Complete news archive

  • Vendor scoops new evaluator

    Domenico Picone has joined Interactive Data as a senior evaluator in its structured credit products valuation team. He reports into Paul Williams, senior manager at the firm. Picone was previously head of structured credit analytics at Commerzbank's portfolio restructuring unit and head of structured credit research at Dresdner Kleinwort.

    .......

    Job Swaps 13 June 2012

  • Dewey building watchlisted

    Morningstar has added the US$420m 1301 Avenue of the Americas loan - securitised in LBUBS 2006-C1 - to its watchlist, following the bankruptcy filing of the property's second largest tenant, Dewey & LeBoeuf. The law firm represents roughly 23% of the gross leasable area.

    For the 12-month period ended 31 December 2011, the net cashflow DSCR was 2.65x, with net .......

    News Round-up 13 June 2012

  • Sovereign CDS tighten on Spanish bailout

    The EU's bailout of Spain's banking sector has led to a "mini rally" in sovereign credit default swap spreads, according to Fitch Solutions. Overall, the firm reports that CDS on European sovereigns tightened by 3% last week.

    "Portugal led all Western European sovereigns, with spreads coming in 11%," comments Fitch director Diana Allmendinger. "Conversely, Germany bucked the trend, with spreads .......

    News Round-up 13 June 2012

  • Psion CDO tender announced

    DEPFA Bank has launched a tender offer to purchase, for cash, Psion Synthetic CDO I notes via open-market transactions. The bank is offering to pay 84% per €100,000 in nominal principal amount for class A notes, 80% for class Bs, 78% for class Cs, 75% for class Ds and 70% for class Es. The tender expires on 25 June.

    .......

    News Round-up 13 June 2012

  • Defaulted obligation declared

    A €7m Meyer & John senior bond, purchased by PULS CDO 2007‐1, has been declared a defaulted obligation in accordance with the transaction's prospectus. The move follows the company's inability to meet its April 2012 interest payment and the deferral of its other financial obligations.

    The company is currently negotiating with its lenders in order to avoid insolvency. Capital Securities .......

    News Round-up 13 June 2012

  • Muni opportunity fund launched

    Fundamental Advisors has launched Fundamental Credit Opportunities (FCO), which aims to capitalise on structural inefficiencies in the municipal market. The new strategy will be co-led by Hector Negroni, who previously led municipals at Goldman Sachs. He will serve as co-ceo and chief investment officer of FCO.

    At Goldman Sachs, Negroni was an md overseeing municipal capital commitments, flow and proprietary .......

    Job Swaps 13 June 2012

  • Asian investment manager formed

    Harvest Alternative Investments Group has formed Harvest Northstone Capital, a structured credit manager focusing on high yielding asset-backed mezzanine investments supported by Asian consumer, SME and corporate assets. Investments will generally be privately sourced and structured.

    The investment team is led by managing partner Gregory Park, who was formerly the head of securitised products Asia for Deutsche Bank. Before that, .......

    Job Swaps 13 June 2012

  • Lending standards key for RMBS

    A low interest rate environment at the time an Australian mortgage loan is written is not a significant guide to future performance, says Fitch. The agency believes lending standards are a more relevant factor in determining a loan's performance over the long term.

    "Fitch analysis suggests there is little correlation between delinquency rates and the interest rate at loan origination. .......

    News Round-up 12 June 2012

  • PCS securitisation label launched

    AFME and the European Financial Services Round Table have launched the Prime Collateralised Securities (PCS) initiative. The non-profit project aims to develop a label for high quality securitisations which meet best practice for quality, transparency, simplicity and standardisation.

    The PCS initiative will comprise a two-tier governance structure, with the PCS Association comprising independent non-industry directors and industry professionals and then .......

    News Round-up 12 June 2012

  • Rating agency lowers Greek ratings cap

    S&P has taken various credit rating actions on the Greek RMBS and ABS notes it rates. All ratings are now capped at single-B minus as a result of the agency's updated assessment of Greece's country risk and the implications of the country leaving the eurozone.

    S&P says it previously considered structured finance transactions backed by Greek assets to have a low .......

    News Round-up 12 June 2012

  • Basel Committee issues implementation update

    The Basel Committee has published its report to the G20 on the implementation of its banking standards across member countries, ahead of the G20 Leaders Summit on 18-19 June.

    "With this report, the Basel Committee is following up on the commitments made by the G20 Leaders in Cannes to have Basel 3 implemented fully and consistently, and within the agreed .......

    News Round-up 12 June 2012

  • Ambac motions approved

    Following a hearing held on 4 June, the Circuit Court for Dane County, Wisconsin approved the two motions submitted by the Wisconsin Commissioner of Insurance, acting as the rehabilitator of the Ambac Assurance segregated account (SCI 18 May).

    The first motion sought to allow the segregated account to begin paying in cash 25% of each permitted policy claim that has .......

    News Round-up 12 June 2012

  • Dodd-Frank 'roadmap' released

    The US SEC has issued a policy statement describing the order in which it expects Dodd-Frank rules to take effect. It is requesting public comment on its plan to phase in final rules regulating security-based swaps and security-based swap market participants.

    The phased-in approach is intended to avoid the disruption that could occur if all the new rules took effect .......

    News Round-up 12 June 2012

  • CRA expands RMBS methodologies

    Morningstar Credit Ratings has released its new issue and surveillance rating methodologies for US non-agency, prime, alternative-A and subprime RMBS. The agency says that, in response to growing investor demand for greater rating agency transparency, it is providing investors with the economic scenarios that drive specific rating categories. Its RMBS analysts will use both the published rating scenarios and a .......

    News Round-up 12 June 2012

  • Successor CDO manager named

    Dock Street Capital Management has been named successor collateral manager to Istana High Grade ABS CDO I. The move follows ST Asset Management's resignation as collateral manager, effective on 11 May. Moody's has confirmed that it won't result in any adverse action with respect to the deal's current ratings.

    .......

    Job Swaps 12 June 2012

  • Euro resecuritisation programme debuts

    Credit Suisse has launched a new US$5bn-equivalent European CMBS resecuritisation programme, believed to be the first since 2010. Dubbed Credit Suisse European Mortgage Capital (CSEMCL), the first issuance under the programme comprises €78.98m class A1 and €20.9m A2 series 2012-1 notes, rated double-A minus and single-A respectively by S&P.

    At closing, CSEMCL purchased at a discount from Credit Suisse €99.88m .......

    News Round-up 12 June 2012

  • ML3 sales absorbed 'comfortably'

    Last month's Maiden Lane III activity appears to have had "little to no" impact on spreads, according to Interactive Data, supporting the New York Fed's objective of not being an overtly disruptive market force. Indeed, the auctions seem to have been comfortably absorbed by the market.

    MAX CDO CMBS spreads, for example, remained mostly unchanged around the day of the .......

    News Round-up 12 June 2012

  • Trio of note sales scheduled

    Auction.com has released details of three commercial note and REO auctions scheduled for this month, which include an estimated US$600m of US CMBS exposures.

    The first auction - taking place on 4-13 June - comprises more than US$270m across 63 CMBS properties, according to CMBS analysts at Barclays Capital. Most of the loans appear to have been serviced by CWCapital .......

    News Round-up 12 June 2012

  • Mortgage credit md appointed

    Maureen Stewart has joined NewOak as mortgage credit and compliance services md. She specialises in mortgage credit underwriting and forensic analysis and will help build the firm's credit advisory services platform.

    Stewart has over 30 years of experience at major banking institutions across consumer mortgage loan products. She was most recently senior audit manager for Bank of America.

    .......

    Job Swaps 12 June 2012

  • Bank hires origination head

    Matthew Cooke has joined Lloyds Bank Wholesale Banking and Markets as md and head of financial institutions origination for asset backed solutions. He is based in London and reports to Robert Plehn, head of asset backed solutions.

    Cooke will lead and coordinate all securitisation and other asset backed funding and risk transfer origination activities for external financial institutions clients. He .......

    Job Swaps 12 June 2012

  • Chinese pilot programme revived

    Further details about the revival - following its suspension in 2008 - of China's Credit Asset Securitisation Pilot Programme have emerged (SCI 4 April). The size of the programme is understood to be RMB50bn.

    Regulators will require trustees involved with the programme to publicly disclose the performance of the underlying asset pools periodically, which will bring more transparency to the .......

    News Round-up 12 June 2012
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