Complete news archive

  • EMEA, US CMBS divergence underlined

    Fitch has released a report highlighting that while the US CMBS market has shown continued growth over the past three years, its EMEA counterpart remains in limbo. US volumes remain barely 25% of the market's peak in 2007, but transaction numbers are nearly 50% of the 2007 level. In contrast, the EMEA market is likely to close its third year .......

    News Round-up 23 October 2012

  • Data portal launched

    Moody's Analytics has launched Moody's CreditView - Structured Finance, a solution that offers credit professionals a comprehensive and streamlined view of structured finance deal and industry information, the firm says. This holistic view encompasses term structured finance, ABCP and covered bond ratings, as well as deal details, performance data and relevant sector research and newsletters.

    "Moody's CreditView helps our customers .......

    News Round-up 23 October 2012

  • Trups CDOs continue to stabilise

    Quarterly defaults and deferrals for US bank Trups CDOs fell to their lowest level since 3Q08, far off the high-water mark of 22 seen during the last two quarters of 2009, according to Fitch's latest index results for the sector. Five defaulted bank issuers - totalling US$165.3m of collateral across 18 deals - defaulted on their Trups CDOs in 3Q12, .......

    News Round-up 23 October 2012

  • Clearing agency rules adopted

    The US SEC has adopted a rule that establishes standards for how registered clearing agencies should manage their risks and run their operations, in accordance with the Dodd-Frank Act. The new rule requires registered clearing agencies that provide central counterparty services to maintain certain standards with respect to risk management and operations.

    Among other things, the rules set standards with .......

    News Round-up 23 October 2012

  • ABS CDO auction due

    MJX Asset Management has been retained to act as liquidation agent for Independence III CDO. The collateral will be sold in two auctions, to be held in New York on 30 October.

    The first sale comprises aircraft ABS, CDO, CRE CDO, CMBS, manufactured housing and RMBS assets. The second will consist almost entirely of RMBS.

    .......

    News Round-up 23 October 2012

  • Mixed picture for Euro RMBS

    Contrasting fortunes were in evidence in the European RMBS market last week. On the same day that a UK transaction achieved tight pricing in the primary market, a pair of legacy deals from the continent were declared to be in default.

    "The positive development has been Paragon Mortgages 17, the UK buy-to-let RMBS, which priced on Thursday pretty tight to .......

    Market Reports 23 October 2012

  • CMO mark-up sanctions widened

    FINRA has ordered David Lerner Associates (DLA) to pay approximately US$12m in restitution to affected customers who purchased shares in Apple REIT Ten and who were charged excessive mark-ups. The agency alleges that DLA sold the illiquid REIT without performing adequate due diligence to determine whether it was suitable for investors and used misleading marketing materials that presented performance results .......

    Job Swaps 23 October 2012

  • Call for capital standards re-think

    SIFMA has submitted comments to the OCC, the Federal Reserve and the FDIC regarding the agencies' proposals to implement new capital standards under Basel 3. The letter was co-signed by the American Bankers Association and the Financial Services Roundtable.

    The comments generally raise concerns about the proposals' lack of risk sensitivity, the timing of their implementation, their significant divergence from .......

    News Round-up 23 October 2012

  • Extra data for SF analysis platform

    Interactive Data will now provide independent evaluated prices on RMBS, ABS and CMBS for use within Intex's INTEXcalc service. The data can be used as inputs for a range of single security and portfolio analytics reports, offering transparency and speed in analysing securities.

    .......

    Job Swaps 23 October 2012

  • Law firm's SF head moves on

    Addleshaw Goddard has added Paul-Michael Rebus as a partner in its capital markets, structured products and securitisation practice. He was previously head of securitisation and structured finance at Eversheds.

    Rebus' practice covers asset-backed lending, structured financial instruments, securitisation, derivatives and financial regulation. As well as his stint at Eversheds he has previously worked at McDermott Will & Emery and at .......

    Job Swaps 23 October 2012

  • Mortgage finance md appointed

    Trez Moore has joined RBS as mortgage finance md. He takes responsibility for covering the GSEs and regulatory bodies in Washington DC and will report to mortgage finance head Jim Raezer and global head of mortgage and credit trading Scott Eichel.

    Moore joins from Freddie Mac, where he was head of the strategic investment group. He has previously served as .......

    Job Swaps 23 October 2012

  • Above and beyond

    US CMBS market exceeds early expectations

    The US CMBS market has gone from strength to strength in 2012. Spreads have rallied consistently, while loan maturity outcomes have been better than anyone predicted at the start of the year.

    Increased interest in CMBS over the very short term has led to dramatic tightening in spreads. The Fed's introduction of QE3 has played a key role in this, .......

    News Analysis 23 October 2012

  • Unaddressed questions

    OTC margin requirements under the spotlight

    Margin is the subject of much discussion across the OTC derivatives industry at present, given the aggressive competition to establish central counterparties (CCPs). However, at its broadest reach, the debate also touches on the unaddressed question of how an illiquid asset should be priced.

    There are two sides to the current debate about margin, according to Rohan Douglas, ceo at .......

    News Analysis 23 October 2012

  • Low losses projected for EMEA, APAC SF

    With losses on global structured finance bonds largely clustered in US transactions, Fitch expects losses to be vastly lower on deals issued in the EMEA and APAC regions.

    "Losses on European deals will likely be low because of the strong performance of consumer assets, such as mortgages, credit cards and auto loans," comments Kevin Duignan, head of global structured finance .......

    News Round-up 22 October 2012

  • Auto ABS performance strengthens

    US auto ABS loss rates have risen by 12% from levels seen in August, though performance was notably stronger in September than in past years to close out the third quarter, according to Fitch's latest index results for the sector. The agency notes that the sector continues to be bolstered by solid borrower credit profiles present in securitised auto loan .......

    News Round-up 22 October 2012

  • SIV ratings upgraded

    Moody's has upgraded the ratings of Harrier Finance Funding's Euro and US MTN and CP notes. The move is due to the assignment and assumption of the SIV's assets and obligations from WestLB/Portigon to Erste Abwicklungsanstalt (EAA) acting as support provider (SCI 8 October).

    Moody's explains that there is a direct linkage between the ratings of Harrier and EAA due .......

    News Round-up 22 October 2012

  • UK NC RMBS reviewed

    Moody's has completed a performance review of the UK non-conforming (NC) RMBS sector and updated its portfolio loss assumptions in 17 transactions and MILAN CE in four transaction out of the 81 transactions reviewed. The review has no rating implications because the credit enhancement available under the corresponding notes fully offsets the effect of the increase of the loss assumption .......

    News Round-up 22 October 2012

  • UK non-master trust RMBS reviewed

    Moody's has updated its loss assumptions in one prime and two buy-to-let (BTL) UK RMBS deals, following a performance review of the UK prime and BTL RMBS non-master trust sector. The affected deals are Trinity Financing, Auburn Securities 3 and Ludgate Funding Series 2007-FF1 respectively.

    The rating agency has taken no rating actions on the deals, as the levels of .......

    News Round-up 22 October 2012

  • CRE CDO delinquencies unchanged

    US CRE CDO delinquencies have remained at 11.6% for the second straight month, according to Fitch's latest index results for the sector. CRE CDO realised losses to-date are approximately 13% of par and the average modelled lifetime expected loss on Fitch's rated portfolio is 37.7%.

    In September, asset managers reported approximately US$87m in realised principal losses from the disposal of .......

    News Round-up 22 October 2012

  • Fitch reorganises relationship team

    Debbie Hartley has joined Fitch to lead it global investor development team. She will be based in London, reporting to head of global business relationship management Peter Jordan.

    The rating agency has consolidated its investor-focused business staff into a global team under Hartley. The team will also work closely with Fitch Solutions.

    Hartley was previously head of global investor marketing .......

    Job Swaps 22 October 2012

  • Card charge-offs continue to decline

    US securitised credit card charge-offs decreased to 4.11% in September from 4.19% in August, according to Moody's Credit Card Indices. The agency expects the charge-off rate index to continue declining modestly.

    "This month's improvement continues the steady declines since charge-offs peaked in the first quarter of 2010," comments Jeffrey Hibbs, a Moody's avp and analyst. "In September, the strong credit .......

    News Round-up 22 October 2012
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