Complete news archive
-
US CMBS still strong
The US CMBS primary and secondary markets have both remained active, with a raft of new issuances capturing investors' attention. Spreads have continued to tighten and the market is already looking forward to a flurry of new deals as 2012 begins.
"Generally the market is slower at the moment, but there was a US$300m short triple-A CMBS bid-list out today," .......
Market Reports 6 December 2011
-
British bank builds SF team
Aldermore has recruited a structured finance team, to be led by Ian Flaxman. The team will develop flexible and bespoke structured funding solutions for small and medium sized businesses throughout the UK.
Flaxman joins from Credit Agricole Commercial Finance as head of structured finance. Before that he was managing partner at Yorkshire Bank.
Simon Maddocks and Peter Raybould also join .......
Job Swaps 5 December 2011
-
ABS sales md moves
Benita Levy has joined Mesirow Financial's institutional sales and trading department as md. She reports to senior md Dominick Mondi in Chicago and will focus on ABS, residential and commercial mortgage bonds and CDOs.
Levy has previously worked for Salomon Brothers (and its successor Citigroup) and FTN Financial. Her most recent role was at MF Global, which she joined in .......
Job Swaps 5 December 2011
-
SCI Start the Week - 5 December
A look at the major activity in structured finance over the past seven days
Pipeline
News 5 December 2011
Three auto ABS transactions entered the pipeline last week (¥25bn Driver Japan One, €912.3m FTA Santander Consumer Spain Auto 2011-1 and ¥8bn NBL-1112). There were also two US CMBS deals (US$774m CCFRE CMT 2011-C2 and US$374m JPMCC MST 2011-PLSD) and two Atlas catastrophe bonds (US$100m Atlas VI Capital series 2011-1 and €75m Atlas VI Capital series 2011-2). Additionally, JGWPT XXIV .......
-
Reg cap management solution launched
Moody's Analytics has launched RiskAuthority, which it describes as a next-generation regulatory capital management solution. The tool is aimed at enabling risk professionals to calculate, consolidate and report their organisation's credit, market, operational, concentration and liquidity risk in order to comply with Basel 1, 2 and 3. Developed specifically for banks, credit institutions and clearing houses, RiskAuthority calculates regulatory capital, .......
News Round-up 5 December 2011
-
ABS CDO liquidation scheduled
Stone Tower Debt Advisors has been retained to act as liquidation agent for Gulf Stream-Atlantic CDO 2007-1. The collateral will be sold to the best qualified bidders in one public sale, held in New York at 10am EST on 13 December.
....... News Round-up 5 December 2011
-
CLO novation sought
Plemont Portfolio Managers has entered into a transfer deed with respect to Kintyre CLO I, pursuant to which it has agreed to transfer the role of portfolio manager to BNP Paribas by way of novation. The move is subject to the satisfaction of a number of conditions, including the consent of the controlling class (class A noteholders) by extraordinary resolution.
....... Job Swaps 5 December 2011
-
CRE CDO transfer due
Sandelman Partners is set to assign the collateral management agreement for Sandelman CRE CDO I to Petra Capital Management. Consent to the assignment from both the majority of the controlling class and the majority of the preferred shares holder has been obtained, as required by the transaction documents.
Established in 2006 as a private Delaware REIT, Petra is headquartered in .......
Job Swaps 5 December 2011
-
CMBS modification trends examined
Modifications will remain a key workout method for troubled CMBS loans amid an increasingly challenging lending environment, according to a new report from Citi securitised products analysts. Consequently, the analysts highlight some of the noteworthy emerging trends seen in recent modifications.
The Citi analysts suggest that servicers will likely provide shorter extension periods, but mods will continue to include many .......
News 5 December 2011
-
Defeased CMBS unaffected by sovereign move
Fitch says that its revised outlook on the US sovereign rating to negative is unlikely to yield actions on defeased US CMBS transactions. Overall exposure to defeased collateral amounts to 4% of the agency's total rated population (US$16.1bn in 206 transactions).
Fitch revised its outlook on the US to negative from stable earlier this week due to declining confidence that .......
News Round-up 2 December 2011
-
DSB deals downgraded
Moody's has downgraded the ratings of one RMBS (Monastery 2004-1) and two ABS (Chapel 2003-1 and Chapel 2007-1), as well as confirmed the ratings of another RMBS (Monastery 2006-1). The action reflects the impact of compensation that will likely be granted to borrowers by way of set-off in respect to due care claims related to DSB's lending and intermediation practices .......
News Round-up 2 December 2011
-
Unprecedented CDS widening to continue
The unprecedented widening of credit default swap spreads across many regions and sectors that characterised 2011 is set to continue into next year, according to Fitch Solutions in its year-end Risk and Performance Monitor.
"With no clear resolution to the European debt crisis and the US debt situation still in flux, CDS widening will likely persist in 2012," says Fitch .......
News Round-up 2 December 2011
-
Navigating CMBS
Dan Smith, president and ceo of Four Point Alliance, answers SCI's questions
Provider Profile 2 December 2011
Q: How and when did Four Point Alliance become involved in the CMBS market?
A: Four Point Alliance (FPA) is a commercial real estate advisory firm specialising in expert witness testimony in CMBS and other types of commercial real estate lawsuits, CMBS loan servicing and asset management. I formed the firm in 2009 to assist borrowers, .......
-
Changing tactics
CLO managers eye secondary loans, amend-to-extend prevalent
Faced with a choice between purchasing new issue loans and buying loans in the secondary market, CLO managers are increasingly turning to the latter. Meanwhile, wide spreads and falling new issuance mean that many issuers are unable to refinance, making amend-to-extend another prevailing market theme.
A high level of prepayments is enabling CLO managers to actively buy loans, be they .......
News Analysis 2 December 2011
-
Emerging markets vet charged with fraud
The US SEC has commenced enforcement actions against three separate advisory firms and six individuals for various misconducts, including improper use of fund assets, fraudulent valuations and misrepresenting fund returns. Among the individuals charged is Michael Balboa, co-founder and managing partner of ARAM Global, for his previous involvement with the Millennium Global Emerging Credit Fund.
The SEC's complaint alleges that Balboa, .......
Job Swaps 2 December 2011
-
Mexican loan mods analysed
A recent S&P analysis of modified loans in a sample of Mexican RMBS shows that overall loan modifications have not cured delinquencies and defaults as well as had been hoped, the agency says.
"While the data is limited, we believe it provides some insight into how loan modifications are performing in Mexico," notes S&P credit analyst Daniel Castineyra.
Among the .......
News Round-up 2 December 2011
-
Massachusetts AG files suit
Massachusetts Attorney General Martha Coakley has filed a lawsuit in Suffolk Superior Court against Bank of America, Wells Fargo, JPMorgan, Citi and GMAC in connection with their roles in allegedly pursuing illegal foreclosures and deceptive loan servicing. The suit also names Mortgage Electronic Registration System and its parent, MERSCORP, as defendants.
In the complaint, the Attorney General alleges that the .......
News Round-up 2 December 2011
-
Alcentra prepping listed fund
Alcentra says it intends in early 2012 to launch a new fund that invests predominantly in senior secured loans and floating rate senior secured bonds issued by European corporates. The Alcentra European Floating Rate Income Fund, a Guernsey closed ended investment company, will be listed on the main market of the London Stock Exchange.
The fund aims to produce a .......
News Round-up 2 December 2011
-
SEAT credit event called
ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a failure to pay credit event occurred in respect of SEAT PAGINEGIALLE. An auction will be held in due course in respect of outstanding CDS transactions on the name.
The Committee also determined to withdraw the previous question in respect of SEAT PAGINEGIALLE, which had been submitted for external review, on .......
News Round-up 2 December 2011
-
ABS CDO manager replacement proposed
Aurelius Capital Management on 30 November gave written notice of its resignation as collateral manager for Aurelius Euro CDO 2008-1. Omicron Investment Management proposed its appointment as successor collateral manager on the same date. The replacement is subject to rating agency confirmation, as well as the consent of the controlling class and 50% of subordinated noteholders.
....... Job Swaps 2 December 2011
-
Galaxy acquisition positive for pub WBS
Heineken has acquired the Galaxy pub estate - comprising 918 pubs - from RBS, which it had previously managed through its Scottish and Newcastle subsidiary, for £412m. The move is expected to have a positive impact on senior and mezz Unique and Punch bonds.
The sales price implies a multiple of 7.2x trailing 12-month EBITDA of £52m on the estate, .......
News 2 December 2011