Complete news archive

  • 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

  • MBS trading md named

    KeyBanc Capital Markets has appointed Joseph McHale as md in its MBS sales and trading group. Based in New York, he will sell fixed income securities to institutional accounts. He previously held md positions at Auriga Securities, Brevan Howard and Nomura Securities.

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    Job Swaps 13 May 2011

  • Maiden Lane lists weigh on US MBS

    The latest Maiden Lane II auction has served as a wake-up call for the US MBS sector, with only 65% of the bonds selling. Fatigue is said to be the main cause, as the New York Fed's gradual release of bid-lists since 4 April have left market participants overwhelmed.

    "The big news in the market is yesterday's Maiden Lane auction, .......

    Market Reports 13 May 2011

  • Progress of OTC reforms reviewed

    In response to the Financial Stability Board's (FSB) progress report on OTC derivatives market reforms, ISDA says that a far greater degree of convergence is essential to the global financial system's long-term health.

    The association calls on the FSB to discourage particular jurisdictions from introducing rules in a way that leads to gaps in oversight or to regulatory overlap, and whereby .......

    News Round-up 13 May 2011

  • Further downgrades for Greek SF

    S&P and Moody's have taken rating actions on a number of Greek transactions, following rating action on the Hellenic Republic.

    S&P's action affects 29 tranches in 15 Greek ABS and RMBS deals. The actions are a result of the agency's revised assessment of Greek country risk and its impact on notes backed by Greek-rated assets, following its downgrade of the .......

    News Round-up 13 May 2011

  • CDS-implied PDs examined

    In a new study, Fitch has analysed the ability of CDS spreads to identify in advance companies that eventually default by reviewing the CDS-implied probability of default (PD) of monolines, financial institutions and corporate entities that experienced a credit event between 2008 and 2010. Based on average CDS spreads during the two-year period prior to the occurrence of credit events .......

    News Round-up 13 May 2011

  • Symphony CLO takes shape

    Further details have emerged about Symphony Asset Management's forthcoming CLO, Symphony CLO VII. Arranged by Morgan Stanley, the transaction comprises seven classes of notes, including one subordinated tranche and a US$334m class A tranche provisionally rated Aaa by Moody's.

    The transaction is collateralised primarily by broadly syndicated first-lien senior secured corporate loans. At least 90% of the portfolio must be .......

    News Round-up 13 May 2011

  • ABS CDO liquidation due

    Bank of New York Mellon, as collateral agent for Hereford Street ABS CDO I, has retained Fixed Income Discount Advisory Company (FIDAC) to act as its liquidation agent for the collateral. The assets will sold to the best qualified bidders, subject to a reserve level, in four public sales - two on 23 May and two on 24 May.

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    News Round-up 13 May 2011

  • Liquidity risk data offered

    Kamakura Corporation has begun offering the Kamakura Risk Information Services Credit Crisis Liquidity Risk database (KRIS CCLR) to clients in 34 countries. The database contains the amount, origination date and maturity date of 15,801 borrowings by 1,305 institutions from the Federal Reserve during a key period in the recent credit crisis - 8 February 2008 to 16 March 2009. The .......

    News Round-up 12 May 2011

  • Bank sanctioned over Lehman CLNs

    The Hong Kong Securities and Futures Commission (SFC) has reprimanded Core Pacific-Yamaichi International (CPYI) over of its internal systems and controls relating to sales of Minibonds, Octave Notes and Constellation Notes.

    An SFC investigation raised a number of concerns with CPYI's internal systems and controls relating to the sale of Lehman Brothers-related structured products. Specifically, the agency cites: the adequacy .......

    Job Swaps 12 May 2011

  • ABS head appointed

    Janus Capital Group has appointed John Kerschner as head of securitised products within its fixed income investment team. The role is a newly created position and reports to Janus co-cio, fixed income, Gibson Smith.

    Kerschner originally joined Janus in December 2010 as a mortgage analyst. In his new role as head of securitised product, he will be responsible for guiding .......

    Job Swaps 12 May 2011

  • Pace of CLO principal payments changing

    US cashflow CLO managers are increasingly looking to increase WAL tests in the transactions they manage or extend their CLOs' reinvestment periods, according to S&P. The agency says managers are typically seeking greater flexibility when choosing loans for reinvestment, but in the process may change the pace of principal repayment.

    "The amendments we have reviewed to date have not had .......

    News Round-up 12 May 2011

  • Government programme could harm RMBS

    In its present form, the Decreto Sviluppo announced by the Italian government on 5 May could have a negative effect on Italian RMBS and obbligazioni bancarie garantite (OBG) ratings, says Fitch. The rating agency is concerned by the implications for cashflows from mortgage portfolios.

    The government's decree will enable borrowers with an Italian mortgage loan to change their interest payments .......

    News Round-up 12 May 2011

  • South African consumer ABS rated

    Global Credit Ratings (GCR) has assigned indicative ratings to the ZAR1.7bn senior notes to be issued by Bayport Securitisation (BaySec). BaySec is a securitisation of personal loans advanced to lower income borrowers in South Africa by Bayport Financial Services. All of the notes have been rated single-A.

    GCR reports that the senior notes will be listed on the Johannesburg Stock .......

    News Round-up 12 May 2011

  • Subprime CDS rally continues

    US subprime CDS prices are now in the middle of the longest sustained rally since the beginning of the subprime credit crisis, according to Fitch's latest index results. Prices rose for a sixth straight month, reaching 12.2 - a modest increase of 53bp.

    "New signs of life in mortgage credit quality may be signalling the rally will have legs for .......

    News Round-up 11 May 2011

  • RMS call surprises Euro RMBS market

    The European RMBS secondary market has picked up considerably over the last week, with a surge of bid-lists containing predominantly UK non-conforming assets. In addition, market participants received welcome news today as RMS 16 gave notice that all of its outstanding notes will be redeemed.

    "Today's RMS 16 redemption notice came completely out of the blue; it was definitely not .......

    Market Reports 11 May 2011

  • Card delinquencies fall to two-year lows

    US credit card ABS delinquencies and charge-offs have fallen to levels not seen in over two years, according to Fitch's latest credit card performance indices.

    "Despite high jobless claims and unemployment, US consumers are whittling away their debt levels while credit quality measures continue to improve. Tighter underwriting and otherwise benign economic conditions will likely spur further improvements for credit .......

    News Round-up 11 May 2011

  • CRE reporting package updated

    Commercial Real Estate Finance Council Europe (CREFC Europe) has released Version 2.0 of its European Investor Reporting Package (E-IRP). The aim of E-IRP 2.0 is to help improve transparency and liquidity throughout the European commercial real estate financial markets.

    "CREFC Europe worked with the European Central Bank (ECB) and its advisor, Link Financial, in order to harmonise standards between the .......

    News Round-up 11 May 2011

  • ABS e-trading offered

    MarketAxess has launched an electronic trading offering for consumer-based ABS on its e-trading platform. 14 market-making dealers provide liquidity to the platform and 100 institutional investor customers are signed up to trade. Product coverage includes credit cards, equipment leases, floor plans, student loans, timeshares and autos.

    Electronic trading of ABS will take place using the firm's request-for-quote (RFQ) trading system. .......

    News Round-up 11 May 2011

  • Head HEQ trader named

    Southwest Securities has promoted Pho Phimvongsa to vp and head HEQ trader in its taxable fixed income division. He will continue reporting to svp and head of the firm's ABS/CMBS trading team, Patrick McCarthy.

     

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    Job Swaps 11 May 2011

  • NRSRO RFC issued

    The SEC has issued a request for public comment on the feasibility of a system in which a public or private utility, or a self-regulatory organisation would assign a nationally recognised statistical rating organisation (NRSRO) to determine credit ratings for structured finance products. Section 939F of the Dodd-Frank Act directs the agency to examine the credit rating process for SF .......

    News Round-up 11 May 2011
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