Complete news archive

  • RFC issued on OTC UPI

    ISDA has published its draft taxonomies for credit, interest rate, commodity, fx and equity derivatives. These taxonomies are open for a 30-day comment period.

    As part of ISDA's ongoing efforts to improve the OTC derivatives infrastructure, it developed an implementation plan in June to define a standardised classification for OTC derivatives and develop unique product identifiers (UPI). The ISDA OTC Taxonomies .......

    News Round-up 21 December 2011

  • Enhanced supervisory measures proposed

    The Federal Reserve Board has proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important non-bank financial firms. The proposal - which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing and risk management - is mandated by the Dodd-Frank Act.

    The proposal generally applies to all US .......

    News Round-up 21 December 2011

  • Basel DVA proposal released

    The Basel Committee has issued a consultative document on the application of own credit risk adjustments to derivatives. Under Basel 3, the rules seek to ensure that deterioration in a bank's own creditworthiness does not at the same time lead to an increase in its common equity as a result of a reduction in the value of the bank's liabilities.

    News Round-up 21 December 2011

  • Advisory duo hired

    Duff & Phelps has made two hires at its Chicago office. Brian Weber and Aaron Roberts both join from Houlihan Capital. Weber joins as portfolio valuation vp. He was vp at Houlihan and previously served as an analyst at The Fedeli Group.

    Roberts also joins as portfolio valuation vp. At Houlihan he performed valuation engagements related to structured finance portfolios, .......

    Job Swaps 21 December 2011

  • KBCM expands MBS team

    KeyBanc Capital Markets has made two additions to its fixed income team to expand its MBS capabilities. Christopher Moroz becomes vp while Michael Giasi joins as a director.

    Moroz will be based in Cleveland and tasked with selling MBS products to banks. He most recently worked for JPMorgan Chase as financial services vp, performing credit and portfolio analysis.

    Giasi will .......

    Job Swaps 20 December 2011

  • Fixed income role created

    BlackRock has hired Jeffrey Rosenberg as md and chief investment strategist for fixed income. It is a new position and he will report to Robert Stanley, head of retail fixed income within the portfolio management group.

    Rosenberg joins from Bank of America Merrill Lynch, where he was head of global credit strategy research, overseeing strategy for ABS, CMBS and RMBS, .......

    Job Swaps 20 December 2011

  • CMO trader moves again

    Peter Ma has joined Guggenheim Partners as md and head of agency collateralised mortgage obligations trading. He joins from MF Global, which he joined three months ago.

    Ma's previous roles include senior vp at Keefe, Bruyette & Woods, executive director at UBS Investment Bank and first vp at PaineWebber.

    .......

    Job Swaps 20 December 2011

  • MBIA Insurance on review

    Moody's has downgraded to Baa2, from Baa1, the insurance financial strength (IFS) rating of National Public Finance Guarantee Corporation and changed its outlook from developing to negative. The rating agency also downgraded the rating of National's parent company, MBIA Inc, to B2 from Ba3 and placed the ratings of MBIA Insurance Corporation and subsidiaries under review for possible downgrade.

    The .......

    News Round-up 20 December 2011

  • More of the same?

    US CLOs to build on 2011 foundations, alternatives sought for Europe

    In a year that will be remembered for sovereign instability, market volatility and de-risking across financial institutions, the global CLO market has held its ground. Deals have performed well, forced sales have been minimal and spread widening has been relatively contained, with generic US triple-A spreads ending the year marginally tighter at around 190bp over Libor.

    In the primary market, .......

    News Analysis 20 December 2011

  • US CMBS volumes forecast down

    Moody's expects new US CMBS issuance to hit US$40bn in 2012, down slightly from 2011. These transactions are anticipated to perform well, given that the underlying loans will be underwritten to values and rents that are well below peak levels. Property values in aggregate also should remain at current levels or slightly lower into 2014, followed by moderate growth in .......

    News Round-up 19 December 2011

  • NRAM credit event called

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a restructuring credit event has occurred in respect of North Rock Asset Management. An auction will be held in due course in respect of outstanding CDS transactions on the name.

    .......

    News Round-up 19 December 2011

  • 2012 'pivotal' for CMBS performance

    With over US$55bn of US CMBS loans scheduled to mature next year, the most for any year to date, 2012 could be pivotal for CMBS credit performance, according to S&P.

    Of the 2007 vintage maturities, US$19bn are five-year term loans, approximately 85% of which are scheduled to mature in the first half of 2012. S&P argues that the retrenchment in .......

    News Round-up 19 December 2011

  • SEC charges ex-GSE directors

    The US SEC has charged six former Fannie Mae and Freddie Mac executives with securities fraud. The SEC alleges the defendants knew and approved of misleading statements which claimed the companies had minimal holdings of subprime loans.

    A complaint has been filed against former Fannie Mae ceo Daniel Mudd, former chief risk officers Enrico Dallavecchia and former executive vp Thomas .......

    Job Swaps 19 December 2011

  • Euro, US CLO outlooks diverge

    US CLOs issued in 2012 will have a strong credit profile, Moody's suggests. The agency has a stable outlook for the performance of outstanding US CLOs and a negative outlook for the performance of European CLOs. New issue CLOs will continue to be originated primarily in the US next year because of challenging economic conditions in Europe.

    Features in new .......

    News Round-up 19 December 2011

  • Stable outlooks for Aussie, NZ SF

    Going into 2012, 98% of Fitch-rated Australian and New Zealand structured finance tranches - by value - have stable outlooks. The agency expects this to continue as a result of stable economic conditions and low unemployment, with widespread deterioration in underlying asset performance unlikely to occur over the coming year.

    The risk to the stable outlooks remains the potential for .......

    News Round-up 19 December 2011

  • Spanish RMBS performance reviewed

    Moody's has completed a performance review of the Spanish RMBS market and updated its portfolio loss assumptions in 67 transactions. At the same time, the agency has placed on review for downgrade the ratings of 47 tranches in 20 transactions due to worse-than-expected collateral performance. The rating action reflects the performance to date of the affected transactions, the level of .......

    News Round-up 19 December 2011

  • US CLO review completed

    Moody's has completed its review of all US CLOs previously placed on review for possible upgrade on 22 June, upgrading 2,867 tranches with an original rated balance of US$169bn. The review covered 2,912 tranches, representing over 80% of its US-rated CLO universe, from 561 transactions with an original rated balance totalling US$170bn.

    Of the 2,867 CLO tranches that were upgraded, .......

    News Round-up 19 December 2011

  • Credit card performance set to decelerate

    The performance of US credit card securitisations will continue to improve in 2012, but at a decelerating pace throughout the year, Moody's believes. Some credit card companies are beginning to loosen underwriting guidelines, but they are not adding new originations of lesser credit quality to securitisations, which would weigh on their performance.

    "So long as issuers don't add receivables from .......

    News Round-up 19 December 2011

  • Auto fundamentals to remain healthy

    Moody's expects US auto loan credit fundamentals to remain healthy in 2012: issuance volume is expected to increase and new loan credit quality to be fairly strong, although weaker than last year. In the event of a double-dip recession - a scenario with a one-in-three likelihood of emerging - underwriting is anticipated to tighten again.

    "Our outlook for the sector .......

    News Round-up 19 December 2011

  • CRE CDO delinquencies fluctuate slightly

    US CRE CDO delinquencies reversed two months of slight increases this past month, according to Fitch's latest index results for the sector. CRE CDO late-pays fell to 12.4% in November from 12.5% in the prior month.

    In November, asset managers reported only four new delinquent assets, Fitch says. Among them were one term default, one matured balloon loan, one new .......

    News Round-up 19 December 2011

  • Life securitisation marketing

    Credit Agricole Securities (USA) is marketing an embedded value life securitisation for Aurigen Reinsurance, dubbed Vecta 1. The deal has been assigned a preliminary rating of triple-B plus by S&P.

    The deal stems from a reinsurance agreement entered into in September 2008 by Aurigen Reinsurance Ltd (ARL) and Aurigen Reinsurance Co (ARC). Under the agreement, ARL provided permanent aggregate stop-loss .......

    News Round-up 19 December 2011
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