Complete news archive

  • Harrier assets transferred

    The assets and obligations of the Harrier Finance Funding SIV have been assigned from West LB/Portigon (WLP) to Erste Abwicklungsanstalt (EAA), acting as sponsor bank. The move follows the cessation of WLP's banking activities.

    Moody's has determined that the novation of the security assignment will not cause the current ratings of the notes to be reduced or withdrawn. The agency .......

    Job Swaps 8 October 2012

  • GCC growth boosts sukuk issuance

    Corporate and infrastructure issuers in the Gulf region may increasingly rely on sukuk as a source of funding in coming quarters, S&P suggests. Sukuk issuance in Gulf Cooperation Council countries (GCC) - comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates - has reached a record high this year, propelled by positive developments in the region's economy and .......

    News Round-up 8 October 2012

  • SCI Start the Week - 8 October

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

    Pipeline
    Four deals remained in the pipeline by the end of last week. They comprised two auto ABS (ZAR2bn Commissioner Street No.5 TopDrive Funding series 2012 and US$527m Porsche Innovative Lease Owner Trust 2012-1), one student loans ABS (US$518.7m Utah Series 2012-1) and one CLO (US$374m Oaktree Enhanced Income Funding Series I).

    Pricings
    Issuance was strong during the week, with 11 ABS, .......

    News 8 October 2012

  • Fitch warns on Portuguese tax proposal

    A proposed increase in Portuguese income tax would cut household income and could have a knock-on effect on arrears and default levels in the RMBS transactions, Fitch reports. The proposal would increase the average rate of income tax to 11.8% from 9.8% and introduce a 4% income tax surcharge for 2013.

    "The combination of the magnitude of the increase, the .......

    News Round-up 5 October 2012

  • Homeward impact likely to be muted

    Ocwen Financial has acquired Homeward Residential (formerly known as American Home Mortgage) for US$750m. The acquisition will increase Ocwen's portfolio by approximately 60%, but is expected to have a muted impact on non-agency RMBS investors.

    With the purchase, Ocwen will assume the servicing on all of Homeward's portfolios - including the Option One, Citi Residential Lending (Ameriquest) and Downey pools .......

    News 5 October 2012

  • Private SLABS performance to improve

    The default rate of securitised private student loans will remain high for the remainder of 2012, but will continue to improve slowly on a year-to-year basis, according to Moody's.

    The agency's Private Student Loan Indices show the default rate index ending 2Q12 at 4.2%, down from 4.8% the previous quarter and 4.9% a year ago. This marks the first sizeable .......

    News Round-up 5 October 2012

  • RFC issued on mortgage 'shelf'

    The FHFA has released for public input a white paper on a proposed framework for a common securitisation platform and a model pooling and servicing agreement (PSA). The white paper seeks to identify the core components of mortgage securitisation that will be needed in the housing finance system going forward.

    These core components are linked to two cornerstone operational features: .......

    News Round-up 5 October 2012

  • CMBS tightening continues

    Yesterday's session saw further tightening for US CMBS spreads. Secondary activity was solid, with SCI's PriceABS BWIC data showing over 160 CMBS line items.

    Interactive Data puts CMBS BWIC volume for the session at US$365m. GG10 Dupers were being quoted at swaps plus 159bp/155bp, having tightened from 162bp at the previous close. Legacy fixed seniors were 3bp tighter, .......

    Market Reports 5 October 2012

  • EIOPA urged to examine Solvency II

    In a sign that EU regulators' stance on securitisation may potentially be softening (SCI 21 September), the European Commission last week asked the European Insurance and Occupational Pensions Authority (EIOPA) to examine Solvency II calibrations and the design of capital requirements for investments in assets that it describes as "relevant to 'long-term finance'" in the region.

    In a letter to .......

    News Round-up 5 October 2012

  • Credit Suisse next for NCUA

    The NCUA has filed suit in Federal District Court in Kansas against Credit Suisse Securities. The suit alleges misrepresentations in connection with the underwriting and sale of RMBS to US Central Federal Credit Union, Western Corporate Federal Credit Union (WesCorp) and Southwest Corporate Federal Credit Union.

    The three credit unions paid over US$715m for the RMBS and each subsequently failed. .......

    Job Swaps 5 October 2012

  • NewOak names new coo

    Donald McGuire has joined NewOak as coo and head of investment banking. McGuire was most recently managing partner at KDM Advisors and has also served as chairman and ceo at Metastatin Pharmaceuticals, as well as holding senior roles at beenz.com and ING Barings/Furman Selz.

    .......

    Job Swaps 5 October 2012

  • Special servicer in European expansion

    Solutus Advisors has opened an office in Frankfurt for its new wholly-owned European subsidiary, Solutus Advisors GmbH. Along with new ceo James Drayton, who joined over the summer from Oppenheimer Investments, the firm has also made fresh hires to further boost its capabilities.

    Tim Schuy joins as director in the executive team, with specific focus on Germany. He was most recently .......

    Job Swaps 5 October 2012

  • Fixed income vet moves on

    Scott Buchta has joined the fixed income team at Brean Capital in Chicago. He becomes head of fixed income strategy and will report to Rob Fine and Robert Tirschwell.

    Buchta was most recently at Sandler O'Neill as head of fixed income strategy. Before that he spent almost two decades at Bear Stearns, where he rose to head of the mortgage .......

    Job Swaps 5 October 2012

  • NAIC methodology changes due

    NAIC has released additional details about the proposed changes to its methodology of calculating risk-based capital requirements on legacy RMBS and CMBS positions held by insurance companies. Its valuation of securities task force (VOSTF) has advised that the economic scenarios used in the 2012 year-end modelling process remain similar to last year, albeit with less stringent assumptions in some of .......

    News Round-up 4 October 2012

  • BoS confirmed as issuer account bank

    Fitch says that Spanish structured finance transactions utilising the Bank of Spain as the issuer account bank are able to support ratings up to the existing sovereign IDR-linked cap of double-A minus. The agency has been notified that the issuer account bank role has been migrated to BoS for IM FTGENCAT Sabadell 2, IM Banco Popular FTPYME 1, IM Grupo .......

    News Round-up 4 October 2012

  • Abundant auto activity in ABS

    A flurry of auto paper supported elevated ABS secondary supply yesterday. SCI's PriceABS BWIC data shows 16 auto ABS tranches that were covered in the session.

    The largest slice of any tranche to be covered was a US$66.56m piece of ALLYA 2011-1 A4, which was covered at 12bp over. A US$17.34m piece of ALLYA 2009-A A4 was also .......

    Market Reports 4 October 2012

  • CMBS pay-offs peak

    The percentage of US CMBS loans paying off on their balloon date hit the highest level since December 2008, according to Trepp's latest payoff report. In September, 68.2% of loans reaching their balloon date paid off, up by almost 20 points from the August reading and over 40 points from the July number.

    The September reading was more than 25 .......

    News Round-up 4 October 2012

  • Pre-2005 RMBS reviewed

    Fitch has downgraded 6% of the US prime RMBS tranches it rates, following a review of the sector. Adverse selection and structural features vulnerable to tail risk have increased negative rating pressure for seasoned prime RMBS, the agency says.

    Delinquency rates continue to increase in pre-2005 prime pools, even while performance has improved for Alt-A, subprime and recent vintage prime .......

    News Round-up 4 October 2012

  • Servicer cashflow efficiencies improving

    Subprime residential mortgage servicers improved their cashflow efficiencies in the 2Q12, according to a new metric introduced by Moody's in the latest edition of its Servicer Dashboard publication. Foreclosure timelines continued to extend, while collections metrics for jumbo and Alt-A loans improved and cure and cashflow rates worsened for most servicers.

    Moody's Cash Flow Efficiency Metric increased in the second .......

    News Round-up 4 October 2012

  • RBS debuts legacy loan deal

    Further details have emerged on Isobel Finance No.1, the £463.22m CMBS that RBS preplaced last week. The transaction represents the first use of CMBS technology in Europe post-financial crisis to partially fund the purchase of legacy commercial real estate loans from a bank balance sheet.

    The deal securitises a £553.3m senior loan that RBS made to Isobel AssetCo, as borrower, .......

    News 4 October 2012

  • ESAIL 2007-5 stalemate continues

    The extraordinary resolution to appoint Deutsche Bank as auction agent has been approved by Eurosail UK 2007-5NP class B1c, C1c and D1c noteholders, having been passed by the class A1a and A1c noteholders on 7 August. However, the trustee is unable to agree to the implementation of the proposal in its current form.

    The extraordinary resolution sanctions Deutsche Bank to .......

    News Round-up 3 October 2012
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