Complete news archive

  • Maturity index decreases in October

    Fitch's European CMBS Maturity Repayment Index deteriorated during October, decreasing to 37.2% from 41.7% in the previous month due to the very low proportion of loans maturing that was repaid.

    40 loans were originally scheduled to mature in the past month, Fitch says, of which ten either prepaid more than six months ahead of their maturity dates or were repurchased .......

    News Round-up 1 November 2011

  • Replacement manager sought for GSC CDOs

    Investors in the GSC European CDO I-R, II and GSC Leveraged Loan CLO deals have been advised that the issuers intend to appoint a replacement collateral manager by the end of 2011. GSC has indicated that it will release itself from its obligations under the collateral management agreement, should a replacement not have been appointed by this time. Subordinated noteholders .......

    Job Swaps 1 November 2011

  • DSB claims weigh on Chapel deals

    The latest estimates of potential duty of care claims against DSB suggest that the impact on the Chapel RMBS deals is likely to be dramatic, according to European asset-backed analysts at RBS. They note that most, if not all, of the subordinate notes in these transactions will potentially see at least a temporary suspension of interest payments and this could .......

    News Round-up 1 November 2011

  • PPIF performance declines

    Third-quarter PPIP data released by the US Treasury indicates weaker returns across all eight PPIFs. Net time-weighted cumulative returns since inception were down by 5%-14% across the funds, with Blackrock and RLJ Western Asset faring the best.

    ABS analysts at Barclays Capital point out that the weak performance should not be surprising, given the sell-off in the non-agency markets in .......

    News Round-up 1 November 2011

  • LatAm ABS fared well through crisis

    Fitch reports that the global credit crisis has had minimal impact in Latin America when compared to the US and Europe.

    Similar to the general economic impact in the region, the majority of the Latin American structured finance market was relatively unscathed. Rating stability was widespread across asset classes and throughout each country, except Mexico, the rating agency says.

    Cross-border .......

    News Round-up 1 November 2011

  • ABS CDO transferred

    NIBC Credit Management has been replaced by Cairn Capital as the collateral manager of Belle Haven ABS CDO 2006-1, following its removal without cause (SCI 27 September). Moody's has confirmed that the transfer will not result in the withdrawal, reduction or other adverse action with respect to the ratings on the notes. In assessing the credit impact of the agreement .......

    Job Swaps 1 November 2011

  • New CRE head confirmed

    Jefferies has confirmed the appointment of Christian Janssen as md and head of commercial real estate debt capital markets Europe (SCI 25 October). He will be responsible for the origination and securitisation of European asset-backed debt financing, including CMBS, syndicated loans and loans secured on European commercial real estate. He reports to Steve Hulett and Craig Tipping, co-heads of Jefferies' .......

    Job Swaps 1 November 2011

  • Liquidity required

    Muted impact expected for BoE loan-level data

    UK RMBS issuers are on-track to meet the Bank of England's upcoming loan-level data requirements, but their efforts appear to be being met with investor apathy. At the same time, the initiative is seen as not doing enough to address the lack of liquidity in the market.

    There is so little traction in the market that loan-level data has become .......

    News Analysis 31 October 2011

  • SCI Start the Week - 31 October

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

    Pipeline
    A CMBS (US$1.09bn WFRBS 2011-C5), a catastrophe bond (US$50m Successor X series 2011-3), a prime RMBS (A$480m Torrens Series 2011-2) and an SME CLO (€1.3bn IM Banco Popular FTPYME) remained in the pipeline at the end of last week.

    Pricings
    Consumer ABS dominated last week's pricings, with the US$900m AmeriCredit Auto Receivables Trust 2011-5, the US$757.84m Ford Credit Auto Lease Trust .......

    News 31 October 2011

  • Primus buyback authorisation upped

    The Board of Directors of Primus Guaranty has approved an increase of US$25m in its buyback authorisation to repurchase outstanding common shares and 7% Senior Notes due 2036 from time to time in the open market or in privately negotiated transactions at prices and upon terms approved by management. The authorisation does not obligate the company to acquire any specific .......

    Job Swaps 31 October 2011

  • Tobacco-backed trusts on negative watch

    S&P has placed its ratings on 86 classes from 23 tobacco settlement-backed securitisations on credit watch negative. The tranches are backed by payments from participating manufacturers (PMs) under the 1998 Tobacco Master Settlement Agreement (MSA).

    Tobacco securitisations are independent of the issuing municipality and are backed solely by payments made by the PMs under the MSA. Under the agreement, the .......

    News Round-up 31 October 2011

  • Greek subsidy delay threatens RMBS

    Greek banks and RMBS transactions could lose interest payments because a Greek housing agency has delayed paying interest subsidies, says Fitch. Greek RMBS ratings already reflect severe stress, so the shortfall in subsidy receipts will not immediately affect ratings.

    The Organismos Ergatikis Katikias (OEK) started delaying payments on interest subsidies in 2009. Issuer reports for some RMBS transactions still showed .......

    News Round-up 31 October 2011

  • ABCP programmes merged

    Falcon Asset Securitization Co has merged with Chariot Funding pursuant to a certificate of merger dated 28 October, whereby Chariot is the surviving entity. Chariot is a multi-seller ABCP programme administered by JPMorgan. Chariot issues standard, callable, puttable and extendible ABCP notes, each currently rated A-1 by S&P.

    Chariot will now fund all of the transactions that were previously funded .......

    News Round-up 31 October 2011

  • New SEF on the cards

    TeraExchange is preparing to launch central limit order books for OTC cleared derivatives. Featuring integrated cross-asset trading, analytics and voice broker assistance services, TeraExchange's core technology and platform will provide market participants with transparency, standardisation, connectivity and liquidity.

    Strong risk controls, combined with centralised clearing further align with the objectives of the Dodd-Frank Act to boost transparency and reduce systemic .......

    News Round-up 31 October 2011

  • Asia largely unscathed by crisis

    Asia Pacific and Indian structured finance ratings have been largely unaffected by the global financial crisis, says Fitch. The agency notes that the strength of the regional economies has been a key factor in this performance, with transactions mainly performing in line with expectations.

    "Most economies in APAC have performed well during the global credit crisis, which is often known .......

    News Round-up 31 October 2011

  • US CMBS defaults reach 12.4%

    Cumulative US CMBS defaults finished the third quarter at 12.4%, according to Fitch. Defaults through Q3 were equal to approximately half of those for full-year 2010.

    "Though large high profile loans are still defaulting, 2011 is on track to have fewer defaults than last year," says Fitch md Mary MacNeill. "Even with limited new issuance, the decline in defaults is .......

    News Round-up 28 October 2011

  • Film deal in the works

    Miramax Film NY says it intends to refinance its outstanding indebtedness with a film rights and contracted receivables ABS dubbed Miramax Film-Library Securitization. It is anticipated that, subject to market and other conditions, the Miramax Film-Library Securitization will close in 4Q11. The notes to be issued under the new securitisation facility will be offered and sold to buyers in the .......

    News Round-up 28 October 2011

  • RMBS 'risk on' after euro boost

    The European secondary RMBS market has experienced renewed activity and optimism in the wake of Wednesday's eurozone crisis talks. The sector has returned to 'risk on' mode; however, the new-found confidence is still fragile and dependent upon the success of the agreed debt package.

    "As of yesterday morning, there has been a big rally. Most of it has probably been .......

    Market Reports 28 October 2011

  • US Bank eyes European growth

    US Bank has completed the conversion process following its purchase of Bank of America's corporate trust business in January (SCI 5 January). The firm has also recently opened offices in London and Dublin, staffed by former BofA employees, with the aim of growing its European business.

    US Bank has purchased 18 corporate trust businesses over the last few years, but .......

    Job Swaps 28 October 2011

  • US auto ABS performance pressured

    Seasonal pressures resulted in weaker delinquency and loss levels for US prime auto loan ABS last month, according to Fitch.

    "Used vehicle values have softened following record highs during the first six months of this year," says Fitch senior director Hylton Heard. "Dealers have been ridding themselves of the 2011 models to make way for the new inventory, which tends .......

    News Round-up 28 October 2011

  • ISDA updates on Greek CDS

    ISDA has released an update, following recent events related to the restructuring of Greek sovereign debt.

    The Association confirms that the determination of whether the Eurozone deal with regard to Greece is a credit event under CDS documentation will be made by its EMEA Determinations Committee when the proposal is formally signed and if a market participant requests a ruling .......

    News Round-up 28 October 2011
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