Complete news archive

  • 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

  • Broker enlists industry vet

    Mark Pibl has joined Cortview Capital Markets in New York as md for credit strategy and research. He was most recently at Jefferies, where he held a similar role.

    Pibl has two decades of experience in the industry, including structured credit portfolio management roles at NewOak Capital Advisors and Clinton Group and structured credit and securitisation roles at Barclays Capital, .......

    Job Swaps 24 April 2012

  • Capital markets firm forms Asian alliance

    TABB Group has announced a new "exclusive strategic alliance" to extend its reach beyond the US and Europe. The firm's new relationship is with Singapore-based AsiaEx Consulting and will expand TABB's research and strategic advisory services to firms across Asia.

    AsiaEx specialises in OTC markets as well as futures and options, equities and commodities. It covers the Asia-Pacific region from .......

    Job Swaps 24 April 2012

  • Swap dealer rule credit positive for CDPCs

    The CFTC/SEC final rule on swap dealer designation (SCI 19 April) exempts CDPCs and DPCs, at least during its phase-in period. The rule is credit positive for existing CDPCs as it exempts them from collateral posting requirements, but the rule is credit negative for DPCs because it eliminates regulatory minimum capital requirements that the market had expected would apply, according .......

    News Round-up 24 April 2012

  • Hawker auction scheduled

    The auction to settle the credit derivative trades for Hawker Beechcraft Acquisition Company LCDS is to be held on 26 April. A failure to pay credit event was determined on the credit, following the firm's entry into a forbearance agreement with lenders.

    .......

    News Round-up 24 April 2012

  • ML II prices disclosed

    The Federal Reserve last week disclosed the amount it received from Credit Suisse and Goldman Sachs in the Q1 Maiden Lane II auctions. Credit Suisse paid US$6.81bn (52%) on the US$13bn in current face that it purchased in the first and third auctions, while Goldman Sachs paid US$3.53bn (57%) on the US$6.2bn in current face that it purchased in the .......

    News Round-up 24 April 2012

  • Take two for DOURM

    A second Douro RMBS tender offer from Banco BPI was the highlight of last week's European buy-back news. DOURM sent the focus on peripheral RMBS tenders into overdrive in January with the Portuguese market at the time rallying by 6-7 points, yet ultimate take-up at just 7% of bonds outstanding proved to be disappointing (SCI 17 January).

    With prices now .......

    News Round-up 24 April 2012

  • Significant loss for Gullwing loan

    The final property in the Gullwing Portfolio, securitised in the Eclipse 2007-1 CMBS, was sold on 18 April. Trepp expects the loan to be hit with a loss of more than 75% as a result.

    The Gullwing Portfolio is the tenth largest loan in ECLIP 2007-1A, with a current balance of £10.18m and an original maturity date of 17 January .......

    News Round-up 24 April 2012

  • Counterparty risk rebalancing tool prepped

    TriOptima has developed a new post-trade service that mitigates risk concentration which emerges because credit exposure of cleared trades can no longer be netted against bilateral trades across different asset classes that are ineligible for clearing. Dubbed triBalance, the platform aims to reduce sources of contagion risk in both cleared and bilateral counterparty relationships by rebalancing counterparty credit risk exposure .......

    News Round-up 24 April 2012

  • Strong recovery seen in Japanese property sales

    Fitch expects the Japanese property sales market to remain active in 2012, based on a strong recovery in property sales in 2H11. The total value of properties sold from Fitch-rated Japanese CMBS portfolios throughout 2011 exceeded that of 2010 by ¥22bn and in 4Q11 alone was ¥76bn - the highest since 1Q09.

    "Although residential and office properties comprised the majority .......

    News Round-up 24 April 2012

  • Bicent default hits CLOs

    Bicent Power, which has exposure in 80 CLOs, defaulted last Friday after a missed debt payment. Securitisation analysts at S&P note that this is a slight credit negative for deals with exposure.

    No transaction has more than 2.1% in the credit and six have more than 1%. CLOs hold a little more than 60% of Bicent's US$130m second-lien loan due .......

    News Round-up 24 April 2012

  • Insurance co promotes SF specialist

    Endurance Specialty Holdings has promoted Nicholas Campbell to evp and chief risk officer. He will be based in Bermuda and report to ceo David Cash.

    Campbell is a structured finance and underwriting specialist as well as a trained actuary. Before joining Endurance he was chief risk officer and chief actuary at RCS Limited, working in the structured credit, finance and .......

    Job Swaps 24 April 2012

  • Going soft?

    Changing underwriting standards pose CMBS threat

    The loans backing this year's US CMBS issuance exhibit looser underwriting standards than the market has become used to in the aftermath of the financial crisis. While such a loosening of standards should not be ignored, it does not appear to have the market overly concerned either, as investor appetite for the product remains strong.

    The underwriting standards typical of .......

    News Analysis 24 April 2012

  • Regulatory inconsistencies muddle CVA mandates

    Inconsistent approaches between accounting and regulatory authorities appear to be creating confusion over the mandate of CVA desks. Accounting standards focus on managing P&L volatility, while the Basel 3 CVA charge means that capital optimisation is a priority for many.

    "There is tension between whether CVA desks are principally for P&L management or for optimising regulatory capital charges," confirms Alexandre .......

    News 23 April 2012

  • Aircraft ABS specialist recruited

    Esteban Tripodi has joined Lease Corporation International as evp for the Americas. He will be based in New York, working across the marketing and capital markets divisions for both helicopters and fixed wing aircraft.

    Tripodi joins from Aircastle Advisor, where he was capital markets svp. He has previously worked at Guggenheim Capital Markets and began his career as ABS vp .......

    Job Swaps 23 April 2012

  • GFI, QUICK in CDS agreement

    GFI Market Data has extended its relationship with QUICK Corp. GFI, which already supplies QUICK with FX options market data, will now also supply credit derivatives market data.

    .......

    Job Swaps 23 April 2012

  • Sino-Forest auction due

    The auction to settle the credit derivative trades for Sino-Forest Corporation CDS is to be held on 9 May. This follows the determination of a bankruptcy credit event by ISDA's Asia Ex-Japan Credit Derivatives Determinations Committee.

    .......

    News Round-up 23 April 2012

  • Clio buy-back agreed

    A sale agreement with the noteholders of Clio European CLO has been completed, pursuant to which all of the debt assets in the portfolio were sold to the noteholders. Noteholders surrendered to the issuer €179.27m class A1 notes, €59.38m class B notes, €39.1m class C notes and €134.71m subordinated notes with a principal amount outstanding equal to €412.47m. These notes .......

    News Round-up 23 April 2012

  • Vintage CLOs targeted in loan refi

    Ineos, one of the largest obligors in the CLO universe, is set to refinance about US$3.6bn of its outstanding senior loan facilities via a combination of a US$1.5bn cov-lite loan issue and a US$2.2bn secured bond issue. A total of 107 CLOs hold €624m of the issuer's existing term loan debt, of which 41 - equivalent to circa 33.84% of .......

    News Round-up 23 April 2012

  • Container ABS criteria published

    Kroll Bond Rating Agency has released its methodology for rating marine container leasing ABS. KBRA says the criteria are unique because they are the first to be issued by a rating agency that are dedicated exclusively to container leasing ABS.

    The methodology incorporates an assessment of the leasing company or manager, the container fleet and the leases included in the .......

    News Round-up 23 April 2012

  • MBIA 'transformation' trial scheduled

    At the 20 April hearing in the New York State Supreme Court (SCI 10 April), Justice Barbara Kapnick ruled that a trial should take place starting on 14 May in the Article 78 action against MBIA and the New York State Insurance Department (NYID) over the US$5bn restructuring of MBIA Insurance in February 2009. Four weeks have been set aside .......

    News Round-up 23 April 2012
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