Complete news archive

  • 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

  • EC opens two CDS antitrust probes

    The European Commission has opened two antitrust investigations into the CDS market, the first of which will examine whether 16 banks and Markit have colluded and/or may hold and abuse a dominant position in order to control the financial information on CDS. The second case will investigate whether the preferential tariffs granted by ICE Clear Europe to nine of these .......

    News Round-up 3 May 2011

  • Borrower advocate adds md

    Jeff Spelman has joined 1st Service Solutions as md, responsible for developing capital sources within its Equi-Debt Solutions platform. The newly launched platform offers equity and debt to borrowers of non-performing CRE loans.

    Spelman was previously vp and senior portfolio manager at Hunt Realty Investments, where he was responsible for creating and implementing strategies for real estate operating companies and .......

    Job Swaps 3 May 2011

  • CMBS next up for ECB loan-by-loan info

    The European Central Bank (ECB) has announced that it intends to extend its loan-by-loan information requirements for ABS in the Eurosystem collateral framework to CMBS and small- and medium-size enterprise (SME) transactions within the next 18 months (see also SCI 21 April).

    "Loan-level data for these asset classes will be provided in accordance with the templates available on the ECB's .......

    News Round-up 3 May 2011

  • Barclays buys back Protium assets

    Barclays has purchased the outstanding financial interests in Protium Finance, the fund through which it span off US$12.3bn problem structured credit assets (see SCI 23 September 2009). The firm says it is in the process of renegotiating the management arrangements of these assets and expects the acquisition to help facilitate an early exit from the underlying exposures.

    Barclays entered into .......

    Job Swaps 28 April 2011

  • ABS data warehouse RFI planned

    The Market Group, formed to oversee the tender process and select a constructor of the European ABS Data Warehouse (SCI 21 April), intends to issue a request for information (RFI) on or around 6 May 2011 to gather information regarding the commercial and technical strengths of potential constructors. The RFI will last for ten days from its issuance. Following a .......

    News Round-up 28 April 2011

  • Bank adds client solutions head

    RBS has appointed Brice Van Elswyk as head of client solutions for insurers in North America in its client structuring and solutions team. Based in Stamford, Van Elswyk will report to Miles Hunt and Joe Carney, co-heads of the bank's client structuring and solutions for the Americas. He joins the bank from Credit Suisse, where he led the US structuring .......

    Job Swaps 28 April 2011

  • Ratings reference removal mooted

    The US SEC is to propose amendments that would remove references to credit ratings in several rules under the Exchange Act. These proposals represent the next step in a series of actions taken under the Dodd-Frank Act to remove references to credit ratings within agency rules and, where appropriate, replace them with alternative criteria.

    Under Dodd-Frank, federal agencies must review .......

    News Round-up 28 April 2011

  • Senior CDS trader recruited

    Peter Ragosa has joined Deutsche Bank's investment grade credit trading group in North America as a director and senior investment grade trader focused on credit default swaps. He will report to Masaya Okoshi, md and head of investment grade trading for the Americas.

    Ragosa joins from Barclays Capital, where he was a director responsible for trading investment grade technology and .......

    Job Swaps 28 April 2011

  • Investor relations svp named

    CMG Mortgage has appointed Todd Hempstead as svp in its investor relations department. Hempstead has extensive experience in product development, investor channel development and MBS asset acquisition strategies, both in the public and private sectors. Most recently, he served as svp for Fannie Mae.

    .......

    Job Swaps 28 April 2011

  • Swap definitions proposed

    The US SEC has voted unanimously to propose rules further defining the terms 'swap', 'security-based swap' and 'security-based swap agreement'. The Commission also proposed rules regarding 'mixed swaps' and books and records for security-based swap agreements. The rules were proposed jointly with the CFTC and stem from the Dodd-Frank Act.

    "The proposed definitions balance several policy and legal issues in .......

    News Round-up 28 April 2011

  • Auto ANLs at five-year lows

    Still-rising gas prices, as well as vehicle and parts supply shortages are having little impact so far on US auto ABS performance, according to Fitch. However, on-going macro events may adversely affect auto ABS performance down the road, the agency says.

    "Consumer finances buoyed by tax refunds have driven annualised net losses down to levels not seen in over five .......

    News Round-up 27 April 2011

  • Trups CDO deferrals resume climb

    Deferrals experienced a greater increase this month, while two new bank closures also led to a slight increase in US bank Trups CDO defaults, according to Fitch's latest index results for the sector.

    Bank defaults within Trups CDOs increased by 0.02% to 15.18% through the end of March. After a one-month respite, deferrals resumed their climb, rising 0.66% to 17.95%.

    News Round-up 27 April 2011

  • Amicus curiae briefs filed in MBIA case

    Three amicus curiae briefs were filed yesterday with the New York State Court of Appeals in Albany in the latest twist in the bank policyholder group's US$5bn fraudulent conveyance action against MBIA over its 2009 restructuring (SCI passim). The submissions point out that dismissing the policyholder action under the New York Debtor and Creditor Law would violate due process and .......

    Job Swaps 27 April 2011

  • Counterparty risk challenges examined

    Quantifi has published a whitepaper that explores the key challenges for banks in the implementation of counterparty risk management, focusing on data and technology issues in the context of current trends and best practices. Many banks face the challenge of consolidating their central counterparty risk groups or CVA desks across asset classes and business lines, the firm says.

    Among the .......

    News Round-up 27 April 2011

  • Permacap undertakes strategic review

    Greenwich Loan Income Fund (GLIF) is undertaking two significant steps that it says are consistent with its strategy to take advantage of market opportunities and optimise returns from its investments in the loan market.

    First, Berkshire Capital has been engaged to undertake a review of the company's exposure to the CLO market, which is currently through GLIF's holding of 100% of .......

    Job Swaps 27 April 2011

  • Attractiveness of CLOs versus CEFs weighed

    CLOs and leveraged loan closed-end funds (CEFs) offer structural trade-offs for senior and junior investors, as well as leveraged loan managers, according to Fitch. While both structures are intended to offer leveraged exposure to a diversified pool of leveraged loans, they vary in terms of their regulatory and operating frameworks, investment flexibility, leverage levels and structural triggers.

    Regardless of their .......

    News Round-up 27 April 2011

  • NewOak duo find new home

    Brevet Capital Management has recruited a pair of ex-NewOak Capital employees to enhance its New York capital markets and structured finance advisory business. Brock Wolf and Jamie Wing have been appointed as md and director respectively, having previously held the same titles at NewOak. Before that, Wolf was a vp, structured finance at Garrison Investment Group, while Wing worked at .......

    Job Swaps 27 April 2011

  • Advisory hires pension plan strategist

    Riverside Risk Advisors has recruited Steven Plake to broaden its relationship with corporate and public pension plans.

    "We are reaching out to pension funds, their consultants and investment managers in a derivatives advisory capacity. Steve will lead Riverside's pension effort, helping plans in evaluating transactions and assisting in the construction and execution of derivatives strategies, complying with fiduciary duties and .......

    Job Swaps 26 April 2011

  • Branching out

    CLO managers diversify to survive

    European CLO managers are broadening their capabilities in order to compete in an ever-shrinking market. Avoca Capital recently hired a credit team from Liontrust as part of its bid for diversification (see SCI 13 April), while upcoming risk retention rules may drive smaller players out of the market.

    "To have 65-70 managers sharing a credit market that totals €100bn is .......

    News Analysis 26 April 2011

  • Specially serviced CMBS loss severity rises

    Moody's latest update on its portfolio of EMEA CMBS loans in special servicing indicates that one new loan transferred into special servicing and one loan transferred out during March. The total number of loans in special servicing remains at 88, accounting for approximately €13.8bn balance outstanding.

    Only 0.7% of the loans in Moody's portfolio are not from the 2005 to .......

    News Round-up 26 April 2011
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