Complete news archive

  • BNY builds RMBS group

    BNY Mellon Capital Markets has recruited an eight-person RMBS team from Ally Securities. The team will be led by Dave Piersol as head of MBS sales and Joe Gaziano as head of MBS pass-through trading.

    Piersol held senior sales roles at JPMorgan, Bank of America, Greenwich Capital and Morgan Stanley before Ally. Also joining the sales team are David Clifford, .......

    Job Swaps 7 August 2012

  • CLO analyst moves on

    Justin Pauley has joined Brigade Capital Management as an investment analyst. He was most recently at RBS, where he was a CLO analyst, and before that he worked at Wachovia as a CDO research vp.

    .......

    Job Swaps 7 August 2012

  • More arrivals for Gleacher

    Gleacher & Company Securities has further boosted its MBS and rates team. Michael Lanigan joins as md while David Philbin joins as director, following hot on the heels of a team of seven others recruited at the end of last month (SCI 31 July).

    Lanigan becomes head of MBS and rates sales for the Chicago office. He was most recently .......

    Job Swaps 7 August 2012

  • Junior SIV ratings hit

    S&P has lowered its credit ratings on all of Mazarin Funding's junior senior notes. These rating actions include the correction of an administrative error on the series 2010-21 junior senior notes. At the same time, the agency has affirmed all of the SIV's A-1+ short-term ratings on the commercial paper programmes and repurchase agreement notes and the triple-C minus ratings .......

    News Round-up 6 August 2012

  • SCI Start the Week - 6 August

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

    Pipeline
    A good number of deals joined the pipeline last week with two ABS, one RMBS and one CMBS remaining on Friday. The ABS comprised a music royalties deal (US$300m SESAC series 2012-1) and a student loan transaction (US$402m North Carolina State Education Assistance Authority Series 2012-1). The RMBS was A$300m FirstMac Mortgage Funding Trust Series 1-2012, while the US$336.25m WFRR .......

    News 6 August 2012

  • CMBS loan refinanceability analysed

    Nearly 1,900 US fixed rate conduit CMBS loans totalling US$24bn in Fitch's rated universe are expected to mature within the next twelve months. The agency reports that 41% (59% by balance) of upcoming maturing loans would be unable to refinance under its defined stressed refinance parameters. However, it does not anticipate any immediate ratings impact, since potential maturity defaults are .......

    News Round-up 6 August 2012

  • 'Healthy' secondary CDO activity seen

    In an attempt to enhance transparency in the secondary CDO market, CDO analysts at JPMorgan have released an analysis of TRACE data from inception (11 May 2011) to 17 July. They observe that bid/offer spreads for US CLO triple-A and mezzanine tranches have generally tightened to about an eighth of a point due to lack of supply, versus 1-2bp pre-crisis .......

    News 3 August 2012

  • Secondary RMBS levels up

    US non-agency RMBS bid-list activity was yesterday slightly down on the prior session, but still remained active. SCI's PriceABS BWIC data shows that spread levels held firm, however, with certain names being talked up.

    A couple of line items particularly catch the eye. The AMSI 2003-13 M1 tranche had been talked at low/mid-70s on Wednesday before being talked .......

    News Round-up 3 August 2012

  • Italian sovereign ceiling lowered

    Moody's has downgraded to A2 the ratings of 257 securities across 169 Italian ABS and RMBS. It has also placed on review for downgrade the ratings of 83 Italian ABS and RMBS securities and confirmed the ratings of four Italian RMBS securities.

    The rating downgrades follow Moody's decision to lower the Italian country ceiling to A2, in connection with its .......

    News Round-up 3 August 2012

  • Law firm hires securitisation partner

    Keith Krasney has joined Locke Lord's New York office as partner. He will also chair the firm's securitisation and structured finance group.

    Krasney's practice focuses on the securitisation and financing of servicer advance receivables, residential mortgage loans, commercial mortgage loans, credit card receivables, equipment leases, student loans, re-securitisations, CDOs and other assets. He joins from Nixon Peabody, where he led .......

    Job Swaps 3 August 2012

  • Bank builds new credit group

    HSBC has appointed Dermot Murphy and Mahmoud Atalla as mds in its newly-formed credit situations group. The group will source, analyse and risk manage the opportunities being presented by European financials deleveraging and corporates restructuring.

    Murphy joins from UBS, where he was co-head of sub-investment grade trading, while Atalla moves internally from the principal investments group. The pair will be .......

    Job Swaps 2 August 2012

  • Risk transfer

    Counterparty risk securitisations gaining traction

    Index-linked contingent CDS contracts have yet to gain traction, despite the introduction of standardised terms earlier in the year. Instead, counterparty risk securitisations appear to be making a come-back ahead of the implementation of Basel 3.

    UBS most recently closed a counterparty risk transfer transaction, albeit the trade is said to be a "one-off". The deal is noteworthy for being .......

    News Analysis 2 August 2012

  • Middle-market CLOs touted

    A recent Wells Fargo study suggests that on average middle-market CLO senior notes have amortised by more than 33% within one year of the conclusion of the reinvestment period. Senior notes from middle-market CLOs that are between one and two years beyond the reinvestment period are almost all paid down by more than 75%.

    The study further shows that the .......

    News Round-up 2 August 2012

  • Titan Europe MOU signed

    Transaction notices published last week for the Titan Europe 2006-1, 2006-2, 2006-3 and 2006-5 CMBS shed some light on how parties to the transactions expect the cash management agreements to operate going forward (SCI 25 May). The cash manager, servicer, special servicer, liquidity facility provider and note trustee for all four deals entered into an MOU, whereby they agreed on .......

    News 2 August 2012

  • CMBS auction volume drops

    The volume of US CMBS earmarked for auction via note sales in August appears to have dropped compared with previous months. CMBS analysts at Barclays Capital estimate that about US$236m of CMBS conduit loans are out for bid this month, compared with US$815m in July.

    The bulk of the supply is accounted for by two large loans: the US$80.5m Pier at .......

    News Round-up 2 August 2012

  • CMBS supply running steady

    Generic US CMBS spreads were mostly unchanged yesterday, but AM tranches did grind about 5bp tighter. Interactive Data figures place BWIC volume for the session at US$418m, with around a quarter of the paper focused in 2006/2007 vintage AJs. Trading flows have slowed over the last few days after July proved a particularly active month, continuing a rally that started .......

    Market Reports 2 August 2012

  • CRE loan ratings sought

    Fitch notes in its latest quarterly EMEA Structured Finance Snapshot publication that insurance companies and other institutional investors are considering mortgage lending opportunities in European commercial real estate, in a bid to fill part of the void left by bank deleveraging and the absence of a vibrant European CMBS market.

    The agency says it has been approached by investors seeking .......

    News Round-up 2 August 2012

  • Repo risk, rewards highlighted

    A Fitch review of collateral within the tri-party repo market highlights some of the inherent liquidity risks associated with financing less liquid securities through this short-term funding mechanism, the agency notes.

    According to Fitch's analysis, structured finance repos are typically collateralised by pools of securities that are: lower credit quality (rated triple-C and below); deeply discounted; and relatively small in .......

    News Round-up 2 August 2012

  • Irish RMBS assumptions updated

    Fitch has updated its criteria assumptions for assessing credit risk for Irish residential mortgage loan pools. The updated criteria assumptions are expected to result in negative rating actions on a number of RMBS transactions, especially those that were rated prior to the onset of the credit crisis and have a relatively low level of credit protection.

    The main changes to .......

    News Round-up 2 August 2012

  • Spanish counterparties replaced

    Counterparty exposures following the downgrade of Spanish banks have dominated rating actions in the SME sector over the past month, according to Fitch's latest SME CLO Compare publication. As a result of the bank downgrades, many Spanish SME transactions were left exposed to direct support counterparties that were ineligible to support ratings up to double-A minus, the highest rating achievable .......

    News Round-up 2 August 2012

  • Unusual IO resecuritisation marketing

    Wells Fargo is in the market with WFRR 2012-IO, a US$336.25m resecuritisation of 104 CMBS interest-only securities. The collateral has a current aggregate notional balance of US$16.3bn and is sourced from 97 different fixed rate CMBS that were issued between 1997 and 2012.

    Kroll Bond Rating Agency has assigned preliminary triple-A and triple-B ratings to the US$304.5m class A and .......

    News Round-up 2 August 2012
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