Complete news archive

  • Deutsche scoops CRE vet

    Deutsche Bank has appointed Don Belanger as md in its real estate finance division. He will be responsible for commercial real estate financing activities in Europe, reporting to the bank's head of commercial real estate business in Europe Cyril Courbage.

    Belanger was previously head of real estate capital markets at UBS and prior to this was co-head of Credit Suisse's European .......

    Job Swaps 24 May 2011

  • CMBS loan defaults to exceed 12%

    Increasingly successful loan modifications and growing new issue volumes will not be enough to stop rising US CMBS loan defaults, which are likely to exceed 12% by the end of this year, according to Fitch.

    Loan defaults increased by 20% last year, with 1,477 loans totalling US$22.09bn defaulting for the first time in 2010. Cumulative loan defaults increased to 10.6% .......

    News Round-up 24 May 2011

  • Indian CDS get green light

    The Reserve Bank of India has issued guidelines on the introduction of single name CDS for corporate bonds, effective from 24 October 2011. The guidelines cover: the definition of eligible participants, product design, documentation, credit events, settlement methodologies, pricing/valuation methodologies, risk management, collateralisation and margins, and trade reporting.

    The guidelines take into account the feedback received from market participants and .......

    News Round-up 24 May 2011

  • Old and new in CMBS 2.0

    New trends are emerging but old ones are also reappearing in US CMBS 2.0, according to research analysts at S&P. They point to higher deal sizes, loan counts and bond class counts, as well as higher concentration and the return of limited pro forma underwriting.

    With the exception of Cantor Fitzgerald's recent US$634.5m CFCRE Commercial Mortgage Trust 2011-C1, transaction sizes .......

    News 24 May 2011

  • Broker on hiring spree

    CRT Capital Group has formed a capital markets group, which will be led by Justin Vorwerk. The group will leverage the firm's distribution platform to provide clients with debt and equity origination services and liability management advice.

    Vorwerk brings over 30 years of corporate finance and investment banking experience to CRT. He was most recently co-head of corporate finance at .......

    Job Swaps 24 May 2011

  • Law firm adds Moscow partner

    Jones Day has appointed Konstantin Kroll as capital markets partner. Based in Moscow, Kroll's practice focuses on debt and equity capital markets transactions, structured finance and derivatives. He also advises clients on a broad range of debt, equity, and synthetic instruments, repackagings and securitisations.

    Kroll was previously with Allen & Overy, where he led that firm's debt capital markets and .......

    Job Swaps 24 May 2011

  • CDPC expands permitted investments

    CDPC Athilon has amended its operating guidelines to expand its permitted eligible investments to include equity and fixed income instruments for which its capital exposure to loss is limited to the amount paid for the instrument plus accrued but unpaid interest, if any, and each party to or issuer of an instrument is a corporation or SPV that is not .......

    News Round-up 24 May 2011

  • CRE debt platform expands

    CW Financial Services is enhancing its CRE debt platform by hiring four CRE finance veterans, who will lead an initiative to broaden the menu of financing services the firm provides to its clients. The new team, comprised of former Capmark and Ventras Holdings executives, will be based out of New York and develop additional forms of debt placement, including bridge, .......

    Job Swaps 24 May 2011

  • Call for third country CCP rethink

    New barriers to international clearing could be erected by proposed new regulations for OTC derivatives in the European Union, according to the Alternative Investment Management Association (AIMA).

    AIMA, which strongly supports mandatory central clearing of eligible OTC derivatives contracts, is calling on EU lawmakers to reconsider a key provision of the European Market Infrastructure Regulation (EMIR). This provision could in .......

    News Round-up 24 May 2011

  • Credit card charge-offs continue to improve

    Charge-offs on US credit cards continued to improve in April, falling to 7.16% from 7.35% the month before, according to Moody's. The charge-off rate is expected to move below 7% in the next two months, on the way to eventually falling below 4% by the end of 2012, the agency says.

    "We expect the charge-off rate to continue declining throughout .......

    News Round-up 24 May 2011

  • CCP pros and cons examined

    ISDA has released a paper on the function and issues associated with the central clearing of OTC derivatives. The paper argues that central clearing can provide significant benefits to the stability of the financial system. Current statistics indicate that approximately 50% of the interest rate swaps volume outstanding and over US$17trn of CDS have been cleared.

    ISDA suggests that CCPs .......

    News Round-up 23 May 2011

  • Bank beefs up agency MBS desk

    RBS has appointed Perrin Arturi as md on its agency pass-through trading desk, where he will be responsible for trading 15-year MBS. Based in Stamford, Connecticut, Arturi will report to Brian Song, the bank's head of agency pass-through trading.

    With over 20 years of experience, Arturi joins from UBS, where he was most recently head of agency pass-through mortgage trading. .......

    Job Swaps 23 May 2011

  • US CMBS pipeline continues to build

    Spread widening continued to plague the US CMBS market last week. However, the new issue CMBS - and CRE CDO - pipeline appears to be building ahead of the holidays.

    "Activity was fairly muted last week. Some bid-lists were circulated, but not a lot of bonds traded from them, so overall it has been pretty slow," one CMBS trader says.

    Market Reports 23 May 2011

  • Legacy non-conforming RMBS prepped

    Credit Suisse is in the market with an unusual standalone non-conforming RMBS dubbed Aggregator of Loans Backed by Assets (A.L.B.A) 2011-RP1. Preliminarily rated by S&P, the transaction comprises up to £278.6m floating-rate notes and up to £88m fixed-rate notes. A tranche of subordinated notes is also expected to be issued on the closing date.

    The deal will be backed by .......

    News Round-up 23 May 2011

  • Bank adds financial solutions md

    The Bank of Tokyo-Mitsubishi UFJ (BTMU) has appointed Terry McKay as md and head of the global financial solutions group, within corporate and investment banking. McKay will manage a New York-based team working with relationship managers throughout the Americas to help BTMU customers solve complex financial issues. He will report to Randall Chafetz, the bank's head of corporate and investment .......

    Job Swaps 23 May 2011

  • CPPI hits post-2007 low

    US CRE prices as measured by Moody's/REAL National - All Property Price Index (CPPI) fell 4.2% in March, bringing the index down to its lowest level since its peak in October 2007. The index is now 47% below its October 2007 level, but a high volume of distressed transactions are weighing on performance.

    Moody's adds that a recent pick-up in .......

    News Round-up 23 May 2011

  • B-piece boom

    CMBS B-piece investor revival underway

    Interest in US CMBS B-pieces is returning, with a wave of new investors getting involved in the market. The return of lending has helped to spark the revival and, although the upcoming risk retention regulations could still disrupt it, should this resurgence continue then the benefits could be wide-reaching.

    David Tobin, principal at Mission Capital Advisors, believes that while the .......

    News Analysis 20 May 2011

  • Euro ABS 'ignited'

    The European secondary ABS market has seen its strongest and busiest week for some time, suggesting a turning point in activity. The primary market is following suit, with a variety of new issues marketing.

    "There's been a real turn in the market this week; activity has picked up considerably and become very strong," one ABS trader confirms. Contributing to this .......

    Market Reports 20 May 2011

  • SIX adds four in evaluated pricing

    SIX Telekurs has expanded its evaluated pricing team with four new hires in its Stamford, US office.

    Chris Chun Ma and Ben Binxiang Qin have joined the valuations team as quantitative analysts. Chun Ma previously worked in portfolio analysis and asset allocation for AXA Advisors. Binxiang Qin has worked as a quantitative analyst at Great Plains Energy and Northern Stone .......

    Job Swaps 20 May 2011

  • Palmer Square debuts credit fund

    Palmer Square Capital Management has launched the Palmer Square Absolute Return Fund, its first open-ended mutual fund. Developed in partnership with Montage Investments, the objective of the fund is to seek capital appreciation, with an emphasis on absolute returns and low correlation to the broader equity and bond markets.

    The fund utilises a concentrated group of seven institutional managers that .......

    Job Swaps 19 May 2011

  • EMEA special servicer activity continues apace

    April 2011 marked another month of high activity for specially serviced loans in EMEA CMBS transactions, says Moody's. During the past month, seven loans were newly transferred into special servicing, while the total number of specially serviced loans climbed up to 92 - 67% higher than one year ago.

    60 loans passed their maturity dates since the beginning of the .......

    News Round-up 19 May 2011
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