Complete news archive

  • Capital markets attorney hired

    Womble Carlyle has announced the appointment of Don Keough to its Baltimore office. He will work closely with attorney Merrick Benn in Womble Carlyle's equipment finance practice. The team helps companies lease equipment such as manufacturing lines, aircraft, barges and tankers, railroad rolling stock, software, energy and technologies.

    Keough joins from SunTrust Equipment Finance & Leasing Corporation, where he was .......

    Job Swaps 16 June 2011

  • Trade-date CDS clearing platform launched

    Intercontinental Exchange (ICE) has launched the Affirmed=Cleared (A=C) interdealer workflow on its ICE Link platform. ICE Link's launch of A=C enables same-day clearing of CDS trades, in line with the Dodd-Frank Wall Street Reform Act in the US and the European Market Infrastructure Regulation (EMIR) initiative in Europe.

    The introduction of A=C enables a trade to be cleared within minutes of .......

    News Round-up 15 June 2011

  • Clydesdale CLO changing hands

    Clydesdale CLO 2007 is being transferred to Ares CLO Management, which will serve as the new investment manager. Current investment manager Nomura Corporate Research and Asset Management has notified Clydesdale (the issuer) and Deutsche Bank Trust Co Americas (the trustee) of the proposed assignment of all the investment manager's rights, duties and obligations to Ares.

    Ares CLO Management is a wholly-owned .......

    News Round-up 15 June 2011

  • Further MEPC prepayment slated

    The borrower for the Opera Finance (MEPC) loan - securitised in the Opera (MEPC) CMBS - has announced that it is to pre-pay a further £125m of the outstanding balance. Two pre-payments were made earlier in the year (SCI passim) as part of a wider financing strategy to address the early repayment of the securitised loan before its maturity in .......

    News Round-up 15 June 2011

  • BNY Mellon launches clearing operation

    BNY Mellon is launching a new company to clear futures and derivatives trades on behalf of institutional clients in Europe, the Middle East and Africa. Headquartered in Dublin, BNY Mellon Clearing International - or BNYMCIL - is the first MiFID-authorised futures and derivatives clearing entity in Ireland and is regulated by the Central Bank of Ireland. It plans to become .......

    News Round-up 15 June 2011

  • New CREFC president takes reins

    Jack Cohen began his one-year presidency of CRE Finance Council yesterday (14 June). The Cohen Financial ceo succeeds Jefferies md Lisa Pendergast in the role.

    "On behalf of CRE Finance Council and its membership, I want to thank Lisa for her guidance and dedication to us and the industry," says CREFC ceo Steve Renna. He adds: "Lisa's lengthy relationship and .......

    Job Swaps 15 June 2011

  • ISDA IIGC co-chairs named

    Athanassios Diplas of Deutsche Bank and Charles Mulhern of Wellington Management Company have been appointed co-chairs of the ISDA Industry Governance Committee (IIGC). They succeed Stephen O'Connor, who stepped down as IIGC chair to become chairman of ISDA's board of directors.

    The IIGC oversees strategic market practice and post-trade issues in the OTC derivatives markets. It is the main interface .......

    Job Swaps 15 June 2011

  • Ambac head steps down

    Diana Adams will replace David Wallis as head of Ambac Assurance Corporation. Wallis has resigned as president and ceo and as a director of Ambac Assurance, effective 6 July. He will remain a director of Ambac Financial.

    Wallis joined Ambac in 1996 first in its London office, where he was involved with developing and leading the European businesses, before moving .......

    Job Swaps 15 June 2011

  • Perfect settlement pushed

    Cleared trade workflows scrutinised

    The US SEC and CFTC are being lobbied to adopt and enhance their current proposals for CDS and interest rate swap trade workflows that are based on the doctrine of 'perfect settlement'. At the same time, new master execution documentation is being developed for SEF-clearable trades.

    "There is at present an artificial construct in the market that requires a dealer .......

    News Analysis 14 June 2011

  • Discretion development

    Sea-change seen for European trustees

    The trustee's role in the European securitisation market has undergone a sea-change since the onset of the financial crisis. At the same time, increased volume of deal restructurings and workouts has also brought more clarity around the tricky issue of trustee discretion.

    Chris Knowles, deputy head of corporate trust & loan agency (CTLA) Europe at HSBC, says that pre-financial crisis .......

    News Analysis 14 June 2011

  • Risk management platform, alliance announced

    Sapient Global Markets has launched Structured Finance Risk Manager (SFRM), a fully flexible combination of services and software to automatically value, monitor and manage the risks associated with structured assets. The firm has also announced a formal alliance with S&P Valuation and Risk Strategies (VRS), which aims to provide clients with in-depth valuation and analysis of structured finance securities.

    SFRM .......

    News Round-up 14 June 2011

  • APAC ABS ratings less volatile

    Fitch Ratings says in a new special report that Asia-Pacific structured finance (SF) ratings were considerably less volatile in 2010 than in the previous year. The total number of rating changes in 2010 was 76, down from 173 in 2009.

    "The performance of SF in Asia-Pacific was less volatile in 2010 than in 2009, with stable economies in most regions .......

    News Round-up 14 June 2011

  • Trading portal preps for US expansion

    Traccr has appointed Thomas Jasper as a senior advisor to its board. In his new role, Jasper will primarily advise the firm on the launch of its business and planned US expansion.

    Traccr is currently beta testing its trading portal with select institutional asset managers. Jasper says: "With its focus on credit derivative products, I believe the Traccr portal will .......

    Job Swaps 14 June 2011

  • Call for stronger Euro ABS sector

    An expanded and stronger securitisation market is critical to Europe's recovery from recession, according to AFME chief executive Simon Lewis. Opening IMN's annual Global ABS Conference in Brussels, he pointed to the fact that Europe's funding needs in the coming years will be considerable.

    "The ECB estimates that €1,000bn of debt is due for refinancing over the next two years, .......

    News Round-up 14 June 2011

  • ABS CDO liquidation scheduled

    Stone Tower Debt Advisors has been retained to act as liquidation agent for Coldwater CDO. The collateral will be sold to the best qualified bidders, subject to a reserve level, in five public sales in New York on 21 June.

    .......

    News Round-up 14 June 2011

  • Card performance improvement continues

    Performance trends observed in the US bankcard trusts in S&P's Credit Card Quality Index (CCQI) in April showed continued improvement, despite a 20bp increase in the the country's unemployment rate to 9%. However, the overall performance of the US private-label card trusts in the CCQI declined moderately, while performance trends for the trusts in the agency's Canadian CCQI were stable.

    News Round-up 14 June 2011

  • Kroll details CMBS ratings process

    Kroll Bond Rating Agency (KBRA) has released three CMBS criteria publications, which provide detailed insight into the process that the agency uses to rate single borrower CMBS transactions and evaluate CMBS servicers.

    The first publication, 'KBRA Property Evaluation Guidelines', details the approach KBRA uses to determine its estimate of sustainable net cash flow (KNCF) and value for the individual properties .......

    News Round-up 14 June 2011

  • AIB credit event determined

    ISDA's EMEA Credit Derivatives Determinations Committee has resolved that a restructuring credit event occurred in respect of Allied Irish Banks. It has determined that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity buckets.

    However, AIB has stated that it will not be paying the interest due in respect of certain of its .......

    News Round-up 13 June 2011

  • CMBS recovery analytic updated

    S&P has updated its tranche recovery analytic for US conduit/fusion CMBS transactions after incorporating market feedback it received following its January 2011 update and internal analysis.

    The analytic utilises macroeconomic forecasts made by S&P's economists to reflect the impact such economic scenarios may have on the recovery prospects of CMBS bonds throughout the capital structure. S&P explains that its CMBS .......

    News Round-up 13 June 2011

  • Back to the future?

    Fears voiced over slipping CMBS underwriting standards

    US CMBS origination is back in full swing, with as much as US$50bn of new issuance estimated to launch before year end. But, as confidence in conduit CMBS increases and investors once again become more focused on the hunt for yield, some market participants fear that the sector is in danger of slipping into its old habits. (The full SCI .......

    News Analysis 13 June 2011

  • Call for risk retention rethink

    SIFMA has followed the American Securitization Forum in calling for a new round of proposed rules on risk retention (SCI 8 June). It says that the lack of clarity on certain basic concepts, such as the meaning of 'par value' and 'ABS interest', make it difficult for market participants to fully understand the impact of the proposed rules.

    Because this .......

    News Round-up 13 June 2011
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