Complete news archive

  • 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

  • Up-tick in CLO calls predicted

    Many 2004-2007 vintage US CLOs have reached or are approaching the end of their reinvestment periods. If primary spreads tighten further, this could drive an up-tick in CLO refinancings and calls over the next two years.

    CDO analysts at Wells Fargo calculate that 34% of the current CLO universe will be beyond its stated reinvestment period by the end of .......

    News 4 May 2012

  • Good week for Euro CMBS

    This week has seen a rise in activity in European CMBS. Spreads have stayed fairly flat, while BWICs are still being well received, with seniors generating increasing interest.

    "The market has been fairly quiet for a while and this week has not been a complete change, but there has been a bit more buying activity from clients," reports one trader. .......

    Market Reports 4 May 2012

  • SF pair promoted to partner

    Appleby has promoted two of its structured finance lawyers to partner. Alan Bossin specialises in ILS and Sarah Demerling focuses on Islamic finance and CDS. Both are based in Bermuda.

    Bossin is a member of Appleby's insurance team and focuses on the formation of SPVs and risk transference vehicles as well as structured finance, securitisation, derivative and transformer type transactions.

    Job Swaps 4 May 2012

  • Plantation Place assumed

    The Plantation Place building, securing the REC 5 single-asset CMBS, has been acquired by Moise Safra. The sale and subsequent assumption of the debt highlights the strong recovery for institutional quality assets in global capitals, according to CRE debt analysts at Deutsche Bank.

    The property purchase price of £500m is roughly 10% higher than the MR appraised value from 3Q10 .......

    News Round-up 3 May 2012

  • Japan credit strategist joins

    Takashi Miura has joined Morgan Stanley as a credit strategist. He is based in the Tokyo office and covers Japan's credit markets, including corporate bonds and CDS.

    Miura joins from Goldman Sachs, where he spent 12 years. Prior to that he worked at Rating and Investment Information.

    .......

    Job Swaps 3 May 2012

  • ABS fund unveiled

    Prytania Investment Advisors has launched the Metreta Fund, a global fund investing in the senior tranches of ABS. The fund is designed to offer institutional investors a liquid, low credit risk portfolio of assets generating a stable yet enhanced return in excess of 150 over Libor.

    The first close of the Metreta Fund, with US$57m, extends Prytania's current suite of .......

    News Round-up 3 May 2012

  • Call for servicing disclosure

    Kroll Bond Rating Agency (KBRA) has offered its views on special servicer conflicts of interest (see also SCI 12 March), suggesting that investor unease in this area could largely be resolved through better disclosure and transparency through industry-wide standardised reporting. Consequently, the agency says it is supportive of efforts by the Commercial Real Estate Finance Council to expedite enhancements to .......

    News Round-up 3 May 2012

  • EM debt team recruited

    Schroders has expanded its fixed income team with four appointments to focus on emerging market debt relative return. The new arrivals are James Barrineau, Fernando Grisales, Alec Moseley and Chris Tackney.

    Barrineau becomes head of Latin American fixed income and co-head of emerging market debt. Grisales becomes senior portfolio manager and Moseley becomes senior portfolio manager and sovereign research analyst.

    Job Swaps 3 May 2012

  • Eircom results in

    The final prices of first- and second-lien Eircom LCDS were determined to be 62 and 7.125 respectively at yesterday's auction. Three dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the name.

    .......

    News Round-up 3 May 2012

  • Trups CDOs upgraded

    S&P has raised its ratings on 42 tranches from 20 US Trups CDOs, representing a total issuance amount of US$6.18bn, and removed 35 from credit watch positive. In addition, the agency affirmed its ratings on eight other Trups CDO tranches.

    The rating actions reflect the application of S&P's updated Trups CDO criteria (SCI 17 April). Some of the transactions have .......

    News Round-up 3 May 2012

  • Slow growth seen in CRE

    Slow growth in the US economy is translating into slow growth for the commercial real estate property markets, according to Moody's 1Q12 US CMBS and CRE CDO Surveillance Review.

    "We expect modest growth in 2012 in the commercial real estate markets, with a rise in investment activity and lending and stability in the market performance of the core property types," .......

    News Round-up 3 May 2012

  • ISDA board members elected

    ISDA has elected three new directors and re-elected 10 further directors at its AGM in Chicago. The new directors are Elie El Hayek, Fujio Nishio and Richard Prager.

    El Hayek is md and global markets executive committee member at HSBC Bank and Nishio is chief manager of derivatives trading, global markets sales and trading at Bank of Tokyo-Mitsubishi UFJ. Prager .......

    Job Swaps 3 May 2012

  • Austerity budget to impact Dutch RMBS

    Changes to the mortgage regime in the Netherlands have been agreed as part of the new Dutch austerity budget. These changes could impact Dutch RMBS - particularly prepayment speeds - although more information is needed before their full impact can be assessed.

    The budget has been agreed in the wake of the fall of the Dutch government last week. It .......

    News 3 May 2012

  • MBS, ABS co-heads recruited

    Gleacher & Company Securities has replaced Robert Fine and Robert Tirschwell, who announced last month that they would depart the firm (SCI 13 April). Perrin Arturi and Donald Ullmann will each join as executive md and will co-head the firm's MBS, ABS and rates division.

    Arturi joins from RBS, where he was md and specialised in the trading of pass-through .......

    Job Swaps 2 May 2012

  • CRE CDO boost

    The success of the New York Fed's MAX CDO sale last week has driven spreads tighter in the US CMBS market. Encouraged by the appetite the Fed witnessed, further CRE CDO sales are expected to follow.

    "The Fed's Maiden Lane III auction went pretty darn well. There was a ton of demand for the underlying collateral at the A4 level, .......

    Market Reports 2 May 2012

  • Credit-picking strategies recommended

    The current environment makes for a good credit-picker's market, according to credit derivative strategists at Morgan Stanley. They suggest that a good credit-picking market requires above-average dispersion, volatility, spreads and liquidity - while having something to debate in the macro environment "to separate winners from losers".

    Investors are currently focused on identifying convex ways of implementing this view in a .......

    News 2 May 2012

  • PPIF wind-downs continue

    The latest PPIP report indicates that funds have stepped up their total distribution rates. Total distributions increased by about US$1bn for the quarter.

    Excluding Invesco, which concluded winding down its PPIF last quarter, total distributions on equity picked up from an average of about 10% to 15% between 4Q11 and 1Q12. Most of this increase is attributed to two funds .......

    News Round-up 2 May 2012

  • Busted swap recoveries begin

    The three Eurosail busted-swap RMBS that agreed stipulated claims against Lehman entities - ESAIL 2007-5, 2007-6 and 2007-PR1 - have received the first recovery amounts under the settlement. The issuers received 20.35% of the total claim amount from Lehman Brothers Special Financing Inc and 3.4% of the total claim amount from Lehman Brothers Holdings Inc.

    European asset-backed analysts at RBS .......

    News Round-up 2 May 2012

  • CVA functionality enhanced

    Pricing Partners has extended its CVA, DVA and bilateral CVA functionality to work on any trade at a portfolio level and to generate fast computation for marginal CVA, DVA and bilateral CVA. These new functionalities allow users to measure the impact of credit valuation adjustment counterparty-by-counterparty and to estimate the marginal impact of a new trade within a portfolio, the .......

    News Round-up 2 May 2012

  • Euro loan recoveries examined

    Recovery rates in the European senior loan market have been strong and in line with the experience of the more mature US loan market, according to S&P's first-ever study of recoveries in the sector. The upsurge and subsequent slump in financial markets over the past decade has seen an expanded European leveraged loan market run its first economic cycle, providing .......

    News Round-up 2 May 2012
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