Complete news archive

  • Aussie delinquencies set to stabilise

    Moody's expects Australian mortgage delinquencies to stabilise, after a slight decline over the last 12 months. Regional disparity persists, however.

    "In Australia, 30-plus day delinquencies have not fallen as much as had been expected from a 100bp cut in the Reserve Bank of Australia's (RBA) official cash rate between November and May this year, because the banks have not passed .......

    News Round-up 18 October 2012

  • Margin, segregation rules prepped

    The US SEC has voted unanimously to propose capital, margin and segregation requirements for security-based swap dealers and major security-based swap participants. Under the Dodd-Frank Act, the margin rules are required to be appropriate for the risk associated with security-based swaps that are not cleared by a security-based swap clearing agency. The proposed segregation rules are intended to facilitate the .......

    News Round-up 18 October 2012

  • Isobel CMBS slammed

    Moody's notes that it would not have assigned a Aaa rating to Isobel Finance No.1, the first non-performing real estate loan portfolio CMBS transaction to come to market in EMEA (SCI 4 October). The agency says that the deal is not compatible with a Aaa rating because of the quality of the assets, its extra leverage due to swap termination .......

    News Round-up 18 October 2012

  • US CMBS grinds tighter

    In line with the rising prices seen this week in European CMBS (SCI 17 October), the secondary market in the US has been grinding tighter all week. That trend continued yesterday, although supply was noticeably lighter.

    GG10 Dupers closed Tuesday's session at swaps plus 156 but were being quoted yesterday at swaps plus 155/150, according to Interactive Data figures. Legacy .......

    Market Reports 18 October 2012

  • Further credit watches resolved

    S&P has resolved a further slug of credit watch placements made as a result of its implementation of revised criteria for surveilling pre-2009 US RMBS (SCI 16 October). The affected transactions in this latest review were issued between 2001 and 2007 and are backed by either a mix of adjustable- and fixed-rate subprime and scratch-and-dent mortgages or by adjustable- and .......

    News Round-up 17 October 2012

  • Credit analyst added

    Ryan Staszewski has joined Threadneedle as a corporate credit analyst within the investment grade team, specialising in utilities and securitisation. He was previously at JPMorgan in a similar role and has over 10 years' industry experience, including previous roles on the buy-side.

    .......

    Job Swaps 17 October 2012

  • Lower UK RMBS volume predicted

    S&P anticipates UK RMBS issuance to end the year lower than in 2011 (see also SCI 24 September). Although credit performance remains generally robust, cheap central bank funding schemes and renewed economic deterioration are constraining issuance and could push up arrears, the agency notes.

    "The UK's renewed economic contraction since late 2011, sluggish property prices and the tough lending environment .......

    News Round-up 17 October 2012

  • CDS futures, options prepped

    IntercontinentalExchange has licensed Markit's North American and European corporate credit default swap indices in order to develop futures and options contracts based on the Markit CDX and Markit iTraxx index families. The development of futures referencing CDS indices will create new exchange-traded products to manage corporate credit risk that complements existing CDS markets and provides additional tools to manage risk .......

    News Round-up 17 October 2012

  • Natixis in fixed income acquisition

    McDonnell Investment Management will be acquired by Natixis Global Asset Management. The acquisition will boost Natixis' fixed income capabilities and add municipal bond expertise.

    McDonnell will continue to operate autonomously with no change in management or staff. It will also retain its brand name and Chicago headquarters.

    McDonnell's alternative credit strategies group was bought earlier this year by THL Credit .......

    Job Swaps 17 October 2012

  • EMEA CMBS on the rise

    SCI's PriceABS BWIC data indicates that senior European CMBS spreads have increased slightly over the past month or so. Levels for the benchmark GRND1 C tranche appear to have remained stable, however.

    A couple of UK names - MALLF1 A and REC 5 A - are indicative of the rising trend. A £6.1m slice of the former was covered .......

    Market Reports 17 October 2012

  • Distressed debt vet joins Guardian

    Hernan Magariños has joined Guardian Investment Banking and Real Estate as md in New York. He specialises in strategy assistance, asset analysis, buyer and vendor due diligence, portfolio valuation and other sales-related services.

    Magariños has experience across commercial and residential mortgages, C&I loan, structured notes, unsecured loans and REO portfolios. He was previously director at KPMG Corporate Finance, where he .......

    Job Swaps 16 October 2012

  • Credit watch placements resolved

    S&P has lowered its ratings on 361 classes from 73 US RMBS and removed 318 of them from credit watch with negative implications, 34 of them from credit watch with developing implications and three of them from credit watch with positive implications. The agency also raised its ratings on 46 classes from 23 transactions and removed 23 of them from .......

    News Round-up 16 October 2012

  • Shadow banking examined

    A flight to shadow banking activities to secure liquidity that is imposed on firms by regulators is causing wrong-way systemic risk, according to a new report from Celent. The firm suggests that defining what shadow banks are and what activities qualify under shadow banking is the preliminary issue. Once this is achieved, regulatory parameters can be set around the activities .......

    News Round-up 16 October 2012

  • Credit derivatives rating service offered

    ICAP has launched a joint credit derivatives rating service with Rapid Ratings. The new product brings together two independent sources of market-leading information to deliver a unique and innovative view of the credit derivatives market, the firms say.

    The new pricing service combines pricing data sourced from ICAP's global interdealer trading platforms and Rapid Ratings' Financial Health Rating (FHR) data .......

    Job Swaps 16 October 2012

  • Aussie RMBS reviewed

    S&P has affirmed its ratings on 692 Australian prime RMBS tranches and raised its ratings on 14 others. Additionally, 10 tranches were placed on credit watch with positive implications.

    The rating actions follow the agency's review of all outstanding Australian and New Zealand prime RMBS. The review incorporates the impact of the rating outlook revision to negative from stable on .......

    News Round-up 16 October 2012

  • MBS group expansion continues

    Gleacher & Company Securities has boosted its MBS and rates team with six new appointments. The company has already added a further 11 professionals to that division over the last three months (SCI passim).

    Martin Baxter joins as md, responsible for building the MBS and rates platform in Washington DC. He was most recently at Amherst Securities Group, where he .......

    Job Swaps 16 October 2012

  • Sound Harbor makes CLO acquisition

    Sound Harbor Partners will acquire the management contracts on US$2.2bn of leveraged loans held in Aladdin Capital Holdings' Landmark CLO funds. The funds will continue to be managed by William Lutkins and his team.

    Sound Harbor manages the SHP Capital Solutions Fund. The acquisition will further Sound Harbor's objective to grow its investment platform by expanding its client base, investment .......

    Job Swaps 16 October 2012

  • OTC seminar draws near

    A handful of complementary buy-side passes to SCI's 3rd Annual OTC Derivatives Seminar are still available. The event is being held at Bingham McCutchen's offices at 399 Park Avenue, New York, on 19 October.

    This conference will focus on the regulatory implications for electronic trading and SEFs, central clearing, collateral management, reporting, risk management and client segregation. The programme consists .......

    News Round-up 16 October 2012

  • RMBS dominates light session

    Supply across the US secondary market was quiet yesterday to start the week. However, a steady offering of non-agency paper was seen, with RMBS names accounting for almost half the line items displayed in SCI's PriceABS BWIC data from the session.

    "Overall BWIC volume has dropped from Friday's session. Market activity is focused in subprime collateral today, as .......

    Market Reports 16 October 2012

  • Non-agency boost anticipated

    S&P expects non-agency RMBS origination to begin rising, following the FHFA's initiatives to reduce the level of government support in the mortgage market and encourage higher private investment.

    "The GSE and FHA loans have made up most of the market for the past few years, but this isn't a long-term solution because of the burden of government support on tax .......

    News Round-up 15 October 2012

  • Updated OTC solution rolled out

    Misys has released Summit FT Version 5.6, which is designed to accommodate the growing volumes of OTC trades being centrally cleared and to meet the latest requirements of both Dodd-Frank and EMIR. The update includes improved automation and regulatory reporting, and has been built with the flexibility to handle new regulations as they are defined, the firm says. New features .......

    News Round-up 15 October 2012
×