Complete news archive

  • 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

  • USCP dominance remains for EMEA conduits

    After rising slightly in 1Q11, EMEA ABCP market issuance dropped in the second quarter by 5.6% to US$163.7bn. This was driven mainly by the US$7.9bn decrease in USCP issuance, which resulted in the lowest levels of USCP seen in 10 years, according to Moody's.

    The ECP market also decreased by US$2.3bn. However, compared with 2Q10, the overall balance of outstanding .......

    News Round-up 28 September 2011

  • Assured ratings on review

    S&P has placed its double-A plus long-term counterparty credit and financial strength ratings on Assured Guaranty Municipal Corp (AGM) and Assured Guaranty Corp (AGC), as well as the double-A long-term counterparty credit and financial strength ratings on Assured Guaranty Re on credit watch with negative implications. The move is due to significant concentration risk in Assured's consolidated insured portfolio, the .......

    News Round-up 28 September 2011

  • Advisory enhances Iberian coverage

    StormHarbour has hired Paulo Gray as a principal and md. He will be chiefly responsible for driving client relationships and coverage in Portugal and the broader Iberian region, across fixed income sales and trading, structuring and advisory, and capital markets. Gray was most recently chief country officer and head of markets for Portugal at Citi in Lisbon, a role he .......

    Job Swaps 28 September 2011

  • Key man clause triggered

    A key personnel event has been declared on the PULS CDO 2006-1 and PULS CDO 2007-1 SME CLOs. The clause was triggered by Manfred Gabriel ceasing to be a member of the board of the portfolio manager, Capital Securities Group, with effect from 23 September.

    .......

    Job Swaps 28 September 2011

  • ABS CDO liquidation due

    Henderson Global Investors has been retained as liquidation agent for Avebury Finance CDO. The auction will be conducted in Dublin on 12 October.

    .......

    News Round-up 28 September 2011

  • Executive committee bolstered

    Sidley Austin has added six new members to its executive committee, including two with experience in structured finance and real estate.

    Craig Griffith has been a partner in the firm's Chicago office since 1998. He represents banks, insurance companies and other financial institutions in domestic and international securitisation and structured finance transactions. These transactions have included a particular focus on .......

    Job Swaps 28 September 2011

  • Illiquidity option

    Contingent capital alternatives touted

    Banks will need to raise an estimated US$900bn in extra capital to meet the liquidity requirements of Basel 3 and other systemic risk management initiatives. Contingent capital has long been mooted as part of the solution and at least one new financial product in the space is now ready to be deployed.

    Conceptually, contingent capital is a trigger-based financial product .......

    News Analysis 28 September 2011

  • Student loan trusts on review

    Fitch has placed 16 US student loan ABS trusts on rating watch negative. The impacted trusts contain more than 20% tax-exempt auction rate securities (ARS) and have a pool factor greater than 10%.

    The trusts are being reviewed at this time due to the prominence of a unique multiplier function and its determination based on lowest rating assigned to the .......

    News Round-up 28 September 2011

  • Third CLO sold

    Nomura Corporate Research and Asset Management has sold another CLO - Clydesdale CLO 2006 - to Ares Management. The transaction has been renamed Ares XXI CLO. Moody's has determined that the move will not result in the reduction or withdrawal of the deal's current ratings.

    .......

    Job Swaps 28 September 2011

  • ILS pro moves on

    Noah Schiltknecht has joined Russell Investments in New Zealand as a consultant. He most recently worked as a senior investment analyst, modelling acquisitions and divestments for utility firm Vector.

    Schiltknecht was previously involved in the structuring and valuation of insurance-linked products, credit and other derivatives at Swiss Re. He was also part of a project team that developed and introduced .......

    Job Swaps 28 September 2011

  • RBC charged over 'unsuitable investments'

    The US SEC has charged RBC Capital Markets for misconduct in the sale of unsuitable investments to five Wisconsin school districts and its inadequate disclosures regarding the risks associated with those investments.

    According to the SEC's order, RBC Capital marketed and sold to trusts created by the school districts US$200m of credit-linked notes that were tied to the performance of .......

    Job Swaps 28 September 2011

  • Finance practice beefs up

    Jones Day has added two lawyers to its banking & finance practice in New York. Alice Yurke joins as partner and comes from Ashurst, where she was a partner in the finance practice. Jonathan Ching joins Jones Day as of counsel and was previously at a global investment firm, where he served as a vp and counsel.

    Yurke focuses her .......

    Job Swaps 28 September 2011

  • Servicing compensation RFC released

    The FHFA's Joint Initiative on Mortgage Servicing Compensation is seeking public comment on two alternative mortgage servicing compensation structures. The goals of the initiative are to improve service for borrowers, reduce financial risk to servicers and provide flexibility for guarantors to better manage non-performing loans, while promoting continued liquidity in the TBA mortgage securities market (SCI 19 January).

    One proposal .......

    News Round-up 28 September 2011

  • Sales head appointed

    CMA has appointed Steve Tucker as global head of sales, responsible for all sales, account management, channel partnerships and marketing at the firm. He is tasked with promoting and accelerating the global growth of the company through its key product lines - CMA Quotevision, CMA Datavision and CMA NAVigate.

    Tucker most recently served as head of investment management and trade .......

    Job Swaps 28 September 2011

  • Aussie mortgage performance deteriorates

    Moody's reports that the ability of Australian homeowners to keep up with their mortgage payments has declined over the past year, despite the strength in the economy.

    "Mortgage performance has shown a material deterioration since our last regional delinquency report in October 2010. Indeed, between March 2010 and June 2011, while the national delinquency rate - as calculated by Moody's .......

    News Round-up 28 September 2011

  • MBS valuation partnership formed

    Lewtan and Thetica Systems have formed a partnership to offer a pre-integrated bond valuation platform to MBS and ABS investors. Thetica Systems' ABS Analytics Trader Tools provide a suite of software that incorporates Lewtan's ABSNet, ABSNet Loan and ABSNet Loan HomeVal products with credit model assumptions to automate an efficient bond valuation platform with an easy-to-customise front-end solution.

    The platform .......

    Job Swaps 28 September 2011

  • Swap opportunities

    Rating agency counterparty criteria changes have created opportunities for highly rated banks to offer their services as external securitisation swap providers. At the same time, issuers are becoming increasingly proactive about identifying which banks can perform this role.

    Traditionally, larger issuers have acted as interest rate and currency swap counterparties on their own securitisations. However, pressure on issuers to source .......

    News 27 September 2011

  • ILS fund minted

    SCOR Alternative Investments has launched an insurance-linked securities fund dubbed Atropos. Domiciled in Luxembourg, the SICAV-SIF vehicle has an annual performance objective of 700bp over Libor.

    "With this investment vehicle, SCOR Alternative Investments is offering the opportunity to access a diversified insurance risk portfolio in terms of perils, regions and instrument types, which is particularly difficult to obtain in this .......

    News Round-up 27 September 2011

  • Euro SF default rates remain low

    European structured finance securities' default rate has remained low, according to a recent S&P transition report. Only 1.2% of European structured finance securities outstanding in mid-2007 have defaulted so far.

    By contrast, the agency estimates that more than 44% have now redeemed in full. In addition, the 12-month rolling default rate fell to 0.5% at the end of 2Q11.

    The .......

    News Round-up 27 September 2011

  • CDO manager replacement proposed

    A majority of the controlling class of investors in Belle Haven ABS CDO 2006-1 is proposing to replace NIBC Credit Management with Cairn Capital as collateral manager.

    Under the collateral management agreement, the manager may be removed at any time, without cause, if the class AB overcollateralisation ratio is less than 100% for a period of more than 180 consecutive .......

    Job Swaps 27 September 2011
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