Complete news archive

  • CDS gap out on 'unrest'

    Unrest among North American banks and European sovereigns have driven global credit default swap (CDS) spreads nearly 5% wider, according to Fitch Solutions.

    JPMorgan's US$2bn trading loss, unsurprisingly, led to spreads on the bank widening by 20% at the end of last week and a further 7% yesterday (14 May). More notable is the ripple effect it seems to be .......

    News Round-up 15 May 2012

  • Rescap credit event called

    ISDA's Americas Credit Derivatives Determinations Committee has resolved that a bankruptcy credit event occurred in respect of Residential Capital, following its Chapter 11 filing yesterday (14 May). An auction will be held in respect of outstanding CDS transactions referencing the entity.

    .......

    News Round-up 15 May 2012

  • Change of leadership at JPMorgan

    JPMorgan Chase has changed its chief investment office leadership team in the wake of its US$2.3bn CDS loss. Matt Zames has been installed as cio to lead the team.

    Rob O'Rahilly becomes leader of the chief investment office for EMEA in the reshuffle, while Christopher Chan will continue to be responsible for Asia. Both O'Rahilly and Chan will report to .......

    Job Swaps 15 May 2012

  • Credit analyst moves on

    Guillaume Langellier has joined Friends Life as ABS credit analyst. He is responsible for buy-side credit research on consumer ABS, RMBS, CMBS and WBS.

    Langellier was most recently at Aviva Investors where he was also a credit analyst. Prior to that he worked at Fitch as head of WBS and he has also held posts at Lazard, UBS Warburg and .......

    Job Swaps 15 May 2012

  • CRE CDO next on the block

    The New York Fed plans to auction its holdings of the Putnam CDO from the Maiden Lane III portfolio on 22 May, accounting for circa US$700m current face of the US$1.4bn transaction. Approximately 65% of the underlying collateral is CMBS/CRE, according to Bank of America Merrill Lynch estimates, including US$570m of dupers, US$115m of AMs and US$176m of AJs. MBS .......

    News Round-up 15 May 2012

  • Clearing service expands

    LCH.Clearnet has launched an international CDSClear service, an extension to the established domestic French offering it introduced in March 2010. The firm says CDSClear now offers an innovative, multi-jurisdictional CDS clearing framework. CDSClear clears Series 5 and above of the Markit iTraxx Europe, HiVol and Crossover indices, which together comprise 129 contracts.

    CDSClear currently works with four French member banks: .......

    News Round-up 15 May 2012

  • Unique buybacks progress

    Enterprise Inn's first-half results reveal - perhaps earlier than expected - that the pub operator has bought back and cancelled £29m of class A4 notes from its Unique securitisation, plus an additional £10m A4 and £2m A3 notes since end-March. The average price for the A4 notes was 76p, according to European asset-backed analysts at RBS.

    Enterprise is targeting total .......

    News Round-up 15 May 2012

  • StormHarbour makes raft of appointments

    StormHarbour has made 13 senior appointments across sales and trading, structuring and advisory and capital markets. Each of the new arrivals will be based in London.

    Per Mario Floden, Darron Weinstein, Andrea Pittaluga and Vincent Pena have joined to expand StormHarbour's European real estate and CRE business, with Floden and Weinstein becoming co-heads of the real estate group.

    Rizwan Hussain .......

    Job Swaps 15 May 2012

  • Ex-Citi strategist joins CLO manager

    Former Citi structured credit research director Eduard Trampolsky has emerged at CIFC as a senior fund strategist, where his focus is understood to be CLOs and ABS CDOs. Prior to Citi he was in the quantitative analytics group at Barclays Capital.

    .......

    Job Swaps 15 May 2012

  • Rescap MSR sale welcomed

    Rescap's Chapter 11 filing (SCI 14 May) is being seen as an overall positive for holders of MBS issued by Rescap entities. MBS analysts at Barclays Capital note that the sale of the Rescap mortgage servicing rights to Fortress means bondholders are highly unlikely to see any significant disruption in cashflows.

    "The sale effectively removes the uncertainty that a splintering .......

    News 15 May 2012

  • Third LTRO anticipated

    European investors are anticipating the possibility of another long-term refinancing operation (LTRO) next year, according to Fitch's quarterly credit market investor survey. The agency believes that another round of cheap three-year financing from the ECB will be necessary for some banks because they will not have been able to deleverage sufficiently by the time the second LTRO needs to be .......

    News Round-up 15 May 2012

  • Lakeside Mall on watchlist

    Morningstar has added the US$168m Lakeside Mall to its watchlist for a decline in occupancy. The senior debt is pari passu across two CMBS transactions - COMM 2005-LP5 and GE Commercial Mortgage Corporation 2005-C1.

    Lakeside Mall is secured by 643,375sf of a 1,478,375sf regional mall in Sterling Heights, Michigan. All of the anchors own their stores and pad sites, except .......

    News Round-up 15 May 2012

  • CDS redesign proposed

    In a recent research paper, Darrell Duffie and Mohit Thukral - respectively finance professor at Stanford Graduate School of Business and Stanford economics student - propose tying sovereign CDS settlements to the face value of new bonds that are given to bondholders per unit face value of old bonds. The resulting CDS payment would approximate actual bondholder losses, allowing for .......

    News Round-up 15 May 2012

  • CDS pricing service strengthened

    Fitch Solutions has expanded its CDS pricing service to include single name CDS derived bid-offer spreads and CDS benchmark curves that show average CDS values by rating level, industry sector and region. The move aims to facilitate greater transparency within the global credit derivatives market.

    "The addition of derived bid-offer spread data will provide valuable new insight - especially for .......

    News Round-up 15 May 2012

  • OTC valuation service enhanced

    Interactive Data Corporation has expanded its OTC derivatives valuation service to include independent evaluations of CDS and select CDS indices. The enhancements are designed to provide additional transparency into CDS and CDS index evaluations, thereby helping clients to more effectively value their diverse portfolios and enhance their risk management and compliance practices.

    The CDS evaluation service covers a wide range .......

    News Round-up 15 May 2012

  • Agency reshuffles for global focus

    DBRS has formed a Canadian board of directors as part of a reorganisation intended to give the agency a more global focus. Huston Loke, formerly DBRS president, has left as part of the reorganisation.

    The new board is comprised of DBRS chairman Walter Schroeder and ceo David Schroeder as well as independent directors George Mathewson and Juan Carlos Garcia Centeno. .......

    Job Swaps 15 May 2012

  • ResCap files for bankruptcy

    Residential Capital has filed voluntary petitions for relief under Chapter 11. The move is one of a number of strategic actions being taken by Ally Financial to strengthen its longer-term financial profile and accelerate repayment of the US Treasury's investment.

    "The action by ResCap will enable Ally to achieve a permanent solution to its legacy mortgage risks and put these .......

    News Round-up 14 May 2012

  • Safe-haven status

    Euro ABS bolstered by UK building societies

    The European securitisation sector is proving largely immune to volatility in broader risk markets, with senior vanilla spreads tightening over the past month to finish some 15bp-20bp inside of end-Q1 levels. Sterling-denominated RMBS accounts for nearly a third of this year's issuance volumes, notably driven by UK building societies - issuers that are set to become an important alternative to .......

    News Analysis 14 May 2012

  • New arrival to co-head CRE debt platform

    TriLyn has set up an investment management platform focused on high yield CRE debt. TriLyn Investment Management will be co-managed by TriLyn founder Mark Antoncic and John Feeney, who joins from Brookfield Investment Management.

    Feeney has 30 years of industry experience, including managing commercial and residential real estate securities as well as various fixed income portfolios. He held several different .......

    Job Swaps 14 May 2012

  • SCI Start the Week - 14 May

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

    Pipeline
    Three new deals entered the pipeline last week and remained there on Friday. Leading the way was a US$1bn CMBS originated and arranged by Goldman Sachs, Citigroup and Jefferies (GSMS 2012-GCJ7), which was joined by a US$150m DPR ABS from Banrisul (BRSR Diversified Payment Rights Co series 2012-1).

    Pricings
    The week also saw plenty of pricings, with three CLOs, two RMBS .......

    News 14 May 2012

  • Collateral optimisation tool offered

    4sight Financial Software has launched a collateral optimisation module for its Xpose Collateral Management system. The solution allows financial firms to run automated availability checks based on a counterparty's acceptability and concentration schedules. The system will then propose the cheapest-to-deliver collateral within schedule.

    The collateral optimisation system can also run collateral allocations across all of a firm's counterparts and across .......

    News Round-up 14 May 2012
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