Complete news archive

  • 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

  • Asset manager beefs up in credit

    AXA Investment Managers has appointed James Gledhill as global head of high yield and deputy head of credit within its global fixed income department. He will report both to Theodora Zemek, global head of AXA fixed income, and to Graham Nicol, who heads up AXA's fixed income credit department.

    As part of his role, Gledhill will replace Hannah Strasser as .......

    Job Swaps 24 June 2011

  • Motoring on

    New issue diversification reflects growing confidence

    The European auto ABS sector has made great strides over the last year, driven by strong performance and a broadening out of the market. But diversification into other asset classes is expected going forward, as confidence in securitisation continues to return.

    Matthew Jones, structured finance director at S&P, underlines just how strong performance has been in European auto ABS. "Our .......

    News Analysis 23 June 2011

  • SF partner recruited

    DLA Piper has appointed Michael Macaluso as a partner in its finance practice. Macaluso joins from Morgan, Lewis & Bockius, where he was a partner in the international business and finance practice and a leader of its European capital markets team.

    Macaluso focuses his practice on managing complex and international corporate finance transactions, including structured financings such as domestic and .......

    Job Swaps 23 June 2011

  • Subprime fraud charges settled

    Morgan Keegan & Company and Morgan Asset Management have agreed to pay US$200m to settle fraud charges, brought by the SEC, state regulators and FINRA, related to subprime MBS. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the securities industry.

    The Memphis-based firms, former portfolio manager James Kelsoe .......

    Job Swaps 23 June 2011

  • Mortgage REIT index launched

    Pine River Capital Management has launched the Pine River Mortgage REIT Index. The index aims to provide a way to track the sector performance of publicly traded REITs, whose principal business consists of originating, servicing or investing in residential mortgage interests, including RMBS.

    The index uses a modified market capitalisation weighted methodology. Index components are reviewed quarterly for eligibility and index .......

    News Round-up 23 June 2011

  • Key SF appointments made

    BNP Paribas has announced key appointments within its structured finance business line.

    Andrew Shapiro, currently head of corporate acquisition finance and value preservation group for the Americas, is appointed head of loan syndications and trading. In addition, he has been named head of structured finance UK. He will be based in London and report to Dominique Remy, head of structured .......

    Job Swaps 22 June 2011

  • ABS salesman added

    Jason O'Brien is set to join Credit Suisse in mid-July as a UK ABS salesman. He will report to Kevin Whyman, head of European ABS sales, and was previously at Jefferies.

    .......

    Job Swaps 22 June 2011

  • Asset finance reorg completed

    Credit Suisse has reorganised its asset finance management team in New York and London. The move follows the recruitment of Jay Kim in February as the firm's new head of asset finance within the securitised products division.

    Mike Dryden and Pete Sack have been named co-heads of the securitised products portfolio solutions, residential mortgage finance and securitisation team. Their responsibilities .......

    Job Swaps 22 June 2011

  • Moody's CLO criteria changes finalised

    Moody's has finalised changes to its global methodology for rating cashflow CLOs (SCI passim). The changes will generally result in expected credit enhancement levels below those based on the current methodology but above those in effect prior to the financial crisis. In addition, the methodology changes will result in upgrades to the majority of outstanding CLO tranches the agency rates.

    News Round-up 22 June 2011

  • Trading up

    Optimism seen in Euro secondary ABS, though challenges remain

    Liquidity issues continue to dog the European secondary ABS market. While Markit's new iBoxx ABS indices may help (SCI 8 June), a broader range of investors also needs to get involved in the sector.

    "There is a real bifurcation in the market between the top and bottom of the spectrum, but in the middle it is non-investment grade which is .......

    News Analysis 22 June 2011

  • Flag raised over CDO involuntary petition

    Hildene Capital has filed a motion to dismiss an involuntary bankruptcy petition filed against the ZING VII CDO and is asking other noteholders to join it in this action. The firm suggests that the bankruptcy petition represents an attempt to force new terms on the deal's indenture, which could set a precedent that would disrupt the structured finance market.

    Three .......

    News Round-up 22 June 2011

  • ABS syndicate beefs up

    Kenneth Rosenberg has joined Barclays Capital's securitisation syndicate team, reporting to Brian Wiele, head of Americas securitisation syndicate. Rosenberg most recently worked at Credit Suisse as a director in its ABS/structured products syndicate.

    .......

    Job Swaps 22 June 2011

  • Asset finance team added

    Clydesdale and Yorkshire Bank has expanded its corporate and structured finance services with the launch of a new corporate asset finance team.

    Ian Barr, who is head of Clydesdale's existing asset finance function, will lead the new team. He is joined by four new arrivals - Iain Corbett, Gordon Young, Neil Roberts and Peter Burton - all of whom have .......

    Job Swaps 22 June 2011

  • Sovereign correlation model offered

    Moody's Analytics has released RiskFrontier 3.0, the latest version of its credit portfolio management and economic capital calculation solution. This release features a new sovereign risk correlation model that enables financial institutions to better quantify and manage the sovereign risk exposure in their portfolios, the firm says.

    The new sovereign correlation module quantifies the correlation between sovereigns, as well as .......

    News Round-up 22 June 2011

  • 'Minimal' Trups deferrals in May

    Default and deferral activity in U.S Bank Trups CDOs was minimal during the month of May, according to the latest default and deferral index results from Fitch.

    Bank defaults within Trups CDOs increased by 3bp to 15.65% through to the end of May. Similarly, bank deferrals fell by the same amount to 17.61%.

    "While last month's activity may reinforce the .......

    News Round-up 22 June 2011

  • JPMorgan settles Magnetar case

    JPMorgan is to pay US$153.6m to settle SEC charges that it misled investors in the Squared CDO 2007-1 transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back. In settling the SEC's fraud charges against the firm, JPMorgan also agreed to improve the way it reviews and approves .......

    Job Swaps 21 June 2011

  • AIB failure to pay determined

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a failure to pay credit event occurred in respect of Allied Irish Banks. The Committee also voted to hold senior and subordinated auctions for Allied Irish Banks in respect of the failure to pay credit event.

    This announcement follows the 13 June determination that a restructuring credit event occurred in respect .......

    News Round-up 21 June 2011

  • Delinquencies forecasted

    S&P has tested the theory that servicer watchlist data for CMBS can be an indicator of future delinquencies and found it to be reasonably accurate.

    The rating agency explains: "A servicer can place a loan on its watchlist for a number of reasons, but most watchlist placements are indicative of an emerging credit problem. To test the hypothesis, we used .......

    News Round-up 21 June 2011

  • Restructuring revisited

    Greek CDS fears allayed

    Fears that European regulators will attempt to restructure Greek debt without triggering CDS contracts appear to be overblown. While there has been speculation in the market that politicians were considering such a move, credit strategists stress that it would be forbidden by CDS documentation and would have far-reaching negative consequences for the banking system if allowed.

    "In the case that .......

    News Analysis 21 June 2011

  • German loans prominent in special servicing

    101 loans remained in special servicing across EMEA CMBS large multi-borrower and single borrower transactions monitored by Moody's, as of end of May 2011. While eight new loans entered special servicing during the month, no loans were removed following a full work-out.

    All of the newly transferred loans are pan-European, with six of them backed by collateral in Germany. Germany .......

    News Round-up 21 June 2011
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