mae and Freddie Mac related to the purchase of US$11.1bn worth of RMBS. A trial has been scheduled for 29 September 2014 (SCI passim).

    In denying Goldman's motion to dismiss, US District Judge Denise Cote found that there was sufficient factual .......

    News Round-up 19 November 2012

  • Dutch RMBS restructured

    NIBC is set to restructure the Sound I RMBS by extending its first optional redemption date (FORD) by 12 months to November 2013 and increasing the class A notes' step-up margin to 110bp from the original 25bp. Margin on the mezzanine and junior notes will also step up this month and will be set at levels defined by the original .......

    News Round-up 19 November 2012

  • CLO maturity wall reducing

    Codean has updated its study of the maturity profile of leveraged loans held by US and European CLOs for 3Q12. The report finds that the 2014 maturity wall has been significantly reduced, with considerable effort over the last six months to reduce the size of these maturities (SCI 26 October).

    The share of US loans maturing in 2014 has dropped .......

    News Round-up 19 November 2012
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