Complete news archive

  • CLO 1.0, 2.0 compared

    The strong new issue US CLO market has sparked debate over the relative value of primary (CLO 2.0) versus legacy (CLO 1.0) deals. A new analysis questions whether the spread pick-up of legacy CLOs is sufficient to compensate for the additional risk of the CLO 1.0 structure for similar ratings profiles.

    CLO strategists at RBS have introduced a CLO relative .......

    News 19 September 2012

  • Euro auto ABS circulating

    European secondary ABS supply was dominated by auto paper yesterday. A rally in the sector saw many names being bid up over par.

    One bond that appears often in SCI's PriceABS BWIC archive - VCL 13 A - was covered at 100.38 during the session, having previously been covered at 100.385, 100.27 and 100.255 on 15 August, 13 .......

    Market Reports 19 September 2012

  • Real estate lawyer recruited

    David Kaplan has joined Allonhill as general counsel. His practice covers structured finance and securitisation, with a focus on real estate.

    Kaplan joins from Braddock Financial Corp, where he also served as general counsel, and has previously worked at Cadwalader, Wickersham & Taft and Sidley Austin. He will be based in Denver.

    .......

    Job Swaps 19 September 2012

  • Volume forecasts revised higher

    Structured products strategists at Wells Fargo predict that total US consumer ABS issuance will reach US$170bn for full-year 2012 - approximately a 60% increase over 2011. They expect about US$20bn of new consumer ABS in September alone, assuming the usual seasonal patterns hold and there are no macroeconomic or political disruptions, with the issuance pace remaining brisk in October and .......

    News 18 September 2012

  • Key man replacement made

    Declaration Management & Research has replaced key management personnel in respect of seven structured finance CDOs - Independence I, II, III, IV, V and VI CDOs, and Straits Global ABS CDO I. Three managers specified in the transactions' documents as key management personnel of the collateral manager are no longer employed by Declaration.

    The collateral manager proposes to replace these key management .......

    Job Swaps 18 September 2012

  • IASB update welcomed

    The IASB has issued a draft of its long-planned update of general hedge accounting rules. Moody's suggests in its latest credit outlook that the new rules are a positive development for investors because the revised reporting guidelines provide a better description and linkage between a company's risks and its corresponding risk-mitigations. However, the agency warns that because accounting and controlling .......

    News Round-up 18 September 2012

  • Auto ABS performance stabilising

    US auto ABS performance stabilised in August, with losses improving after the previous month's dip, according to Fitch's latest index results for the sector. Prime annualised net losses (ANL) dropped by 24% in August to 0.25% from 0.33% the previous month, a 47% improvement year-over-year (YOY).

    Cumulative net losses (CNL) declined by 11% month-over-month (MOM) to 0.32% from 0.36%. However, .......

    News Round-up 18 September 2012

  • Affiliate takes on manager's CLO

    Halcyon Loan Investors, an affiliate of the existing collateral manager, has replaced Halcyon Structured Asset Management as collateral manager on Halcyon Structured Asset Management European Long Secured/Short Unsecured CLO 2008-1. Moody's has determined that the assignment and assumption agreement will not cause the current ratings of the notes to be reduced or withdrawn.

    .......

    Job Swaps 18 September 2012

  • Secondary spreads still tightening

    Monday's session demonstrates just how far spreads in the US CMBS secondary market have tightened over the last few weeks. Trading activity yesterday was relatively light, but paper that changed hands did so at tight levels.

    SCI's PriceABS BWIC data shows that the CSMC 2006-C5 A3 tranche, for example, was covered yesterday at 104, having been covered at .......

    Market Reports 18 September 2012

  • Counterparty risk webinar scheduled

    SCI, in association with Fitch Solutions, is hosting a webinar on credit and counterparty risk management at 3pm UK time/10am Eastern on 25 September. Complimentary registration is available here.

    Join SCI and industry leaders from Fitch Solutions as they present findings from the 2012 SCI/Fitch Solutions survey of global counterparty risk managers. Those polled indicated that while counterparty .......

    News Round-up 18 September 2012

  • IFM makes Euro expansion

    Industry Funds Management (IFM) has appointed David Cooper as investment director for its debt investments group. He will be based in London and lead IFM's infrastructure debt expansion into the UK and Europe.

    Cooper joins from Barclays, where he was head of the infrastructure and structured project finance team. He has also worked at RBS and HBOS.

    .......

    Job Swaps 18 September 2012

  • European corporate trust team expands

    Michael Whelan has joined US Bank Global Corporate Trust Services as svp and head of relationship management. He is based in London reporting to corporate trust md Tom Cubitt.

    Whelan will head the three existing relationship management teams covering conventional debt, structured finance and CDOs. He joins from BNY Mellon, where he was corporate and sovereign debt md, and has .......

    Job Swaps 18 September 2012

  • Business development md enlisted

    Highland Capital Management Europe has appointed Jess Larsen as business development md. He was most recently at Bank of America Merrill Lynch, where he served as director in its European capital intro team.

    Larsen has previously served as partner and head of sales at VCM Fund Management and at Range Capital. He has also worked for UBS and HSBC.

    .......

    Job Swaps 18 September 2012

  • CLO specialist makes move

    Neil Hamilton is joining Paul Hastings in London as partner. He specialises in CLOs and CDOs and will begin his new role at the start of October.

    Hamilton joins from Clifford Chance. He spent 12 years at the firm, most recently as structured finance partner.

    .......

    Job Swaps 18 September 2012

  • Favourable news sparks CMBX rally

    After trading in the same range all summer, favourable news from Europe and the US Fed last week was enough of a catalyst to set CMBX on fire, according to CRE debt analysts at Deutsche Bank. All indices were up on the week by between one to four points, with AJs and AMs outperforming. In the older series, the rally .......

    News Round-up 17 September 2012

  • Trade receivables programme minted

    Finacity Corporation and ING Belgium have facilitated the successful closing of a pan-European trade receivables securitisation for Sonae Indústria SGPS. The securitisation programme will provide Sonae Indústria with cash proceeds of up to €100m through the on-going purchase of receivables from its European operations.

    Finacity and ING Belgium acted jointly to set the transaction up. ING Belgium structured and funded .......

    News Round-up 17 September 2012

  • CMBS late-pays continue to decline

    Delinquencies on office loans are still creeping higher as overall US CMBS late-pays continue to fall, according to Fitch's latest index results for the sector. Overall CMBS delinquencies declined by 9bp last month to 8.39%, from 8.48% in July.

    In August, approximately US$2bn of loans were resolved and removed from the index, compared to US$1.7bn of new delinquencies added to .......

    News Round-up 17 September 2012

  • EMEA CMBS servicing ops offloaded

    Deutsche Bank is seeking to sell its European CMBS servicing operations to Situs. The bank already transferred its primary servicing role for four transactions to Situs Asset Management, effective from Friday (14 September), and has sub-delegated to the firm its duties under the servicing agreement in respect of nine others.

    The four EMEA CMBS impacted by the servicing transfer are: .......

    Job Swaps 17 September 2012

  • Dutch securitisation association prepped

    A new Dutch Securitisation Association (DSA) is expected to launch imminently. The project was initiated by Holland Financial Centre (HFC) in October 2010, with the aim of representing parties involved in Dutch RMBS and improving capital market access for issuers.

    HFC members have also defined a standard for future RMBS issuance, which is expected to be formalised by 1 October. .......

    News Round-up 17 September 2012

  • ABS CDO auction due

    Wells Fargo, as trustee for the transaction, will conduct an auction for RFC CDO I on 1 October. The collateral will only be sold if the liquidation results in sale proceeds, together with the balance of all eligible investments and cash in the accounts, greater than or equal to the redemption amount.

    .......

    News Round-up 17 September 2012

  • Morningstar to offer Fitch data

    Morningstar now offers Fitch credit ratings data within its bespoke suite of website tools and data feed solutions. Fitch's data covers all of the agency's rated global sectors, issuers and securities and includes credit ratings, watches and outlooks.

    .......

    Job Swaps 17 September 2012
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