Complete news archive

  • SCI Start the Week - 16 April

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

    Pipeline
    A few new deals hit the pipeline last week only to price by Friday. Still standing at the end of the week were two RMBS transactions (Saecure 11 and A$696.75m SMHL Series Securitisation Fund 2012-1). Finally, Oxford Finance is also in the market with Oxford Finance Funding Trust 2012-1.

    Pricings
    It was a busier week for pricings. Five auto deals printed, .......

    News 16 April 2012

  • Keops loan repaid

    The sale of the final remaining two properties under the Keops loan, securitised in Juno (Eclipse 2007-2), has resulted in the full repayment of the outstanding amount of the senior loan. The loan was outstanding by €13.35m-equivalent - accounting for 3.09% of the pool - before the repayment.

    Previously, the sale of 276 underlying properties had been completed successfully through .......

    News Round-up 16 April 2012

  • Paragon pension claim possible

    Moody's has updated its analysis of potential legal risks in transactions originated by members of The Paragon Group to take into account recent legal developments. The agency finds that the risk of a Paragon SPV being subject to a pensions claim is not sufficiently remote as to be excluded from its ratings analysis. However, it considers the risk of a .......

    News Round-up 16 April 2012

  • Southport names new cio

    Michael Morrow has joined Southport Lane as cio. He also becomes president of the firm's asset management unit, Southport Lane Advisors.

    Morrow takes responsibility for developing and managing the asset allocation strategies for all of Southport's portfolio companies as well as overseeing the firm's fixed income group. He joins from Intellectual Ventures, where he was structured finance director, and has .......

    Job Swaps 13 April 2012

  • Minimal rise for CRE CDO delinquencies

    CRE CDO delinquencies rose minimally in March to 13.6% from 13.4% the previous month, according to Fitch's latest index results for the sector. However, the dollar balance of delinquent assets has remained virtually the same as in February. The increased rate is due to the continuing decline in the total collateral balance as a result of realised losses and repayments.

    News Round-up 13 April 2012

  • Bank CDS spread differentiation noted

    The earnings season has begun with CDS spreads on two major banks tightening and spreads on another underperforming, according to Fitch Solutions in its latest earnings commentary.

    CDS on JPMorgan have tightened overall by 10% over the past quarter, although they exhibited some widening in recent weeks. Fitch director Diana Allmendinger notes, however, that such spread movement is "in line .......

    News Round-up 13 April 2012

  • Senior credit advisor enlisted

    Richard Whittle, former head of exotic credit derivatives at ABN Amro, has joined Lazard in London. He joins as senior advisor to the firm's structured credit advisory team.

    Lazard's advisory team was founded last year and is led by Alan Patterson (SCI 9 June 2011). Whittle was at UBS before ABN Amro, where he spent five years before moving on .......

    Job Swaps 13 April 2012

  • AEGON eyes dollar demand

    AEGON Levensverzekering is in the market with Saecure 11. If - as expected - the transaction includes a US$500m three-year class A1a tranche, it will be the first Dutch RMBS in several years to tap dollar investors.

    Another noteworthy feature of the deal is its long note maturity, reflecting the long maturity dates of a significant proportion of loans in .......

    News Round-up 13 April 2012

  • LCR, NSFR impact estimated

    The Basel Committee has published the results of its Basel 3 monitoring exercise. A total of 212 banks participated in the study, including 103 Group 1 banks (those that have Tier 1 capital in excess of €3bn and are internationally active) and 109 Group 2 banks (all other banks).

    The monitoring exercise results assume full implementation of the final Basel .......

    News Round-up 13 April 2012

  • MBS, ABS heads moving on

    Gleacher & Company Securities' head of MBS, ABS and rates and head of trading for MBS, ABS and rates are both leaving the firm. Robert Fine and Robert Tirschwell will each remain with the company on a temporary basis. Gleacher says it is considering both internal and external candidates for the positions.

    .......

    Job Swaps 13 April 2012

  • Preps CLOs facing refi risk

    Fitch has downgraded three classes of notes from the Preps 2005-2 and Preps 2007-1 SME CLO deals, due to the increased balance of the principal deficiency ledger (PDL). At the same time, the agency has affirmed the transactions' remaining three classes of notes, as well as the ratings of Preps 2005-1 and Preps 2006-1.

    The downgrades are primarily driven by .......

    News Round-up 12 April 2012

  • ELLI default rate on negative trend

    The S&P ELLI index rose to 5.3% in March from 4.9% in February, based on par amount outstanding, and is now at its highest level since July 2010. European asset-backed analysts at RBS note that the increase in the default rate was driven by a rise in the absolute volume of ELLI constituents falling into distress (the numerator of the .......

    News Round-up 12 April 2012

  • Market in need of direction

    European CMBS currently looks cheap, but that is not enough to convince buyers to take the plunge as the secondary market remains quiet. BWIC activity has become more sporadic, although increased activity in the primary market could provide a boost.

    "The week before Easter was very quiet. Before that, there had been a lot of BWICs, but over the last .......

    Market Reports 12 April 2012

  • Cards on the table

    Quarterly review and outlook for consumer/credit card ABS

    We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either side of the Atlantic to answer some questions to gauge their views on activity in Q1 and expectations for Q2 in the sector. Below are their answers.

    Europe
    By Robert Plehn, md, head of asset backed solutions, Lloyds Bank Wholesale Banking & Markets. Lloyds Bank .......

    News Analysis 12 April 2012

  • ABS CDO liquidation due

    Apollo Capital Management (formerly Stone Tower Debt Advisors) has been retained to act as liquidation agent for Millstone II CDO. The collateral will be auctioned in six public sales in New York, four of which will take place on 19 April and the remainder on 26 April.

    .......

    News Round-up 12 April 2012

  • Hawker Beechcraft auction called

    ISDA's Americas Determinations Committee has determined that a failure to pay credit event has occurred in connection with Hawker Beechcraft Acquisition Company, following the firm's entry into a forbearance agreement with lenders. An auction will be held in due course to settle LCDS on the entity.

    .......

    News Round-up 12 April 2012

  • Survey highlights Solvency II concerns

    A recent AFME survey of securitisation investors shows that the proposed Solvency II capital charges are likely to cause a permanent drop in securitisation funding, which could seriously reduce future growth in Europe. AFME is urging policymakers to delegate the assessment of securitisation capital charges to the EIOPA Technical Expert Group, or alternatively conduct further research.

    AFME surveyed 27 Europe-based .......

    News Round-up 11 April 2012

  • Manasquan auction scheduled

    VCAP Securities has been retained to act as liquidation agent for Manasquan CDO 2005-1. The collateral will be auctioned in two public sales taking place on 19 April.

    .......

    News Round-up 11 April 2012

  • Divergent UK mortgage arrears

    Mortgage arrears in the UK are rising faster in the north of the country than in the south, says S&P. 4Q11 data from a sample of 1.5 million loans backing UK RMBS shows mortgage borrowers in the north are around 30% more likely to be in arrears than those in the south.

    The equity positions of UK borrowers have also .......

    News Round-up 11 April 2012

  • CMBS loan takes mod loss

    The US$81m Grand Traverse Mall loan securitised in GECMC 2005-C4 has taken a US$19m loss. The loss looks to be due to a modification associated with Rouse Properties' purchase of the GGP-sponsored asset in February.

    As well as the mod resulting in the balance of the loan being reduced to US$62m, the loan maturity has been extended from October 2012 .......

    News Round-up 11 April 2012

  • GSE principal forgiveness ruled out

    FHFA acting director Edward DeMarco has commented on the use of Treasury incentives to forgive principal on underwater borrowers, affirming a preference for forbearance over forgiveness. The announcement effectively rules out any principal forgiveness for GSE loans.

    Among his reasons for ruling out principal forgiveness, DeMarco notes that less than one million of the 11 million underwater borrowers would benefit .......

    News 11 April 2012
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