Complete news archive

  • India SF delinquencies to rise

    Fitch predicts a rise in delinquencies in portfolios backing Indian structured finance transactions as a result of recent floods in the Andhra Pradesh region. The floods are expected to disrupt loan collections in affected districts and impact borrowers' ability to repay.

    The agency believes Indian SF transactions are generally resilient due to sufficient credit enhancement that has been built up .......

    News Round-up 8 November 2012

  • Long-only UCITs fund minted

    Algebris Investments has launched Algebris Financial Credit Fund, a long-only financial credit UCITS fund. The fund will invest globally, primarily in debt securities with fixed and variable coupons, which may be rated at or below investment grade.

    The fund may also invest in other financial instruments, such as convertible securities, hybrid securities, preference shares, subordinated debt and deposits. Algebris is .......

    News Round-up 8 November 2012

  • Collybus auction scheduled

    An auction will be conducted on 23 November for Collybus CDO I. The trustee will sell the CDS on that date only if the sale would result in proceeds which are, together with the balance of all eligible investments and cash in the accounts, greater than or equal to the total redemption amount.

    .......

    News Round-up 8 November 2012

  • US CMBS slips wider

    The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the past week has generally been tightening. GG10 Dupers were being quoted at swaps plus 170/168, wider than the previous close of 162 over, while legacy fixed seniors and re-REMICs were each also 2bp wider.

    Interactive Data figures put total BWIC volume for US .......

    Market Reports 8 November 2012

  • Further credit watches resolved

    S&P has completed a review of 1,488 ratings from 143 RMBS transactions issued between 1989 and 2008 backed by prime jumbo mortgage loans. Many ratings have been changed recently by the agency as a result of its revised criteria for surveilling pre-2009 US RMBS (SCI passim).

    As a result of the review, 783 classes have been downgraded, with 160 ratings .......

    News Round-up 8 November 2012

  • Law firm expands Asian footprint

    Paul Hastings has expanded its Asian presence with a new office in Seoul, Korea. It will be led by Jong Han Kim and Daniel Kim and complement the existing offices in Beijing, Hong Kong, Shanghai, and Tokyo.

    .......

    Job Swaps 8 November 2012

  • Criteria update to impact Euro CMBS

    S&P has updated its European CMBS rating criteria. The criteria will apply to all new and existing ratings on European CMBS and come into force on 6 December.

    A moderate impact on outstanding ratings is expected. Based on a test sample, S&P estimates the criteria could have a negative impact on 40% of tranches, with average rating movements of two .......

    News Round-up 8 November 2012

  • REIT makes management changes, expands

    William Roth has been named as Two Harbors Investment Corp cio, effective 1 January 2013. Matthew Koeppen has been promoted to md and William Greenberg also joins the firm from UBS as md.

    Roth was previously co-cio along with Steven Kuhn. Kuhn will now focus on his role at the firm's external manager, Pine River Capital Management, where he is .......

    Job Swaps 8 November 2012

  • LCDS auction scheduled

    The auction to settle the credit derivative trades for Hibu (formerly known as Yell) LCDS is to be held on 15 November. The firm missed interest and principal payments which were due at the end of last month.

    .......

    News Round-up 8 November 2012

  • UK debt firm acquired

    Greenwich Loan Income Fund has entered into an asset sale and purchase agreement with BMS Specialist Debt Fund. Greenwich will purchase certain BMS assets for £11.6m in ordinary shares.

    BMS will continue to be managed by Ewan Stradling, Martin Ling and credit expert Shane Lanigan, who previously worked at Elgin Capital trading leveraged loans for the Dalradian European CLO series .......

    Job Swaps 8 November 2012

  • SLABS pool benchmarking recommended

    Private student loan ABS has seen demand increase during 2012, with spreads tightening commensurately, with spreads for new issue five-year average life bonds almost halving between January and October. Wells Fargo ABS analysts report that relative value is still likely to depend on security selection and structural protections and advocate benchmarking deals based on their pool factor when making relative .......

    News 7 November 2012

  • Small-balance CMBS review completed

    Fitch has completed a review of US small-balance CMBS. The agency has taken various rating actions on 261 classes in 30 transactions that were issued between 2003 and 2008 and have collateral consisting of fixed- and adjustable-rate mortgage loans secured by senior liens on commercial, multifamily and mixed-use properties.

    Of the 261 classes, 172 were affirmed and 89 were downgraded. .......

    News Round-up 7 November 2012

  • Secondary CLO activity rises

    The secondary markets were very active yesterday, with noticeably more CLO paper circulating than normal. SCI's PriceABS BWIC data shows 115 CLO line items, with notes from the bottom of the capital structure showing more liquidity.

    Tuesday's session saw a mix of US and European paper. One of the highest covers, at 89.09, was for CENT9 2005-9X D1. The tranche .......

    Market Reports 7 November 2012

  • CVA whitepaper published

    Quantifi has released a whitepaper comparing alternate methods for calculating CVA capital charges under Basel 3. It is published jointly with consultant Jon Gregory and covers the difference in capital charges between the simple and more advanced approaches and the capital relief which can be achieved.

    Banks can compute CVA VaR through standardised or advanced methods, depending on their regulatory .......

    News Round-up 7 November 2012

  • Aussie court issues CPDO fine

    The Federal Court of Australia has ruled that S&P misled investors by giving ABN Amro's Rembrandt 2006-3 CPDO a triple-A rating. The rating agency and the bank are both judged to have misled those Australian councils which purchased the Rembrandt notes.

    The court found that ABN Amro manipulated the inputs used for Monte Carlo modelling to achieve the best possible .......

    News Round-up 6 November 2012

  • US RMBS starts back up

    The US RMBS market began the week on a positive note with non-agency supply elevated across the board. Interactive Data figures put total non-agency volume at US$525m, with ARMs comprising the bulk.

    Valuations appear to have held fairly stable, with SCI's PriceABS BWIC data showing prices have moved just slightly higher over the last few weeks. The BSARM 2007-1 2A1 .......

    Market Reports 6 November 2012

  • UK NC RMBS picture improves

    Fitch has affirmed 71 tranches and upgraded a further 11 of 13 UK non-conforming RMBS transactions. The agency has also revised its outlook on two tranches from stable to positive.

    The reviewed transactions include the Bluestone, Landmark, Alba and Ludgate series as well as EuroMASTR 2007-1. Most of the upgrades are at the junior end of the capital structure and .......

    News Round-up 6 November 2012

  • REIT co-founder takes over

    Wellington Denahan-Norris has been appointed to Annaly Capital Management's board as chairman. She also becomes ceo, having stepped up to co-ceo last month (SCI 11 October).

    Kevin Keyes also joins the board, while Rose-Marie Lyght and Kristopher Konrad each become co-cio. Keyes was appointed president last month and previously served as chief strategy officer and head of capital markets. Lyght .......

    Job Swaps 6 November 2012

  • Sandy 'credit negative' for cat bond

    Details are beginning to emerge on the extent of Superstorm Sandy's impact on catastrophe bonds. Moody's believes the estimated insured property losses of US$7bn-US$20bn are credit negative for Combine Re Series 2012.

    The US$200m cat bond was issued by Swiss Re earlier this year (SCI 16 March). The agency says that Combine Re will now have to use up additional .......

    News Round-up 6 November 2012

  • SCI Start the Week - 5 November

    A look at the major activity in structured finance over the past seven days

    Pipeline
    The pipeline was joined last week by two auto ABS, two RMBS and one CLO. The ABS were Bumper 6 France and €560m FCT Autonoria Compartment 2012-2, the RMBS were Gosforth Funding 2012-2 and A$400m Light Trust No.4 and the CLO was US$624.5m Race Point VII.

    Pricings
    ABS was once more accounting for the bulk of the week's prints. There were .......

    News 5 November 2012

  • Alpstar CLO transfers mooted

    Chenavari Investment Managers is set to replace Alpstar Management as collateral manager on the Alpstar CLO 1 and 2 transactions. Consent of controlling noteholders via a written resolution is required by 12 November for this to occur.

    If approved, Chenavari will designate Loïc Fery and Mick Vasilache as replacement key persons pursuant to the collateral management agreement. Fery is the .......

    Job Swaps 5 November 2012
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