Complete news archive

  • TFG shareholder action filed

    A shareholder derivative action was filed yesterday in the US District Court - Southern District of New York - against the current and former directors of Tetragon Financial Group by a purported shareholder. The action involves a series of allegations specifically with respect to performance fees charged by TFG's investment manager and asks for money damages and equitable relief against .......

    Job Swaps 13 July 2011

  • CDS functionality enhanced

    MarketAxess has launched an enhanced institutional credit trading system that includes significant additional functionality for credit default swap trading. With this release, the firm says it now has much of the core technology needed to meet the anticipated regulatory requirements for registration as a SEF and security-based SEF under the Dodd-Frank Act in the US.

    MarketAxess's latest trading system enables: .......

    News Round-up 13 July 2011

  • Ratings resilience highlighted

    Across Europe's main securitisation markets, the rating performance of RMBS and ABS transactions remained resilient throughout the financial crisis from May 2007 to May 2011, according to Moody's latest rating transition study. More than 80% of Aaa rated tranches maintained their rating.

    According to the report, a number of the largest issuance markets - including Dutch RMBS, UK prime RMBS, .......

    News Round-up 13 July 2011

  • Black Diamond completes GSC acquisition

    Black Diamond Capital Management has secured court approval to complete the acquisition of substantially all of the investment management business and related assets of GSC Group and its affiliates. Upon closing of the acquisition, Black Diamond and affiliated entities will assume active control of GSC's control distressed/private equity, mezzanine, ABS and CLO funds, totalling approximately US$7bn of assets under management.

    Job Swaps 13 July 2011

  • Beacon Seattle nears trigger

    The recent sale of Liberty Place marks the fifth property to be released from the Beacon Seattle & DC Portfolio, following the modification of the loan last year (SCI 14 December 2010). It also brings the loan very close to triggering a hyper-amortisation feature included in the modification.

    Four properties - Market Square, 1300 North 17th Street, Key Center and .......

    News 12 July 2011

  • Mixing ABS management and consumer credit advisory

    Jeroen Bakker, director at Cervus Capital Partners, answers SCI's questions

    Q: How and when did Cervus Capital Partners become involved in the structured finance market?
    A:     Cervus Capital Partners launched on 1 July. I founded it along with two ex-IMC Asset Management colleagues - Felix Berger and Neil Tjin (see SCI 5 July).

    We thought it would be best to continue our activities in a new .......

    The Structured Credit Interview 12 July 2011

  • Japan CMBS loan defaults increase

    The default rate of loans backing Moody's-rated Japanese CMBS has increased substantially. A total 63% of the Moody's-rated CMBS loans that matured during the first half of 2011 defaulted, up from 37% in all of 2010.

    The main reason for the sharply rise in defaulted loan amounts is due to the commencement of collection activities for some large loans, Moody's .......

    News Round-up 12 July 2011

  • Portfolio fire-sale averted

    A €940m portfolio of around 100 German commercial offices and retail premises has been saved from a potential fire sale. The Mozart loan, secured on properties with a valuation deficit of around €200m, has been restructured in-house at servicer Hatfield Philips.

    "Despite the borrowers being in Germany, the loan was restructured without having to write off any debt, thus ensuring .......

    News Round-up 12 July 2011

  • Card delinquencies drop

    US credit card defaults dropped to their lowest levels since early-2008, while delinquencies fell to levels not seen in close to four years, according to the latest Credit Card Performance Index results from Fitch.

    "Credit card collateral saw positive across-the-board gains for the fourth time in six months," says Fitch senior director Cynthia Ullrich. "Future credit card performance looks promising, .......

    News Round-up 12 July 2011

  • Correspondent lending group expands

    PennyMac has added Jim Follette and Kim Nichols to its correspondent lending group.

    Follette has been named md, correspondent fulfillment, and will help manage the firm's correspondent loan acquisition platform. This includes all aspects of acquisition workflow, loan level credit and appraisal. He joins PennyMac from Bank of America, where he most recently served as svp for Bank of America .......

    Job Swaps 12 July 2011

  • FFELP residual interest acquired

    Nelnet has purchased the residual interest in US$1.9bn of FFELP consolidation loans from an affiliate of Greystone & Co. The firm acquired the ownership interest in GCO SLIMS Trust-1, giving it rights to the residual interest in GCO Education Loan Funding Trust-I.

    As part of the agreement, Nelnet will become master servicer and administrator for Trust-I and administrator for the .......

    News Round-up 12 July 2011

  • GSE prepayment data integrated

    Mortgage Maxx GSE prepayment data is now available on the 1010data platform. The company says it selected 1010data because it offers the most robust ad-hoc analysis tools and is trusted by its existing customer base. In addition, working with 1010data will allow the firm to grow more rapidly by enabling Mortgage Maxx AFS report data to be accessed via the .......

    News Round-up 12 July 2011

  • Distressed credit manager formed

    Group OFI has established a new AMF-regulated subsidiary, called ZENCAP Asset Management, which is dedicated to distressed credit. The firm comprises a team of four portfolio managers and takes over the management of two dedicated distressed credit funds and one advisory mandate for a French institutional investor. Assets under management and advisory total €300m.

    According to Richard Jacquet, ceo of .......

    Job Swaps 12 July 2011

  • Bryant Park CDO tendered

    Citi has announced cash tender offers for the outstanding income notes and class A-1, A-2, B and C notes issued by Bryant Park CDO. The firm will pay between US$920-US$980 per US$1,000 principal amount of senior notes and US$660 for the income notes.

    Citi says that it must receive tenders of income notes in the aggregate principal amount of at .......

    News Round-up 12 July 2011

  • Real estate expertise bolstered

    Arnaud de Pesquidoux is joining Group Tikehau as general counsel and partner. He was previously a partner at Gide Loyrette Nouel, where he focused on investment advisory as well as real estate financing activity for institutional and private clients. He has been regularly involved in pre-litigation and litigation issues.

    De Pesquidoux's arrival is in line with Tikehau's commitment to strengthen .......

    Job Swaps 12 July 2011

  • Natixis credit team tapped

    GreensLedge Capital Markets has recruited an eight-strong structured credit team. Ken Wormser and David Powar lead the migration from Natixis to the New York-based advisory firm, joining as managing partners.

    Wil Fischer, Ninat Lekagul and Aimee Means also join as mds, while Mark David, Naz Majidi and Craig Reckin join the firm as directors. At their new home, the team .......

    Job Swaps 11 July 2011

  • Multi-seller conduit overviews published

    Moody's is to begin publishing performance overviews for US bank-sponsored multi-seller ABCP conduits, which will provide a periodic update on asset pool composition, performance and historical commercial paper outstanding. The new US performance overviews will have three sections: highlights, rating opinion and discussion points.

    The highlights section focuses on any significant programme changes with respect to conduit structure, asset or .......

    News Round-up 11 July 2011

  • RMBS criteria updated

    Fitch has published an updated US RMBS sector-specific criteria report that outlines the framework used to monitor and analyse outstanding transactions for potential rating changes. It has also updated its US RMBS cashflow analysis criteria report.

    The sole change from the previously published sector-specific criteria involves increased credit enhancement and rating caps for pools that have small remaining loan counts .......

    News Round-up 11 July 2011

  • ABS CDO liquidation due

    The trustee for Maxim High Grade CDO I has retained Dock Street Capital Management to act as its liquidation agent for the collateral, which be sold to the best qualified bidders in two public sales. These will be held on 19 July at 10am and 2pm EST. Class A-1, A-2 and A-3 noteholders have been advised that they may provide .......

    News Round-up 11 July 2011

  • Restructuring lawyer promoted

    Davis Polk & Wardwell has elected six partners to the firm, including Brian Resnick, a member of its insolvency and restructuring group in New York. Resnick has substantial experience in a broad range of corporate restructurings and bankruptcies, representing debtors, creditors, asset purchasers and other strategic parties in connection with pre-packaged and traditional bankruptcies, out-of-court workouts, DIP and exit financings, .......

    Job Swaps 11 July 2011

  • Broker recruits credit derivatives pro

    ICAP has appointed Mark Price as group coo, subject to FSA approval. He will have overall responsibility for risk, compliance and human resources and provide management oversight of ICAP's IT infrastructure.

    Price will start on 3 October and joins from Deutsche Bank, where he was coo for global credit & emerging market debt. Prior to joining Deutsche Bank in 1998, .......

    Job Swaps 11 July 2011
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