Complete news archive

  • 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

  • Galleria Towers watchlisted

    Morningstar has added the US$232m Galleria Towers loan - securitised in JPMCC 2006-LDP9 - to its watchlist, following a drop in the net cashflow debt service coverage ratio (NCF DSCR) and occupancy, as of 31 March. According to the servicer, the decline in occupancy is due primarily to the departure of Highland Capital, which occupied roughly 8% of the gross .......

    News Round-up 3 October 2012

  • Working Group lodges lawsuit

    New York Attorney General Eric Schneiderman has announced a lawsuit against JPMorgan Securities, JPMorgan Chase Bank and EMC Mortgage. It is the first lawsuit to be brought by the RMBS Working Group, of which Schneiderman is co-chair.

    The suit relates to fraudulent misrepresentations and omissions in the sale of RMBS by Bear Stearns, which was bought by JPMorgan during the .......

    Job Swaps 3 October 2012

  • Rate cuts boost Aussie RMBS

    Australian mortgage performance is expected to improve in the third and fourth quarters, following a series of interest rate cuts, the most recent being a 25bp cut yesterday (2 October). In a sign of that mortgage performance is benefiting from the rate cuts from end-2011, delinquencies in the Australian prime RMBS sector have already decreased to 1.54% in 2Q12 from .......

    News Round-up 3 October 2012

  • Sub paper sparks feeding frenzy

    Yesterday's session saw a spike in CLO supply, with equity paper in hot demand. Tiering among subordinated notes is in evidence, as SCI's PriceABS BWIC data shows a wide range of covers and talk.

    The highest cover of the session was at 176.27 for WOODS 2006-7X SUB. It was talked yesterday between the low-160s and high-170s, which is .......

    Market Reports 3 October 2012

  • LORDS 1 concerns raised

    New information published on the London & Regional Debt Securitisation 1 (LORDS 1) CMBS suggests that noteholders are exposed to greater risk than previously identified, according to Fitch. The information includes updated collateral valuations and details of a long-dated swap, the presence of which was not previously publicly disclosed.

    Including the mark-to-market of the swap, the securitised loan-to-value ratio (LTV) .......

    News Round-up 3 October 2012

  • CMBS delinquencies continue to improve

    The US CMBS delinquency rate fell by 14bp to 9.99% in September, according to Trepp, bringing the rate below 10% for the first time since April. The improvement follows a notable 21bp drop in August, the largest one-month decline since November 2011.

    Loan resolutions remained elevated in September, with over US$1.77bn in loans resolved with losses, up sharply from US$1.5bn .......

    News Round-up 3 October 2012

  • EWSM prepared for lift-off

    The European Wholesale Securities Market (EWSM) is expected to start listing debt and structured finance securities imminently. The joint venture between the Irish Stock Exchange (ISE) and Malta Stock Exchange (MSE) is awaiting designation as a recognised exchange by HMRC for withholding tax purposes, having been first announced in February.

    Marketing efforts for the EWSM have been broadly based. ISE .......

    News 3 October 2012

  • Survey suggests strong CLO technicals

    The results from JPMorgan's latest global CLO client survey suggests that market technicals are likely to remain strong. Responses indicate that the search for yield continues, with spread expectations that are tighter than today's levels.

    For the first time in recent CLO surveys, all respondents cited the lack of supply as their top concern, pushing spread volatility to second place. .......

    News Round-up 2 October 2012

  • FGIC rehab plan filed

    FGIC's court-appointed rehabilitator, the New York state insurance regulator, last week filed a proposed rehabilitation plan with the New York Supreme Court. The proposal involves a portion of the monoline's policy claims - initially set at 15%, but potentially increasing to 30.4% - being paid in cash.

    The remaining claim amount would be reimbursed in the form of a deferred .......

    News Round-up 2 October 2012

  • Delay expected for Rescap recoveries

    Rescap secured bondholders have ended an agreement to support Ally Financial's reorganisation plan. The ad-hoc steering committee - representing US$2.2bn of junior secured Rescap noteholders - has withdrawn its support for the plan, given the protracted nature of the legal proceedings thus far and the chance to improve its negotiating position in future disputes with other creditors.

    According to Ally, .......

    News Round-up 2 October 2012

  • Further Lehman CDO judgements possible

    The Federal Court in Australia has ruled in favour of three councils in a class action brought against Lehman Brothers Australia. The findings could pave the way for the judgement to be extended to other organisations that either sold or distributed CDOs and capital protected notes to councils, or advised councils to buy them.

    The Federal Court action was taken .......

    News 2 October 2012

  • US CMBS loss severities decline

    After reaching a two-year high the previous month, US CMBS loss severities for September fell back in line with recent norms, despite liquidation totals ticking up for the third month in a row. Average loss severity came in at 37.87% last month, down significantly from 53.29% in August, according to Tripp.

    Servicers continued to pick up the pace in September .......

    News Round-up 2 October 2012

  • SDR reporting strengthened

    OpenLink Financial is set to expand its suite of Dodd-Frank regulatory compliance solutions with the DTCC service fr swap data repository (SDR) reporting. This solution will soon enable interest rate, credit and commodity market participants to comply with US CFTC SDR reporting requirements, the firm says. SDR reporting tools are a key part of OpenLink's suite of Dodd-Frank compliance solutions .......

    News Round-up 2 October 2012

  • EMEA CMBS maturity wave due

    Fitch's European CMBS maturity repayment index improved to 44% by end-3Q12, compared with 40.6% at end-2Q12. The positive trend observed in the last quarter is unlikely to continue, however.

    24 loans securitised in EMEA CMBS transactions are coming due this quarter, 22 in the month of October alone. "The chances of refinancing are doubtful for almost two-thirds of EMEA CMBS .......

    News Round-up 2 October 2012

  • REIT adds jumbo specialist

    Dan Koch has joined Two Harbors Investment Corp as md. He was previously responsible for sourcing jumbo prime loan acquisitions at Redwood Trust.

    Koch has also previously worked at Morgan Stanley, where he was responsible for executing agency and non-agency loan sales and securitisations. Before that he was at Charter One Bank and US Bancorp.

    .......

    Job Swaps 2 October 2012

  • Healthy start for RMBS

    October kicked off with some decent secondary activity for US RMBS, particularly for non-agency paper. Offering levels are higher than they were over the summer, but remain in line with those seen in the last couple of months.

    SCI's PriceABS BWIC data shows 138 RMBS line items for yesterday's session, with Interactive Data estimating that non-agency volumes stood .......

    Market Reports 2 October 2012

  • Enforcement opportunities highlighted

    A divergence between the relatively few strong European CMBS transactions and the larger number of deals backed by weaker loans has emerged in recent weeks, driven by weakness in the commercial property market and the lack of available financing. European asset-backed analysts at RBS suggest that significant value can nevertheless be found in the senior tranches of these weaker transactions.

    News 1 October 2012

  • SCI Start the Week - 1 October

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

    Pipeline
    A few new deals joined the pipeline last week. CLOs make up the majority, but ABS, ILS and CMBS are also represented.

    The CLOs include Benefit Street Partners CLO I, ING IM CLO 2012-3 and OZLM Funding II. The ABS is a lease deal (€78m TDA Lico Leasing III FTA), while the ILS is US$300m Multicat Mexico 2012-1 and the .......

    News 1 October 2012

  • Capital markets partner moves on

    Elana Hahn is set to join Fraser Milner Casgrain in Toronto. She will become partner at the firm, working within the capital markets, financial services and cross-border teams.

    Hahn has spent the last 12 years in London, most recently as partner at Morrison & Foerster. She will continue her practice as an English lawyer and as a Canadian (Ontario) lawyer.

    .......

    Job Swaps 1 October 2012

  • Spanish stress test results in

    Oliver Wyman has released the results of its detailed stress tests of the Spanish banking sector, revealing a capital need of €59.3bn under the stressed scenario, in line with market expectations. This capital need falls to €53.75bn after mergers and deferred tax assets are taken into account.

    According to the results, seven banks would require capital injections: Bankia/BFA, Catalunyabank, NCG .......

    News Round-up 1 October 2012
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