Complete news archive

  • EMEA CMBS work-outs reviewed

    Moody's has released its latest update on EMEA CMBS specially serviced loans. The weighted average Moody's expected principal loss for loans in special servicing remains stable at 36%.

    The most recent addition to the EMEA specially serviced loans that the agency tracks is the £6m Chesterton Commercial loan, representing 1% of the pool balance in Deco 12 - UK 4. .......

    News Round-up 23 July 2012

  • Distressed credit firm founded

    Vladimir Jelisavcic has launched Bowery Investment Management, based in New York. Jelisavcic leads Bowery's portfolio management team and is joined by Bill Gushard, John Brecker and Bradley Max.

    Jelisavcic was a founding partner of Longacre Fund Management and Bowery will now manage the Longacre Opportunity Fund. The fund has been solely managed by Jelisavcic and is focused on niche special .......

    Job Swaps 23 July 2012

  • SCI Start the Week - 23 July

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

    Pipeline
    Last week saw a great number of deals join the pipeline and price by Friday, but four transactions remained come the end of the week. These included a €1.08bn auto lease ABS (Auto ABS FCT Compartiment 2012-1), an ARS110m consumer loan deal (Supervielle Personales 6), a US$150m ILS (Embarcadero Re 2012-2) and one CMBS (US$625m GSMS 2012-SHOP).

    Pricings
    It was a .......

    News 23 July 2012

  • CRE CDO late-pays decline again

    US CRE CDO late-pays declined for a second straight month, according to Fitch's latest index results for the sector. Delinquencies fell to 12.3% last month from 13% in May, while only five new delinquencies were added to the index with 15 assets removed.

    Of the 15 assets removed from the index, eight interests were disposed of at full to partial .......

    News Round-up 23 July 2012

  • RFC issued on servicer updates

    Moody's has requested comment from market participants on its updated approach to assessing the ability of US residential mortgage servicers to prevent defaults and maximise recoveries, through their collections, loss mitigation, foreclosure timeline management and loan administration practices. Under the new approach, the agency will use additional data in its evaluation of servicer performance.

    It would augment the current loan-level .......

    News Round-up 23 July 2012

  • CVA exposure-centric analytics touted

    Numerix has published its latest quantitative research, entitled 'Algorithmic Exposure and CVA for Exotic Derivatives'. The paper establishes a new algorithmic method for calculating counterparty exposure for exotic portfolios and automates its application to computing Monte Carlo simulated measures for market risk and counterparty risk.

    "This paper introduces a theoretical framework that can be used to reconcile various approaches to .......

    News Round-up 23 July 2012

  • AESOP modelling error corrected

    Moody's has upgraded Avis Budget Rental Car Funding series 2010-6 variable funding notes to Aa2 from A1, following a correction to its rental car ABS model. The correction has no impact on any other outstanding classes or series of other rental car ABS, however.

    During the course of an internal review, Moody's discovered that the model erroneously applied a haircut .......

    News Round-up 23 July 2012

  • Summer slowdown for Euro RMBS

    The European RMBS market is still searching for a spark, but has continued ticking along regardless. Primary issuance has not dried up completely, although the secondary market is slow.

    "In the primary market the biggest talking point has been Lanark series 2012-2, which was a fairly sizable deal and priced yesterday. It had a three-year tranche which priced at about .......

    Market Reports 20 July 2012

  • PCS Secretariat makes appointment

    Mark Lewis has become md at the PCS Secretariat in London. He was previously global head of structured capital markets at UniCredit.

    Lewis spent a decade at UniCredit working across Europe, the US, Asia and Australia. He will now work under Ian Bell, who was named Secretariat head last month.

    .......

    Job Swaps 20 July 2012

  • Countrywide RMBS settlement reached

    Syncora Guarantee has reached a US$375m settlement with Countrywide Financial and its parent Bank of America. The settlement ends an RMBS suit which Syncora and MBIA brought in 2009 in which Syncora alleged Countrywide had misrepresented the quality of loans securitised in order to induce the insurers to insure the securitisation.

    .......

    News Round-up 20 July 2012

  • Clearing house 'systemically important'

    ICE Clear Credit has been designated as a systemically important financial market utility by the Financial Stability Oversight Council. The announcement follows the US SEC's adoption of rules for systemically important clearing houses last month (SCI 29 June). As a systemically important agency, ICE Clear Credit will be subject to tighter regulation.

    .......

    News Round-up 20 July 2012

  • Katten adds SF partner

    Stanford Renas has joined Katten Muchin Rosenman as structured finance and securitisation partner. He joins from Linklaters and has previously had stints at Cadwalader, Wickersham & Taft and Milbank, Tweed, Hadley & McCloy.

    Renas focuses on CDOs, CLNs and structured derivatives trades as well as alternative risk transfer insurance products such as longevity trades and catastrophe bonds. He will be .......

    Job Swaps 20 July 2012

  • Call for CLO standardisation

    The standardisation of defined terms and structural features in future CLOs could speed the primary issuance process, says Fitch. The agency believes there will also be a knock-on benefit for the secondary market, where due diligence requirements would be lower and valuations would be easier to understand.

    Fitch notes that CLO documentation is currently particular to each deal, with bankers .......

    News Round-up 20 July 2012

  • Identifying asymmetries

    Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions

    Q: When and why did Brevan Howard launch a listed credit fund?
    A:     The Brevan Howard Credit Catalysts listed fund began trading on the London Stock Exchange on 14 December 2010 and now has US$172m assets under management. The listed fund, in turn, invests all of its assets in the US$2.5bn Brevan Howard Credit Catalysts Master Fund that commenced trading on .......

    The Structured Credit Interview 19 July 2012

  • Assenagon credit group going it alone

    Assenagon Credit Management has announced it is splitting from Assenagon Group and will operate independently and under a new brand name. All funds managed by Assenagon Credit Management will be rebranded to reflect this change.

    Assenagon Credit Management will continue in its role as investment manager of the Assenagon Credit Basis, Assenagon Credit Basis II and Assenagon Credit Debt Capital .......

    Job Swaps 19 July 2012

  • European distressed credit fund closes

    Oak Hill Advisors has closed its OHA European Strategic Credit Fund, which will focus on distressed debt and corporate restructurings in Europe. It is Oak Hill's first dedicated European distressed investment vehicle.

    The fund closed at its US$1.35bn cap, despite the manager only initially targeting US$750m. Portfolio manager Scott Krase says it is evidence of the firm's confidence in the .......

    News Round-up 19 July 2012

  • CRE expansion continues

    Walker & Dunlop has hired Michael Lee and Matthew Lund, who will each be based in a newly-opened office in Madison, Wisconsin. Lee and Lund each join as vp and focus on financing all types of income-producing properties.

    Lee and Lund join from Grandbridge Real Estate Capital, where they specialised in originating and structuring CRE financing for all property types. .......

    Job Swaps 19 July 2012

  • Mizuho settles CDO charge

    The US SEC has charged Mizuho Securities USA and three former employees with misleading CDO investors. The commission says dummy assets were used to inflate the credit ratings of a deal backed by subprime bonds.

    The SEC says Mizhuo made approximately US$10m in structuring and marketing fees for Delphinus CDO 2007-1, which defaulted in 2008. Mizuho employees submitted to S&P .......

    Job Swaps 19 July 2012

  • LTVs secondary for Japan RMBS delinquencies

    The occurrence of mortgage delinquencies in Japan during the global financial crisis was more closely correlated with employment status than with high LTV ratios, says Moody's. Japanese lending criteria places more emphasis on occupation and income than on LTV ratios.

    Self-employed borrowers or those employed at small enterprises were more affected by the crisis than those at large companies, the .......

    News Round-up 18 July 2012

  • Eminent domain legality questioned

    Mortgage Resolution Partners' (MRP) proposal to use eminent domain to acquire mortgage loans, currently being considered by San Bernardino County and which would be expected to negatively affect private label RMBS (SCI passim), would be unconstitutional, says SIFMA. The association has released a legal memo drafted by O'Melveny & Myers which says the proposal would not survive a legal challenge.

    News Round-up 18 July 2012

  • Credit card settlement could hurt ABS

    Credit card ABS could be negatively affected by a recent agreement between credit card companies and merchants which accept card payments, according to Fitch. The agreement saw card companies agree to pay US$6.05bn to merchants and cut the fees merchants pay on credit card transactions for eight months.

    The agreement also allows merchants to introduce surcharges for paying by credit .......

    News Round-up 18 July 2012
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