Complete news archive

  • Tractor loan ABS analysed

    Fitch has analysed the key aspects that differentiate tractor loans from other asset classes and their resulting impact on Indian tractor loan ABS. The agency studied close to 80,000 loans amounting to R21.9bn, originated between 2004 to 2010 by Mahindra & Mahindra Financial Services.

    Performance of tractor loans improved significantly for the 2008-2009 vintage compared with the 2005-2007 vintage, with .......

    News Round-up 22 September 2011

  • 'Operation twist' boosts agency MBS

    The FOMC yesterday voted in favour of further easing monetary policy, including by buying an additional US$400bn of Treasuries with maturities between six years and 30 years by the end of June 2012. What surprised the market was the decision to re-invest the paydowns on the Fed's agency debt and MBS holdings into agency MBS.

    Current Fed agency MBS and .......

    News 22 September 2011

  • Positive Aussie mortgage performance likely

    Fitch expects the decision by the Reserve Bank of Australia (RBA) to keep cash rates unchanged since November 2010 to continue to positively impact mortgage performance in 3Q11, after providing a degree of relief to borrowers in the previous quarter. The Fitch Dinkum 30+ Days RMBS Index, which tracks 30+ days delinquencies in the Australian prime RMBS sector, decreased to .......

    News Round-up 22 September 2011

  • Restructuring credit event declared

    ISDA's Japan Determination Committee has ruled that a restructuring credit event occurred with respect to Victor Company of Japan, following the modification of an unsecured bond last month. Meanwhile, an auction to settle Irish Life & Permanent CDS trades - following its restructuring credit event (SCI 26 August) - will be held on 5 October. The auction will be split .......

    News Round-up 22 September 2011

  • GSE g-fee hike anticipated

    FHFA director Edward DeMarco's speech to the American Mortgage Conference this week has been described as arguably the "most comprehensive overview" in a long time of where Fannie Mae and Freddie Mac are headed. How a private company could do the work of the GSEs was the main theme running through the speech.

    With respect to guarantee fees, DeMarco identified .......

    News 21 September 2011

  • Hong Kong corporate services team completed

    Walkers Management Services has announced that its Hong Kong team is now complete with the appointment of Michele Wan as svp with Walkers Corporate Services. Wan moves over from Walkers law firm in Hong Kong, where she worked as an associate in the firm's corporate and finance group, specialising in asset finance, acquisition finance, structured finance and debt capital markets.

    Job Swaps 21 September 2011

  • Corporate trust head appointed

    Dean Fletcher has been named regional head of BNY Mellon Corporate Trust, EMEA. He continues to report to James Maitland, head of client & business development for EMEA and Asia Pacific.

    Fletcher had been serving as co-head of EMEA for Corporate Trust with Joe Duffy. Duffy remains ceo of The Bank of New York Mellon (Ireland) and will continue to .......

    Job Swaps 21 September 2011

  • Ring-fencing expected to drive SF issuance

    Fitch believes that an increase in covered bond and structured finance issuance volumes is likely to be one of the consequences of the removal of implicit state-support for large UK banks. The creation of ring-fenced and non ring-fenced banks in the UK will likely see ring-fenced banks using structured finance debt to partly fund their assets and using covered bonds .......

    News Round-up 21 September 2011

  • Bishopsfield bolsters CRE advisory

    Bishopsfield Capital Partners has recruited Arjan van Bussel as a new partner to further build its advisory, real estate and structured finance capabilities. He joins from RBS, where he was responsible for European CRE transactions in the structured finance team.

    Previously, van Bussel worked in structured real estate capital at ABN AMRO, having also been a member of the bank's .......

    Job Swaps 21 September 2011

  • TRX.II launch date announced

    The long-awaited launch of indices referencing CMBS 2.0 (SCI 7 April) is now set. Markit has announced that the first trading date for its new family of indices based on CMBS issued since 2010 - the Markit TRX.II indices - will be 3 October 2011.

    TRX.II will comprise a maximum of 25 triple-A rated securities from 25 different CMBS deals. .......

    News Round-up 20 September 2011

  • CDS liquidity bounces back

    Fitch Solutions reports that in the two weeks to 16 September global CDS liquidity bounced back from the temporary holiday-related lull seen in Europe and North America during early September.

    "Continued market concerns on Eurozone sovereign prospects helped push average global CDS liquidity back towards the highs seen in late August," says Diana Allmendinger, director at Fitch Solutions in New .......

    News Round-up 20 September 2011

  • SEC to tackle conflicts of interest

    The US SEC is set to propose a rule intended to prohibit certain material conflicts of interest between those who package and sell ABS and those who invest in them. The proposal, which the Commission says is not intended to prohibit traditional securitisation practices, implements Section 621 of the Dodd-Frank Act.

    The proposed rule would prohibit for a designated time .......

    News Round-up 20 September 2011

  • CIR RFC published

    Moody's has published an RFC regarding its proposed methodology for counterparty instrument ratings (CIR). A CIR addresses the expected loss posed to a counterparty in relation to the payment obligations of an SPV under a financial instrument in a structured finance transaction. In the recent past, the agency has assigned ratings to a number of interest rate and cross-currency swap .......

    News Round-up 20 September 2011

  • Expanded disclosures described

    Fitch has published a special report that describes the representations, warranties and enforcement mechanisms (RW&Es) the agency typically sees in structured finance transactions. The release of this report is part of the agency's plans to include expanded disclosure of RW&Es in global SF rating reports as a result of the SEC's adoption of Rule 17g-7 (SCI 10 August).

    Beginning on .......

    News Round-up 20 September 2011

  • Marathon names three new partners

    Marathon Asset Management has named three new partners: Stuart Goldberg and Andrew Springer, who become senior portfolio managers and co-heads of the structured credit group; and Jake Hyde, senior portfolio manager in the corporate credit group. All three have become members of the firm's executive committee.

    Springer has 24 years of experience in analysing, underwriting and purchasing mortgage assets and .......

    Job Swaps 20 September 2011

  • ABS analyst added

    Chris D'Onofrio has joined DBRS' structured finance group as an svp, focusing on ABS as a lead analyst. He was previously a partner at Cold Street Partners, where he advised middle market specialty finance clients in the subprime auto sector. Prior to that, he spent nine years at Citi, most recently as a director in the global securitised products group .......

    Job Swaps 20 September 2011

  • ABS CDO on the block

    Dock Street Capital Management has been retained to act as liquidation agent for Highridge ABS CDO I. The property will be sold to the best qualified bidder in two public sales scheduled for 28 September.

    .......

    News Round-up 20 September 2011

  • CDS analytics upgraded

    CMA has released Quotevision 4.0, which the firm says is a significant improvement on the previous version through enhanced functionality, a new interface and a number of feature improvements. These include open architecture, a flexible GUI, integrated analytics and syndicated loan/LCDS data.

    .......

    News Round-up 20 September 2011

  • Action plan

    Real estate auction platform looks to expand

    Online bidding platform Auction.com is credited for helping to resolve distressed real estate in the US by putting it directly into the hands of local entrepreneurs. The company is now looking to expand into the European market and potentially via non-core CRE asset dispositions.

    Participants at a Hatfield Philips servicer forum last week described Auction.com as having had a "stunning .......

    News Analysis 20 September 2011

  • CLO pro recruited

    Tom Majewski has joined RBS Securities' global banking & markets division in the Americas as an md in its asset-backed finance coverage and advisory team. Majewski will be responsible for originating structured transactions - including CLOs - and for providing distribution solutions to corporate and financial institution clients of the bank. He will be based in Stamford, Connecticut and report .......

    Job Swaps 19 September 2011

  • iTraxx set to roll tighter

    The Markit iTraxx Europe, Asia and SovX indices will roll into a new series tomorrow (20 September).

    Structured credit strategists at UniCredit estimate that the new Series 16 Main index will start trading about 6bp tighter than the Series 15 Main index for contracts with standard maturities of 4.75 years and 5.25 years respectively. The major contribution to this roll .......

    News Round-up 19 September 2011
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