Complete news archive

  • CMBS loan events updated

    12 new loan events have been added to the SCI CMBS loan events database today.

    These include:

    18/06/2012
    Deal: ECLIP 2007-1
    Property: Greater London Portfolio
    Event: sale completed for gross price of £8.6m for Central House asset (a 6.2% premium to recent valuation)

    June
    Deal: WBCMT 07-C32 & 07-C33
    Property: ING Hospitality Pool
    Balance: $284m & $284m
    Event: sponsor reportedly injected $68m of equity to .......

    News Round-up 22 June 2012

  • Credit cards boosting US volumes

    Year-to-date US consumer ABS volume stands at US$83.5bn, approximately 62% ahead of last year's pace of issuance. The recent flurry of credit card, student loan and equipment transactions (see SCI's ABS database) has shifted the composition of the market: the auto sector's share, for example, fell to 48.4% this month - the first time it has fallen below 50% since .......

    News Round-up 22 June 2012

  • Picking sides

    Challenges and opportunities in search for relative value

    Ongoing speculation about the future of Greece has dominated the market's attention, but it is not the only concern weighing on participants' minds. Nevertheless, European ABS still offers great value for those who know where to look.

    "We are at a place where trading is gradually reduced. Secondary activity is down in Europe and the US as everybody watches Greece. .......

    News Analysis 22 June 2012

  • CMBX fundamental value highlighted

    The CMBX indices continue to closely follow the broader market as investors remain preoccupied with global and domestic macroeconomic concerns. However, Citi CMBS strategists note that the indices also continue to retain fundamental value, with almost all triple-A, AM and AJ tranches remaining cheap in their base and stress scenarios.

    The S&P 500 fell dramatically in the week ending 1 .......

    News Round-up 22 June 2012

  • EMEA special servicing activity reviewed

    The number of EMEA CMBS loans in special servicing remained unchanged at 134 during May, according to Moody's, as no new loans entered special servicing and no loans were worked out. The weighted average Moody's expected principal loss for loans in special servicing is stable at 36%.

    EMEA special servicing highlights for May include the €175m sale of the portfolio .......

    News Round-up 22 June 2012

  • Write-down resolution?

    Bail-in concerns add impetus to CDS overhaul

    The European Commission earlier this month finalised its proposed bank recovery and resolution directive, reigniting concerns in the CDS market that forced write-downs may negate the application of the restructuring credit event to senior bank debt (SCI 25 January 2011). However, it has emerged that ISDA is in the early stages of updating some sections of the credit derivative definitions, .......

    News Analysis 22 June 2012

  • SF vet leads project finance team

    Credit Agricole Corporate and Investment Bank has appointed Danielle Baron as head of the project finance NIP Latin America group. She becomes md and will be based in New York.

    Baron has more than 16 years of structured finance experience. She moves over from London where she worked for Credit Agricole on infrastructure and power projects in EMEA. Before joining .......

    Job Swaps 22 June 2012

  • Mixed blessings

    Action needed to attract European investors

    Some ABS traders in Europe are expecting to use their balance sheets more over the coming months to support clients. While the rise of BWICs is aiding execution for sellers, more needs to be done to attract a broader investor base to the market.

    Increasingly heavy use of BWICs has been a mixed blessing for European ABS traders. While the .......

    News Analysis 22 June 2012

  • Euro CMBS sees spread recovery

    After softening earlier in the month, the European CMBS market has recovered over the last week. The Global ABS conference seems to have marked a turning point, but events in the RMBS market also appear to be having an effect.

    "Activity has definitely picked up lately, especially in senior CMBS. The real money guys have been looking for paper and .......

    Market Reports 21 June 2012

  • CMBS SSFA calculations recommended

    Different interpretations of simplified supervisory formula approach (SSFA) inputs under the Fed's market risk rule could result in significant variation in capital requirements (SCI 11 June). CMBS strategists at RBS have consequently put forward recommendations on how SSFA inputs for CMBS should be calculated to optimise capital requirements while standing up to potential regulatory scrutiny.

    The SSFA requires that US .......

    News 21 June 2012

  • Conduits eye flexible execution

    ABCP programmes have performed relatively well over the past five years, but issuance has declined significantly due to the global banking and evolving regulatory environments. ABCP outstanding has decreased by more than 70% since the beginning of 2008, according to S&P.

    The agency says it has withdrawn more than 200 ABCP ratings globally over that time. During 2011 alone, 22 .......

    News Round-up 21 June 2012

  • Draft CRA regulation voted in

    The European Parliament's Economic and Monetary Committee has voted in favour of draft legislation to regulate credit rating agencies and reduce reliance on their ratings. The legislation seeks to inject more responsibility, transparency and independence into credit rating activities, as well as help to enhance the quality of ratings issued in the EU.

    In particular, the aim is to strengthen .......

    News Round-up 21 June 2012

  • Operation Twist extended

    Operation Twist is set to last through to year-end, having been slated to end this month (SCI 22 September 2011). The FOMC yesterday directed the New York Fed's Open Market Trading Desk to continue its programme to extend the average maturity of the Federal Reserve's holdings of Treasury securities.

    Specifically, the desk was directed to purchase Treasury securities with remaining .......

    News Round-up 21 June 2012

  • Derivatives included in lending limit rule

    The OCC has adopted an interim final rule amending its lending limit rule to apply to certain credit exposures arising from derivative transactions and securities financing transactions.

    Effective from 21 July, section 610 of the Dodd-Frank Act revises the statutory definition of loans and extensions of credit for purposes of the lending limit to include certain credit exposures arising from .......

    News Round-up 21 June 2012

  • Call for global regulatory coordination

    Regulators on both sides of the Atlantic must come together with real intent to establish a framework of inter-jurisdictional regulatory recognition and accreditation in order to address concerns over extraterritoriality and protectionism, a new report states. Commissioned by the EU-US Coalition on Financial Regulation, the report - entitled 'Inter- jurisdictional Regulatory Recognition: Facilitating Recovery and Streamlining Regulation' - cites the .......

    News Round-up 20 June 2012

  • CMBX delinquencies rising

    Delinquencies continue to rise in the 2007 vintage CMBX.4 index, driven by a raft of loans that failed to refinance at their balloon date. At the same time, liquidation volumes remain elevated, with nearly US$1bn of loans exiting CMBX trusts this month.

    The CMBX.4 60+ delinquency rate climbed to 12.6% in June, up from the 11.3% recorded last month. The .......

    News Round-up 20 June 2012

  • Credit opportunities trio hired

    Crescent Capital Group's London subsidiary Crescent Credit Europe has expanded to meet growing investor demand for credit opportunities in the US and Europe. Steven Novick joins the firm as md, head of EMEA and Asia Pacific investor relations and business development, while Benjamin Blumenschein and James Scott-Williams join as senior associates.

    Novick brings 18 years of investment banking and alternative .......

    Job Swaps 20 June 2012

  • Granite, Aire Valley buy-backs announced

    Northern Rock Asset Management (NRAM) and Bradford & Bingley (B&B) have announced tender offers for Granite, Whinstone 1 and 2 and Aire Valley subordinate notes. The two firms aim to strengthen their capital base by purchasing the notes at a discount to par. They intend to purchase approximately £500m of notes via a modified Dutch auction by 3 July.

    Given .......

    News Round-up 20 June 2012

  • In the mire?

    Clearing complexity sees CDS reform deadlines slip

    Evolution in the CDS industry is taking longer than many participants expected. Some blame the market's opacity, but the implementation of new rules is also being delayed by the complexity of clearing requirements.

    Speculation is rising that the European deadline of 1 January 2013 for central clearing and exchange trading for all OTC derivatives will be missed, albeit significant progress .......

    News Analysis 19 June 2012

  • OTC tech partnership formed

    Calypso Technology has partnered with AcadiaSoft to integrate the MarginSphere service with the Calypso system. The partnership combines AcadiaSoft's automation of the margin process with Calypso's collateral management solution.

    AcadiaSoft's MarginSphere is a messaging framework for collateral, providing an ISDA-compliant workflow which replaces traditional communication modes with an electronic interface. The Calypso system provides a cross-asset collateral management solution that .......

    Job Swaps 19 June 2012

  • Former cfo jailed for fraud

    Delton de Armas, former Taylor, Bean & Whitaker Mortgage Corp (TBW) cfo, has been sentenced to five years in prison for his role in a US$2.9bn fraud scheme. He pleaded guilty in March to one count of conspiracy to commit bank and wire fraud and one count of making false statements.

    De Armas was guilty of failing to report mortgage .......

    Job Swaps 19 June 2012
×