Complete news archive

  • Fed white paper supportive of RMBS

    Fitch suggests that the recommendations in a recent Federal Reserve white paper on the US housing market are challenging, but some may benefit the private-label RMBS sector. The Fed's commentary recommends policies that limit the growth of the inventory of foreclosed homes and make mortgage credit easier to access.

    The primary recommendation of the white paper is a government-facilitated REO-to-rental .......

    News Round-up 10 January 2012

  • TriOptima Japan head named

    TriOptima has appointed Ken Nishimura as head of TriOptima Japan. He will manage the continuing expansion of the company's client relationships in the country as well as the day-to-day operations of the Tokyo office.

    Nishimura was a director at Advantage Partners Group and has also held roles at GE Capital Japan, Nomura Securities and Nomura International, where he focused on .......

    Job Swaps 10 January 2012

  • DSB noteholder meetings scheduled

    A noteholder meeting is being convened on 24 January to discuss and approve two proposals related to the Monastery 2006-1, Monastery 2004-1, Chapel 2003-1 and Chapel 2007-1 transactions. The meeting follows one week after a scheduled meeting to discuss improving reporting and accountability of the security trustee for Chapel 2003-1.

    The first proposal is to instruct the security trustee to .......

    News Round-up 9 January 2012

  • SF lawyer joins in expansion

    SNR Denton has added a new partner to its banking and finance team in London, which it has earmarked for growth. Edward Hickman joins the firm from Linklaters, where he spent six years as a partner in the structured finance team.

    Hickman specialises in loan portfolio sales, securitisation, regulatory capital, commercial real estate financing, debt capital markets and derivatives transactions. .......

    Job Swaps 9 January 2012

  • DataWarehouse construction progresses

    User functionality is the current focus of the team building the European DataWarehouse (ED), after Sapient Global Markets won the mandate to construct it at the end of October (SCI 1 November). Functionally, the ED will be a simple system, given that its purpose is to facilitate access to loan-level ABS data via screens and APIs.

    "We're working with our .......

    News 9 January 2012

  • SCI Start the Week - 9 January

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

    Pipeline
    The year began with three new deals entering the pipeline last week. The largest is a US$1.7bn stranded cost ABS (CenterPoint Energy Transition Bond Company IV), which was joined by a US$765m student loan ABS (SLM Student Loan Trust 2012-1) and a US$400m CLO (ALM V).

    Pricings
    The first RMBS of the year (€722m Popolare Bari SPV 2011) has priced. Three .......

    News 9 January 2012

  • Credit advisor recruited

    Kepler Capital Markets has hired Joachim Karoubi Nordon as an advisor in its credit alternative solutions group (ASG) in London. His most recent role was as head of credit market coverage at West Point Derivatives while he has also worked for Commerzbank and Société Générale.

    .......

    Job Swaps 9 January 2012

  • LCR rules taking shape

    The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 8 January to discuss Liquidity Coverage Ratio (LCR) proposals and its strategy for assessing implementation of the Basel regulatory framework more broadly.

    With respect to the LCR, GHOS members reiterated the central principle that a bank is expected to .......

    News Round-up 9 January 2012

  • Monoline replacement agreed

    Assured Guaranty (Europe) has replaced Ambac Assurance UK as financial guarantor and controlling creditor on Worcestershire Hospital SPC, a £97.2m UK Private Finance Initiative bond issue. The move is expected to enhance the creditworthiness of the bonds and was approved by 100% of the voting bondholders.

    The guarantees - for timely payment of scheduled principal and interest throughout the life .......

    News Round-up 9 January 2012

  • CMBS delinquency index drops as office sector rises

    US CMBS delinquencies finished last year with a fifth straight month of declines, according to the latest US CMBS Loan Delinquency Index results from Fitch. However, office delinquencies are continuing on an upward trajectory.

    CMBS late-pays declined in December to 8.37% from 8.41% a month earlier, Fitch says. However, office delinquencies climbed to 6.84%, exceeding their previous high of 6.64% .......

    News Round-up 6 January 2012

  • Euro CLO hibernation over?

    The European CLO market has made a somewhat lethargic start to 2012, not dissimilar to how it ended 2011. Although the sector has not been busy in the first week of the year, trades are being done and activity is expected to pick up as the month continues.

    "It has not been a busy first week back for European CLOs, .......

    Market Reports 6 January 2012

  • New CMBS director recruited

    Morningstar has appointed Gregory Murdock as director of CMBS investor services. He reports to Robert Dobilas, president of Morningstar's structured credit ratings business.

    Murdock will work directly with CMBS investors to educate them on Morningstar's structured credit rating methodology. He will also represent the firm's structured ratings business with industry trade groups.

    Murdock joins from Fannie Mae, where he was .......

    Job Swaps 6 January 2012

  • Investor relations head hired

    400 Capital Management has appointed Mark Lewand as director and head of investor relations. He joins the New York-based firm from Cambridge Place Investment Management (CPIM) in London.

    Lewand spent 8 years at CPIM, where he was a senior executive responsible for business development. In his new role he is expected to be responsible for leading 400 Capital's efforts developing .......

    Job Swaps 6 January 2012

  • ABS CDO liquidation scheduled

    Dock Street Capital Management has been retained as liquidation agent for Kleros Real Estate CDO IV. The collateral will be sold via two auctions on 18 January.

    .......

    News Round-up 6 January 2012

  • Further RMBS investigations opened

    Investors represented by Gibbs & Bruns have issued instructions to US Bank and HSBC, as trustees, to open investigations of ineligible mortgages in pools securing over US$19bn of RMBS issued by Wells Fargo affiliates.

    Collectively, the law firm's clients hold over 25% of the voting rights in 48 trusts that issued the RMBS. Gibbs & Bruns has been active in .......

    Job Swaps 6 January 2012

  • Credit, distressed investment pro hired

    Black Diamond Capital Management has appointed Kenneth Rubin as senior md and hedge fund portfolio manager. He will have responsibility for Black Diamond's hedge fund platform along with managing principal Stephen Deckoff.

    Rubin will be based in the Greenwich, Connecticut office. He has over twenty years of experience in credit and distressed investing, most recently as md and co-head of .......

    Job Swaps 5 January 2012

  • CMBS loan liquidations retreat

    The volume of CMBS conduit loans liquidated in December retreated sharply, dropping by 51% from November's reading, according to Trepp. However, last month's reading was unusually high - it was the highest total since Trepp began tracking this number in January 2010. The December number represents more of a reversion to the mean, the firm says.

    At US$1.04bn, liquidations were .......

    News Round-up 5 January 2012

  • Douro tender offers surprise

    Banco BPI has surprised the market by launching a fixed price tender offer for ten bonds, accounting for €2.17bn of outstanding nominal value, across three Portuguese RMBS transactions - Douro Mortgages 1, 2 and 3. The offers form part of the firm's efforts to manage its balance sheet and capital structure, and aim to provide liquidity to successful participants.

    The .......

    News 5 January 2012

  • CMBS evolution considered

    New issue US CMBS continues to evolve but with uncertainties that broader market volatility will only serve to exacerbate, according to Fitch.

    CMBS 2.0 - or 3.0, as some market participants are now calling it - closed out 2011 with issuance at just over US$40bn, the rating agency notes. "Among the more notable attributes is the re-emergence of public deals .......

    News Round-up 5 January 2012

  • Retained ratings warning issued

    Fitch reports increasing volatility in the ratings of eurozone structured finance (SF) transactions that are fully retained by originators for use as collateral with the ECB. This reflects the originator's motivation - as the sole investor - to only preserve ratings that will continue to meet ECB eligibility requirements, the agency says.

    "Choosing to restructure or amend retained transactions - .......

    News Round-up 5 January 2012

  • Broker-dealer legal pair recruited

    Crowell & Moring has hired a pair of experienced broker-dealer attorneys. Eden Rohrer and Linda Lerner both join the New York office as members of the corporate group.

    Rohrer joins from Haynes and Boone, where she was a partner. She has advised broker-dealers in proceedings with the US SEC, FINRA, state and foreign regulatory authorities. Her practice focuses on CDS .......

    Job Swaps 5 January 2012
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