Complete news archive

  • 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

  • Unicredit tender announced

    Unicredit has announced a tender offer for 22 Cordusio RMBS, F-E Mortgages, Capital Mortgages, Locat and F-E Gold bonds. The liability management exercise will be undertaken via an unmodified Dutch auction. The offer period will expire on 24 September, with settlement expected on 27 September.

    .......

    News Round-up 12 September 2012

  • Fitch rebrands in India

    Fitch has rebranded its Indian national ratings business. National ratings in India will now be assigned by India Ratings & Research rather than Fitch Ratings.

    India Ratings is a wholly owned subsidiary of the Fitch Group, dedicated to the Indian market and focused exclusively on national-scale domestic credit ratings. National-scale ratings previously assigned by Fitch have been transferred to India Ratings, .......

    Job Swaps 12 September 2012

  • New REIT ready to launch

    Two Harbors Investment Corp has proposed the contribution of its portfolio of single-family rental properties to a newly formed entity intended to qualify as a REIT. The firm has also recruited a new director of investor relations and seen two members of staff move over to the prospective REIT.

    In exchange for Two Harbors' portfolio contribution, it would receive shares .......

    Job Swaps 12 September 2012

  • Portuguese country ceiling lowered

    Moody's has downgraded to Baa3 the ratings of 47 securities across 32 Portuguese ABS and RMBS. The agency has also placed on review for downgrade the ratings of a further 90 Portuguese ABS and RMBS securities.

    The downgrades follow Moody's decision to lower the Portuguese country ceiling from Baa1 to Baa3 on 5 September. The main driver for the rating .......

    News Round-up 12 September 2012

  • Stable outlook for South Korean SF

    South Korean Fitch-rated structured finance transactions are well-placed to withstand the country's slowing economy and its high household debt, the agency says. Its outlook for all transactions is stable and all ratings have been affirmed so far this year.

    Fitch says deterioration in the performance of the transactions' underlying assets, stemming from rising household debt, is unlikely to be material. .......

    News Round-up 12 September 2012

  • Enhanced GSE reps and warranties unveiled

    The FHFA has launched a new representation and warranty framework for Fannie Mae and Freddie Mac conventional loans sold or delivered on or after 1 January 2013. The new approach - which is part of a broader series of strategic initiatives called seller-servicer contract harmonisation - aims to clarify lenders' repurchase exposure and liability on future deliveries.

    "Ultimately, better quality .......

    News Round-up 12 September 2012

  • Reconciliation platform offered

    MarkitSERV has launched PortRec Xpress, a new service designed to help asset managers reconcile their OTC derivatives portfolios quickly and efficiently. The launch of the service comes as regulators worldwide are expected to mandate asset managers to reconcile their portfolios on a daily, weekly, monthly, quarterly or annual basis as part of the drive to reduce operational and financial risk .......

    News Round-up 12 September 2012

  • Releasing the pressure?

    Data hindering European distressed debt deals

    Differing views on price appear to be impeding distressed debt transaction volume in Ireland and Spain, albeit a number of significant deals are expected to close by year-end. Nevertheless, recent legislative developments are helping to relieve some of the pressure that banks face in both jurisdictions.

    Getting comfortable with a distressed debt deal in Ireland and Spain comes down to .......

    News Analysis 12 September 2012

  • Index constituent changes anticipated

    The Markit iTraxx Main and Crossover indices are scheduled to roll on 20 September. Adjusting for curve and skew, credit derivative strategists at Morgan Stanley believe the intrinsic trading level for the next series of Main 5Y may be around 3bp tighter than the on-the-run as of yesterday's close of 130bp. For the next series of Crossover 5Y, the intrinsic .......

    News Round-up 11 September 2012

  • Pricing engine enhanced

    Pricing Partners has launched Price-it Excel 3.0, a streamlined version of its pricing engine. Among the new features included in the service are: a simplified pricing process; centralised product description and pricing results; hundreds of templates that allow users to price any standard product easily; and extensive risk measurement reporting on both trade and portfolio levels.

    .......

    News Round-up 11 September 2012

  • Marley Station to see hefty ARA

    The September remittance for BACM 2005-3 includes a new appraisal for the US$114.4mn Marley Station loan. The underlying property is one of the malls that had been left out of Simon Property's acquisition of Farallon's stake in the Mills portfolio in March 2012 (see SCI's CMBS loan events database).

    The loan had been scheduled to mature in July, .......

    News Round-up 11 September 2012

  • RMBS rally continues

    Last week saw US non-agency RMBS spreads grow progressively tighter as supply kept on coming. The market has rallied considerably over the last few weeks, as can be seen in SCI's PriceABS BWIC data.

    "While supply picked up after the Labor Day holiday, the upward trend in pricing remains intact. The increased supply seems to have brought out .......

    Market Reports 11 September 2012

  • Card delinquencies hit all-time low

    Delinquencies for US credit card ABS have plunged to an all-time low, according to Fitch's latest index results for the sector. Delinquencies are now down by 25.74% year-over-year and are also well below the long-term average of 3.02%.

    Fitch's 60-day delinquency index reached 1.76% during August. The 6bp decline brought delinquencies down to their lowest level since the agency launched .......

    News Round-up 11 September 2012

  • UK prime RMBS stress tested

    Triple-A ratings of UK prime RMBS can withstand significant macroeconomic stress testing, encompassing rising unemployment and interest rates and collapsing house prices, says Fitch. On average, triple-A rated notes in UK prime RMBS programmes have enough credit protection to cover more than 20x the losses expected in the agency's base case and would only suffer losses if 50% of mortgage .......

    News Round-up 11 September 2012

  • Dutch RMBS stress tested

    Triple-A ratings of Dutch prime RMBS are resilient to significant macroeconomic stresses and it would take stress well beyond Fitch's current expectations to see most triple-A rated notes downgraded. The triple-A rated notes have, on average, enough credit protection to cover over 9x the losses expected in the agency's base-case scenario.

    Fitch's base-case scenario assumes an average default rate of .......

    News Round-up 11 September 2012

  • Timeshare delinquencies stabilising

    Consistent with seasonal trends, US timeshare ABS delinquencies dropped in the second quarter, according to the latest timeshare index results from Fitch. Total delinquencies for 2Q12 were 3.29%, down from 3.58% in 1Q12.

    Year-over-year total delinquencies remain consistent with the 2Q11 level of 3.28%. Delinquencies appear to be normalising at their historical levels, Fitch notes, following the dramatic increases that .......

    News Round-up 11 September 2012

  • Slice of the action

    Dynamic tranche market entices investors

    The European tranche market has seen a significant shift over the last two months, with Markit iTraxx tranches moving sharply. While this presents new opportunities for yield, investors may be more tempted to use the tranche market for tail hedges.

    "A steepening of curves, compression driven by outperformance of peripheral tail names and a fairly substantial move in correlation higher .......

    News Analysis 11 September 2012

  • CDO vet to lead European expansion

    GreensLedge has expanded its European operations with GreensLedge Capital Markets. It has also appointed John Convery as md and head of European investment banking and Paul Levy as md.

    Convery joins from Deutsche Bank, where he was head of the global CDO business, while Levy joins from UBS, where he was co-head of EMEA FICC structuring. Both will be based .......

    Job Swaps 11 September 2012

  • Cornerstone grows Asian presence

    Cornerstone Real Estate Advisers has opened an office in Tokyo. It will be headed by Kelly Hayes and Peter Gensheimer, who both joined from Savills last month as directors.

    Prior to Savills, Hayes was in the CRE finance group at Citigroup, where he spent just over a decade. Gensheimer's experience also includes roles at Cushman & Wakefield, Emmes Asset Management .......

    Job Swaps 11 September 2012

  • Managed NPL deal prepped

    Further details have emerged about Oaktree Capital Management's non-performing loan CMBS (SCI 19 August). Dubbed ORES NPL series 2012-LV1, the transaction will be managed by Sabal Financial Group.

    The deal - which is arranged by JPMorgan - comprises a US$195m single tranche of notes rated triple-B minus by Fitch. The pool consists of 615 performing and non-performing real estate secured .......

    News Round-up 10 September 2012
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