Complete news archive

  • 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

  • Forging ahead

    US ABS continuing to battle headwinds

    The US ABS market continued its post-crisis recovery in 2011, achieving decent issuance despite some battering headwinds. Those same headwinds are expected to impact the market again in 2012, although issuance and performance should both remain strong, with more esoteric ABS set to prove popular.

    Ongoing regulatory wrangling, legislative issues and macroeconomic factors, such as the European sovereign debt crisis, .......

    News Analysis 22 December 2011

  • Bank's RMBS rap from regulator

    FINRA has fined Barclays Capital US$3m for misrepresenting delinquency data in connection with subprime RMBS it issued and also fined it for inadequate data supervision. In settling, Barclays has neither admitted nor denied the charges.

    Subprime RMBS issuers are required to disclose historical performance information for securitisations with similar mortgages to those in the RMBS being offered to investors. FINRA .......

    Job Swaps 22 December 2011

  • Keep on keeping on

    Cautious outlook for the global CMBS and CRE markets in 2012

    At best, expectations for the US CMBS and CRE markets in 2012 are for more of the same - there appears to be little hope for a sudden upsurge in activity next year. However, there are some pockets of positivity and ultimately, it is argued, the market simply has to keep going. (For more on European CMBS, see boxed out .......

    News Analysis 22 December 2011

  • Chapel deals downgraded

    S&P has lowered and removed from credit watch negative its credit ratings on all classes of notes in Chapel 2003-I. At the same time, it lowered and removed from credit watch negative ratings on the class A2, B, C, D, E and F notes, and affirmed and removed from credit watch negative the rating on the class A1 notes in .......

    News Round-up 22 December 2011

  • Sovereign-linked deals on review

    Fitch has placed 40 tranches of 23 Irish, Italian and Spanish structured finance (SF) transactions on rating watch negative (RWN) following the rating action taken on the sovereign IDRs of these countries. In addition, the agency has revised the outlook on two tranches - Harvest CLO IV class Ms and Exfin Capital class As - credit-linked to government bonds issued .......

    News Round-up 22 December 2011

  • Stable outlook for LatAm SF

    Fitch's credit outlook for Latin American structured finance (SF) transactions in 2012 is stable. This view is consistent with most of the outlooks for the sovereigns in the region.

    The agency highlights that while most of the world continues to feel the effects of the global credit crisis, Latin American ratings continue to be fairly resilient. The stable outlook is .......

    News Round-up 22 December 2011

  • Updated LMI criteria hits

    Fitch has downgraded the ratings of 46 tranches of 43 Australian RMBS transactions, following the implementation of its updated Australian RMBS and Lenders Mortgage Insurance (LMI) criteria. The agency has now completed its review of all Australian RMBS transactions, with the ratings of 308 tranches in 117 deals not being impacted.

    The affected tranches are made up of 41 equity .......

    News Round-up 22 December 2011

  • RMBS trader joins Stifel

    RMBS trader Eric Daouphars has joined Stifel Nicolaus. He was most recently md at Citadel Securities and previous positions include md at ICP Capital and Bank of America, as well as director at UBS Investment Bank and vp at Salomon Smith Barney.

    .......

    Job Swaps 22 December 2011

  • Facing a watershed

    Challenges remain as CDS market prepares for central clearing

    Next year is shaping up to be a watershed for credit derivatives in terms of regulatory change. But the market continues to face a number of challenges, not least of which is finalising the framework for central clearing.

    "2012 will be a watershed year for credit derivatives in terms of regulatory proposals taking their final shape and being implemented," says .......

    News Analysis 22 December 2011

  • ISDA OTC stats released

    ISDA has published its analysis of the OTC derivatives market based on 30 June statistics. They show that the notional amount of OTC derivatives outstanding increased by 18% from US$416.7trn at year-end 2010 to US$491.3trn.

    This increase in notional outstanding reverses declines in 2008, 2009 and 2010. From year-end 2007 through year-end 2010, the OTC derivatives markets decreased in size .......

    News Round-up 22 December 2011

  • Law firm names SF head

    Reed Smith has appointed Tamara Box as head of structured finance. Previously head of international structured finance at Berwin Leighton Paisner, Box joins Reed Smith's London office as a partner in the financial industry group.

    Box is qualified in both England and New York and specialises in securitisations, derivatives, debt capital markets and debt restructurings. She also has significant experience .......

    Job Swaps 22 December 2011

  • FIG ceo takes leave

    Daniel Mudd is taking a leave of absence from his role as Fortress Investment Group ceo. Randal Nardone, currently Fortress principal and co-founder, becomes interim ceo.

    Mudd says he is taking the leave of absence to ensure the attention he is focusing on matters outside of Fortress do not affect the company's business or operations. The US SEC announced earlier .......

    Job Swaps 22 December 2011

  • Updated HARP 2.0 guidelines released

    Fannie Mae has released updated guidelines for HARP. Most of the changes were previously announced, but the removal of the 'borrower ability to pay' clause was not expected and could have a significant impact.

    Loans delivered to Fannie Mae must meet certain underwriting criteria. The borrower ability to pay clause was one such requirement, stipulating that lenders must determine whether .......

    News 21 December 2011

  • FSA proposals credit negative for NC RMBS

    Moody's says that the UK FSA's revised proposals for tighter rules on mortgage lending will be credit neutral for UK prime RMBS but credit negative for UK non-conforming RMBS. The proposed measures are less prescriptive than the previous consultation in July 2010, but are still designed to ensure that any borrower taking out a new mortgage can meet the associated .......

    News Round-up 21 December 2011

  • Stable auto ABS performance predicted

    With small declines in both delinquencies and losses in November, stable asset performance for US auto ABS will likely stay the course in 2012, according to Fitch's latest index results for the sector. US prime and subprime auto loan ABS continued to show performance stability during the month, posting marginal improvements in both delinquencies and losses month-over-month (MOM).

    Asset performance .......

    News Round-up 21 December 2011

  • PEARL RMBS restructured

    SNS Bank has restructured PEARL Mortgage Backed Securities 1, 2 and 3, following the update to Fitch's criteria for rating RMBS transactions backed by the Nationale Hypotheek Garantie (NHG).

    Under the restructuring, the proceeds of a partial redemption of the class A notes were used to issue mezzanine class S notes. The class S notes rank senior to the class .......

    News Round-up 21 December 2011

  • Blown off-course

    Sovereign crisis, regulatory pressures weighing on Euro ABS

    The European securitisation market began 2011 on a reasonably positive footing, with strong issuance and plenty of liquidity. But the European sovereign debt crisis knocked this burgeoning recovery off-course and remains - together with regulatory pressures - the wild card for the sector going into next year.

    The European sovereign debt crisis effectively undermined confidence and thus liquidity in the .......

    News Analysis 21 December 2011

  • Manager seeks broader opportunities

    Greenwich Loan Income Fund (GLIF) has shelved its plans to sell its exposure to T2 CLO I (SCI 27 April). The company says that although it received a number of proposals, none reflected the far lower risk profile of the CLO than the CLO market as a whole. Thus to have sold and reinvested would have increased its risk profile .......

    Job Swaps 21 December 2011

  • CLO sale agreed

    The receivers (Deloitte) of Clio European CLO have entered into a sale agreement, pursuant to which the portfolio will be sold to Hyacinth Funding No.1. The purchase price for the sale will be satisfied by the surrender by Hyacinth to the issuer of notes with a principal amount outstanding of €413.81m. The portfolio will be split into two separate sub-portfolios .......

    News Round-up 21 December 2011
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