Complete news archive

  • 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

  • Carador PM replaced

    GSO Capital Partners International has appointed Mark Moffat as the new portfolio manager for its listed CLO vehicle Carador. He replaces Miguel Ramos-Fuentenebro, who is no longer with GSO Blackstone. All other members of the GSO Blackstone structured credit investment team remain unchanged.

    All investments made by Carador will continue to be approved by GSO Blackstone's seven-person global structured credit .......

    Job Swaps 14 May 2012

  • Credit factors service launched

    Markit has introduced a new set of tools to help traders and risk managers identify the correlations between changes in the value of credit default swaps and movements in stock and options markets. The new data service, dubbed Markit Credit Factors, provides customers with sentiment signals for CDS.

    The credit factors can be used in evaluating the expected performance of .......

    News Round-up 14 May 2012

  • Allonhill dropped as OCC consultant

    The OCC has directed Allonhill to cease reviewing files related to the Independent Foreclosure Review as a primary independent consultant or subcontracted consultant. The OCC took this action after Allonhill reported work for third parties that the OCC determined to be inconsistent with the independence requirements for independent consultants.

    The work at issue involved prior review for third parties of .......

    Job Swaps 14 May 2012

  • Commercial REO impact analysed

    Fitch says it believes the recent increases in commercial REO assets are significant enough to bring down the CMBS delinquency rate. The agency expects the rate to vary by about 25bp in both directions in 2012, with the current REO inventory putting downward pressure on the delinquency rate as it is liquidated.

    In April, REO assets exceeded US$11bn in scheduled .......

    News Round-up 14 May 2012

  • Spanish 'bad bank' welcomed

    The Spanish government last week announced the second phase of the Royal-Decree-Law of 3 February, which details its plan to resolve the country's banking crisis.

    Among the proposed measures is that general provisions on real estate exposure will increase to 30% from 7%, an extra €30bn, before year end. This is in addition to the €53.8bn already announced.

    The government .......

    News Round-up 14 May 2012

  • CMBS late-pays inch higher

    US CMBS delinquencies rose for the second straight month while the volume of REO assets continued to climb, according to Fitch's latest index results for the sector.

    Late-pays rose by 10bp in April to 8.53% from 8.43% in March. This was largely expected, with five-year loans originated in 2007 now starting to come due, the agency notes.

    Another notable trend is .......

    News Round-up 11 May 2012

  • CMBS loan events updated

    19 new loan events have been added to the SCI CMBS loan events database. These include:

    09/05/2012
    Deal: TITN 2006-CT1
    Property: Woolgate Exchange
    Balance: £233.92m
    Event: updated market value of £265m, as of 21 March
    Description: special servicer requesting further updated valuation, as restructuring of tenant expected to have impact on value

    04/05/2012
    Deal: TITN 2006-2
    Event: independent review suggests liquidity facility EOD is not outstanding, thus issuer .......

    News Round-up 11 May 2012

  • Aire Valley breaches NAT

    Bradford & Bingley's Aire Valley UK RMBS master trust has breached its non-asset trigger, after the collateral balance fell below the £10.7bn minimum. Secondary market liquidity for the paper is consequently expected to rise, as repayment prospects for different note series become aligned.

    Aire Valley comprises six issuers and nine issuances of outstanding notes. It is a fully socialist master trust, .......

    News 11 May 2012

  • Ex-BoE adviser joins ABS team

    Philippa Charlton has joined Cairn Capital's ABS team in London. Her primary focus will be to build the firm's secured funding asset management (SFAM) business.

    Charlton now reports jointly to cio Andrew Jackson and head of SFAM Adam Barrett. She was most recently senior adviser within the Bank of England's markets division advising on structured credit exposure and has previously .......

    Job Swaps 11 May 2012

  • TRIAXX CDOs sold

    The New York Fed has sold the entirety of the TRIAXX CDO holdings from its Maiden Lane III portfolio to Merrill Lynch, following a competitive bid process.

    "The winning bids, which were materially higher than the original prices ML III paid, demonstrate continued interest in these assets and represent good value for the public," comments William Dudley, president of the .......

    News Round-up 11 May 2012

  • Credit opportunities fund closes

    AnaCap Financial Partners has reached a final closing on its AnaCap Credit Opportunities Fund II, successfully hitting its £350m hard cap. The fund was oversubscribed after just six months.

    The fund targets performing, semi‐performing or non‐performing consumer and SME debt across Europe, requiring granular analysis and active asset management. It seeks to capitalise on the rapidly evolving market opportunity in .......

    News Round-up 11 May 2012

  • Cheyne UCITS funds minted

    Cheyne Capital Management has launched two UCITS IV-compliant funds - the Cheyne Global Credit Fund and the Cheyne European Real Estate Bond Fund. The UCITS funds have been launched in response to investor demand and their investment portfolios are based on those of two existing flagship Cheyne strategies.

    Both funds offer weekly liquidity. The Cheyne Global Credit Fund is actively .......

    News Round-up 11 May 2012

  • SF lawyer jumps ship

    Barbara Goodstein has joined Mayer Brown in New York as banking and finance partner. She was previously partner at Dewey & LeBoeuf, which has recently seen a string of departures (SCI passim).

    Goodstein's transactional and restructuring experience includes CDOs and CLOs as well as structured and general commercial financings of assets, including auto, trade, health care, timeshare and lease receivables. .......

    Job Swaps 11 May 2012

  • Gleacher boosts credit group

    Gleacher & Company Securities has expanded its investment grade credit group with three new mds. William Pope, Thomas Giardi and David Nixon join from Citigroup, US Bancorp and Mitsubishi UFJ Securities, respectively.

    Pope was director in credit trading at Citi, specialising in corporate bonds and CDS of high-grade telecom, media, technology and cable companies. He has also held posts at ......

    Job Swaps 11 May 2012

    Premium Content

  • Negative equity impact underlined

    US house prices are expected to remain around current levels for the remainder of this year and begin rising slowly during 2013 and 2014. However, credit risk will remain elevated even for seasoned loans, with borrower equity the key determinant in terms of RMBS performance.

    US house prices have stabilised in so far as they've stopped falling like a rock, .......

    News 10 May 2012

  • DPO claw-back provisions eyed

    Concerns over CMBS borrowers potentially withholding information from the special servicer during DPO negotiations have emerged. Special servicers appear to be addressing these concerns by introducing claw-back provisions, according to CMBS analysts at Citi.

    They explain that such provisions are typically heavily negotiated, with the terms ranging from 12 to 24 months. "It appears that the real intent of these .......

    News Round-up 10 May 2012

  • Call for further clarity on RBI guidelines

    The Reserve Bank of India's guidelines on securitisation transactions - published on 7 May - could promote the long-term growth of the Indian securitisation market, pending clarity on the tax treatment of pass-through-certificates (PTCs), Fitch says. The agency believes that the requirement for a minimum holding period for each loan before it becomes eligible for securitisation is a credit positive, .......

    News Round-up 10 May 2012

  • Countrywide discovery schedule agreed

    The New York state court hearing the US$8.5bn Countrywide RMBS settlement case reached an agreed discovery schedule that reduces the possibility of a protracted legal process, according to ABS analysts at Barclays Capital. Interveners in the case, such as Walnut Place, had requested thousands of loan files from Countrywide in the discovery process to help bolster their case that the .......

    News Round-up 10 May 2012

  • CMBS loan pay-offs tick up

    The percentage of US CMBS loans paying off on their balloon date reverted to the 12-month average, according to Trepp's April pay-off report. This uptick comes one month after the reading hit its second lowest level in 12 months.

    In April, 42.2% of loans reaching their balloon date paid off, which is just under the 12-month average of 44%. By .......

    News Round-up 10 May 2012

  • BWIC service launched

    SCI has today launched a BWIC service covering auctions in Europe and the US for the four main structured finance asset classes - ABS, CDOs/CLOs, CMBS and RMBS.

    The platform has been updated on a daily basis with BWIC prices/covers representing a range of collateral since 1 May. It already includes nearly 500 prices and the SCI site now has .......

    News 10 May 2012
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