Complete news archive

  • Marginal change in Euro CMBS repayments

    Fitch says its European CMBS Maturity Repayment Index changed only marginally during September, increasing to 41.7% from 41.1% in the previous month, due to full and partial redemptions totalling €140.9m. This slight change is explained by the fact that only two loans reached their maturity dates during the month. Combined with the redemptions, this resulted in the outstanding matured balance .......

    News Round-up 3 October 2011

  • Ex-BlueBay vets form fund

    Northill Capital has formed Goldbridge Capital Partners, a new European credit asset management company. The firm will be led by Gina Germano and Dipankar Shewaram, with the financial backing of Northill Capital, enabling it to deploy up to US$100m of equity and seed capital.

    The team at Goldbridge believes that the current credit market crisis combined with the need for .......

    Job Swaps 3 October 2011

  • Bank credit model minted

    Fitch Solutions has launched its new Bank Credit Model to provide daily financial implied ratings and implied CDS spreads for 9,500 global banks. The model is expected to help risk managers improve their credit and counterparty risk surveillance, as well as help meet regulatory and compliance requirements.

    "As current market sentiment towards the banking sector demonstrates, credit and counterparty exposure .......

    News Round-up 3 October 2011

  • SCI Start the Week - 3 October

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

    Pipeline
    Another US CMBS - the $619m COMM 2011-FL1 - entered the pipeline last week, together with a New Zealand auto lease ABS, the NZ$250.5m FP Ignition Trust 2011-1. Additionally, HSBC and Lloyds TSB are prepping UK credit card ABS (the latter via the Penarth Master Issuer vehicle), while Nationwide is rumoured to be working on a UK RMBS via its .......

    News 3 October 2011

  • Low duration bond fund launched

    DoubleLine Funds Trust has launched the DoubleLine Low Duration Bond Fund with two 'no load' share classes: I shares and N shares. The fund invests mainly in debt securities and aims to have a portfolio with an effective duration of three years or less.

    Eligible investments for the fund include ABS, MBS and CLOs. It will be managed by DoubleLine .......

    News Round-up 3 October 2011

  • First annual NRSRO report issued

    The US SEC has issued a report on its observations and concerns following an examination of ten credit rating agencies registered as NRSROs. Although improvements were noted, concerns about each of the NRSROs remain.

    The SEC notes apparent failures in some instances to follow rating methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures .......

    News Round-up 3 October 2011

  • CLEF buy-back completed

    Groupe Eurotunnel has bought back €110m of Channel Link Enterprises Finance (CLEF) notes at an average discount of 11%. The repurchased bonds have the same characteristics as the group's tranche C debt and are divided 60% in sterling and 40% in euros.

    Eurotunnel has been able to take advantage of the liquidity requirements of its creditors to divest some of .......

    News Round-up 3 October 2011

  • Concerns raised over servicer changes

    Recent changes in ownership, management and strategic direction among US CMBS special servicers are prompting new investor concerns, according to Fitch Ratings.

    Given the decline in commercial mortgage performance since the beginning of the credit crisis, there has been much more focus on the role of special servicers, Fitch says. Recent events in particular have turned the spotlight on the .......

    News Round-up 30 September 2011

  • CDS review finds broad participation

    Economic and contractual features are highly standardised across CDS trades, according to a new report by the Federal Reserve Bank of New York. Although recent trade volumes were low, there was evidence of broad participation in the market.

    The report examined three months of global CDS transactions, investigating the market composition, trading dynamics and level of standardisation. It aims to .......

    News Round-up 30 September 2011

  • ISDA warns EU tax 'harmful'

    The European Commission's proposal for a financial transaction tax (FTT) throughout the 27 member states of the EU would be a negative development for derivatives, says ISDA. The association says an FTT would be "harmful to the financial sector and corporates alike".

    ISDA warns that an FTT will increase the costs of using derivatives to hedge interest rate, currency, credit .......

    News Round-up 30 September 2011

  • Structured comeback?

    Government adoption could help alleviate Eurozone debt crisis

    As nations struggle to tackle the Eurozone debt crisis, a fresh call has been made for European governments to consider structured finance solutions. An alternative option of a European version of TARP is also on the cards.

    Leveraging state-owned assets could raise billions of euros. While there has been a reluctance to embrace this approach so far, changing conditions mean .......

    News Analysis 29 September 2011

  • Key Basel agenda finalised

    The Basel Committee has agreed on a range of measures to finalise key elements of its policy agenda and to put in place a strong implementation assessment framework.

    After a careful review of public comments received on the July 2011 consultative document, the Committee agreed to finalise the assessment methodology for global systemically important banks (G-SIBs). It agreed to retain .......

    News Round-up 29 September 2011

  • Op risk criteria has limited impact

    Moody's introduction of operational risk criteria into its structured finance methodology has had a limited impact on the ratings of European ABS, CMBS and RMBS transactions, the agency reports. It placed on review for downgrade 42 ABS tranches, 47 CMBS tranches and 131 RMBS tranches from 133 transactions on 2 March, following the publication of its criteria (SCI 2 March).

    News Round-up 29 September 2011

  • CDS survey results released

    Sovereign credit default swaps use, market volatility and regulatory issues topped the list of the most surprising events in the credit derivatives market, according to Fitch's annual credit derivatives survey.

    Survey respondents cited unexpectedly high volumes and spread volatility among various sovereign names, particularly those of Western Europe, and the relative outperformance of the emerging markets. They also overwhelmingly named .......

    News Round-up 29 September 2011

  • Political risk practice enhanced

    Lockton has expanded its global trade credit and political risk practice with the addition of Nadine Moore as svp. She will be responsible for business development, client advocacy, and structured finance and credit solutions for corporate clients in several industries - including financial services and private equity.

    Moore joins Lockton after 11 years with Aon, most recently serving as md .......

    Job Swaps 29 September 2011

  • Opportunity fund prepped

    3i Debt Management has recruited Rob Reynolds as the head of its new credit opportunity fund (COF), reporting to Andrew Golding, 3iDM md. Reynolds was previously md and cio of Resource Europe.

    The COF - seeded by 3i Group with €50m - will form the foundation of a new fund initiative by 3iDM, targeting flexible investment in credit primarily in .......

    Job Swaps 29 September 2011

  • Trups CDO defaults stabilising

    A slight uptick in defaults did little to deter stabilising overall trends for US bank Trups CDOs, according to Fitch's latest index results for the sector. Bank Trups CDO defaults rose by 0.28% to 16.5% from 16.2% last month due to the same percentage of August deferrals transitioning to default.

    "The increase in bank Trups CDO defaults was driven by .......

    News Round-up 29 September 2011

  • DQT edges down

    The delinquency rate on loans included in US CMBS conduit/fusion transactions fell by 23bp in August to 9.01%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, also declined in August - by 7bp to 12.23%.

    August was the eighth consecutive month that delinquencies in the US have .......

    News Round-up 29 September 2011

  • European CMBS recovery still not in sight

    More weakness in the credit markets means that a recovery for European CMBS is not yet in sight, according to two new reports from S&P.

    According to 'European CMBS: The Next 100 Days', which looks back on the sector in the first half of this year, new issuance appears unlikely to revive anytime soon. The report predicts that, despite steady .......

    News Round-up 28 September 2011

  • Credit trading vet hired

    Gleacher & Company Securities has recruited Jerry Lee as md, responsible for leading and expanding the firm's crossover credit trading business. Prior to joining Gleacher & Company, he held md positions at Citadel Securities from 2009 to 2010, Bank of America from 2005 to 2009 and JPMorgan from 1993 to 2005. Lee established JPMorgan's crossover trading desk in 2001.

    .......

    Job Swaps 28 September 2011

  • RBI issues securitisation RFC

    The Reserve Bank of India has released a draft of its Revised Guidelines on Securitisation Transactions for public comment. The revisions are mainly concerned with minimum holding period and minimum retention requirements for Indian banks. RBI is also considering laying down specific regulatory norms for transactions involving the transfer of loans through direct assignment between banks, as well as between .......

    News Round-up 28 September 2011
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