Complete news archive

  • Spanish SME CLO ratings resilient

    Spanish SME CLO ratings are resilient in scenarios where the collateral performance significantly deteriorates but sovereign or counterparty risk does not increase, according to Fitch. This is despite the transactions' exposure to the real estate sector.

    Under a severe stress, no losses are expected for double-A minus tranches, the highest rating achievable for Spanish structured finance transactions. "Spanish SME CLOs .......

    News Round-up 5 July 2012

  • Modelling pro founds credit advisory

    Thomas Aubrey, who previously ran Fitch Solutions, has founded Credit Capital Advisory. The firm was established to act as a channel for credit professionals that believe a new approach to credit modelling is required if credit risk management is to be improved and capital is to be preserved.

    Prior to joining Fitch in 2007, Aubrey managed the Datastream, economics and .......

    Job Swaps 5 July 2012

  • CEEMEA index in the works

    Markit is set to launch the first credit default swap index referencing CEEMEA corporate debt - the Markit iTraxx CEEMEA. The index will enable investors to gain or hedge exposure to the CEEMEA region's corporate credit risk and will include corporate issuers from multiple industry sectors.

    Inclusion in the index is based on the liquidity of a company's CDS and .......

    News Round-up 5 July 2012

  • CRE auctions scheduled

    Auction.com has released property-level details for three auctions scheduled for this month. Barclays Capital CMBS analysts estimate that about US$814m of CMBS exposures, across 131 loans, is included among the assets.

    The first auction is scheduled for 15 July and comprises a mixture of property types and geographies. The largest CMBS property out for bid in this action is the .......

    News Round-up 5 July 2012

  • Mixed maturity outcomes anticipated

    European asset-backed analysts at RBS estimate that 31 European CMBS loans are due to mature this month, representing about €4.3bn of collateral. Given the discounted prices at which most bonds are trading, there is considerable value to be extracted by identifying loans that are likely to pay off, they note.

    About €2.9bn of the loans coming due is euro-denominated, while .......

    News 5 July 2012

  • ASF reshuffle announced

    The Australian Securitisation Forum has appointed Andrew Jinks of Clayton Utz to its National Committee to ensure that the association retains legal representation following the departure of KWM's Stuart Fuller. RBS' Sarah Hofman replaces Fuller as deputy chair, while Tim Hughes has been elevated from deputy chair to ASF chairman.

    .......

    Job Swaps 4 July 2012

  • Invesco trio disclosed

    Three of the seven Invesco Asset Management CLOs being acquired by 3i Debt Management Investments (SCI 31 May) have been identified as Invesco Coniston, Invesco Mezzano and Invesco Garda. A purchase and sale agreement has been entered into by the two firms in connection with the transactions. The sale is expected to be completed on 27 October, subject to the .......

    Job Swaps 4 July 2012

  • Walnut Place dismissal upheld

    The New York Appellate Division last week affirmed the lower court's dismissal of claims by investor group Walnut Place against Bank of America, concerning the bank's handling of US$1.1bn in RMBS. Walnut Place filed its complaint in February 2011, alleging that Countrywide Financial misrepresented the quality of loans backing the RMBS and that Bank of New York Mellon - the .......

    News Round-up 4 July 2012

  • Review prompts HMI rating changes

    Santander last week released a new prospectus for its Holmes Master Issuer RMBS programme that contains a number of changes to the trust's required ratings. The move comes as Moody's reviews for downgrade the lender's long- and short-term ratings, which currently stand at A/A2/A and A-1/P-1/F1 respectively.

    Among the changes made to the prospectus, ABS analysts at JPMorgan note that .......

    News Round-up 4 July 2012

  • Student loan deals downgraded

    The correction of an input error along with poor performance of private student loans has prompted Moody's to downgrade 26 classes of bonds issued by Vermont Student Assistance Corporation. The underlying collateral consists of student loans originated under the Federal Family Education Loan Program (FFELP), which are guaranteed by the US government for a minimum of 97% of defaulted principal .......

    News Round-up 3 July 2012

  • Single agency disagreements highlighted

    The ASF has released a white paper on the single securitisation platform proposal outlined by the FHFA in its Strategic Plan (SCI 22 May, 2012). The paper outlines ASF members' views on a single agency security, which is potentially the first step toward the FHFA's longer-term single platform goal.

    Securitisation strategists at Barclays Capital comment that the white paper indicates .......

    News Round-up 3 July 2012

  • Spanish deals hit

    Moody's has downgraded to A3(sf) the ratings of 583 securities across 328 structured finance transactions, including ABS, RMBS and CDOs. Moody's has also placed or maintained on review for downgrade the ratings of most Spanish ABS, RMBS and CDOs.

    There are three drivers for themost recent downgrades. The first relates to Moody's decision on 26 June to lower the Spanish country .......

    News Round-up 3 July 2012

  • RFC issued on two rating proposals

    Moody's is seeking market participants' comments on two proposals affecting how it assesses structured finance transactions globally. The first proposal supplements Moody's existing framework for de-linking swap counterparty risks by outlining an approach to assessing credit linkage to swap counterparties. The second proposal provides specific guidelines on how the choice of banks and eligible investment for the temporary use of .......

    News Round-up 3 July 2012

  • New deal boosts Russian ABS market

    In what is seen as a breakthrough for the Russian securitisation market, ZAO Raiffeisen Bank - the Russian subsidiary of Raiffeisen Bank International (RBI) - has completed a Diversified Payment Rights (DPR) securitisation secured by pledges of ZAO Raiffeisenbank's current and future US dollar and euro receivables.

    The European Bank for Reconstruction and Development (EBRD) provided US$50m of funding while .......

    News Round-up 3 July 2012

  • CMA acquired

    S&P Capital IQ has acquired Credit Market Analysis (CMA) from CME Group, as part of the agreement to establish the S&P Dow Jones Indices joint venture (SCI 2 July). The purchase of CMA - along with the recently announced acquisitions of R2 Financial Technologies (SCI 13 February) and QuantHouse - provides S&P Capital IQ with the components necessary to offer .......

    Job Swaps 3 July 2012

  • Irish insolvency bill published

    The Irish government has published its draft Personal Insolvency Bill (SCI 14 March). The bill proposes to reform the existing bankruptcy regime and introduce three formalised non-judicial negotiated debt arrangements.

    Under the proposals, automatic discharge will drop from 12 to three years, more in line with European norms. A new independent body, the Insolvency Service, will be responsible for overseeing .......

    News Round-up 3 July 2012

  • CMBS delinquencies inch up

    The US CMBS delinquency rate increased by 12bp in June to 10.16%, according to Trepp. This new all-time high comes just one month after cracking through the 10% barrier.

    The increase in the delinquency rate was driven by weak performance among lodging, office and retail loans. The only major property type to improve in June was the industrial segment. Multifamily .......

    News Round-up 3 July 2012

  • Special servicer difficulties highlighted

    The legal wrangling over the Alburn Real Estate Capital (REC 6) CMBS (SCI 27 June) exemplifies the difficulties faced by special servicers in the current market.

    Pearsanta - the junior lender on the transaction - is said to have asked Savills not to sell any properties from the REC 6 portfolio, indicating that it disagrees with a structured sell-down. It .......

    News Round-up 2 July 2012

  • Pricing power

    US CLO manager tiering emerges

    Pricing power in the US CLO market appears to have shifted firmly towards the buy-side over recent weeks, with increased differentiation emerging between managers. At the same time, the pipeline has slowed due to the strength of the new issue market.

    "Issuance has been strong from top-tier CLO managers over the last quarter; now, second-tier managers are trying to come .......

    News Analysis 2 July 2012

  • Index giant created

    The McGraw-Hill Companies and CME Group have launched S&P Dow Jones Indices, the world's largest provider of financial market indices. The joint venture combines S&P Indices' leading position in equity, commodity, real estate and strategy indices with Dow Jones Indexes' strengths in equity, commodity, emerging market, target date and dividend indices. The aim is to create new risk management index .......

    Job Swaps 2 July 2012

  • MiFID 2 liquidity warning

    With an important vote looming on MiFID 2 on 9 July, TABB Group believes that current proposals to reform pricing practices in the fixed income market will seriously undermine trading firms' ability to provide liquidity, increase trading costs for investors and make it more difficult and expensive for governments and companies to raise capital. In the face of Europe's already .......

    News Round-up 2 July 2012
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