Complete news archive

  • 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

  • Aviation research md recruited

    Deutsche Bank has appointed Douglas Runte as md and head of aviation debt research within its markets division. Runte will cover the transportation sector, focusing on airline, aircraft lessor and other aircraft-related debt across the investment grade, high yield and ABS markets. Based in New York, he will report to Steve Abrahams, the md and head of securitisation and MBS .......

    Job Swaps 26 April 2011

  • Military housing md named

    Jefferies has appointed Paul Kopsky as md in its military housing mortgage business within the fixed income division. He will be responsible for expanding the firm's military housing operations and its financing suite of products.

    With over 25 years of experience, Kopsky joins Jefferies from American Stock Transfer and Trust Company, where he was evp and cfo. Previously, he was .......

    Job Swaps 26 April 2011

  • Five more CEBO contracts added

    The Chicago Board Options Exchange (CBOE) is continuing its roll-out of credit event binary options (CEBO) with the addition tomorrow of five new options classes based on financial firms - Bank of America, JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.

    CBOE re-launched its newly-designed CEBOs at the beginning of March, with 10 initial single-name listings (see SCI 23 February). .......

    News Round-up 26 April 2011

  • Credit card charge-off improvements resume

    After a brief pause in February, charge-offs on US credit cards resumed their improved performance in March - falling to 7.35% from 7.56% the month before - according to Moody's Credit Card Index. The charge-off rate is expected to continue to decline throughout the spring, the agency says.

    "Our expectation that the charge-off rate index will break below 7% in .......

    News Round-up 26 April 2011

  • CMBS new issuance gathering pace

    The focus of US CMBS market participants over the last week has largely been on upcoming primary deals. Wells Fargo, JPMorgan and UBS are all in the market with securitisations due to launch over the next few weeks.

    "The US CMBS market has been relatively slow over the past week and especially light in volume. Yesterday was particularly quiet, with .......

    Market Reports 26 April 2011

  • Bank bags trading vet

    RBC Capital Markets has appointed Peter Hirsch as md and head of US dollar rates and mortgage trading. Based in New York, he is responsible for covering governments, agencies, agency mortgages and derivatives.

    Hirsch has more than 25 years of industry experience and joins RBC from Standard Chartered Bank, where he was head of G-10 and emerging markets rates trading .......

    Job Swaps 21 April 2011

  • CMO trading head recruited

    Rohit Kumar has joined UBS as md and head of the CMO trading desk. He joins from Barclays Capital, where he was a director at the CMO desk.

    .......

    Job Swaps 21 April 2011

  • Euro ABS data warehouse underway

    The ECB is expected to unveil plans for an ABS data warehouse tomorrow, 22 April. The move follows the central bank's December announcement that it intends to establish loan-by-loan information requirements for ABS in the Eurosystem within 18 months (SCI 17 December 2010).

    The ABS data warehouse will hold loan-by-loan data on historical, current and future ABS issues. According to .......

    News 21 April 2011

  • IFMI buys into PrinceRidge

    Institutional Financial Markets (IFMI) has announced a US$45m investment in PrinceRidge Holdings. The investment from IFMI is a combination of cash and equity interests in a capital markets subsidiary in exchange for a majority equity interest in PrinceRidge.

    Daniel Cohen, chairman and ceo of IFMI, says: "We are very excited to be a part of the new PrinceRidge. With PrinceRidge's .......

    Job Swaps 21 April 2011

  • Idiosyncratic risk trades touted

    Idiosyncratic risk is emerging once again in iTraxx portfolios, driving a divergence in performance between the average and the tails in the European credit universe. The move coincides with the roll of the index and the transition of tranches from the legacy iTraxx S9 index.

    Credit derivatives strategists at Morgan Stanley believe the increased idiosyncratic risk, better visibility of tail .......

    News 20 April 2011

  • Securitised products co-head named

    Barclays Capital has named Diane Rinnovatore as co-head of securitised products origination (SPO) in its Americas global finance and risk solutions business. She joins Cory Wishengrad, who has been SPO co-head for the past year.

    Rinnovatore has almost 20 years of experience in consumer and mortgage securitisation. She has covered banks in Barclays' debt capital markets group for the past .......

    Job Swaps 20 April 2011

  • CLO manager replacement confirmed

    The replacement of Octagon Credit Investors (UK) by Ares Management as investment manager on the OCI Euro Fund I has been confirmed (SCI 17 March). Moody's has determined that the move will not cause the current ratings of the notes to be reduced or withdrawn. The agency does not express an opinion as to whether the amendment could have other, .......

    Job Swaps 20 April 2011

  • CSAM CLO prepped

    Further details have emerged on Credit Suisse Asset Management's forthcoming US$410m Madison Park Funding VII CLO. The transaction is expected to close on 18 May via Bank of America Merrill Lynch.

    Rated by S&P, the deal comprises US$255m triple-A rated class A notes (which are expected to price at 125bp over three-month Libor), US$37.5m double-A class Bs (185bp over), US$26m .......

    News Round-up 20 April 2011

  • Sovereign ratings impact examined

    Moody's has released a report on the impact of the ongoing Eurozone sovereign debt crisis on structured finance transactions. Looking at Greece, Ireland, Portugal and Spain, the agency examines how their macro economies and banking systems can weaken deal performance.

    The report focuses on three factors: the highest rating achievable for securitisations; whether or not credit enhancement meets minimum levels; .......

    News Round-up 20 April 2011

  • Life securitisation to be unwound

    Scottish Re has entered into agreements to unwind its 2005 Orkney I XXX securitisation and to cede to Hannover Life Re, via a coinsurance reinsurance agreement, the underlying defined block of level premium term life insurance policies. The unwind transaction is expected to close in 2Q11.

    On closing of the transaction, Scottish Re (US) will receive a recapture consideration that .......

    News Round-up 20 April 2011

  • Sea change in CLO opinion

    New issuance growth for 2011in the US CLO market is expected to be between US$5bn-US$20bn, according to Fitch. A survey of new and existing investors carried out by the agency last month found a consensus that as the market evolves, investors believe the CLO structure should evolve as well, with a particular change of opinion on post-closing amendments.

    The new .......

    News Round-up 20 April 2011

  • Global head of sales appointed

    Christian Farber has joined Princeton Financial Systems as svp and head of global sales and marketing. He has more than 15 years of industry experience and joins from Albridge Solutions, where he was md of sales, relationship management and advisor sales.

    Jim Russo, Princeton Financial president and ceo, says: "We are pleased to have Chris join the PFS team. We .......

    Job Swaps 20 April 2011

  • Third consecutive decline for CPPI

    US CRE prices as measured by Moody's/REAL National - All Property Price Index (CPPI) fell by 3.3% in February - the third consecutive monthly decline. Down by 4.9% from 12 months ago, the index is only 0.8% above its post-peak low set in August 2010.

    "There has been a clear distinction between the level of volatility when the top was .......

    News Round-up 20 April 2011

  • Real estate head hired

    BlackRock has recruited Jack Chandler as global head of real estate. He will oversee the firm's global real estate capabilities, which extend across the capital market structure and include both equity and debt investment products totalling approximately US$13b in assets under management.

    Chandler previously served as global cio and executive chairman, Asia for LaSalle Investment Management. He first joined LaSalle .......

    Job Swaps 19 April 2011
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