Complete news archive

  • JHF RMBS hit

    Moody's has downgraded the ratings on 40 tranches in 36 Japanese RMBS transactions and confirmed five tranches in three other transactions. The rating actions follow the downgrade of Japanese government-related issuers and Japanese banks on 24 August. The downgrade of these entities in turn follows Moody's decision to downgrade the JGB rating to Aa3, with a stable outlook, from Aa2.

    News Round-up 25 August 2011

  • Auto ABS performance set to slow

    Marginally higher delinquencies and losses last month have done little to put the brakes on strong US auto loan ABS performance, according to Fitch's latest index results for the sector. The agency does expect auto ABS performance to slow in the third quarter, however, which is typically the weakest time of the year.

    According to Fitch senior director Hylton Heard: .......

    News Round-up 25 August 2011

  • DQT up after two months of declines

    The delinquency rate on loans in US CMBS conduit and fusion transactions rose by 22bp in July, remaining above 9% for the seventh consecutive month, according to Moody's Delinquency Tracker (DQT). Meanwhile, the rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker (SSLT), fell by 5bp to 12.3%.

    This was the third consecutive decline in .......

    News Round-up 24 August 2011

  • Auto RVs near all-time highs

    Prices and residual values for US wholesale used vehicles are near all-time highs, which is leading to strong performance for auto lease ABS, according to Fitch in its inaugural Auto Lease RV Loss Index results. Residual value (RV) realisations on outstanding auto lease ABS have produced gains on a consistent basis since mid-2009.

    At the same time, credit losses have .......

    News Round-up 24 August 2011

  • CDS liquidity peaks on sovereign concerns

    Fitch Solutions reports that in the month to 19 August increased CDS market uncertainty on the prospects for sovereigns has pushed average global CDS liquidity to its highest level since the firm's liquidity scores time series began in March 2006.

    "CDS referencing developed market sovereigns have seen the biggest liquidity surge, followed by emerging market sovereigns, with average CDS on .......

    News Round-up 24 August 2011

  • Trade repository recommendations released

    The Committee on Payment and Settlement Systems and IOSCO's Technical Committee have released for comment its recommendations on the OTC derivatives data that should be collected, stored and disseminated by trade repositories (TRs). The committees support the view that TRs, by collecting such data centrally, would provide the authorities and the public with better and timely information.

    The recommendations address .......

    News Round-up 24 August 2011

  • Broker-dealer expands CMO desk

    Ally Securities has made two new appointments to its CMO team. Bruce Graham and Chris O'Bara have joined the broker-dealer from BNP Paribas and Nomura Securities respectively.

    The pair report to Eric Londa, head of sales and trading for Ally Securities. Graham becomes md for agency CMO trading, while O'Bara becomes an associate in the same group. They follow the .......

    Job Swaps 24 August 2011

  • Pru JV hires CMBS originator

    Prudential Mortgage Capital Company has hired Curtis Brunton as a principal in the Western region, based in the firm's San Francisco office. He will originate CMBS loans on behalf of the company's recently announced joint venture with the affiliated funds of Perella Weinberg Partners' asset-based value strategy (SCI 11 July), which is focused on providing conduit loans to borrowers.

    Brunton, .......

    Job Swaps 24 August 2011

  • Multifamily CMBS lags apartment recovery

    Despite various metrics pointing to a recovery in the apartment sector, the credit performance of CMBS backed by multifamily collateral has yet to benefit, according to S&P.

    The factors that have helped bolster the apartment sector include: the weak US housing market, an increase in demand from the 20-34 year-old core rental group, modest new apartment supply and the de-bundling .......

    News Round-up 24 August 2011

  • Limited downside?

    Optimistic CLO equity outlook garners investor interest

    CLO equity is proving its mettle, with prices remaining resilient in the face of broader market volatility. New investors are looking to participate in this area of the market as industry insiders predict a strong case for CLO equity performance over the next four-to-five years.

    "US CLO equity can offer an attractive current yield with limited downside," says Miguel Ramos-Fuentenebro, .......

    News Analysis 24 August 2011

  • All change in US securitisation

    At the end of July 2011, with a shade over US$160bn of qualifying deals completed, the leaders have once again all swapped around in what remains a closely fought race for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. For the first time this year, JPMorgan holds top place in .......

    News Round-up 24 August 2011

  • GRAND restructuring proposal outlined

    Deutsche Annington (DAIG), the borrower behind German multifamily CMBS GRAND, has outlined its restructuring proposal for the transaction via a solvent scheme of arrangement. The aim is to deliver noteholders a full recovery of principal over an extended term, it says.

    Under the restructuring, DAIG intends to extend the maturity of the notes, to insert a definition of extraordinary resolution .......

    News 23 August 2011

  • US CLO equity holding up

    Market volatility continued last week, with macro concerns - such as the contraction reported by the Philadelphia Fed and continuing Eurozone worries - weighing on participants' minds. While CLO pricing will remain volatile until clarity emerges on these issues, one US CLO trader says the current environment is largely leaving investors on the sidelines - albeit equity is still being .......

    Market Reports 23 August 2011

  • CRE CDO transferred

    J.E. Robert Company has assigned the collateral administration agreement for JER CRE CDO 2006-2 to C-III Investment Management, following C-III Capital Partners' acquisition of substantially all of JER's assets and rights related to its businesses as CDO collateral administrator and special servicer in respect of commercial real estate loans. C-III Asset Management will be appointed advancing agent on the transaction.

    Job Swaps 23 August 2011

  • Manager preps CLO equity fund

    Against a backdrop of stagnated European CLO issuance and a looming loan refinancing crisis, European structured credit manager Prytania is preparing a new CLO equity fund designed to provide equity financing and warehousing facilities to would-be CLO managers. At the same time, it hopes to offer investors in the fund returns of around 20%-25% per annum over five years.

    "The .......

    News 23 August 2011

  • Innkeepers agreement terminated

    Chatham Lodging Trust and Cerberus Capital Management have terminated their commitment and obligation to acquire interests in 64 hotels owned by Innkeepers USA Trust, in accordance with the terms and conditions of their 16 May agreement (SCI 16 May). The two firms say they jointly determined to terminate the agreement due to the occurrence of a "condition, change or development .......

    News Round-up 23 August 2011

  • Gleacher to focus on MBS, credit

    Gleacher & Company says it is implementing a new strategic plan, following a review of its business operations. Under the plan, the firm will continue to service clients through its high-performing fixed income business, while realigning and investing in its core investment banking practice.

    The strategic plan is designed to maximise revenue and rationalise expenses by leveraging the expertise and .......

    Job Swaps 23 August 2011

  • Shadow inventory declining?

    S&P's estimate of the months to clear the supply of distressed homes on the market in the US fell for the first time since mid-2009 during 2Q11. The volume of distressed US non-agency residential mortgages also decreased during this period.

    At the end of 2Q11, S&P estimates that the balance of shadow inventory shrank to approximately US$405bn, from an estimated .......

    News Round-up 23 August 2011

  • Fixed income platform bolstered

    As part of the expansion of its Americas platform, Natixis has made three senior appointments in its fixed income, commodities & treasury (FICT) Americas team.

    Denis Prouteau joins the Americas platform in New York as head of FICT. He has 25 years of experience in trading, sales and debt capital markets, having held senior positions in New York, London and .......

    Job Swaps 23 August 2011

  • Canadian consumer ABS maintains stability

    Canada's consumer ABS market continues to maintain its historically stable performance amid the country's sound credit environment, according to S&P.

    "While the amount of outstanding ABS declined during the recent economic downturn, overall performance has been improving," says S&P research analyst Erkan Erturk. "In addition, the new issuance market remains active and the country's unemployment rate continues to decline."

    Canada's .......

    News Round-up 23 August 2011

  • Swaps director recruited

    The CFTC has appointed Gary Barnett to serve as its director of the Division of Swap Dealer and Intermediary Oversight. The new division is part of the agency's restructuring to fulfil its expanded responsibilities under the Dodd-Frank Act.

    Barnett will play a key role in the CFTC's efforts to regulate the swaps market under the law. He currently heads the .......

    Job Swaps 23 August 2011
×