Complete news archive

  • New issue boost for US CMBS

    The announcement of two new deals this week, with two more expected next month, has boosted the US primary CMBS market. However, performance across the secondary market is suffering due to "shaky" spreads.

    JPMorgan and RBS/Wells Fargo are due to begin marketing their respective US$1.5bn deals this week, with pricing expected to follow next week. JPMorgan's JPMCC 2011-C4 transaction is .......

    Market Reports 17 May 2011

  • Securitisation league still wide open

    Four months into the year with US$81bn of qualifying deals done and it's still an open race for top spot in the latest SCI US league tables for bank arrangers in the structured credit and ABS markets. Meanwhile, the tables for Europe reflect lower market volumes - totalling €45bn year-to-date - and show two firms out ahead of the rest, .......

    News Round-up 17 May 2011

  • Investor fatigue?

    Interest in previously popular bid-lists waning

    Two Maiden Lane II (ML II) bid-lists were presented to the market last week and, after weeks of being well-received, the most recent auctions drew a tired response (SCI 13 May). As early fears about secondary market bifurcation subside, new concerns regarding the durability of investor appetite are being raised.

    The New York Fed put out a total of US$2.54bn .......

    News Analysis 17 May 2011

  • Valuation agreement inked

    SIX Telekurs has become the first data vendor to access Xtrakter's mark-to-market valuation service, dubbed XM2M. SIX Telekurs clients will now have access to pricing data on over 45,000 domestic and international fixed income instruments, including ABS.

    Yannic Weber, Xtrakter ceo, says: "Xtrakter is providing user-friendly pricing detail from XM2M. As a core part of the capital market infrastructure, we .......

    News Round-up 17 May 2011

  • Tender offer aids CCCIT run-off

    Citibank (South Dakota) has launched a tender offer to purchase up to US$4.84bn of senior notes from select CCCIT series. The move is seen as indicative of the impact of supply and demand fundamentals on credit card ABS spreads, which have been tightening steadily since late 2010.

    Forming part of a broader asset/liability management strategy, the Citibank offer comprises an .......

    News 17 May 2011

  • Downgrades expected on LMI review

    Fitch has placed 54 publicly-rated Australian RMBS tranches on rating watch negative as a result of an exposure draft criteria report published on the credit given to lenders' mortgage insurance (LMI) within RMBS.

    "While the LMI providers in Australia and New Zealand have shown a willingness to pay valid claims, recent years' surveillance data have indicated that not all claims .......

    News Round-up 17 May 2011

  • Mahogany settlement disclosed

    Perpetual Trustee Company has disclosed that investors from Australia, New Zealand and Papua New Guinea for whom it acts as trustee in CLNs issued by Mahogany Capital will receive up to 85 cents in the dollar of principal on the Mahogany Series I notes and 69 cents on the Mahogany Series II notes. This follows the settlement with Lehman Brothers .......

    Job Swaps 17 May 2011

  • Advisory continues Asian expansion

    StormHarbour has made two senior appointments in Hong Kong. Hong Hoo Moon and Guohua Ren each join the firm as md and will report to Water Cheung, Asia-Pacific ceo and principal. The appointments further strengthen StormHarbour's operations in Asia-Pacific, after the firm announced four senior hires in the region only two months ago (SCI 23 March).

    Moon was formerly head .......

    Job Swaps 17 May 2011

  • Deloitte hires for regulatory change

    Jeannie Lewis and Bryan Morris are joining Deloitte's Asset Management Services' governance, risk and regulatory practice. April Lemay, Deloitte & Touche principal, will lead the team.

    Lewis has more than 20 years of regulatory experience. She joins as principal and will be based in Chicago, providing regulatory, compliance, risk management, litigation support and business advisory services to Deloitte's traditional advisory .......

    Job Swaps 17 May 2011

  • Wilmington Trust acquired

    M&T Bank Corporation has acquired Wilmington Trust Corporation in a deal that sees it add US$10.7bn in assets. Under the agreement, all Wilmington Trust bank customer accounts have become M&T Bank accounts, but the Wilmington Trust wealth advisory services and corporate client services businesses will still use the Wilmington Trust brand. Subject to the terms of the merger agreement, Wilmington .......

    Job Swaps 16 May 2011

  • Balance sheet CLO performance praised

    Moody's has commented on the outstanding credit performance of bank balance sheet CLO transactions during the economic crisis between 2007 and 2010. Although investors continue to show interest in these transactions - which they view as offering stability, diversification and low credit risk - the supply from arranging banks is falling short of demand. This comes as a result of .......

    News Round-up 16 May 2011

  • ABS collateral posting provisions bolstered

    Moody's says that a recent amendment to the UK Financial Collateral Regulations is credit positive for structured finance transactions with swap agreements that incorporate collateral posting provisions.

    The amendment alleviates the potential negative effects associated with re-characterisation by clarifying that swap collateral posted to an issuer benefits from the protection of the regulations. It also explicitly removes any priority rights .......

    News Round-up 16 May 2011

  • Euro CLO market taking hold

    The European CLO market is entering into a more stable and constructive period as spreads remain at consistent levels. In addition, positive sentiment is being generated by a CLO conference slated for tomorrow.

    "The European CLO market is entering into a very constructive phase now and performance is looking positive," one CLO trader says. This is due to stabilising spread .......

    Market Reports 16 May 2011

  • Auction action

    Innkeepers case underlines CMBS creditors' protections

    The conclusion of the Innkeepers case will be very different from the onerous cramdown initially proposed under its Chapter 11 filing, thanks to the result of the 2 May bankruptcy auction. While the episode emphasises the growing risk of CMBS investors becoming entangled in bankruptcies, it also demonstrates that CMBS creditors have strong protections even in Chapter 11 scenarios.

    "One .......

    News Analysis 16 May 2011

  • CLO analytics tool launched

    Thomson Reuters has launched LPC Collateral, a data and analysis-driven solution designed to improve analysis and transparency in the CLO market. The product links Thomson's loan end-of-day data to the underlying assets held in CLO portfolios to provide analysis to CLO traders and investors.

    The new tool provides a detailed view of the underlying assets, enabling users to evaluate deal .......

    News Round-up 16 May 2011

  • Policyholder group reply filed

    The policyholder group on Friday filed its reply brief with the New York Court of Appeals in Albany in relation to its US$5bn fraudulent conveyance action against MBIA over its 2009 split (SCI passim). Oral argument in the appeal will be heard in Albany on 31 May and is expected to posit that: the Appellate Division Majority's "collateral attack" theory .......

    Job Swaps 16 May 2011

  • Funds marketer added

    Lexie Hope has joined Prytania Investment Advisors from Calimere Point Advisors to head up funds marketing. She has over 25 years' experience in the credit and structured credit markets, including senior roles at ING and Nomura.

     

    .......

    Job Swaps 16 May 2011

  • Fair value convergence completed

    The IASB and the FASB have issued new guidance on fair value measurement and disclosure requirements for IFRS and US GAAP. The guidance, set out in IFRS 13 'Fair Value Measurement' and an update to Topic 820 in the FASB's Accounting Standards Codification, completes a major project of the boards' joint work to improve IFRS and US GAAP and to .......

    News Round-up 16 May 2011

  • New manager for CRE CDOs

    RE CDO Management, an affiliate of Winthrop Realty Trust, is set to replace Sorin Capital Management as collateral manager on the Sorin Real Estate CDO I, III and IV transactions. The change will be implemented through an assignment and assumption of collateral management agreement for each transaction. RE CDO Management also proposes to enter into a letter agreement with each CDO .......

    Job Swaps 16 May 2011

  • Asset manager beefs up

    MKP Capital Management has expanded to Europe with the opening of a London office. The move aims to pursue investment opportunities globally and to service clients in Europe and the Middle East.

    While the firm intends to also appoint London-based staff, emerging markets portfolio manager Karim Nsouli has relocated to London along with several other team members.

    Additionally, MKP has .......

    Job Swaps 13 May 2011

  • CRE CDO delinquencies climb again

    CREL CDO realised losses and delinquencies increased notably this past month, according to Fitch's latest index results for the sector. Asset managers reported approximately US$164m in realised losses from the disposal of defaulted and credit-impaired assets in April - a significant rise from last month's total of US$73m.

    "Many of the realised losses stemmed from foreclosure or deed-in-lieu of foreclosure .......

    News Round-up 13 May 2011
×