Complete news archive

  • Second 'disappointing' BPI tender

    Banco BPI repurchased €77m of bonds under its second Douro Mortgages RMBS tender offer (SCI 24 April), representing slightly less than 4% of the current amount outstanding. With the fixed price tender levels set at 5-7 points above current secondary market levels at time of launch and between 7-10 points higher than the previous tender offer, the low take-up will .......

    News Round-up 30 April 2012

  • Four Seasons paydown expected

    Terra Firma has surprised the market by acquiring Four Seasons Health Care for a total consideration of £825m, which will be financed through a mix of equity and new debt. All of the existing debt will be paid in full under the deal. European asset-backed analysts at RBS suggest that this will result in a paydown of all TITN 2006-4FS .......

    News Round-up 30 April 2012

  • Atlantis restructuring resolved

    Brookfield Asset Management has settled with a group of B-note holders in connection with the restructuring of the US$2.6bn debt on the Atlantis Resort in the Bahamas. The move paved the way for Kerzner International to transfer control of the asset - together with another Atlantis resort in Dubai - to creditors.

    Hedge funds Canyon Capital and Trilogy Capital collectively .......

    News Round-up 30 April 2012

  • NCRAM CLOs finally unloaded

    Nomura Corporate Research & Asset Management (NCRAM) on Friday resigned as investment manager for Clydesdale Strategic CLO I and Clydesdale CLO 2005. The governing documents for the transactions have been amended to reflect a change in their names to Ares XIX CLO and Ares XX CLO respectively.

    The name changes reflect a purchase agreement, dated 7 April 2011, pursuant to .......

    News Round-up 30 April 2012

  • Q1 CMBS defaults analysed

    Fitch's US CMBS cumulative default rate for fixed-rate CMBS increased to 12.96% as of 1Q12 - a 25bp rise from year-end 2011. The agency expects that the pace of new defaults in 2012 will be relatively stable compared to 2011 levels.

    Newly defaulted loans for 1Q12 total US$1.7bn and number 155. Office loans, which led defaults in 2011, continue to .......

    News Round-up 30 April 2012

  • US multifamily heating up

    The rise in rents and occupancies in the US multifamily sector is close to the peak last seen before the beginning of the recession, according to Fitch. However, the agency believes that favourable demographics and limited supply should ensure that the market won't overheat.

    Based on Fitch's research and a recent Freddie Mac report, multifamily property prices have risen since .......

    News Round-up 30 April 2012

  • SCI Start the Week - 30 April

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

    Pipeline
    Last week saw half a dozen new deals join the pipeline. The transactions were varied, comprising two UK RMBS (Darrowby No.2 and Tenterden), one credit card ABS (Canadian Credit Card Trust series 2012-1), one auto ABS (US$145m CarNow Auto Receivables Trust 2012-1), one CLO (US$302.5m Cedar Funding) and an ILS (US$400m Mythen 2012-1 ILS).

    Pricings
    Once again there was a plethora .......

    News 30 April 2012

  • Not so bad

    1Q12 exceeds SF recruiters' expectations

    Structured finance recruiters are breathing a sigh of relief as activity over the first quarter managed to exceed expectations. Activity is still more limited than in previous years, but there have been some encouraging signs for Q2.

    "Q1 really was not as bad as a lot of people had feared and there is more out there than I expected. We .......

    News Analysis 30 April 2012

  • SF lawyer joins London office

    Norton Rose has added a partner to its London structured finance and capital markets practice. David Shearer was most recently a partner in Allen & Overy's structured finance group.

    Shearer's practice covers a broad range of structured finance and securitisation transactions, bond issuance, restructuring work and emerging markets. He spent almost 15 years at Allen & Overy and has also .......

    Job Swaps 27 April 2012

  • Santander tender results in

    Banco Santander has announced the results of its 33-bond tender offer, which comprised 12 RMBS, six ABS and 15 CLOs. In total, the bank indicated it would consider purchasing up to €750m and in the end bought €450.2m.

    The tender was by way of an unmodified Dutch auction. Out of the 33 bonds, 20 saw no repurchases, according to MBS .......

    News Round-up 27 April 2012

  • LCDS auction results released

    The final price during yesterday's Hawker Beechcraft Acquisition Co LCDS auction was determined to be 63.5. During the auction, 10 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity.

    .......

    News Round-up 27 April 2012

  • Stable outlook for APAC SF

    Fitch reports that Asia-Pacific structured finance saw few downgrades in 1Q12, with the negative rating actions being a direct result of criteria changes and continued poor recoveries in Japanese CMBS. Elsewhere, asset performance was broadly little changed and the outlook on most ratings in the region is stable.

    The agency made 264 affirmations, 29 downgrades and seven upgrades in 1Q12. .......

    News Round-up 27 April 2012

  • Primus CLO unloaded

    Primus Asset Management has assigned its rights and obligations under the existing collateral management for Primus CLO II to CypressTree Investment Management. Following the assignment, a sub-advisory agreement - under which CypressTree provides management services to the transaction - will be terminated.

    Moody's confirms that its ratings on the notes will not be withdrawn, reduced or experience other adverse action .......

    News Round-up 27 April 2012

  • Auto ABS losses hit record lows

    Strong used vehicle values and an improving economy are helping to propel prime US auto ABS losses to new record lows, according to Fitch's latest index results for the sector. Prime auto loan ABS delinquencies and annualised net losses (ANL) declined by 24% and 11% month-over-month (MOM) respectively.

    Positive economic data, including lower unemployment in recent months, resulted in improved loss .......

    News Round-up 27 April 2012

  • CDPC upgraded

    S&P has raised the issuer credit rating (ICR) on Athilon Capital to double-B plus from double-B. At the same time, the agency affirmed its ratings on the CDPC's senior subordinated, subordinated and junior subordinated notes. The outlook on Athilon is stable.

    Approximately 99% of the reference entities in Athilon's portfolio are corporate and 1% is sovereign. The upgrade to the .......

    News Round-up 27 April 2012

  • Private lending opportunity highlighted

    A scheduled doubling of interest rates on subsidised undergraduate Stafford student loans could create a short-term opportunity for private lenders, according to Fitch. However, regulatory uncertainty with respect to the student lending business, a dwindling number of lenders in the space and longer-term interest rate dynamics are anticipated to result in little response from private lenders. Left with few alternative .......

    News Round-up 27 April 2012

  • MAX CDOs sold to bank consortium

    The New York Fed yesterday sold the entirety of the MAX CDO holdings from its Maiden Lane III portfolio to a consortium consisting of Barclays Capital and Deutsche Bank following a competitive bid process (SCI 19 April). The transaction substantially reduces the ML III portfolio and loan at a desirable price, the Fed says.

    "I am pleased with the level of .......

    News Round-up 27 April 2012

  • CMBX volatility returns

    Citi CMBS analysts report that volatility returned to the CMBX indices earlier this month, with eurozone fears weighing on most risk assets and news of the Maiden Lane III sale amplifying the selloff in cash and synthetic CMBS markets. They cite CMBX.3 AJ as an example, which experienced a 6.1% decline during the week ending 6 April 6.

    Contract volumes .......

    News Round-up 27 April 2012

  • Multi-peril Mythen marketing

    Swiss Re is marketing the first US and European wind catastrophe bond from a new shelf programme - Mythen Re. The US$400m deal offers the reinsurer first, second and subsequent event protection over three years.

    Mythen Re aims to issue three classes of series 2012-1 notes - US$50m class As, US$100m class Es and US$250m class Hs - each with .......

    News Round-up 27 April 2012

  • Euro ABS catches its breath

    The European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads have generally only widened very slightly, with prime RMBS even tightening.

    "It seems to have been a little quieter than it had been. All of April has been quieter than the first quarter of the year was. A .......

    Market Reports 26 April 2012

  • Avoca expands to meet US demand

    Avoca Capital Holdings has appointed Stephen Holland as director of sales and marketing, with a focus on North America. Avoca says it is seeing increasing demand from investors in the region for the return and diversification offered by European credit markets.

    Holland was most recently at Dublin-based hedge fund Abbey Capital. He previously spent 13 years as head of sales .......

    Job Swaps 26 April 2012
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