Complete news archive

  • 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

  • Securitisation vet moves on

    Carrington Holding Company has appointed Bill King as cio and head of asset and risk management. It is a newly created role with responsibility for Carrington Capital Management and Carrington Investment Services.

    King has over 20 years of experience in securitised products, including trading ABS, CDOs and CMBS. He joins Carrington from Citadel, where he was head of securitised products. .......

    Job Swaps 10 May 2012

  • Spanish ABS hit by sovereign downgrade

    S&P has taken various credit rating actions on 98 tranches in 85 Spanish securitisations. The move follows the lowering of the agency's long-term sovereign rating on the Kingdom of Spain to triple-B plus from single-A in light of the country's deteriorating economic conditions

    Specifically, S&P has: lowered its ratings on 53 tranches in 50 RMBS; lowered and kept on credit .......

    News Round-up 9 May 2012

  • Real estate partner joins

    David Stewart has joined Mayer Brown as real estate partner. Stewart specialises in CMBS, particularly the purchase of B-pieces. He joins from Latham & Watkins and will be based in New York.

    .......

    Job Swaps 9 May 2012

  • Sino Forest CDS settled

    The final price for Sino Forest Corp CDS was determined to be 29 during this morning's auction, the first to be held in the Asia ex-Japan market. 12 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity.

    .......

    News Round-up 9 May 2012

  • Spanish RMBS stress tested

    Most Spanish RMBS show resilience to a further collapse in house prices and a jump in mortgage defaults under two stress tests that Fitch put the transactions through. The two scenarios aim to demonstrate the stress required over the next three years to see multi-category downgrades of the agency's Spanish RMBS ratings, including most of the triple-B and triple-A rated .......

    News Round-up 9 May 2012

  • Shadow inventory exhibits regional variation

    S&P's estimate for the time it will take to clear the shadow inventory in the US fell by one month to 46 months in 1Q12. Although national residential mortgage liquidation rates appeared stable during the quarter, they varied widely between states, preventing significant reduction in the agency's months-to-clear estimate.

    The regional variations in the speed at which servicers can clear .......

    News Round-up 9 May 2012

  • Liquidation for ABS CDO pair

    Dock Street Capital Management has been retained to act as liquidation agent for the West Trade Funding CDO II and III transactions. Two public auctions are to be held for each deal, with the former's sale scheduled for 15 May and the latter's a day later.

    .......

    News Round-up 9 May 2012

  • CRE CDO on the block

    The trustee for Dillon Read CMBS CDO 2006-1 has posted a notice advising that the transaction is to be liquidated via a public auction. An EOD occurred in September 2010 and, pursuant to Section 5.2(a) of the indenture, the majority holders of the controlling class can declare the principal of the notes to be immediately due.

    According to CRE debt .......

    News Round-up 9 May 2012

  • CMBS loss severities revert to mean

    After two months in which CMBS loss severities fell sharply, the numbers reverted to the mean in April - both in terms of loss severity and volume of loans resolved - according to Trepp. At US$1.4bn, liquidations were about 9% higher than the 12-month moving average of US$1.31bn per month.

    In comparison to liquidations in February and March, this number .......

    News Round-up 9 May 2012

  • Rating agency reshuffles in Australia

    Ben McCarthy, previously acting head of Fitch Australia and head of structured finance for Asia-Pacific, is now set to focus purely on structured finance. John Miles takes over as head of Fitch Australia, responsible for daily operations in Australia and New Zealand. Both are based in Sydney.

    .......

    Job Swaps 9 May 2012

  • Pricing service rolled out

    RiskSpan has added daily independent pricing for structured securities to its offering of risk management services. The new service incorporates constant calibration utilising an audit-compliant process to generate pricing for structured securities. It covers RMBS, CMBS, ABS, agency pass-throughs, agency CMOs, mortgage whole loans, CDOs and Trust Preferred securities.

    .......

    News Round-up 8 May 2012

  • ABS CDO liquidation scheduled

    Dock Street Capital Management has been retained to act as liquidation agent for Jupiter High-Grade CDO VI. Qualified investors are invited to bid on the collateral at two sales held on 17 May.

    .......

    News Round-up 8 May 2012

  • Capital boost for credit fund

    Eiffel Credit Opportunities, the long-short European credit fund managed by Eiffel Investment Group, is to receive approximately US$40m of acceleration capital from the newly launched EMERGENCE seeding platform. The additional capital brings its assets to around US$100m.

    EMERGENCE pools capital from major French institutional investors. Its absolute return unit is managed by NewAlpha Asset Management.

    The Eiffel Credit Opportunities fund .......

    Job Swaps 8 May 2012

  • REO-to-rent deals in the works?

    S&P reports that the US Federal Housing Finance Agency's REO-to-rent programme, which aims to help clear the inventory of foreclosed REO properties from Fannie Mae and other government-sponsored entities, has captured the attention of the securitisation market.

    The programme began soliciting bids from qualified investors on approximately 2,500 properties in eight of the hardest-hit metropolitan areas earlier this year. And, .......

    News Round-up 8 May 2012

  • Triaxx CDOs on the block

    The New York Fed has initiated a competitive bid process in response to several strong reverse inquiries for holdings in the two Triaxx CDOs in the Maiden Lane III portfolio. BlackRock Solutions, the investment manager for ML III, will conduct the bid process for the entirety of the Triaxx CDO holdings consistent with past practices.

    Nine broker-dealers have been invited .......

    News Round-up 8 May 2012

  • Business development md joins

    Jenine Fitter has joined Clayton Holdings as business development senior md. She will be responsible for sales and business development initiatives across all of Clayton's offerings, including credit risk management, due diligence, consulting and special servicing.

    Fitter joins from Digital Risk where she was mortgage solution sales svp. She has also held senior sales roles at CoreLogic, S&P and Fitch .......

    Job Swaps 8 May 2012

  • RMBS directors appointed

    PrinceRidge has expanded its RMBS group with five new directors. Brendan Kissane and Ken Perschetz become part of the firm's trading team and Jeff Hingst, Tony Mun and Jeff Weaver join the sales group.

    Kissane specialises in trading specified pool mortgages. He has previously worked at Ally Securities, Mizuho Securities and Nomura Securities. Perschetz specialises in ARMs and has previously .......

    Job Swaps 8 May 2012

  • Pass-through MBS heads hired

    Michael Marsallo and Mark Schultz have joined Daiwa Capital Markets America's MBS group. Together they will lead Daiwa's mortgage-backed pass-through desk.

    Marsallo and Schultz join from MF Global, where they also shared responsibility for pass-through trading. Marsallo worked at UBS before MF Global and Schultz has previously worked at Countrywide Capital Markets and Yamaichi.

    .......

    Job Swaps 8 May 2012

  • CMBS loan events updated

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

    03/05/2012
    Deal: REC 5
    Property: Plantation Place
    Event: property sold to Moise Safra for £500m & debt assumed; part of proceeds used to cure LTV EOD
    Description: increased likelihood of loan paying off at maturity next summer

    02/05/2012
    Deal: TITN 2007-CT1
    Property: Hugo
    Balance: €180.5m
    Event: updated market value of .......

    News Round-up 4 May 2012

  • Euro BWICs post record volumes

    The 'risk-on' rally in the European securitisation market sparked record bid-list activity in 1Q12. At €4.1bn, BWIC supply during the quarter was almost twice that seen in 1Q11, according to Citi estimates.

    Bad banks and other 'wind-down' portfolios were active sellers of securitised assets in the first quarter. The increase in BWIC supply was easily absorbed by the market, however, .......

    News 4 May 2012
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