Complete news archive

  • ABS-focused fund launched

    Angel Oak Capital Advisors has launched the Angel Oak Multi Strategy Income Fund, which seeks to achieve high current income while providing less interest rate sensitivity than traditional fixed income products. The fund is managed by an Angel Oak team headed by portfolio managers Brad Friedlander and Ashish Negandhi.

    "Our strategy initially is to focus on the asset-backed securities market. .......

    News Round-up 29 June 2011

  • Collateral management service prepped

    Lombard Risk Management has announced two key business appointments. The move comes as the firm prepares to release COLLINE, its automated collateral management solution.

    Elaine MacAllan joins Lombard Risk to direct the further development of repo and securities lending functionality of COLLINE. She comes from Credit Suisse, where she held an svp role in the collateral department.

    Martin Wingate joins .......

    News Round-up 29 June 2011

  • Capital injection for StormHarbour Japan

    Asuka DBJ Partners, a private investment firm that is a joint venture between Development Bank of Japan and Asuka Asset Management, has acquired an 8% equity stake in StormHarbour Japan. Asuka DBJ Partners invests in companies and projects in growth sectors in Japan, China and other parts of Asia.

    "We are delighted and honoured that Asuka DBJ Partners has made .......

    Job Swaps 28 June 2011

  • Policyholder group wins appeal

    The New York State Court of Appeals in Albany has reinstated the bank policyholder group's US$5bn fraudulent conveyance and breach of contract lawsuit against MBIA Inc (SCI passim).

    The Court's written ruling notes that the New York State Insurance Department (NYID) approved the restructuring of MBIA Insurance in 2009 without giving policyholders any notice or opportunity to be heard. The .......

    Job Swaps 28 June 2011

  • Lessons learnt

    A closer look at the CDS industry's response to Dodd-Frank

    Since the Dodd-Frank Act was signed into law last year, the CDS industry has been asked to undergo a significant transformation in a short timeframe, the likes of which have taken many years in other sectors. But, while operational challenges and regulatory uncertainties remain, the CDS market's response to enforced reform may serve as a blueprint for other markets in .......

    News Analysis 28 June 2011

  • German MFH balloon risk remains

    Fitch says in a new report that balloon risk remains a key concern for the largest German multifamily housing (MFH) CMBS transactions, despite the refinancing activity that has occurred over the past year. This view is reflected in the agency's continuing negative outlooks for the three largest CMBS transactions entirely secured by MFH collateral: GRAND, German Residential Funding and Immeo .......

    News Round-up 28 June 2011

  • Law firm expands litigation group

    Bingham has expanded its securities and financial institutions litigation group in London with the addition of Mark Dawkins, a former managing partner of Simmons & Simmons. While at Simmons & Simmons, he was instrumental in building and leading the firm's global financial markets department and its banking litigation department. Dawkins will work closely with Bingham financial institutions litigation partner Natasha .......

    News Round-up 28 June 2011

  • Credit trading head named

    BNP Paribas has promoted Benjamin Jacquard to global head of credit trading. He will be based in London, reporting to Guillaume Amblard, global head of fixed income trading.

    Jacquard will lead the implementation of BNP Paribas's credit development plan, which is to extend the product range and market share in all credit markets, including ABS trading and structured credit. He .......

    Job Swaps 28 June 2011

  • Collateral optimisation service offered

    Calypso Technology says it has developed an innovative collateral optimisation solution specifically designed to "address major functional gaps" in the industry. The new software product is aimed at responding to new challenges in collateral management driven by substantial shifts in the basis markets, regulatory requirements for OTC clearing and associated margins, improved counterparty risk management, more stringent liquidity control and .......

    News Round-up 28 June 2011

  • ABCP op risk RFC issued

    Moody's has issued a request for comment regarding a proposed update to its operational risk guidelines as they relate to rating ABCP programmes. Specifically, the agency proposes explicit guidelines for the analysis of performance disruption risk posed to ABCP programmes by their administrators.

    The ABCP operational risk guidelines address the risk of non-performance by transaction parties on Prime-1 rated ABCP. .......

    News Round-up 28 June 2011

  • Graphite tender offer launched

    Northern Rock has launched a tender offer for eight tranches of Graphite Mortgages series 2006-1. The minimum purchase price ranges from 95% to 30% of par value for the class A+ to class E notes.

    Northern Rock had previously announced that it has currently no intention to exercise its right to terminate the credit default swap with KfW relating to .......

    News Round-up 27 June 2011

  • AIB auction scheduled

    The auction to settle the credit derivative trades for Allied Irish Banks CDS is to be held on 30 June. A senior auction and a subordinated auction will be held.

    .......

    News Round-up 27 June 2011

  • Positive trend continues for cards

    Moody's reports that both US credit card charge-off and delinquency rates improved yet again in May, continuing the positive trend of much of the past year. At the same time, the payment rate index - complementing the near record low levels of delinquent credit card receivables - rebounded sharply in May and is once again near its all-time high.

    "These .......

    News Round-up 27 June 2011

  • SF CDOs on upgrade review

    Moody's has placed 98 tranches of US and European structured finance (SF) CDOs with material exposure to CLOs on review for possible upgrade. This follows the agency's announcement that nearly all CLO tranches it rates Aa1 and below have been placed on review for upgrade.

    The latest rating actions affect 88 tranches in the US and 10 tranches in Europe. .......

    News Round-up 27 June 2011

  • Esoteric ABS team recruited

    KGS-Alpha has recruited Fouad Onbargi, Richard Barry, Jason Muncy and Will Simonton from Aladdin Capital to focus on esoteric ABS. Onbargi - as head of the team - reports to Levent Kahraman and Dan Goldman, respectively ceo and president of the firm.

    .......

    Job Swaps 27 June 2011

  • CDPC portfolio information revealed

    Primus Financial Products has released details of its credit derivatives portfolio. As of 21 June, the firm's consolidated portfolio of single name credit swaps was US$5.43bn (in notional amount) and had a weighted average remaining maturity of 1.22 years. Approximately 62% of the single name CDS portfolio is denominated in euros, with the remainder denominated in US dollars.

    The last .......

    Job Swaps 27 June 2011

  • Risk Institute looks to the US

    Renowned ABS author Frank Fabozzi is set to join EDHEC-Risk Institute on 1 August, as part of its North American strategy. He will be working on the development of EDHEC-Risk Institute North America with Lionel Martellini, scientific director of EDHEC-Risk Institute, who will be in charge of North American development from the beginning of the 2011/2012 academic year. Fabozzi will .......

    Job Swaps 27 June 2011

  • Slow progress

    Market recovery hampered by regulatory uncertainty

    Regulatory concerns continue to weigh heavily on the securitisation market. Although activity is picking up month by month, a full recovery is unlikely until more detail on a number of regulations is fleshed out.

    Regulation is the main stumbling block for the securitisation market, confirms RBS Group Treasury secured funding head Stephen Hynes, although he acknowledges that regulators could not .......

    News Analysis 24 June 2011

  • Fitch to update multiborrower criteria

    Fitch ratings says that it will be releasing an update to its criteria report for analysing multiborrower US commercial mortgage transactions next month. The report will consolidate three existing criteria reports and aims to provide more transparency on Fitch's rating process for conduit and fusion transactions.

    Specifically, the report will provide more clarity on the following: Fitch Ratings' analysis of .......

    News Round-up 24 June 2011

  • Barclays Capital expands in CMBS

    Barclays Capital has hired Larry Kravetz and Spencer Kagan to expand the firm's activities in CMBS origination.

    Kravetz has joined the firm as an md and head of CMBS finance, reporting to Tom Hamilton, head of securitised products trading. Kagan has joined as an md and head of CMBS credit and underwriting, reporting to Kravetz. Both are based in New .......

    Job Swaps 24 June 2011

  • Distressed fund formed

    Northlight Financial has formed a limited partnership, under the Northlight brand, that will provide asset-backed loans to middle market companies, acquire whole loans in the secondary market and purchase distressed assets in the commercial, industrial and real estate sectors. The new fund will initially deploy US$100m in committed capital and target investments ranging from US$5m to US$15m in executing its .......

    Job Swaps 24 June 2011
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