Complete news archive

  • 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

  • Fitch updates on CRE CDOs and large loan CMBS

    Fitch Ratings has released an updated criteria report for the surveillance of US CRE CDOs and CMBS large loan floating-rate transactions.

    Fitch explains that while no material changes have been made to the core of the criteria, the recognised maturity default percent has been increased for the single-B and double-B rating stresses; and Libor stresses have been updated to be ......

    News Round-up 1 December 2011

  • Positive post-crisis performance for US ABS

    Fitch has published a study analysing US credit card, auto and student loan ABS ratings outstanding on 1 July 2007 and their respective rating performance during the credit crisis to 30 June 2011.

    US consumer ABS exhibited positive rating performance from the mid-2007 to mid-2011 period. The overwhelming majority of tranche ratings remained stable, were upgraded or were paid in .......

    News Round-up 1 December 2011

  • Timeshare delinquencies near historical norms

    US timeshare delinquencies rose during the last quarter as expected, yet remain consistent with levels from a year ago, according to Fitch's latest timeshare ABS index results.

    Total delinquencies for 3Q11 were 3.56%, up from 3.28% in 2Q11. This reflects the seasonal deterioration that takes hold in the autumn and winter, Fitch says.

    Total delinquencies are virtually unchanged from the .......

    News Round-up 1 December 2011

  • US CMBS delinquency rate retreats

    After two consecutive months of weak delinquency reports featuring increases that left the rate at its second highest point ever, the CMBS delinquency rate dropped sharply in November, according to Trepp's latest delinquency report. Overall in November, the delinquency rate for US CRE loans in CMBS fell by 26bp to 9.51%.

    This was the second biggest drop in 2011, surpassed .......

    News Round-up 1 December 2011

  • CMBS loan extension prevalence highlighted

    Fitch says in its latest European CMBS Loan Maturity Bulletin that continued restrictions on new bank funding mean that the majority of loans are still failing to repay at maturity. The Fitch Repayment Index remains low at 38.9%, though this represents a slight improvement from 37.2% in the previous month due to five loans repaying in full.

    Full repayments during .......

    News Round-up 1 December 2011

  • Indian CDS guidelines implemented

    The Reserve Bank of India has implemented guidelines relating to the introduction of CDS for corporate bonds effective today (1 December 1). The bank issued these guidelines on 23 May 2011, but they were postponed pending infrastructure developments.

    .......

    News Round-up 1 December 2011

  • Opera Uni firesale anticipated

    The auction process for Uni-Invest Holdings, which had progressed to the second phase of due diligence, has been suspended. Difficulties of raising debt in the current economic climate against properties similar to those securing the remaining loan in the Opera Uni CMBS were cited as the reason. Bidders were unable to meet the expectations of the special servicer, Eurohypo, to .......

    News 1 December 2011

  • Stable outlook for Euro SF

    Fitch is maintaining its overall stable outlook for European structured finance transactions, despite the weakening macroeconomic backdrop and the negative effects that this could have on the performance of some of the underlying asset markets.

    Current ratings already reflect the agency's expectation of further deterioration across most markets and asset classes. The structural protection available to the notes, alongside the .......

    News Round-up 1 December 2011

  • Strong US auto ABS performance continues

    Prime US auto loan ABS performance remained strong in October as seasonal weaknesses trended lower than usual, according to Fitch.

    Delinquencies edged lower in October month-over-month, while losses crept up at a slow pace relative to prior years. The solid wholesale vehicle market continues to contain loss severity on repossessed vehicles, the agency notes.

    The September-October period did not exhibit .......

    News Round-up 1 December 2011

  • Court ruling boosts Centro CMBS

    The New South Wales Supreme Court has allowed the restructuring - as approved by its security holders and senior lenders on 22 November - of the Centro Properties Group to proceed, thereby paving the way for the firm to refinance its underlying syndicates and meet the scheduled obligations to Centro CMBS 2006-1 by 20 December. This follows the objection by .......

    News Round-up 1 December 2011

  • Financial guaranty ratings criteria hit

    S&P has downgraded the financial strength ratings of Assured Guaranty Corp and Assured Guaranty Municipal Corp to double-A minus (stable outlook) from double-A plus (credit watch negative). At the same time, it downgraded the rating of Assured Guaranty Re to double-A minus (stable outlook) from double-A (credit watch negative). The action is in line with the agency's new criteria for .......

    News Round-up 1 December 2011

  • Trups CDO deferrals declining

    New deferrals continue to decline due to additional cures during the past month for US bank Trups CDOs, while defaults increased slightly, according to Fitch's latest index results for the sector.

    Bank defaults for Trups CDOs rose by 0.05% to 16.62%, while new bank deferrals fell by 0.44% to 15.48% from 15.92%. The drop in deferrals was due primarily to .......

    News Round-up 1 December 2011

  • Dutch mortgage portfolio acquired

    Novapars Capital is set to acquire an €80m portfolio of Dutch residential mortgage loans from an unnamed US-based investor. This marks the firm's second such transaction, following its acquisition of DSB Bank's German loan portfolio this summer.

    Novapars Capital won a competitive auction process, in which it worked closely with its new partner Cervus Capital Partners. Novapars and Cervus formed .......

    News Round-up 1 December 2011

  • Counterparty criteria downgrade warning

    European transactions that did not implement changes to address counterparty exposures following the revision to S&P's rating criteria earlier this year and whose ratings are linked to a bank recently downgraded by the agency are expected to see knock-on downgrades in the next few days.

    S&P on 29 November revised its ratings on 37 of the largest financial institutions as .......

    News Round-up 1 December 2011

  • Winter freeze setting in

    The slow end-of-year shutdown of the European ABS market has continued over the last week. Issuance is limited and very targeted as banks deal with other priorities, with a pick-up not expected now until 1Q12.

    "Santander did a private Fosse placement a couple of days ago, mainly in dollars but with a euro tranche as well," reports a trader. "Sterling .......

    Market Reports 1 December 2011

  • European CMBS maturity performance 'dismal'

    European CMBS loan maturity performance in October was more dismal than S&P anticipated. According to the rating agency's monthly European CMBS bulletin, only five of the 35 loans scheduled to repay in that month did so in full.

    Significantly, in the 12 months up to 31 October 2011, servicers have extended €4.97bn by loan balance - increasing the extension rate .......

    News Round-up 30 November 2011

  • NHG-backed RMBS restructurings underway

    Following the update to Fitch's Dutch NHG-backed RMBS criteria (SCI 6 July), all the affected issuers have confirmed that they intended to restructure the 13 impacted deals.

    Fitch says it has been provided with updated pool cuts, historical NHG claims submitted to the stichting WEW, historical foreclosure data of the NHG-backed loans and set-off risk assessments, as requested. Additionally, the .......

    News Round-up 30 November 2011

  • FGIC files rep and warranty complaints

    FGIC has filed three complaints in the Supreme Court of the State of New York against Residential Funding Company (RFC), GMAC Mortgage (GMACM) and certain of their respective affiliates in connection with four FGIC-insured RMBS. The transactions are: GMACM 2006-HE1, RFMSII 2005-HS1, RFMSII 2005-HS2 and RAMP series 2005-RS9.

    The first complaint alleges that GMACM fraudulently induced FGIC's agreement to provide .......

    Job Swaps 30 November 2011

  • Indian ABS stable, despite slower growth

    Fitch attributes the stable performance of Indian ABS transactions despite moderating economic growth in the country to the robust performance of the underlying transactions.

    The agency reports that there has been a substantial build-up of credit enhancement across all asset classes driven by the robust performance of the fully amortising underlying loans. This led to the upgrade of 18 tranches .......

    News Round-up 30 November 2011

  • Dynegy CDS settled

    The final price in yesterday's Dynegy Holdings CDS auction was determined to be 71.25. 13 dealers submitted inside markets, physical settlement requests and limit orders to the auction.

    Of these dealers, RBS was assessed a US$1.9m adjustment amount after submitting an offer that was more than 39 percentage points below the average of the 12 other dealers. The bank offered .......

    News Round-up 30 November 2011
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