Complete news archive

  • Aire Valley nears NAT

    The latest investor report for Aire Valley, Bradford & Bingley's UK RMBS master trust, indicates that it could start to wind down in 2Q12. The transaction will breach its non-asset trigger (NAT) and begin sequential amortisation when the outstanding collateral balance falls below £10.7bn. The balance stood at £10.8bn this month.

    .......

    News Round-up 29 March 2012

  • Kinetic Concepts targeted

    Kinetic Concepts was the most purchased loan by CLOs in 4Q11, according to securitisation analysts at S&P. They suggest that CLOs nearing the end of the reinvestment period likely bid up the short-dated tranche of the loan, which the company issued to target CLOs that have WAL constraints. Additionally, Texas Competitive Electric Holdings and Travelport remained some of the most .......

    News Round-up 29 March 2012

  • Royal Decree to have divergent effects

    The recent Royal Decree will result in a higher incidence of payment in kind arrangements in the Spanish mortgage market, whereby banks take ownership of the property and borrowers' mortgage loan obligations are terminated. However, the impact on securitisation transactions remains unclear, Fitch says.

    The agency believes that the decree will produce two distinct and opposite effects on the Spanish .......

    News Round-up 29 March 2012

  • Trups ruling positive for performance

    February was generally flat for US bank Trups CDO default and deferral trends, according to Fitch's latest index results for the sector. However, a development took place during the month that may have positive implications for future performance.

    A legal suit brought by Trups holders led to a ruling that barred the sale of BankAtlantic to BB&T Corporation under the .......

    News Round-up 29 March 2012

  • High recovery seen in LCDS auction

    The final price for Financiere Gaillon 7 LCDS was determined to be 98 at yesterday's auction. Four dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing the entity. Deliverable obligations are denominated in euros.

    .......

    News Round-up 29 March 2012

  • Bond yield, CDS liquidity correlation continues

    The recent rise in Greek government bond yields demonstrates the continuing correlation between liquidity in the sovereign credit default swap market and yields on the underlying cash bonds, according to Fitch Solutions. The agency notes that yields tend to fall when CDS liquidity is high and increase when CDS liquidity falls.

    Yields on new Greek bonds, created as part of .......

    News Round-up 29 March 2012

  • BWIC boredom as CLO market stutters

    Excitement generated by the take-off of significant European CLO BWIC activity last month has turned to frustration and indifference. Bid-lists continue to flood the market, with notably large examples both today and yesterday, but trading is patchy.

    "There has been a ton of BWICs, but it is hard to see where the market is. There is just no direction and, .......

    Market Reports 28 March 2012

  • High participation seen in Spanish tender

    Bankia's Spanish RMBS tender offer - comprising 17 tranches over 12 CAJAM, BCJAF and BCJAM transactions - has resulted in a higher take-up than even the bank anticipated. Bankia had offered to purchase up to a maximum nominal value of €1bn via an unmodified Dutch auction, but investors tendered €2.38bn across all of the tranches, prompting it to repurchase a .......

    News Round-up 28 March 2012

  • Unusual RMBS-backed bond issued

    A unit of Prudential Financial has issued an unconventional bond that is backed by a pool of legacy RMBS, but where the firm guarantees principal and interest payments. Fitting into neither RMBS nor covered bond categories, Prudential Covered Trust 2012-1 has been rated single-A by S&P and is said to have been issued earlier this week into the US market.

    News 28 March 2012

  • New role for ex-MS ceo

    John Mack has joined Kohlberg Kravis Roberts & Co as senior advisor. He was most recently chairman and ceo at Morgan Stanley and previously held similar posts at Pequot Capital Management and Credit Suisse Group.

    "John Mack is a great leader who we believe will add enormous value to KKR's investors, partners and our portfolio. He will help make us .......

    Job Swaps 28 March 2012

  • RFC issued on leveraged loan guidance

    The US Fed, the FDIC and the OCC are seeking comment on proposed revisions to the interagency leveraged finance guidance issued in 2001. The move could be a modest positive for future CLO loan quality, according to securitisation analysts at S&P.

    The update emphasises the importance of good underwriting and reserving for potential losses and seeks to address concerns about .......

    News Round-up 28 March 2012

  • CRE association names chair-elect

    Peter Denton has been appointed chair-elect of CRE Finance Council Europe. He will succeed current chairman Christian Janssen, Jefferies' head of CRE debt capital markets for Europe, to begin a two-year term as chairman in November 2013.

    Denton is head of UK real estate at BNP Paribas. He has more than 17 years of experience in the real estate sector .......

    Job Swaps 28 March 2012

  • Greek CDS payments completed

    The DTCC reports that payments on sovereign credit default swap contracts related to Greece have been successfully completed for single name and index (iTraxx SovX) transactions, following the restructuring event for the Hellenic Republic. US$2.89bn in net funds were transferred on 26 March from net sellers of protection to net buyers of protection on the entity.

    .......

    News Round-up 28 March 2012

  • Opera Uni details clarified

    Eurohypo, the special servicer on Opera Finance (Uni-Invest), has clarified certain issues that were raised by noteholders.

    First, the class A committee represents 82% of the principal amount of the class A notes outstanding. Of the class A committee, 89% (or 72% of the class A notes outstanding) have confirmed that they will vote for the credit bid option if .......

    News Round-up 28 March 2012

  • Tri-state mortgage delinquency tool launched

    The New York Fed has introduced a new interactive online tool providing mortgage delinquency and foreclosure information for each county in New York, New Jersey and Connecticut. The utility presents analysis of the housing market in the tri-state region from September 2007 through to December 2011, providing information about the percentage of loans in foreclosure as well as those that .......

    News Round-up 28 March 2012

  • Canadian card ABS criteria issued

    S&P has published its methodology and assumptions for analysing credit risk associated with credit card ABS in Canada, effective immediately. At this time, no outstanding ratings are expected to be affected by the new criteria.

    There are many similarities between the Canadian and US credit card markets and securitisation structures, S&P notes. Accordingly, the agency will apply the same criteria .......

    News Round-up 28 March 2012

  • Clearing eligibility criteria outlined

    The Bank of England has published a report clarifying which criteria it believes are important when determining the eligibility for central clearing of OTC derivatives products. Suitability for mandatory central clearing is likely to depend on product and process standardisation, but also on market liquidity, it suggests.

    The report notes that liquidity is an important constraint and may require central .......

    News Round-up 27 March 2012

  • CRE lending principles issued

    CRE Finance Council Europe's lender committee has released a guide entitled 'European Commercial Real Estate Lending Principles'. The committee's aim is to develop a high quality approach to European lending through best practice recommendations to market professionals.

    The guide offers an initial layout of key principles to be considered when advancing secured investment loans. "The release of the real estate .......

    News Round-up 27 March 2012

  • US RMBS volatility subsides

    The volatility seen in US RMBS last week appears to have calmed down for the start of this one. However, supply in both agency and non-agency paper remains robust.

    "Agency MBS widened at the end of the week as investors took profits and there was heavier supply from originators. There is significant risk to the basis if the market sells .......

    Market Reports 27 March 2012

  • Global sales head appointed

    Antonio Neri has joined 4sight Financial Software as executive director. He will become global head of the sales, pre-sales, marketing and account management team at the company.

    Neri was previously head of EMEA sales at Lombard Risk Management. He has also had spells at Almonde and Reech Capital and has several years' experience in collateral management and OTC derivatives valuation .......

    Job Swaps 27 March 2012

  • Islamic hedging standard unveiled

    The International Islamic Financial Market (IIFM) and ISDA have launched the ISDA/IIFM Mubadalatul Arbaah (profit rate swap) product standard to be used for Islamic hedging purposes. The Mubadalatul Arbaah (MA) standard follows on from the ISDA/IIFM Tahawwut (hedging) master agreement (SCI 3 March 2010) and provides the industry with a framework for Islamic risk mitigation.

    The MA agreement is a .......

    News Round-up 27 March 2012
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