Complete news archive

  • Subprime RMBS assets offloaded

    Dexia Group reports that it has sold 94% or US$8.8bn of guaranteed assets from its financial products portfolio, of which 95% consist of US RMBS. The bulk of the firm's US RMBS holdings (about 93%) were backed by subprime collateral originated in 2006 and earlier. Since the disposition was a privately negotiated sale to a "targeted investor base", a significant .......

    News Round-up 9 August 2011

  • Another GSC CLO hearing scheduled

    A hearing in connection with the Gateway III Euro CLO and Gateway IV Euro CLO deals will be held on 17 August. The Chapter 11 trustee is seeking an order authorising the trustee to reject certain executory contracts, including the deed of novation and amendment effecting the appointment of a successor collateral manager. The motion also requests the Court to .......

    Job Swaps 9 August 2011

  • US-linked ABS ratings review underway

    S&P says that its ratings on 744 structured finance transactions remain on credit watch negative (SCI 18 July) following the lowering of its long-term credit rating on the US to double-A plus with a negative outlook and the removal of its long- and short-term ratings from credit watch negative. The rating actions also included the affirmation of the A-1+ short-term .......

    News Round-up 9 August 2011

  • Law firm taps servicing vet

    SNR Denton has appointed Scott Samlin as a partner in its capital markets practice in New York. Samlin joins from Morgan Stanley, where he was executive director for the residential mortgage and lending compliance business.

    At Morgan Stanley, Samlin helped oversee the operations of the firm's whole loan trading desk and its affiliated mortgage loan servicer, Saxon. Prior to this, .......

    Job Swaps 9 August 2011

  • Orrick partner finds new home

    Cameron Cowan has joined King & Spalding as a partner in its capital transactions and real estate practice in Washington, DC. He moves from Orrick, Herrington & Sutcliffe, where he was a partner in its global finance group and oversaw the opening of its Washington, DC, and three China offices. Cowan counsels financial institutions, corporations and government agencies in complex .......

    Job Swaps 9 August 2011

  • CRE CDO transferred

    Wrightwood Capital has resigned as collateral manager and advancing agent on Wrightwood Capital Real Estate CDO 2005-1 and been replaced by Ares Commercial Real Estate. Moody's has determined that the move won't cause the ratings of the notes to be reduced or withdrawn. The agency does not express an opinion as to whether the replacement could have other, non credit-related .......

    Job Swaps 9 August 2011

  • German pricing service expands

    Interactive Data Corporation has expanded its evaluated pricing services capabilities in Germany. A new team of evaluators based in the firm's Frankfurt office will provide local market knowledge and expertise in the evaluation of German domestic fixed income securities.

    Anthony Belcher, European fixed income director at Interactive Data, comments: "Our local evaluators are closer to the market and can obtain .......

    Job Swaps 9 August 2011

  • Ares acquires Indicus

    Ares Management is buying European leveraged finance and CLO manager Indicus Advisors. David Reilly and Ujjaval Desai, co-founders of Indicus, have been named co-heads of Ares Capital Markets Europe and will be responsible for all of Ares' European syndicated debt and global structured products.

    "Our joint team will be much more significant in the marketplace at a time when we .......

    Job Swaps 9 August 2011

  • Second-quarter CRE loan mods analysed

    Modifications of the CRE loans that back US CMBS continued at a steady pace in 2Q11. At the same time, there was a small downtick in the share of loans in special servicing, according to the latest CMBS and CRE CDO surveillance review from Moody's.

    The agency notes that along with a slight drop in the share of loans in .......

    News Round-up 9 August 2011

  • Aggressive CMBS underwriting highlighted

    The quality of the loans securitised in US CMBS conduits in the second quarter held steady in terms of leverage. But there were signs of more aggressive underwriting that could lead to weaker loan pools backing CMBS, says Moody's in its latest quarterly review of the sector.

    "Leverage levels in the four conduit transactions we rated in the second quarter .......

    News Round-up 8 August 2011

  • Regulatory policy director added

    Martin Schuh has joined the CRE Finance Council (CREFC) in the newly created position of director, legislative and regulatory policy. Schuh is based in CREFC's new Washington, DC office.

    CREFC says Schuh is being brought in to promote the trade association as the leading expert and voice of the CRE finance industry with members of Congress and Capitol Hill professionals, .......

    Job Swaps 8 August 2011

  • Unemployment impacting student loan ABS

    The record high unemployment rate for young college graduates of 9% in the first half of 2011 is impacting student loan securitisations, with recent vintages performing worse than earlier transactions. Moody's notes in its latest Weekly Credit Outlook publication that the 2005-2007 vintages are impacted the most.

    Default rates rose over the past year for the 2005-2007 and 2008-2010 securitisation .......

    News 8 August 2011

  • CLO hit by occurrence of cause

    Nomura Corporate Research and Asset Management has notified the trustee and preference shares paying agent on Clydesdale CLO 2003 of the occurrence of an event constituting cause under the management agreement. The management agreement may consequently be terminated and the collateral manager removed, providing that written notice thereof is given to noteholders and rating agencies within 30 days after two-thirds .......

    Job Swaps 8 August 2011

  • CMBS delinquencies hit new high

    US CMBS delinquencies reached a new record high last month due to a slew of new late-pays combined with below-average loan resolutions, according to Fitch's latest index results. Nearly US$3bn of new delinquencies in July outpaced the US$1.4bn of resolutions from the index. This led to a 37bp increase to 9.01% - surpassing the previous high water mark of 8.81% .......

    News Round-up 8 August 2011

  • 2011 conduit/fusion CMBS cleared

    S&P has published an update to its review of the application of its US conduit/fusion CMBS criteria (SCI passim) and says that the approach used for DSCRs on new transactions rated since early 2011 has produced results that are consistent with its rating definitions. Effective immediately, the agency will resume assigning ratings to new conduit/fusion transactions by applying the averaging .......

    News Round-up 8 August 2011

  • ZAIS clarifies stance on ZING VII

    ZAIS Group has responded to Hildene Capital Management's recent letter regarding ZING VII's bankruptcy (SCI passim). As collateral manager on the transaction, ZAIS says it would like to express its concurrence with and support of Hildene's description of the facts in the ZING VII bankruptcy proceedings.

    "We share Hildene's concern relating to this matter, both with respect to the investors .......

    News Round-up 8 August 2011

  • Law firm taps commercial finance pros

    Peter Seiden and Bryan Petkanics have joined Loeb & Loeb's New York office as partners in the commercial finance practice. The pair were previously partners in LeClairRyan's New York office, prior to which they were partners at Seiden Wayne. They will be joined by Raymond Dusch, senior counsel, and John Oberdorf, associate, who also come from LeClairRyan.

    Seiden's practice concentrates .......

    Job Swaps 8 August 2011

  • Three Japanese CMBS loans default in July

    Three loans backing Moody's-rated Japanese CMBS defaulted in July, according to the agency's latest report on the sector. Two loans defaulted at their maturity date, including one large loan totaling more than ¥60bn (US$706m), and one loan defaulted before its maturity date because of a payment default. All loans were backed by office buildings in Tokyo and Osaka.

    The report .......

    News Round-up 8 August 2011

  • China credit sales head named

    Citi has appointed Steve Yang as head of Greater China credit sales. He will be based in Hong Kong and work alongside Esther Feng and Yang Ji, head of Taiwan investor sales and China investor sales respectively.

    Yang joins from JPMorgan, where he was head of Taiwan credit and investor sales for seven years, before becoming co-head of structured credit .......

    Job Swaps 8 August 2011

  • Small investor structured pilot closed

    The FDIC has closed on the first sales in its small investor programme (SIP). The pilot SIP involved two competitive sales of equity interests in two limited liability companies, each formed by the FDIC in its receivership capacity to hold certain assets of FirsTier Bank that failed on 28 January 28.

    The assets transferred by the FirsTier receivership to the .......

    News Round-up 8 August 2011

  • Structured credit may provide 'safe-haven'

    Assets that were once deemed responsible for the spread of the global financial crisis in 2007-2009 may find themselves offering refuge for investors in the wake of the recent market slide.

    According to structured credit strategists at Citi, top-rated structured credit assets are behaving more like a safe-haven than a risky asset in the current economic climate. The triple-A structured credit .......

    News 5 August 2011
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