Complete news archive

  • 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

  • EMEA special servicing activity outlined

    Moody's reports in its latest EMEA CMBS specially serviced loans update that in July three new loans were transferred into special servicing and four were transferred out. This brings the total number of loans in special servicing to 103, accounting for about €14.6bn.

    The agency expects the number of loans in special servicing to increase, driven primarily by non-payment at .......

    News Round-up 22 August 2011

  • Asia corporate trust services strengthened

    BNP Paribas Securities Services is expanding its corporate trust service (CTS) in the Asia Pacific, enabling a full range of services from conventional debt to structured debt. The bank has appointed Ben Lumley-Smith as regional client development manager for debt markets based in Hong Kong. He has over two decades' of experience in the sector, working for Citi, JPMorgan and .......

    Job Swaps 22 August 2011

  • Structuring director appointed

    GE Capital has hired James Simeons to its corporate structured finance team. He joins as corporate originations and structuring director and will be based in London, responsible for originating and structuring new business financing.

    Simeons comes from Bank of Tokyo Mitsubishi UFJ, where he was responsible for trade receivables securitisation. He previously spent 14 years at JPMorgan, rising to the .......

    Job Swaps 19 August 2011

  • CRE CDO transfer in the works

    Caplease Investment Management is set to assign its collateral manager duties for Caplease CDO 2005-1, a CRE CDO, to NRF Cap. NRF Cap will also become successor advancing agent, with the ordinary shares being transferred from EVA LLC to NRF Cap OS LLC. Moody's has determined that the proposal will not cause its ratings on the notes to be reduced .......

    Job Swaps 19 August 2011

  • Real estate trio poached

    McCarthy Tétrault has appointed James Papadimitriou, Valérie Mac-Seing and Sébastien Thomas as partners in its Montreal real property and planning group.

    Papadimitriou has extensive experience advising clients in real estate acquisitions, developments, commercial lending transactions, real estate joint ventures, real estate financings, mortgage portfolio purchases, project financings and commercial leasing transactions. He will act as McCarthy Tétrault's real property and .......

    Job Swaps 19 August 2011

  • Card delinquency rates hit all-time low

    US credit card delinquency rates declined to another all-time low in July, with just 3.09% of credit card balances 30 days or more past due, according Moody's Credit Card Indexes. Continuing improvement in delinquencies suggests that credit card charge-offs will resume falling in the coming months, after they ticked up by 5bp in July to 6.09%.

    Moody's expects the charge-off .......

    News Round-up 19 August 2011

  • Consecutive declines for CRE CDO delinquencies

    US CRE CDO delinquencies declined for the third straight month, according to Fitch's latest index results. July delinquencies fell to 11.8% from 12.6% in June. Asset managers reported 12 new delinquent assets last month, including nine newly impaired CMBS bonds.

    While new delinquencies included one term default, two matured balloons and nine impaired securities, 14 formerly delinquent assets were removed .......

    News Round-up 19 August 2011

  • Risk management practice bolstered

    Catena Technologies has appointed Aaron Hallmark as head of its trading and risk management solutions practice. The hire is aimed at strengthening the firm's ability to deliver services related to OTC derivative products and risk management platforms.

    Hallmark previously spent more than nine years with Calypso Technology, initially managing the professional services team for the Americas, based in New York, .......

    Job Swaps 19 August 2011

  • Continued improvement for US auto ABS

    The auto loans underpinning rated US ABS transactions continued to show signs of improvement in July, according to S&P's US Auto Loan ABS Tracker, a new monthly review of collateral performance and ratings activity in the sector.

    "We created the Tracker to provide a monthly snapshot of the US auto loan ABS sector," says S&P credit analyst Mark Risi. "The .......

    News Round-up 19 August 2011

  • Eurosail impact investigated

    Following the recent Eurosail court judgments, Moody's believes that some structured finance issuers in the UK and mainland Europe could become balance-sheet insolvent under English law. However, it suggests that this is not a material credit risk for many investors because the probability of negative consequences subsequently arising is very low.

    Most post-enforcement call options (PECOs) and some limited recourse .......

    News Round-up 19 August 2011

  • Open minds

    Investors look beyond traditional ABS for yield, stability

    Volatility and uncertainty in traditional markets are driving some investors to look further afield to attain diversification and yield. Non-traditional ABS sectors have seen a significant rise in activity this year and the trend is set to continue for some time yet.

    Container ABS is one example. The recently-priced Textainer Marine Containers 2011-1 is the fourth container ABS deal of .......

    News Analysis 18 August 2011

  • Collateral management head hired

    Citi has appointed Sam Ahmed as head of collateral management sales for Asia Pacific in its global transaction services unit. He joins from Merrill Lynch in Singapore, where he managed regional collateral management and derivatives client services teams for its private banking division. Ahmed reports to Pierre Mengal, regional head of collateral services for Citi in Asia Pacific.

    .......

    Job Swaps 18 August 2011

  • London partner relocates

    Ashurst partner Chris Whiteley has relocated to the firm's international finance team in Hong Kong. Whiteley has been a partner in Ashurst's London office since 2006 and is a derivatives specialist, with particular expertise in OTC derivatives. He has extensive experience of advising in relation to traditional hedging and trading activities and complex transactions, together with related credit support arrangements, .......

    Job Swaps 18 August 2011

  • Seasonal spike for private student loan defaults

    According to the latest results from Moody's Private Student Loan Indices, 5.4% of securitised private student loans defaulted in 2Q11, up from 5% in the first quarter. The agency attributes much of the rise to a seasonal spike in the default rate for the 2010 securitisation vintage.

    At 5.4%, the default rate index is significantly lower than its record-high peak .......

    News Round-up 18 August 2011

  • Silverstone restructuring proposed

    Nationwide is proposing to restructure its Silverstone UK RMBS master trust, subject to noteholder approval. Moody's reports that the restructuring will not impact the current ratings assigned to any of the notes issued by the trust.

    The restructuring plan involves: removing the yield reserve and increase the margins on the funding swaps; replacing part of the support provided by the .......

    News Round-up 18 August 2011

  • Lewtan names ceo

    Lewtan has appointed Salil Donde as ceo. He joins from Marshall & Swift/Boeckh, where he served as ceo and as a member of the board of directors. Before that, Donde was the president of Fiserv's life and financial software and solutions business.

    .......

    Job Swaps 18 August 2011

  • Green light for Lehman CLO plan

    Lehman Brothers Holdings' asset management agreement with WCAS Fraser Sullivan (SCI 28 July) has been approved by Judge James Peck of the US Bankruptcy Court. The court ruled yesterday that the relief sought through the agreement is in the best interests of the debtors and their creditors.

    Under the asset management agreement, the debtors: are entitled to receive collections of .......

    News Round-up 18 August 2011

  • DBUBS braves seasonal slow-down

    The latest US CMBS to price is evidence that despite the current market environment there is still investor demand for the structures and that the diminished deal pipeline is only a seasonal slow-down. At the same time, volatility has helped to reinforce which firms are committed to the sector and which are not.

    The successful pricing of DBUBS 2011-LC3 last .......

    Market Reports 17 August 2011

  • Risk head departs

    David Murphy, head of risk and reporting at ISDA, has left the association. According to an ISDA representative, Peter Sime is interim head of risk and research while the association works on a plan to handle the functions.

    Murphy joined ISDA in April last year. It is understood that he will now focus on his structured finance risk management and .......

    Job Swaps 17 August 2011

  • ABS CDO liquidation due

    VCAP Securities has been retained to act as liquidation agent for Kleros Preferred Funding IX. It will sell the collateral to the highest qualified bidders in four public sales on 13 and 14 September.

    .......

    News Round-up 17 August 2011
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