Complete news archive

  • 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

  • Comeback kid

    CDOs broadening investor base for infrastructure assets

    CDO technology appears to be making a comeback in the infrastructure sector. The vehicles are helping to broaden the investor base for these assets.

    "They are being called infrastructure funds, credit loan funds or global loan funds. There are a few names being tried out," says David Bell, md at BNY Mellon Corporate Trust. "It is basically a bilateral loan .......

    News Analysis 26 April 2012

  • CDS pricing service enhanced

    CMA has introduced CMA Datavision Streaming, which builds on its existing same-day pricing services to enable front- and middle-office professionals to manage intraday counterparty risk, research and analyse trading opportunities and monitor market positions to make more informed execution decisions. The new product provides tick-by-tick pricing for OTC credit instruments, including CDS single names, indices and tranches and LCDS. Intraday .......

    News Round-up 26 April 2012

  • Card charge-offs dip

    US credit card charge-offs dropped slightly in March, as the charge-off rate index fell 3bp below its February level to 4.94%, according to Moody's Credit Card Indices.

    "The charge-off rate index is at its lowest point since the second quarter of 2007, down by more than 55% from its 2010 peak," says Jeffrey Hibbs, a Moody's avp and analyst. "Some .......

    News Round-up 26 April 2012

  • A2E brings mixed implications

    Sabre Holdings - the twelfth largest CLO holding - has launched an amend-to-extend transaction with mixed implications for CLOs, according to securitisation analysts at S&P. They note that while participation in the extension may expose transactions to market value risk, the ratings outlook on the credit has improved to positive and the extension comes with a 40% pay-down of the .......

    News Round-up 26 April 2012

  • Bonus bonds unveiled

    Information about Credit Suisse's derivatives-linked bonus bonds, dubbed the 2011 Partner Asset Facility (PAF2), was included in its 1Q12 financial release. The transaction was designed to hedge the counterparty credit risk of a referenced portfolio of derivatives and their credit spread volatility, according to the release.

    The hedge covers approximately US$12bn notional amount of expected positive exposure from the bank's .......

    News Round-up 26 April 2012

  • Law firm continues hiring spree

    Claire Watson is leaving Linklaters to join Berwin Leighton Paisner (BLP). Her appointment follows the recent additions of Simon Small and Richard Todd, who have both become structured finance partners at the firm.

    Watson will join BLP's real estate finance practice in London. She specialises in real estate finance and also has experience in investment grade lending, acquisition finance and .......

    Job Swaps 26 April 2012

  • Risk analytics partnership announced

    Numerix and Everis have formed a partnership which will make Numerix pricing and risk analytics available via the Everis risk management product suite. The suite provides a risk and capital management solution to banks and insurers.

    The agreement means Everis clients can leverage key Numerix functions such as cross-asset analytics, Monte Carlo simulation, random number generation, correlations estimation and date .......

    Job Swaps 25 April 2012

  • Mixed fortunes for Euro, US primary markets

    A marked divergence in structured finance issuance trends over the past three months has been highlighted by the latest rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets.

    The 1Q12 SCI league tables show that the US has seen a jump in issuance to US$78bn versus US$58bn in 1Q11, whereas Europe has seen .......

    News Round-up 25 April 2012

  • Law firm increases Russian presence

    Allen & Overy has strengthened its Russian practice by hiring Igor Gorchakov and promoting Alexandra Fasakhova. Gorchakov becomes partner in the banking department, while Fasakhova will become international capital markets partner in June. Both are based in Moscow.

    Gorchakov's practice includes general lending, securitisation, derivatives and project finance. He joins from Baker & McKenzie in St Petersburg, where he was .......

    Job Swaps 25 April 2012

  • Trups deferral cures anticipated

    About one-third of all deferring banks in Trups CDO portfolios have the financial capacity to resume their Trups interest payments and become current on their cumulative deferred interest in the near future, according to Moody's in its latest Structured Credit Perspectives publication. The agency estimates that 370 banks are currently deferring interest on their Trups, affecting 87 Trups CDOs with .......

    News Round-up 25 April 2012

  • Trio set up credit hedge fund

    A new credit hedge fund is launching to focus on investing in global credit opportunities, with an emphasis on Europe. Meehan Combs is being set up by Eli Combs, Matt Meehan and Jim Plohg and will be based in Greenwich, Connecticut.

    Combs will be president of the new firm. He was previously at Alden Global Capital, where he was a .......

    Job Swaps 25 April 2012

  • UK master trusts winding down

    Lloyds TSB has reportedly purchased at par plus accrued interest its target amount, which was undisclosed, of Mound and Pendeford RMBS notes under the recent tender offer (SCI 20 March). Together with the redemption of a number of Lothian bonds yesterday, the move is expected to result in the number of UK master trusts dropping from eight to five by .......

    News Round-up 25 April 2012

  • Solid progress

    Mix of US mortgage funding sources eyed

    The pricing of four non-agency RMBS transactions over the last month suggests solid progress in the space. However, it is becoming clear that the future of mortgage finance in the US depends on a more diverse mix of funding sources.

    CSMC Trust 2012-CIM1, Prudential Covered Trust 2012-1, Sequoia Mortgage Trust 2012-2 and Springleaf Mortgage Loan Trust 2012-1 have all priced .......

    News Analysis 25 April 2012

  • SEC alleges rating agency misrepresentations

    The US SEC has charged Egan-Jones Ratings Company (EJR) and its owner and president, Sean Egan, for material misrepresentations and omissions in the company's July 2008 application to register as an NRSRO for issuers of ABS and government securities. EJR and Egan are also charged with misrepresentations in other submissions to the SEC and with NRSRO record keeping and conflict .......

    Job Swaps 25 April 2012

  • Article 77 proceeding gets go-ahead

    The Supreme Court of the State of New York determined, at a hearing held yesterday on the US$8.5bn Countrywide settlement, that BNY Mellon can move ahead with an Article 77 proceeding. The alternative would have seen the case being heard through a plenary action.

    The Article 77 proceeding is expected to narrow the scope of discovery and shorten the timeframe .......

    News Round-up 25 April 2012

  • Eircom auction scheduled

    The auction to settle the credit derivative trades for Eircom LCDS is to be held on 2 May. The move follows Eircom Group's application to the High Court in Dublin for its subsidiary to be placed in Irish examinership.

    .......

    News Round-up 25 April 2012

  • Mexican RMBS opportunity outlined

    Fitch believes that the origination of Mexican fixed-rate mortgages and their subsequent peso-denominated securitisation presents an opportunity, albeit with some manageable risks.

    Mexico's state lender Infonavit announced that it will begin originating fixed-rate mortgages in June. Fitch anticipates that peso-denominated RMBS could follow six to 18 months later. While this effort is being promoted by current President Felipe Calderon, the .......

    News Round-up 25 April 2012

  • Subprime originator settles

    The US SEC has charged H&R Block subsidiary Option One Mortgage Corporation with misleading subprime RMBS investors in several offerings by failing to disclose its deteriorating financial condition. Option One, now known as Sand Canyon Corporation, has paid US$28.2m to settle the charges.

    The SEC says Option One promised to repurchase or replace mortgages that breached reps and warranties for .......

    Job Swaps 25 April 2012

  • Maryland Multifamily on watchlist

    Morningstar has added the US$340m Maryland Multifamily Portfolio to its watchlist for near-term maturity. The senior debt is pari passu across two CMBS transactions - Greenwich Capital Commercial Funding Corp Series 2005-GG5 (accounting for US$200m of the deal) and GS Mortgage Securities Trust 2006-GG6 (US$140m).

    Net cashflow DSCR for the 12-month period ended 31 December 2011 ranged from 1.28x to .......

    News Round-up 24 April 2012

  • CDS Marketplace enhanced

    ISDA's CDS Marketplace has been strengthened by the addition of Fitch Solutions' CDS pricing data, liquidity scores, indices, market commentaries and implied ratings. This means that users of the website now have access to relevant data from all the leading CDS data providers in one place.

    "The inclusion of Fitch Solutions' CDS pricing data, liquidity scores, indices and implied ratings .......

    News Round-up 24 April 2012
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