Complete news archive

  • 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

  • Global credit manager created

    Resource America and CVC Capital Partners have entered into a definitive agreement which will create a new company - CVC Credit Partners (CCP). CCP will be a global credit management business with teams in the US and Europe and AUM of over US$7.5bn.

    As part of the transaction, Resource America is selling its CLO manager, Apidos Capital Management, to CVC .......

    Job Swaps 4 January 2012

  • Stable outlook for Canadian ABCP

    Moody's outlook for Canadian ABCP programmes for 2012 is stable, with the credit quality of the underlying assets remaining strong and the rating outlook for the banks that supply their liquidity support continuing to be stable.

    "The credit quality of the assets in the ABCP programmes remains strong, with few or no losses relative to credit enhancement," says Lisa Singman, .......

    News Round-up 4 January 2012

  • 2007-vintage maturities hit CMBS delinquency rate

    After a positive November delinquency report, the Trepp CMBS delinquency rate reversed course and moved higher in December. The firm believes that the move marks the beginning of a six- to twelve-month stretch where the rate could increase by 75bp in aggregate, driven by the first wave of 2007-vintage loans reaching their balloon dates over the next few months.

    Overall .......

    News Round-up 4 January 2012

  • CoActiv appoints credit svp

    CoActiv Capital Partners has promoted Robert Levitsky to credit and risk management svp. Levitsky will lead the small ticket and structured finance credit underwriting teams, as well as overseeing risk management interaction with CoActiv's parent, Marubeni America Corporation.

    Levitsky has thirty years of experience in the industry and was most recently credit and risk management vp, having previously been CoActiv's .......

    Job Swaps 4 January 2012

  • CLO manager resigns

    Nomura Corporate Research and Asset Management has given notice of its resignation as investment manager on the Clydesdale Strategic CLO I and Clydesdale CLO 2005 transactions. The manager proposed to assign the investment management agreements for the deals to Ares Management (SCI 5 October).

    .......

    Job Swaps 4 January 2012

  • AG servicing settlement nears

    It appears that the state attorneys general and the five largest mortgage servicers - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial - may have reached an agreement, after more than a year of negotiations over servicing and foreclosure abuses (SCI passim).

    DBRS notes in its latest US structured finance newsletter that the proposed settlement would require .......

    News Round-up 4 January 2012

  • Brazilian bank buys securitisation firm

    Banco PanAmericano, a division of BTG Pactual, is to purchase Brazilian Finance and Real Estate (BFRE). A non-binding memorandum of agreement has been signed for a R$940.3m acquisition of all BFRE companies, including its mortgages and securities divisions.

    The purchase marks a repositioning for PanAmericano as it reorganises and diversifies its business. BFRE has been a market player for 12 .......

    Job Swaps 3 January 2012

  • Vecta 1 closes

    Vecta 1, Aurigen Reinsurance's embedded value life securitisation (SCI 19 December 2011), has closed at C$120m, paying an 8% fixed coupon. The deal has been rated triple-B plus by S&P.

    The subject business consists of 447,444 term, permanent, and universal life (UL) policies on Canadian lives with aggregate face amount of approximately C$22bn, average face amount of C$49,779 and aggregate .......

    News Round-up 3 January 2012

  • Volcker Rule comment period extended

    The comment period on the proposed Volcker Rule (SCI passim) has been extended by a month until 13 February 2012. The extension forms part of a coordinated interagency effort to allow interested parties more time to analyse the issues and prepare their comments.

    Kenneth Bentsen, evp, public policy and advocacy at SIFMA, notes that the extended comment period will allow .......

    News Round-up 3 January 2012

  • CRE advisory hires for DCM

    American Realty Capital (ARC) has hired Andrew Winer to lead a number of the firm's strategic debt initiatives.

    Reporting directly to Nicholas Schorsch, ceo, and Bill Kahane, president, Winer will be charged with advising ARC, its affiliates and subsidiaries in connection with debt capital markets. He will be responsible for arranging corporate lines of credit and other loan facilities for .......

    Job Swaps 3 January 2012

  • Tech firm recruits Euro md

    Jamie Harper has joined Vichara Technologies as European business development md. He is based in London.

    Harper's most recent post was as vp for EMEA at Lewtan Technologies. Previous roles include svp at Demica and a business development position at Moody's RMS.

    .......

    Job Swaps 3 January 2012

  • US resi outlook assumptions updated

    S&P has updated its outlook assumptions for the US residential mortgage market, which will apply to new US RMBS backed by prime, Alt-A and subprime mortgage collateral. The assumptions support the agency's view of base-case loss projections for an archetypal mortgage loan pool, as defined in its US RMBS criteria.

    Specifically, S&P's outlook assumptions reflect its view of expected losses .......

    News Round-up 3 January 2012

  • Second-lien RMBS criteria reviewed

    S&P has issued an advance notice of proposed criteria change regarding its methodologies and assumptions for analysing US RMBS backed predominantly by second-lien mortgage loans. Transactions for review include those in which most loans in the mortgage pool are second-liens and classified as home equity line of credit (HELOC), closed-end second-lien, second-lien high-combined-loan-to-value (HCLTV) or home improvement.

    The agency says .......

    News Round-up 3 January 2012

  • ABS CDO tender announced

    Faxtor ABS 2005-1 class A1 noteholders have been invited to tender their notes for purchase for cash. The maximum proposed spend amount is €22m at a maximum purchase price of 80%.

    Originally sized at €227m, the outstanding principal amount of the class A1 notes is €169.72m. All responses are to be submitted by 20 January, with settlement expected on 26 .......

    News Round-up 3 January 2012

  • Card charge-offs increase

    US credit card charge-offs increased by 17bp in November to 5.38%, according to Moody's latest credit card indices. With other key performance measures remaining strong in November, the agency continues to expect the overall trend in charge-offs to be downward, with the rate eventually falling below 4% by the end of 2012.

    "The charge-off rate index is more than three .......

    News Round-up 3 January 2012

  • Euro CMBS loan warnings issued

    According to the latest European CMBS monthly bulletins from S&P and Fitch, January is going to be a testing month for loan maturities.

    Although recent data show that some delinquent European CMBS loans have cured, the poor loan performance looks set to continue undeterred in 2012, according to S&P. This, the agency says, is all the more troubling considering that .......

    News Round-up 3 January 2012

  • CRE lawyer hired

    Krieg DeVault has appointed Ross Taylor as of counsel in its commercial and real estate lending practice. He specialises in secured and unsecured lending, structured finance and lease financing.

    Taylor joins the Chicago office from Kelley Drye & Warren, where he was a partner. He has been in the industry for over twenty years and has also served as partner .......

    Job Swaps 23 December 2011

  • Servicer compensation proposals slammed

    SIFMA has filed a comment letter on the FHFA's Alternative Mortgage Servicing Compensation Discussion Paper (SCI 28 September). The association says that although it respects the FHFA's interest in aligning servicers' financial interests and incentives with those of other pertinent parties, particularly those of investors, it has not seen any effort by FHFA to prove that case.

    "The servicing industry .......

    News Round-up 23 December 2011

  • Expanding opportunities

    Growth continues in APAC securitisation markets

    Asia-Pacific structured finance has enjoyed a good year in 2011 and is expected to see even more activity in 2012. Despite a number of challenges, issuance and performance in mainland Asia, Japan and Australia continues to be robust.

    Warren Lee, global head of structured finance solutions at Standard Chartered, says 2011 has been one of the better years for Asian .......

    News Analysis 23 December 2011

  • Marginal rise in Trup default, deferral rate

    New deferrals for US bank Trups CDOs declined again this past month while defaults rose slightly, leading to a marginal increase in the overall rate, according to Fitch's latest index results for the sector.

    Bank defaults for Trups CDOs rose by 0.09% to 16.71%, while new bank deferrals fell 0.06% to 15.42% from 15.92%. The drop in deferrals was due .......

    News Round-up 22 December 2011
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