Complete news archive

  • US CMBS delinquencies re-accelerate

    After three consecutive months in which the US CMBS delinquency rate showed signs of levelling off, the rate re-accelerated in April, according to Trepp's latest delinquency report. The percentage of loans 30+ days delinquent, in foreclosure or REO climbed by 23bp in April to 9.65%. The value of delinquent loans now exceeds US$62.8bn.

    The report notes: "In February and March, .......

    News Round-up 4 May 2011

  • NYID email disclosure ordered

    The New York State appeals court yesterday ruled that the New York State Insurance Department (NYID) must comply with a discovery order issued by Justice James Yates in November 2010 to turn over emails between then-Superintendent Eric Dinallo and four other senior NYID officials. The move is the latest development in the Article 78 action brought by the bank policyholder .......

    News Round-up 4 May 2011

  • ABS CDO liquidation scheduled

    The trustee of the Ridgeway Court Funding II ABS CDO has retained Dock Street Capital Management to act as its liquidation agent. The underlying collateral is due to be liquidated in two public sales on 10 May to the highest qualified bidder or bidders, subject to a reserve level.

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    News Round-up 4 May 2011

  • Distressed investment pro hired

    400 Capital Management has appointed Todd Leih as a partner and senior member of its portfolio management team. He joins from Jane Street, where he was a senior portfolio manager for distressed fixed income structured finance strategies. Before this, Leih was at Bank of America, focusing on non‐agency mortgage credit and derivative strategies.

     

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    Job Swaps 4 May 2011

  • FDIC CMBS closes

    FDIC has closed its CMBS backed by US$394.3m of performing commercial and multi-family mortgages from 13 failed banks. This pilot transaction, dubbed FDIC 2011-C1, marks the first time that the agency has sold commercial mortgage loans in a securitisation since the beginning of the financial crisis.

    The transaction consists of three classes of securities. Senior certificates of US$315.4m represented 80% .......

    News Round-up 4 May 2011

  • CDS clearing connectivity offered

    IntercontinentalExchange's ICE Link platform is set to offer connectivity to CME Clearing for CDS clearing starting this summer. ICE Link provides STP for the CDS market, with connectivity to 453 buy-side firms, 26 dealers, 11 prime brokerages and five interdealer brokers, as well as a number of post-trade services and data warehouses.

    "As the leading trade affirmation service in the .......

    News Round-up 4 May 2011

  • Legal entity identifier requirements released

    A coalition of financial-services trade associations have released requirements for establishing a legal entity identifier (LEI) system to aid regulators and the industry in monitoring systemic risk.

    "The accurate and unambiguous identification of legal entities engaged in financial transactions is foundational and critically important towards the improved measurement and monitoring of systemic risk by regulators and supervisors," the groups note .......

    News Round-up 4 May 2011

  • RMBS vet moves on

    Integrated Asset Services has appointed Paul Sveen as ceo. He will address the systemic challenges facing the residential mortgage industry, helping clients through leveraging the firm's valuation and default services. With 25 year of industry experience, Sveen previously held executive leadership roles in Lehman Brothers' structured finance and securitisation businesses and at Aurora Loan Services - Lehman's largest residential mortgage .......

    Job Swaps 4 May 2011

  • Valuation issues 'not yet fully addressed'

    Xenomorph has released a white paper outlining how trading and risk management decisions and valuation management is not yet formally and fully addressed within data management strategies.

    Too often, says Xenomorph, valuations - and the analytics used to process input and calculate output data - fall between traditional data management providers and pricing model vendors. This leads to the over-use .......

    News Round-up 4 May 2011

  • Minority credit fund acquisition agreed

    Asset Management Finance (AMF) has acquired a passive minority equity interest in Lucidus Capital Partners. AMF has so far invested over US$750m to acquire interests in 21 investment managers that collectively manage over US$80bn of assets.

    Post AMF's investment, Lucidus will continue to operate in the same manner with the same staff and investment approach. As an asset manager of .......

    Job Swaps 4 May 2011

  • US CMBS market regains energy

    The secondary US CMBS market has seen a marked improvement over the last week. Bid-list activity appears to have regained its buoyancy and spreads are generally on a tightening trend.

    The tightening trend of the last week has been most pronounced on the better names at the higher end of the capital structure, according to one CMBS trader. "The A4s, .......

    Market Reports 3 May 2011

  • CMBS loan liquidations creep up

    Almost US$1.25bn of US CMBS conduit loans experienced losses in April, according to Trepp's latest loss analysis report. This number is up by about 2% from the March total and is the third highest value since the firm began tracking it in January 2010. Only January 2011 and July 2010 saw higher totals.

    In March, 66% of the loans that .......

    News Round-up 3 May 2011

  • Unique CMBS auction approaches

    One of the largest ever US CMBS note auctions is due - via the auction.com platform - in mid-May. Around US$700m of notes is to be offered in a sale that is expected to include several unique aspects.

    The auction will consist of two parts: a note sale comprising 64 assets and a REO sale with nine assets. The assets .......

    News 3 May 2011

  • Euro CMBS maturity repayment falls

    Fitch reports that the low repayment rate of loans maturing in April 2011 caused its European CMBS Maturity Repayment Index to fall to 38.1% from 40.3%. Coupled with the large volume of loans that matured, this increased the outstanding matured loan balance by 27.4% to €7.2bn. Of the 154 loans that have matured since 2007, 64 have been repaid in .......

    News Round-up 3 May 2011

  • CMBS 2.0 leverage likely to rise

    The credit quality of CMBS issued post-recession has been strong, says Moody's. However, as the credit cycle continues, the leverage of the loans in transactions is expected to increase.

    Moody's has rated eight CMBS 2.0 conduit deals since issuance resumed in 2010. "Current underwriting is vastly improved compared with CMBS issuance from 2007, contrary to some reports in the market. .......

    News Round-up 3 May 2011

  • Partnership strengthens MBS risk analytics

    Clayton Holdings has partnered with MBSData to provide new loan-level data risk identification analytics and enhanced reporting solutions to investors in the fixed income mortgage sector. The new offering covers 98% of the active deal universe of private label MBS and provides a technologically advanced platform for investors to manage RMBS risk, the two firms say.

    Under the partnership, clients .......

    Job Swaps 3 May 2011

  • Aston/DoubleLine fund prepped

    Aston Asset Management and DoubleLine Capital have partnered up to offer the Aston/DoubleLine Opportunistic Bond Fund. The open-ended mutual fund is expected to launch in early July and will combine Aston's distribution and administration capabilities with DoubleLine's portfolio management capabilities in fixed income.

    Aston will act as the investment adviser to the fund, while DoubleLine will act as sub-adviser and .......

    Job Swaps 3 May 2011

  • Offsetting exposure draft analysed

    ISDA has filed a comment letter with FASB and IASB in response to their exposure draft on the offsetting of financial assets and financial liabilities.

    In the comment letter, ISDA acknowledges its support for convergence in the area of offsetting financial assets and liabilities and commends the boards for working jointly to develop a common set of principles. The letter .......

    News Round-up 3 May 2011

  • Agency MBS fails charge proposed

    The US Fed's Treasury Market Practices Group (TMPG) has proposed fails charge recommendations for the agency debt and agency MBS markets. The historically elevated levels of fails in these markets create inefficiencies, increase credit risk for market participants and heighten overall systemic risk. By replicating the incentives that exist in a higher rate environment to deliver securities in a timely .......

    News Round-up 3 May 2011

  • Real estate md named

    Jefferies has appointed Michael Old as md in its real estate investment banking group, based in London. With nearly 17 years of real estate investment banking experience, Old joins Jefferies from Bank of America Merrill Lynch, where he was md in its European real estate structured finance group. Previously, he was an executive director at NM Rothschild and Sons in .......

    Job Swaps 3 May 2011

  • Synthetic CMBS workouts examined

    The conflicts of interest between lenders and noteholders in synthetic European CMBS structures may materially alter the loan workout process, according to Fitch. In particular, it may limit the flexibility available to servicers when working out distressed loans and may therefore result in increased losses, the agency says.

    "Synthetic transactions present an inherent conflict of interest between the original lender .......

    News Round-up 3 May 2011
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