Complete news archive

  • GGP refis announced

    GGP has closed US$1.5bn of new financing on seven properties across the US. Two of the properties have outstanding CMBS debt and are expected to see pay-offs in the near term.

    One of these properties - Glendale Galleria - backs a US$111.4m loan securitised in MLMT 2005-LC1 and another US$125.7m loan in MLMT 2005-CKI1. The other property - Rogue Valley .......

    News Round-up 6 September 2012

  • Call for Trups rules clarification

    Fitch believes that the US banking regulators' proposed capital rules could be a positive credit event for senior noteholders and potentially negative for subordinate tranches in Trups CDOs. The agency notes, however, that the regulations need to be clarified, as their criteria for some Trups is different from those under the Dodd-Frank Act.

    The current proposal would require Trups issued .......

    News Round-up 6 September 2012

  • Uni-Invest acquisition completed

    TPG and Patron Capital have closed their joint venture acquisition of Uni-Invest, following approval by the Dutch courts. The properties - which comprise 142 offices, 54 warehouses and seven retail outlets, providing an annual rent of €62m - will be held in an SPV dubbed Utrecht Holdings.

    Goldstar Research reports that asset management will be implemented, with the aim of .......

    News Round-up 6 September 2012

  • China's pilot programme progressing

    Moody's reports that China's regulators are making steady progress towards establishing a securitisation market in the country. However, as has been the case with other jurisdictions, the process will be long and involved.

    "As in other countries, the enactment of a securitisation law in China - which is essential for the market - is a time-consuming and complex process. It .......

    News Round-up 6 September 2012

  • DC transparency enhanced

    ISDA has published amendments to the Credit Derivatives Determinations Committees (DC) Rules with respect to release of information regarding DC meetings. The association - in its capacity as secretary to the determinations committees - will now draft a Determinations Committee Meeting Statement at the conclusion of each DC meeting, which will describe the issues considered and any resolutions or next .......

    News Round-up 6 September 2012

  • Investor relations head joins

    SCIO Capital has added Joern Czech as head of business development and investor relations. He was most recently at Goldman Sachs, where he served as executive director for structured solutions.

    Czech spent 10 years in Deutsche Bank's global markets division before he joined Goldman Sachs. He was responsible for Deutsche Bank's investment solutions to institutional real money investors. He began .......

    Job Swaps 6 September 2012

  • Valuation skew

    GN/FN relative value opportunities weighed

    Policymaker intervention continues to skew US agency RMBS values. Given the difficulty of quantifying macro themes in the sector, analysing prepayment performance is one way of identifying relative value in GN/FN swaps.

    Ginnie Mae and Fannie Mae pass-throughs have historically enjoyed a close valuation relationship, according to FTN Financial Capital Markets svp Walt Schmidt, given that the former are fully .......

    News Analysis 6 September 2012

  • Euro expansion for due diligence firm

    Rockstead has opened offices in Dublin and Madrid as it continues its European expansion. They will provide representation and local expertise to the Irish and Iberian markets.

    The expansion is being overseen by sales and marketing director Rod Moulton, who has particular experience of the Spanish and Portuguese markets. The firm intends for the Spanish office to serve as a .......

    Job Swaps 5 September 2012

  • Loan-level data services launched

    Sapient Global Markets has unveiled a new combination of services aimed at helping companies meet requirements for communicating loan-level performance data to the European DataWarehouse under the ECB's ABS loan-level initiative. The offering includes complex data mapping and enrichment, the conversion of data between formats required by different regulators and the streamlining of two-way communication between regulators and data users .......

    News Round-up 5 September 2012

  • RMBS review completed

    S&P has announced a number of rating actions resulting from the implementation of its updated criteria for monitoring the performance of pre-2009 US RMBS (SCI 16 August).

    Of the prime jumbo RMBS impacted by the review, the agency lowered its ratings on 259 classes from 38 deals and removed 249 of them from credit watch with negative implications and eight .......

    News Round-up 5 September 2012

  • ResCap fraud probe revealed

    The US SEC has filed court papers indicating that it's investigating whether Residential Capital committed fraud related to its mortgage lending and underwriting practices. The investigation began on 22 February in an effort to compel R.R. Donnelley & Sons to produce due diligence reports prepared for investment banks that underwrote the investments, according to a recent Lowenstein Sandler client alert.

    News Round-up 5 September 2012

  • CMBS delinquency rate dips

    The US CMBS delinquency rate fell by 21bp to 10.13% in August, Trepp reports. This decrease occurred after five consecutive months in which the rate increased, including three months that set all-time records.

    The improvement in the rate was primarily driven by two factors, according to Trepp. First, loan resolutions remain elevated.

    Almost US$1.5bn in loans were resolved in August .......

    News Round-up 5 September 2012

  • MarketMap enhanced

    SunGard has released a new version of its MarketMap market data terminal application. The service provides up-to-date macroeconomic data in a calendar format through a new economic and financial indicator viewer, an enhanced news navigator and Fitch Solutions' credit default swaps data.

    Robert Jeanbart, evp and global head of SunGard's MarketMap business unit, comments: "The enhancements to MarketMap were driven .......

    News Round-up 5 September 2012

  • RMBS secondary activity restarts

    The US non-agency RMBS market picked up yesterday as traders returned to their desks, although SCI's PriceABS BWIC data shows that activity was light by recent standards. PriceABS shows 71 RMBS line items for Tuesday's session, with offering levels generally only moving very slightly.

    The 2005-2 M1 tranche of Popular ABS moved the most: it was talked yesterday at mid-60s, .......

    Market Reports 5 September 2012

  • Servicing settlement progresses

    Joseph Smith, the monitor of the US$25bn mortgage servicing settlement between 49 state attorneys general and the five largest bank servicers, last week released his first progress report detailing how the banks are meeting their obligations under the agreement.

    So far, the banks have granted US$10.56bn in consumer relief to 137,846 borrowers between 1 March and 30 June. The bulk .......

    News Round-up 4 September 2012

  • Euro CDOs circulate

    On thin volumes due to Labor Day in the US, over half of the BWIC line items captured by SCI's PriceABS service yesterday were European CDO tranches. A couple of them have appeared in the archives before.

    A €4m slice of the WODST III-X D tranche was talked at low-50s during yesterday's session and a €3.5m slice of the bond .......

    Market Reports 4 September 2012

  • Bridging the debt gap

    Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions

    Q: How is Narrow Road Capital involved in structured credit in Australia?
    A:     Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed notes. Structured credit is a key part of what we invest in, with the deal flow more regular and .......

    The Structured Credit Interview 4 September 2012

  • SF deputy appointed in Russia

    Alexander Pletnev has joined Sberbank's corporate investment block subdivision, which was formed earlier this year as part of its merger with Troika Dialog. He takes up the role of deputy head of structured finance.

    Pletnev will be primarily responsible for coordinating the structured finance division's efforts to create new credit products, reporting to Yury Korsun, head of structured finance. He .......

    Job Swaps 4 September 2012

  • Euro CMBS maturities to remain subdued

    Three European CMBS loans recorded losses following the July 2012 reporting cycle, Fitch reports.

    The largest of these loans was the Orange loan, securitised in Fleet Street Finance Three. While losses are yet to be allocated to the notes, the servicer reports that a sale price of €50m has been accepted for the collateral - some way short of the .......

    News Round-up 3 September 2012

  • G-fee hike due

    The FHFA has directed Fannie Mae and Freddie Mac to raise guarantee fees on single-family mortgages by an average of 10bp, moving GSE pricing closer to the level expected if mortgage credit risk was borne solely by private capital. The changes also aim to make more uniform the g-fees charged to lenders who deliver large volumes of loans, as well .......

    News Round-up 3 September 2012

  • Aussie, Japanese RMBS compared

    In response to increasing numbers of enquiries from Japanese investors with respect to Australian RMBS and how they compare with Japanese RMBS, S&P has published a report consolidating some key observations of these two markets. Despite significant differences, the performance of underlying mortgage loans and RMBS ratings in both countries has remained generally robust in the face of the slow .......

    News Round-up 3 September 2012
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