Complete news archive

  • Stroock partners move on

    Anthony Schouten and Jeffrey Stern have joined Pillsbury's finance group as partners in New York. They were each formerly with Stroock & Stroock & Lavan.

    Schouten's practice spans structured finance, corporate restructuring and commodities and derivatives experience. He is responsible for creating and negotiating derivative and structured credit products for investment banks and advises asset managers and others on their .......

    Job Swaps 30 January 2012

  • Real estate head named

    Deborah Shire has joined AXA Real Estate Investment Managers (AXA REIM) as global head of business development. It is a new position carrying overall responsibility for corporate finance, investor relations, business development and marketing and communications, reporting directly to ceo Pierre Vaquier.

    Shire was previously deputy head of structured finance at AXA Investment Managers, responsible for strategy, finance, marketing, operations .......

    Job Swaps 30 January 2012

  • CRE firm hires in capital markets

    Jeffrey Shell has joined CBRE as capital markets evp. He will be based in Grosse Pointe, Michigan, and focus on capital markets solutions for planned and existing single-tenant assets.

    Shell is very experienced in structured finance, investment sales and other capital markets solutions. He specialises in sale-leasebacks and build-to-suit financing.

    He joins from Grubb & Ellis, where he was evp .......

    Job Swaps 30 January 2012

  • US CMBS continues to impress

    January has proved to be a productive month for US CMBS and last week was no exception to that trend. New issuance has been well received and spreads in both the primary and secondary market are tightening.

    "The huge change in sentiment lately has been due to everybody switching to 'risk-on' mode. The way that has shown up in CMBS .......

    Market Reports 30 January 2012

  • Bullish outlook

    Positive market sentiment drives CLOs tighter

    Buoyed by bullish sentiment in the broader capital markets, US CLOs have started 2012 on a positive footing. Primary issuance spreads are narrowing relative to late-2011 levels, while robust secondary market activity has been subject to increasing bid interest on double-Bs and triple-Bs.

    "The CLO market has surprised us to the upside so far this year," says Josh Terry, md .......

    News Analysis 30 January 2012

  • Further rating action on DSB deals

    S&P has lowered and removed from credit watch negative its credit ratings on all classes of Monastery 2006-I notes. At the same time, it has affirmed and removed from credit watch negative the ratings on all classes of Monastery 2004-I notes. The rating actions reflect what the agency considers to be the transactions' deteriorating credit performance, its analysis of set-off .......

    News Round-up 30 January 2012

  • HAMP changes to drive mod volumes

    HAMP programme guidelines have been expanded, with the intention of helping a broader array of borrowers receive loan modifications. The changes are expected to be potentially significant for modification volumes.

    Among the key changes announced on Friday is the extension of the HAMP programme by one year, with expiration now set for 31 December 2013. Borrowers below the 31% first-lien .......

    News 30 January 2012

  • Experienced SF lawyer recruited

    Martin Bartlam is joining DLA Piper's structured finance team. He comes over from Orrick, Herrington & Sutcliffe where he was head of the firm's structured finance group and will begin work in February.

    Bartlam specialises in financial structures and investments for banks, funds and corporations including transactions involving debt capital markets, securitisations, bank lending, derivatives and fund products. He has .......

    Job Swaps 30 January 2012

  • Bank boosts hybrid capital team

    AJ Davidson has joined RBS as md and head of hybrid capital in London. He will have responsibility for EMEA and APAC and report to Lee Rochford, head of the bank's financial institutions structured finance team.

    Davidson previously worked at Citibank as a director in the debt capital markets new products group. Before that he was at Bank of America .......

    Job Swaps 30 January 2012

  • DoubleLine credit fund listed

    An IPO has been completed for the DoubleLine Opportunistic Credit Fund, followed by its listing on the New York Stock Exchange. Advised by DoubleLine Capital, the fund is organised as a non-diversified, closed-end management investment company.

    The fund raised approximately US$326.5m in proceeds during the IPO. Wells Fargo was the lead manager of the underwriting, UBS the co-lead and Barclays .......

    News Round-up 30 January 2012

  • RMBS working group unveiled

    New York Attorney General Eric Schneiderman, US Attorney General Eric Holder, HUD Secretary Shaun Donovan and SEC Director of Enforcement Robert Khuzami have unveiled the core mission of the new RMBS Working Group announced by President Obama in the State of the Union address. The collaboration intends to investigate those responsible for misconduct contributing to the financial crisis through the .......

    News Round-up 30 January 2012

  • Monitoring solution enhanced for TBA fails

    SunGard has enhanced its Stream Fail Monitor solution to help financial services firms comply with the expansion of the Treasury Market Practice Group (TMPG) penalties to apply to mortgages and agency debt fails. Under the latest TMPG recommendations, firms will be penalised for any fails related to mortgage and agency debt transactions, effective from 1 February.

    Stream Fail Monitor receives .......

    News Round-up 30 January 2012

  • Japanese CMBS see Q4 losses

    Losses were incurred on seven of the ten Japanese CMBS loans for which collections were completed in 4Q11, according to S&P. Further, of the nine underlying loans of Japanese CMBS transactions rated by the agency that matured in the fourth quarter, three defaulted due to non-repayment in the same quarter and six were repaid.

    Meanwhile, collections for 10 other loans .......

    News Round-up 30 January 2012

  • NY law firm adds two

    Hogan Lovells has expanded its structured finance practice by adding two new partners in New York. Peter Humphreys and Evan Koster join from McDermott Will & Emery and Dewey & LeBoeuf, respectively.

    Humphreys' practice is focused on securitisation, including financings of equipment and operating leases, credit card receivables, auto loans, energy receivables, healthcare receivables, intellectual property and trade receivables. He .......

    Job Swaps 30 January 2012

  • SCI Start the Week - 30 January

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

    Pipeline
    A further three deals joined the pipeline last week. Two auto ABS deals (€460m FCT TitriSocram Compartment TitriSocram 2012-1 and €561.8m Red & Black Auto Germany 1) and one RMBS - Lloyds' Arkle 2012-1 - began marketing.

    Pricings
    A number of transactions printed last week. In ABS, two auto (¥25bn Driver Japan One and C$521m Canadian Capital Auto Receivables Asset Trust .......

    News 30 January 2012

  • Specially serviced US CMBS on the rise

    Specially serviced US CMBS loans have been on the rise since last quarter and are likely to continue increasing, according to Fitch.

    Loans over US$20m moving to special servicing total 15 so far in 2012. A total of 210 loans over US$20m transferred to the special servicer in 2011, down from 312 in 2010, Fitch adds. The number of loans .......

    News Round-up 27 January 2012

  • Euro CMBS NPL warning

    Tiering within European CMBS is gradually forcing the best and the worst loans to leave the universe. Absent new primary issuance, this trend could result in European CMBS morphing into a non-performing loan asset class in which the securitised collateral is either in default or 'passed initial maturity' status.

    European CRE investment and lending markets are characterised by significant tiering, .......

    News 27 January 2012

  • Equipment leasing vet hired

    David Biesemeyer has joined Holland & Knight as structured finance senior counsel in San Francisco. He specialises in equipment leasing, secured lending and factoring as well as facility and project finance.

    Biesemeyer has more than 35 years of experience in equipment leasing and financing transactions. He has previously served as general counsel of ITEL Capital Corporation and ITEL Rail Corporation, .......

    Job Swaps 27 January 2012

  • Trups CDO stabilisation trend continues

    The stabilisation trend continues for US bank Trups CDOs as defaults and deferrals finished last year lower than at the end of 2010, according to Fitch's latest index results for the sector.

    At 31.09% at end-December, the cumulative rate of defaults and deferrals for bank Trups CDOs fell 1.04% from last month. New cures (at US$449.8m in notional) exceeded new .......

    News Round-up 27 January 2012

  • Japanese CMBS loan defaults rising

    The balance of defaulted underlying loans backing Fitch-rated Japanese CMBS was ¥266.2bn at end-December 2011, accounting for more than half of the total underlying loan balance at that time. Although the defaulted loan balance decreased compared to end-3Q11, the default rates have continued to increase as total Japanese CMBS underlying loans have decreased even further.

    "By end-1Q12, the defaulted loan .......

    News Round-up 27 January 2012

  • Tender offer completed

    €29.4m Faxtor ABS 2005-1 class A1 notes have been bought back at a discounted purchase price (SCI 3 January). The repurchased notes were subsequently cancelled, thereby increasing the available credit enhancement to all rated notes.

    The repurchase was funded using cash available in the principal collection account. As of January 2012, approximately €22m is available in the principal collection account.

    News Round-up 26 January 2012

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