Complete news archive

  • Consent received for GSC assignment

    All consents required for GSC Partners Gemini Fund, GSC Partners CDO Fund II and GSC Partners CDO Fund IV to enter into assignment agreements have been either received or deemed. Collateral management responsibilities for the transactions will now be transferred from GSCP to GSC Acquisition Holdings, an affiliate of Black Diamond Capital Management.

    Black Diamond has agreed to become a .......

    Job Swaps 27 July 2011

  • Trups CDO defaults stabilising

    Cumulative defaults and deferrals for US bank Trups CDOs are continuing to stabilise, according to the latest index results from Fitch.

    Bank defaults within Trups CDOs increased by 1bp to 15.66% through the end of June, while bank deferrals decreased by 9bp to 17.52%. The combined default and deferral rate for banks within Trups CDOs decreased to 33.18% from 33.27%.

    News Round-up 27 July 2011

  • Business development head hired

    Luis Acosta has joined Ally Commercial Finance as senior md, reporting to George Triebenbacher, president of structured finance. Acosta has more than 25 years of debt-investing experience, principally engaged in middle market sponsor finance. He has held various business development, transaction execution and leadership roles, working extensively with private equity firms and intermediaries.

    Previously, Acosta was head of business development .......

    Job Swaps 27 July 2011

  • RFC issued on updated Reg AB

    The US SEC is re-proposing for public comment some rules regarding ABS shelf registration under Regulation AB, with the aim of achieving greater issuer accountability. The Commission initially proposed the rules in April 2010 (SCI passim), but the Dodd-Frank Act addressed some of the same concerns and it has since re-evaluated its original proposals.

    "It is very important that we .......

    News Round-up 27 July 2011

  • Second CDO tender for Citi

    Citi has announced its second CDO tender offer this month, following the launch of one for Bryant Park CDO (SCI 12 July). The bank is now offering to buy back six senior tranches and the income notes of Dryden VI, for US$910-US$980 and US$580 per US$1000 principal amount respectively.

    The offer is scheduled to expire on 19 August, unless extended .......

    News Round-up 26 July 2011

  • Colston RMBS restructured

    Bristol & West has restructured its £3bn Colston No. 1 RMBS. Under the restructuring, amendments have been made to the swap counterparty, the GIC provider and the transaction documentation (including the addition of a back-up servicer). Additionally, the liquidity reserve has been removed from the transaction.

    Credit enhancement for the class A notes now totals 14.55%, which is provided by .......

    News Round-up 26 July 2011

  • Irish Life auction scheduled

    An auction to settle the credit derivative trades for Irish Life & Permanent CDS is to be held on 29 July. ISDA's EMEA Credit Derivatives Determinations Committee resolved on 5 July that a restructuring credit event occurred in respect of the entity and resolved that one or more auctions may be held (SCI 6 July). Auctions are set to be .......

    News Round-up 26 July 2011

  • Key-man vote adjourned

    The meeting of Faxtor ABS 2005-1 class C noteholders on 22 July to vote on key-man provisions (SCI 5 July) was adjourned through lack of a quorum. An adjourned meeting will now be held at the offices of Ashurst on 5 August.

    IMC Asset Management, the transaction manager, is seeking to designate two new key persons - Egbert Bronsema and .......

    Job Swaps 26 July 2011

  • Counterparty criteria impact tallied

    S&P has estimated the final rating effect of the introduction of its counterparty criteria, following the transition date of 18 July. The impact was greatest on EMEA structured finance transactions.

    "In all, we lowered about 13% of outstanding EMEA structured finance ratings - in about 16% of transactions - related to the 2010 counterparty criteria, by an average of 2.9 .......

    News Round-up 26 July 2011

  • Global head named in structured credit push

    Natixis CIB Americas has promoted Kevin Alexander to head of global structured credit and conduits. He is already familiar with the structured credit and conduits group (SCCG) as he was previously SCCG head of CDO syndicate trading and hybrid structured products, focusing on marketing and trading structured finance products.

    Alexander is an md at the bank and has spent 12 .......

    Job Swaps 26 July 2011

  • Greek credit event appears unlikely

    ISDA has issued an update on whether last week's Eurozone rescue package for Greece is a credit event under CDS documentation. The Association says that any determination will be made by its EMEA Determinations Committee when the proposal is formally signed and after a market participant requests a ruling from the DC.

    However, ISDA clarified two issues, based on what .......

    News Round-up 26 July 2011

  • Need for QM safe harbour stressed

    The American Securitization Forum and SIFMA have filed comment letters with the Federal Reserve regarding the definition of a qualified mortgage found in Title XIV of the Dodd-Frank Act.

    Title XIV of Dodd-Frank prohibits creditors from making mortgage loans without regard to the consumer's repayment ability. Among the ways to comply with this provision is the origination of a 'qualified .......

    News Round-up 26 July 2011

  • Unusual wind bond marketing

    Natixis is marketing a new euro-denominated two-tranche catastrophe bond - Pylon II Capital. The €65m class A notes and the €85m class Bs have been given preliminary ratings by S&P of single-B plus and single-B minus respectively.

    Pylon II covers European windstorms in France, excluding Corsica and overseas territories, over five full wind seasons. The deal provides cover against losses .......

    News Round-up 26 July 2011

  • New CMBS deals price wide

    Last week was an eventful one for US CMBS: although secondary trading was subdued, two new deals priced. Both transactions printed wider than had been expected, showing that the market has moved a long way from earlier in the year when triple-A spreads were pricing close to 100bp.

    "The two deals that priced last week each priced quite wide," confirms .......

    Market Reports 25 July 2011

  • Bank of Ireland auction scheduled

    The auction to settle the credit derivative trades for The Governor and Company of the Bank of Ireland CDS is to be held on 28 July. ISDA's EMEA Credit Derivatives Determinations Committee resolved that a restructuring credit event occurred on 11 July in respect of the entity and that one or more related auctions would be held. The auction is .......

    News Round-up 25 July 2011

  • Fund sub-advisory agreement ended

    Invesco Advisers has announced that it is to assume sole responsibility for managing the Invesco Van Kampen Dynamic Credit Opportunities Fund and will terminate its sub-advisory agreement with Avenue Europe International Management on 19 September. However, there will be no change in the management fee that the fund pays to Invesco.

    In its role as sub-adviser to the fund, Avenue .......

    Job Swaps 25 July 2011

  • Loan servicer coo replaced

    LNR Partners Europe has appointed Matthias Schlueter as its new coo and md. Schlueter, who has 10 years of experience in the commercial real estate and CMBS special servicing industry, will take over the role from outgoing coo Mark Miller. Miller, in turn, has accepted a senior position in the firm's US special servicing business.

    Schlueter will be responsible for .......

    Job Swaps 25 July 2011

  • Q2 issuance tops Y1trn in Japan

    S&P reports that it has assigned ratings to Japanese securitisation transactions worth ¥1.1trn in the second quarter of 2011, representing a 134% increase on the same quarter of 2010. In contrast, the number of securitisation transactions rated by S&P in the same quarter declined by 44% year-on-year to 10. The total issuance amount of rated securitisations exceeded ¥1trn for the .......

    News Round-up 22 July 2011

  • TARP cio joins REIT

    David Miller has joined Pine River Capital Management as an md, responsible for business development and strategic initiatives for Two Harbors Investment Corp. Miller most recently served as cio for the Office of Financial Stability at the US Department of Treasury, where he was responsible for managing the investment portfolio for the US$700bn TARP.

    Prior to joining the US Department .......

    Job Swaps 22 July 2011

  • Irish RMBS rating ceiling lowered

    Moody's has downgraded the ratings of 30 tranches of 14 Irish RMBS transactions, affecting €27.7bn of securities. The rating action reflects the decline in the credit quality of the Irish government's sovereign debt (Moody's downgraded it to Ba1 from Baa3) and the failure by relevant counterparties to either comply with trigger breaches or implement in a timely fashion proposed structural .......

    News Round-up 22 July 2011

  • ABS CDO reassigned

    Fixed Income Discount Advisory Company (FIDAC) is set to assign its collateral management responsibilities for HARP High Grade CDO I to Cutwater Investor Services Corp. The new management agreement contains substantially the same terms as the existing management agreement, according to Moody's.

    The agency notes that the execution of an amended and restated collateral management agreement will not result in .......

    Job Swaps 22 July 2011
×