Complete news archive

  • 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

  • Firm makes client coverage hires

    Oak Hill Advisors has appointed Dalia Cohen as head of investor relations. Eric Storch has also joined the firm as md and will have business development, client coverage and marketing responsibilities.

    Cohen joins from JLL Partners, where she was head of marketing and client coverage. She previously held a similar role at Trimaran Advisors and was also cfo of a .......

    Job Swaps 17 September 2012

  • SCI Start the Week - 17 September

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

    Pipeline
    Activity last week was dominated by deals pricing, but a few names also joined the pipeline. These included two Australian securitisations and three CMBS.

    The Aussie deals comprised: Impala Trust No.1 - Sub Series 2012-1, a A$232.5m medical equipment ABS; and SMHL Securitisation Fund 2012-2, a A$500m RMBS. The CMBS consisted of US$259m COMM 2012-LTRT, US$195m Oaktree Real Estate Investments/Sabal .......

    News 17 September 2012

  • Fresh twist from Fed

    Operation Twist had been expected to continue with around US$50bn of Treasury and agency MBS purchases each month, so the Fed's latest announcement that it will now be focusing solely on MBS purchases has come as something of a surprise. The Fed also gave its strongest indication yet that interest rates will be kept low even if the economic outlook .......

    News Round-up 14 September 2012

  • UK credit card ABS rebounds

    S&P has published its 2Q12 UK credit card ABS index report, which shows that performance has remained stable despite tough economic conditions. Charge-offs and delinquencies both decreased quarter-on-quarter and new issuance increased.

    "The stable credit performance of UK credit card ABS master trusts despite persistently high unemployment rates reflects our view that the volume of delinquencies is more sensitive to absolute .......

    News Round-up 14 September 2012

  • CLO opportunity fund closed

    Pearl Diver Capital has closed its third CLO opportunity fund, a Guernsey-based private equity-style GP/LP structure. The fund - dubbed Pearl Diver Capital Fund III - closed with US$234.1m in commitments, with the capital locked in over several years.

    The fund will focus its investments primarily on post-2011 US CLOs, targeting majority control positions in equity tranches and potentially junior .......

    News Round-up 14 September 2012

  • Institutional investors outperform CPPI

    Commercial real estate properties owned by institutional investors outperformed the national all-property composite, as measured by the Moody's/RCA Commercial Property Price Indices (CPPI), during both the run-up to the peak and the post-trough recovery through July 2012. Overall US commercial real estate prices, meanwhile, were down by 1.2% in July.

    In a new analysis examining the buyers and sellers of .......

    News Round-up 14 September 2012

  • SHP model enhanced

    Fitch's sustainable home price model (SHP) now provides projections at the metropolitan statistical area (MSA) and division level. Projections are available for 379 MSAs, which account for 95% of mortgage originations. Both the MSA and state-level projections will be released quarterly.

    The MSA projections will take precedence over state-level values for analytical purposes in Fitch's US RMBS loan loss model. .......

    News Round-up 14 September 2012

  • Multifamily duo recruited

    Prudential Mortgage Capital Company has expanded its multifamily team, naming Patrick McAllister and Laurie Morfin directors of multifamily originations. The pair reports to Jim Hensley, a principal and agency production manager for the multifamily team.

    McAllister will be based in Prudential's San Francisco office, while Morfin will be based in a new Carlsbad, California office. They are both responsible for .......

    Job Swaps 14 September 2012

  • Esoteric ABS capital treatment critiqued

    Certain non-traditional ABS sectors are vulnerable to spiking to 100% risk-based capital requirements under the new US bank trading book rules, owing to their non-conformity with classic consumer ABS structures, performance measurement and regulatory definitions. Citi securitisation strategists argue that stranded assets, dealer floorplan, rental car, franchise, aircraft and container ABS represent secured corporate credit risk and so the associated .......

    News 13 September 2012

  • Boost for mortgage lending, housing?

    Fitch says that the new representation and warranty framework announced by the FHFA (SCI 12 September) could potentially have a positive impact on both the mortgage lending and housing markets.

    The new framework places greater emphasis on quality control review processes to be applied when loans are delivered to Fannie Mae and Freddie Mac earlier in the loan process and .......

    News Round-up 13 September 2012

  • Irish country ceiling lowered

    Moody's has downgraded to A3 the ratings of 24 securities across 12 Irish RMBS, of which seven were also placed on review for further downgrade. The agency has also placed on review for downgrade an additional 15 Irish RMBS senior and subordinated notes.

    The rating actions follow Moody's decision to lower the Irish country ceiling from A1 to A3 on .......

    News Round-up 13 September 2012

  • Manager transfer blocked

    A proposal to replace Invesco Senior Secured Management with 3i Debt Management Investments as collateral manager on Theseus European CLO has been terminated. Noteholders of the class A1, A2A and A2B notes outstanding were asked in July to consent to a written resolution approving the appointment. The notes will become unblocked, effective from 10 September, following the termination.

    .......

    Job Swaps 13 September 2012

  • Bad bank created

    Deutsche Bank is set to establish a bad bank under its recently announced Strategy 2015+ plan, which will be led by cfo Stefan Krause. The creation of the non-core operations unit (NCO) will accelerate the process of shedding risk-weighted assets from non-core activities, the bank says.

    The NCO holds approximately €135bn risk-weighted assets, as of June, including €100bn of collateral .......

    Job Swaps 13 September 2012

  • MRP fights back

    Mortgage Resolution Partners (MRP) has written to the FHFA contesting the agency's right to stop MRP's eminent domain plan (SCI passim). The firm argues that FHFA lacks oversight rights with regard to the purchase of loans not owned by Fannie Mae and Freddie Mac. MRP's letter is in response to a register notice that FHFA issued in August, in which .......

    News Round-up 13 September 2012

  • FSTNT 2 tender, restructuring launched

    Permanent TSB has launched a tender offer for Fastnet Securities 2 notes across the capital structure via a modified Dutch auction. The early tender deadline is 28 September, with a final deadline of 5 October.

    The tender is running concurrently with an extraordinary resolution to amend the transaction as a result of Permanent TSB's downgrade. The proposed changes include: a .......

    News Round-up 13 September 2012

  • Further Two Harbors addition

    Two Harbors Investment Corp has announced a further hire, with Nicholas Smith joining as md. He was previously capital markets cio at GoldenTree Investment Management.

    Smith was responsible for GoldenTree's residential mortgage investment platform, including investments in whole loans and mortgage servicing rights. He has previously worked as a senior financial analyst at GMAC ResCap.

    .......

    Job Swaps 13 September 2012

  • Euro reporting improving

    Better reporting in EMEA structured finance transactions has seen nearly one-third of deals merit a higher issuer report grade (IRG) since Fitch re-launched IRGs last year (SCI 15 November). The agency notes that while there is still room for improvement, with just 12.4% of transactions receiving the highest 4- or 5-star grades, discussions with report providers that followed the re-launch .......

    News Round-up 13 September 2012

  • Restructuring vet recruited

    David Resnick has joined Third Avenue Management as president. He also becomes a member of the firm's investment team.

    Resnick was previously chairman of Rothschild's global financing advisory practice, where he led the restructuring, debt advisory and equity advisory businesses. Before that he founded the restructuring group at Peter J Solomon Company and held a variety of positions within the .......

    Job Swaps 13 September 2012

  • Rating agreement to include SF ratings

    Deutsche Börse has signed an agreement with Fitch Solutions to deliver low-latency credit rating announcements via its AlphaFlash news feed. The feed will initially roll out Fitch's sovereign debt rating announcements, with structured finance ratings set to be added in the coming months.

    The sovereign debt rating announcement will include upgrades, downgrades and rating outlook revisions. As well as structured .......

    Job Swaps 13 September 2012

  • CMBS spreads grind tighter

    US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data has 111 line items for the session, with supply remaining steady if unspectacular.

    Interactive Data figures place CMBS bid-list volume for Wednesday at US$146m, plus approximately US$310m of GNMA IOs that were also out for the bid. GG10 dupers, .......

    Market Reports 13 September 2012
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