Complete news archive

  • 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

  • MBIA, Morgan Stanley settle

    Morgan Stanley has reached a comprehensive settlement with MBIA that terminates outstanding credit default swap protection purchased from MBIA on CMBS and resolves pending litigation between the two parties for consideration of a net cash payment to Morgan Stanley. Under the settlement, MBIA will also withdraw its RMBS-related suit against Morgan Stanley in return for Morgan Stanley withdrawing from suits .......

    Job Swaps 14 December 2011

  • Impact of REO dispositions uncertain

    Fitch expects single-property REO and bulk REO sales to be a key activity in the US housing market over the next two years. However, uncertainties around FHFA's next steps make the disposition of those assets and their impact on the housing market hard to predict and variable by location.

    Lenders Processing Service estimates that, nationally, over two million properties are .......

    News Round-up 14 December 2011

  • Euro CMBS refi warning

    Limited availability of refinancing for maturing loans will be the key threat to the credit quality of outstanding CMBS transactions in 2012, according to Moody's. A significant gap exists between refinancing needs and available financing in the overall European CRE market.

    Financing is expected to only be available for low-leveraged loans secured by prime properties, as banks are in the .......

    News Round-up 14 December 2011

  • NZ law firm promotes partners

    Russell McVeagh has promoted two new partners, effective 1 December. The new partners are Deemple Budhia, based in Auckland, and Nick Hegan, based in Wellington.

    Budhia's practice covers all areas of finance law, including securitisation and structured finance, debt capital markets and derivatives. Before joining Russel McVeagh Budhia worked for Citibank's European commercial property and securitisation team and Allen & .......

    Job Swaps 13 December 2011

  • Aussie RMBS arrears falling

    Australian prime RMBS arrears have fallen for the second consecutive quarter across all 30+ day indices, according to Fitch's 3Q11 Dinkum Index results. The index decreased by 17bp to 1.52% in September 2011 from 1.69% in June 2011.

    "The stable mortgage performance in 3Q11 reflects that households have adjusted to the payment stresses of 4Q10 and 1Q11. Mortgage performance is .......

    News Round-up 13 December 2011

  • UK RMBS impacted

    S&P has placed on credit watch negative its credit ratings on 764 tranches in 119 UK RMBS, following an update to its criteria for rating such transactions (SCI 9 December). Affected deals are those where the agency believes there is at least a one-in-two chance that ratings will be lowered, following the application of its updated criteria.

    The rating actions .......

    News Round-up 13 December 2011

  • MBS CCP announced

    The DTCC's Fixed Income Clearing Corporation (FICC) mortgage-backed securities division has filed an application with the SEC to provide central counterparty (CCP) and pool netting services for trades in US agency MBS. The initiative is designed to reduce the risks and costs associated with trading in this market.

    "We anticipate that our central counterparty services will reduce risk by greatly .......

    News Round-up 13 December 2011

  • SCI Start the Week - 12 December

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

    Pipeline
    A variety of deals joined the pipeline last week. In ABS there are two new deals: a US$494.1m deal secured by drugstore leases (CVS Lease-Backed Pass-Through Series 2011 Trust) and a A$90m Australian auto loan transaction (Liberty Series 2011-1 Auto). Additionally, Freddie Mac SPC Series K-016 (a US$1bn CMBS) and Tramline Re series 2011-1 (a US$75m catastrophe bond) hit the .......

    News 12 December 2011

  • Sovereign review hits Euro deals

    S&P has placed on credit watch negative its credit ratings on 270 tranches in 201 European structured finance transactions. The actions follow the credit watch negative placement of its ratings on 15 eurozone countries - Austria, Belgium, Estonia, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovak Republic, Slovenia and Spain.

    Specifically, the agency has placed on credit .......

    News Round-up 12 December 2011

  • SEAT results in

    The final price of Seat Pagine Gialle CDS was determined to be 10 during Friday's auction. 13 dealers submitted inside markets, physical settlement requests and limit orders to settle trades referencing the name.

    .......

    News Round-up 12 December 2011

  • Enhanced CDS statistics released

    The BIS has published in its latest Quarterly Review a report detailing enhanced credit risk transfer statistics. Two improvements were made to the data in June: total credit risk transfers with each counterparty group have been decomposed according to characteristics of the underlying debt; and market values of credit risk transfers have been calculated with counterparties in different sectors after .......

    News Round-up 12 December 2011

  • Further C-III CDOs assigned

    C-III Asset Management is proposing to assign the collateral management agreements for Centerline 2007-SRR5, Centerline 2007-1 Resecuritization Trust and Arcap 2005-1 Resecuritization Trust to C-III Investment Management. This follows the internal transfer of five other CRE CDOs last month (SCI 30 November). Moody's has determined that the move will not cause the current ratings of the notes to be reduced .......

    Job Swaps 12 December 2011

  • Executive reshuffle as committee formed

    S&P has announced a raft of organisational changes, effective immediately. The agency's new structure will include an executive committee responsible for the ratings business, strategy, regulatory and policy outreach, investment and talent.

    "As we look forward to 2012, these organisational changes will better position us to drive growth in developed and emerging markets and to create new products and services," .......

    Job Swaps 9 December 2011

  • Euro star

    RMBS performs well in tough European climate

    RMBS has been a particular highlight of the European securitisation market this year. Performance has been comparatively strong and continues to give cause for optimism, although there are still obstacles to be overcome.

    "We have been through a very tough time, but when you look at the performance of the prime vanilla RMBS deals in the UK and the Netherlands .......

    News Analysis 9 December 2011

  • ECB expands repo criteria

    The ECB has increased the collateral available for use in its operations by extending its criteria for securitisations. RMBS and SME ABS may now be eligible if their 'second best' ratings are at least single-A. Previously, only issuance originally rated triple-A was eligible.

    To be eligible for use in Eurosystem credit operations: collateral must also belong to the same asset .......

    News Round-up 9 December 2011

  • Prescriptive SEF rules highlighted

    Overly prescriptive swap execution facility (SEF) rules - specifically the 15-second rule and the five RFQ requirement - will have a negative impact on liquidity, according to a new TABB Group survey. Nevertheless, nearly three-quarters of respondents believe that SEF formation will be good for the swap market.

    Over 43 firms have expressed an interest in creating a SEF, TABB .......

    News Round-up 9 December 2011

  • UK RMBS criteria updated

    S&P has updated its methodology and assumptions for rating UK RMBS, following its September request for comment. The revised criteria apply to all new and existing ratings on UK RMBS.

    The criteria aren't expected to have an impact on existing ratings on prime UK RMBS, although marginal rating actions could affect those prime RMBS whose credit performance in the recent .......

    News Round-up 9 December 2011

  • Office CMBS delinquencies a concern

    November marked the fourth straight month of declines in US CMBS delinquencies, though office properties remain an area of concern heading into 2012, according to Fitch's latest delinquency index results.

    CMBS late-pays declined by 15bp in November to 8.41% from 8.56%. New delinquencies totalling US$1.8bn were offset by US$2.2bn of resolutions, Fitch says. More than half of all new delinquencies .......

    News Round-up 9 December 2011

  • RMBS RFC issued

    Moody's has published a request for comment regarding proposed changes to the assumptions and methodology used in its RMBS collateral analysis model, MILAN. The RFC details proposed changes to the approach used by the MILAN model for certain loan characteristics, as well as changes to some country settings.

    Among the key proposed changes is the introduction of a transaction minimum .......

    News Round-up 9 December 2011

  • Regulatory uncertainty hinders clearing prep

    A new TABB Group study suggests that European swap dealers are being squeezed on all sides, with regulatory uncertainty hindering their ability to build out their swaps businesses. According to the report, many capital-constrained banks are balking at the expense of establishing OTC clearing services.

    With Basel 3 set to make capital a rarer, more expensive commodity, 90% of the .......

    News Round-up 8 December 2011
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