Complete news archive

  • Granite re-rated

    S&P has taken various rating actions on all classes of notes in the Granite UK RMBS master trust. The move follows the agency's counterparty analysis, as well as credit and cashflow analysis of the most recent transaction information that it has received.

    The master trust consists of five 'capitalist' issuers (Granite Mortgages 03-2, 03-3, 04-1, 04-2 and 04-3) and a .......

    News Round-up 24 January 2012

  • Up-tick in CLO issuance expected

    Aside from a few patches of volatility and a marginal late-year uptick in defaults, the US CLO market exhibited more stability in 2011 than in recent years, according to S&P. The improved performance of the transactions - which are primarily collateralised by corporate loans - highlights the strengthening credit of the corporate obligors whose loans back them, the agency says.

    News Round-up 24 January 2012

  • Regulatory reporting service enhanced

    OpenLink Financial has rolled out initiatives focused on accelerating compliance with Dodd-Frank regulatory milestones scheduled for 2012. Among these initiatives are: a Dodd-Frank regulatory compliance reporting package; CFTC position limits monitoring, in aggregate for both OTC and exchange-traded products; swap data repository (SDR) reporting; and OTC trade processing workflows, which have been extended for the lifecycle of cleared derivative products. .......

    News Round-up 24 January 2012

  • Distressed property tool offered

    DataQuick has released RiskFinder Distress, a tool designed to provide investors, lenders and servicers with the ability to search and analyse the risk levels of distressed properties nationwide. The service enables users to track key distress events throughout the lifecycle of a loan, allowing them to determine the impact of distressed sales on loss severity estimates, drive loss mitigation strategies .......

    News Round-up 23 January 2012

  • Mortgage servicer performance deteriorates

    As measured by total loans cured and cashflows from their loans, the performance of residential mortgage servicers deteriorated in 3Q11, according to Moody's latest Servicer Dashboard report. The agency says a lower volume of loan modifications contributed to the deterioration.

    "Servicers have worked through the majority of delinquent loans and are shifting their focus to liquidation strategies, such as short .......

    News Round-up 23 January 2012

  • Sovereign-linked ratings impacted

    S&P has taken various credit rating actions on 340 tranches in 235 European structured finance transactions. The move follows the agency's 13 January rating actions on 16 eurozone members - Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovak Republic, Slovenia and Spain.

    Specifically, S&P has lowered and removed from credit watch negative its .......

    News Round-up 23 January 2012

  • Loan extensions on the cards

    Thirty European CMBS loans, accounting for €1.8bn, are due to mature this month. Issuer notifications regarding these loans have not been positive to date and this trend is expected to continue for the most part.

    Of the loans maturing this month, CRE debt analysts at Deutsche Bank anticipate that the Gutperle (securitised in EMC VI), MPC, Caprice, Six Hotels (TITN .......

    News 23 January 2012

  • Lead arranger announced

    The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets have been finalised for 2011, with JPMorgan taking top spot on both sides of the Atlantic. The year saw a total of US$263.5bn qualifying deals completed in the US and €89.5bn in UK/Europe.

    Overall, JPMorgan retained a commanding lead in both the US .......

    News Round-up 23 January 2012

  • Structural tweaks strengthen APAC CLOs

    Synthetic balance sheet CLOs are one of the few asset classes within the Asia (ex-Japan) structured credit market tipped for growth in 2012 as banks look to employ the structure for regulatory capital relief trades (SCI 23 December 2011). Investor interest in this space may be buoyed by a handful of recent transactions that have incorporated structural tweaks intended to .......

    News 23 January 2012

  • PIMCO promotes in SF

    PIMCO has announced a raft of promotions, including a number of senior structured finance positions. Four members of the firm become evp at PIMCO's Newport Beach office.

    Marco van Akkeren becomes evp and portfolio manager, focusing on ABS and MBS. He joined the firm in 2008 and previously worked at Goldman Sachs and Morgan Stanley.

    Mohit Mittal becomes evp and .......

    Job Swaps 23 January 2012

  • LEI test file released

    The GFMA has posted a test file of provisional legal entity identifiers (LEIs), created by the DTCC and SWIFT. This information is being made available so that member firms and other financial market participants can begin to evaluate, understand and test the operational implications for their businesses of recently enacted and impending regulatory reporting requirements that include legal entity identification.

    News Round-up 23 January 2012

  • Stable outlook for UK prime RMBS

    Moody's expects the performance of UK RMBS master trusts containing prime mortgages to remain stable, experiencing only a marginal deterioration in 2012 as a result of the slow domestic economic recovery. Performance in master trusts with a high proportion of buy-to-let or non-conforming collateral (such as Aire Valley, Mound or Pendeford), or prime collateral with riskier characteristics (such as Granite) .......

    News Round-up 23 January 2012

  • Credit card delinquencies hit new lows

    US credit card charge-offs declined by 34bp in December to 5.04%, according to Moody's latest credit card indices. Also during the month delinquencies fell to new record lows, pointing to further declines in charge-offs in the months ahead.

    Moody's expects the charge-off rate to continue to fall well into the coming year, eventually moving to below 4% by the end .......

    News Round-up 23 January 2012

  • ACA CLO buy-back underway

    Barclays Bank has commenced a tender offer to purchase for cash all outstanding class A2L, A3L, B1L and B2L notes, as well as four million preferred shares of ACA CLO 2005-1. The notes are being offered at between US$900-US$950 for each US$1,000 principal amount tendered or 63 cents (70 cents if tendered early) per preferred share.

    The offer will expire .......

    News Round-up 23 January 2012

  • ABS CDO tendered

    Following a tender offer announced on 19 December, €8m Faxtor ABS 2004-1 class A1 notes have been repurchased at an aggregate price of €4.36m. The repurchase was funded by principal proceeds in the principal account of the issuer received from amortising portfolio assets. Payment of accrued interest on the repurchased notes was funded by interest proceeds in the interest account .......

    News Round-up 23 January 2012

  • Credit hedge fund team strengthened

    Avoca Capital Holdings has hired Rachel Black as head of capital raising for its credit hedge fund team in London. Black has over 15 years of sales experience and joins from Concerto Asset Management. She has previously held positions at Deutsche Bank and JPMorgan.

    .......

    Job Swaps 23 January 2012

  • SCI Start the Week - 23 January

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

    Pipeline
    The increased rate of deals entering the pipeline continued last week with seven new names announced. Two CMBS deals (US$1bn Freddie Mac SPC series K-705 and US$1.154bn GS MST 2012-GC6) were joined by two Canadian ABS transactions (Master Credit Card Trust 2012-1 and Canadian Capital Auto Receivables Asset Trust II series 2012-1). There were also two ILS transactions (US$100m Ibis .......

    News 23 January 2012

  • DQT edges up 5bp

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 5bp in December to 9.32%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, declined by 13bp in December, to 11.97%.

    December was the 12th consecutive month that delinquencies in the US have been above .......

    News Round-up 20 January 2012

  • Second Embarcadero Re marketing

    The latest catastrophe bond from the California Earthquake Authority's (CEA) Embarcadero Re programme is being marketed by Deutsche Bank. The series 2012-I deal is again a single-tranche offering targeting US$150m with a preliminary ratings from S&P of double-B minus.

    Embarcadero Re is based on CEA's ultimate net losses. CEA policies do not cover certain perils usually included in earthquake cat .......

    News Round-up 20 January 2012

  • Securitisation lawyer hired

    Deborah Festa has joined Milbank, Tweed, Hadley & McCloy as a partner in its Los Angeles office. She joins from O'Melveny & Myers, where she was also a partner.

    Festa's practice covers securitisations, complex domestic and off-shore financing arrangements in various asset classes, and cash flow, market value and synthetic CLO transactions. Prior to O'Melveny & Myers she served as an .......

    Job Swaps 20 January 2012

  • Competition questions

    Trade execution, fragmentation in the spotlight

    The issues of anonymity and real-time trade acceptance under Dodd-Frank appear to be splitting the OTC derivatives dealer community. At the same time, the competitive landscape is also proving tricky for CCPs.

    "Real-time trading is at the heart of Title VII of the Dodd-Frank Act," explains James Cawley, ceo of Javelin Capital Markets. "If a participant knows in a millisecond .......

    News Analysis 20 January 2012
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