Complete news archive

  • 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

  • Euro sovereign collateral policies revisited

    AFME, ICMA and ISDA have released a paper on the impact of the collateral policies of European sovereigns. Entitled 'The Impact of Derivative Collateral Policies of European Sovereigns and Resulting Basel III Capital Issues', it suggests that such policies could significantly affect the liquidity and dynamics of the credit default swap (CDS) market and create substantial additional bank liquidity requirements.

    News Round-up 19 December 2011

  • SCI Start the Week - 19 December

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

    Pipeline
    Three new deals remained in the pipeline at the end of last week, all of them from Europe. They comprise an RMBS (€90m AyT Celeris Hipotecario I) and two SME CLOs (€1.2bn BBVA Empresas 6 and Geldilux TS 2011).

    Pricings
    A variety of deals printed during the week. The US$100m Atlas VI Capital 2011-1 and €75m Atlas VI Capital 2011-2 catastrophe .......

    News 19 December 2011

  • Innkeepers portfolio modified

    The modification and assumption of the Innkeepers portfolio securitised in LBUBS 2007-C6 and LBUBS 2007-C7 has been completed (SCI passim), according to the December remittance reports. As a result of the modification, the US$825.4m loan was written down to US$675m (US$337.5m in each deal), with each of the deals taking a US$75m loss.

    The new loan balance was consistent with .......

    News 19 December 2011

  • Capital markets merger agreed

    Apollo Global Management will merge Stone Tower Capital and its related management companies into Apollo's capital markets business. Stone Tower chairman and ceo Michael Levitt will join Apollo as vc of Apollo Credit Management.

    The move will roughly double Apollo's capital markets AUM to US$39bn, making capital markets the largest part of Apollo's business. It will grant Apollo both greater .......

    Job Swaps 16 December 2011

  • Trustees open investigations

    Clients of Gibbs & Bruns have issued instructions to BNY Mellon, US Bank, Wells Fargo, Citibank and HSBC, as trustees, to open investigations of ineligible mortgages in pools securing over US$95bn of RMBS issued by JPMorgan affiliates.

    Collectively, the clients hold over 25% of the voting rights in 243 trusts that issued these RMBS. The holders anticipate that they may .......

    Job Swaps 16 December 2011

  • Stable outlook for Japanese SF

    Fitch's rating outlook for Japanese structured finance (SF) transactions is broadly stable in 2012, given the recovering economy and stabilising real estate market.

    "While Fitch does not expect underlying asset performance to see tangible improvement in the short term, overall stabilisation in 2012 is likely on the back of Japan's improving economic conditions," says Atsushi Kuroda, senior director in the .......

    News Round-up 16 December 2011

  • AMR Corp results in

    The final price of the AMR Corporation CDS auction, held yesterday (15 December), was determined to be 23.5. This follows 13 dealers submitting inside markets, physical settlement requests and limit orders to settle trades across the market referencing the name.

    .......

    News Round-up 16 December 2011

  • SEC seeks review of Citi judgment

    The US SEC has filed papers seeking review of the US Court of Appeals for the Second Circuit's rejection last month of the agency's US$285m settlement with Citigroup (SCI 20 October). The court declined to approve the consent judgment because, in its view, the underlying allegations were "unsupported by any proven or acknowledged facts".

    "We believe the district court committed .......

    Job Swaps 16 December 2011

  • CDO interpleader complaint filed

    The trustee on Cedarwoods CRE CDO II intends to file an interpleader complaint against the issuer, the collateral manager, the class A-1 noteholder and the class A-2 noteholder regarding the declaration of an EOD and related issues.

    According to a 2 December notice, the transaction experienced and continues to experience an EOD under Section 5.1(f) of the indenture. Pursuant to .......

    News Round-up 16 December 2011

  • FDIC, former WaMu officials settle

    The FDIC has agreed a settlement with the former directors and officers of Washington Mutual Bank (WaMu). Under the agreement, US$64.7m will be handed over to the FDIC.

    The money is comprised of almost US$40m from insurance proceeds, $425,000 in cash from the defendants and the US$24.7m face value of the defendants' bankruptcy claims that are pending in the Chapter .......

    Job Swaps 16 December 2011

  • Weak performance expected for private SLABS

    Moody's expects the credit performance of private student loan ABS to remain weak in 2012 because of a variety of macroeconomic factors.

    "Continued high unemployment, combined with high debt burdens and declining income means that recent college graduates and, to a lesser extent, their co-signers will continue having difficulty repaying their student loans," says Moody's avp Tracy Rice.

    Delinquency and .......

    News Round-up 16 December 2011

  • Leveraged finance funding mix forecast

    S&P has put forward three possible options for filling the funding gap in the European leveraged finance market: the corporate high yield bond market, loans from retail investors and new institutional investors.

    The agency believes that the corporate high yield bond market will form the main part of the solution in the near term. In the future, retail schemes could .......

    News Round-up 15 December 2011

  • BOE-compliant models offered

    Lewtan is providing Bank of England-compliant cashflow models for the UK RMBS market via its ABSNet web portal, together with new functionality, including an asset projection engine and bond analytics. As of 30 November, the Bank requires issuers to provide investors with access to specific deal documentation, reports, loan level data and a liability cashflow model (SCI 31 October).

    .......

    News Round-up 15 December 2011

  • Bank credit quality weighs on ABCP

    Deterioration in the credit quality of euro area banks will be the key credit exposure for ABCP holders in 2012, according to Moody's. The agency says that European bank ratings will be influenced by a reduction of government support, which had otherwise provided uplift to bank ratings, and the sovereign debt crisis putting additional downward pressure on bank ratings.

    Moody's .......

    News Round-up 15 December 2011

  • Euro CLO refi risk underlined

    There is more flexibility in Fitch-rated European CLO reinvestment periods than many commentators believe, the agency reports. But refinancing risk and collateral credit quality remain serious concerns.

    The periods during which CLOs can purchase new loans start coming to an end next year and are all finished by 2014. In Fitch's view, many of these vehicles will continue reinvesting beyond .......

    News Round-up 15 December 2011

  • ED counsel appointed

    Morrison & Foerster has been appointed as legal counsel for the European DataWarehouse (ED). Elana Hahn, capital markets group partner, will lead the counsel to ED, with Andrew Crotty serving as principal associate on the project.

    Hahn comments: "We are delighted to be working for ED in the creation of this data system which is fundamental to the development of .......

    Job Swaps 15 December 2011

  • Broker-dealer increases CDS, ABS coverage

    ICE's inter-dealer broker Creditex has increased its coverage of corporate CDS and expanded its hybrid trading capabilities in emerging markets and ABS. The new hires are Gwilym Jennett, Conor Murphy and Eduardo Godinho.

    Jennet joins as head of ABS. His background in trading and broking ABS includes senior roles at Rabobank and Barclays and he will work with Ian Vogt, .......

    Job Swaps 15 December 2011

  • NHG RMBS on review

    S&P has placed on credit watch negative its credit ratings on 38 tranches in 16 Dutch RMBS backed by Nationale Hypotheek Garantie (NHG)-guaranteed loans. The action follows the credit watch negative placement of the agency's long-term sovereign ratings on the Netherlands.

    The NHG is issued by the Stichting Waarborgfonds Eigen Woningen (WEW). WEW's ability to meet its payments when it .......

    News Round-up 14 December 2011

  • PMI Group results in

    Final results of the PMI Group CDS auction, held yesterday, were determined to be 16.5. 13 dealers submitted inside markets, physical settlement requests and limit orders to settle trades across the market referencing the name.

    .......

    News Round-up 14 December 2011
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