Complete news archive

  • US CMBS delinquencies slip

    The delinquency rate on loans included in US CMBS conduit/fusion transactions inched down by 2bp in March to 9.16%, according to Moody's Delinquency Tracker (DQT). More significantly, the total dollar balance of delinquent loans for the US declined in March, slipping to US$56.5bn from US$56.8bn during the month. This was the first monthly decline in the balance since October 2007, .......

    News Round-up 15 April 2011

  • Asset manager bags MBS vet

    MountainView Capital Holdings has appointed Robert Wellerstein as md in its mortgage and fixed income sales and trading units. Wellerstein joins the firm from Banc of Manhattan Capital, where he was svp of whole loan and fixed income sales and trading. Prior to this, he worked at Countrywide Securities, where he was responsible for sales of all fixed income products, .......

    Job Swaps 15 April 2011

  • Bank fined for ARS misconduct

    FINRA has fined Jefferies & Company US$1.5m for failing to disclose additional compensations received and conflicts in connection with the sale of auction rate securities (ARS). The bank will repay US$425,000 in fees and commissions earned from the sale of ARS to the affected customers.

    FINRA has also taken action against three brokers involved in the sale of these products, .......

    Job Swaps 15 April 2011

  • SLABS reviewed on op risk

    Moody's has placed the ratings of 209 tranches in 42 US student loan transactions from 13 issuers on review for possible downgrade, following the agency's initial assessment of the deals under its new operational risk criteria. The review includes ratings on 137 tranches from 19 government-guaranteed student loan FFELP transactions and 72 tranches from 23 private student loan transactions. The .......

    News Round-up 15 April 2011

  • Mind the funding gap

    European CRE debt fund opportunities outlined

    The European commercial real estate debt funding gap is estimated to be €94.5bn over the next three years, with the bulk (€45bn) coming due in 2013. While mezzanine funds moved early to fill the void left by the banks retreating from the sector, it is becoming apparent that the opportunity is much broader than this.

    A number of challenges are .......

    News Analysis 15 April 2011

  • Brazilian securitisation pact signed

    BTG and Sumitomo Mitsui Banking Corporation have signed a memorandum of understanding, which provides the basis for mutual cooperation in the Brazilian corporate finance market. In particular, this cooperation will focus on structured products and securisations, as well as stimulating cross-border transactions that could be of interest to Japanese clients. The MOU also contemplates the distribution of Brazilian products to .......

    Job Swaps 15 April 2011

  • Analytics alliance agreed

    Sapient Global Markets has signed an alliance agreement with FINCAD. By combining the firms, customers will gain access to the technology and support required to ensure best practice integration and project delivery, the two firms say.

    The alliance is designed to ensure that institutions benefit from streamlined integration with existing internal systems while addressing valuation and risk through consistent, firm-wide .......

    Job Swaps 14 April 2011

  • Bank adds debt solutions director

    Deutsche Bank has appointed Michael Halsband as director in its capital markets and treasury solutions group. He will work with the bank's financial institutions clients and will be a senior member of the New York-based insurance solutions team. He will jointly report to Deutsche heads of debt & solutions coverage for financial institutions, Paul Puleo and Craig Wenzel.

    Halsband was .......

    Job Swaps 14 April 2011

  • Cantor brings debut CMBS

    Cantor Commercial Real Estate (CCRE) has come to the market with its first transaction - CFCRE 2011-C1. The US$634.3m CMBS is backed by 38 loans, secured by 67 properties in New York, Georgia, California and Florida. Cantor Fitzgerald has underwritten the deal.

    Given that the originator is new to market, Fitch - which has rated the deal - reviewed a .......

    News Round-up 14 April 2011

  • Ally heralds revival

    First XS IO deal in a year is just the start

    Excess IO deals were once a common way to monetise mortgage servicing rights (MSRs), but Ally Bank's March US$1.2bn FNS 406 transaction was the first to be completed for a year. While economic improvement has made XS IO deals more attractive, upcoming regulatory changes will add further impetus to the market and many more deals are expected to follow.

    A .......

    News Analysis 14 April 2011

  • New ISDA director elected

    ISDA has elected 12 directors, of whom 11 currently serve on its board. The new director is Yasuhiro Shibata, joint head of fixed income at Mizuho Securities.

    Shibata is responsible for fixed income cash and derivative product trading in Japan. He has been a co-chair of the ISDA Japan Credit Derivatives Committee and has worked with the Japanese FSA and .......

    Job Swaps 14 April 2011

  • Some GSW funds to be allocated

    A distribution will be made on the 26 April IPD to Fleet Street Finance Three class A1 noteholders of the amount of the GSW funds that are due and payable under either of the pro rata or the sequential application. The amount of this distribution is expected to be approximately €194.94m, with the balance of the GSW funds retained pending .......

    News Round-up 14 April 2011

  • Trustees update on ABS CDO liquidations

    The trustee for the Ridgeway Court Funding II ABS CDO has been directed to sell and liquidate the deal's collateral in a public sale. All secured parties to the transaction are eligible to bid on the portfolio.

    Due to the liquidation, no distributions of any kind will be made on any subsequent regularly scheduled payment date. A final distribution will .......

    News Round-up 14 April 2011

  • CMBS loan performance, extensions assessed

    Fitch has released two reports on the European CMBS sector. The first analyses 10 of the largest conduit programmes in the region and finds that the performance of European CMBS loans varies significantly by programme. The second suggests that extension requests for CMBS loans remain high, as borrowers struggle to repay their loans at maturity.

    Fitch European CMBS director Gioia .......

    News Round-up 14 April 2011

  • Swaps roundtable announced

    The US CFTC and SEC intend to hold a two-day joint public roundtable on 2-3 May to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Act. The roundtable is intended to supplement the comments received to date and help inform the commissions as they proceed with rulemaking.

    Among other issues, comments are invited .......

    News Round-up 14 April 2011

  • Collateral agreements, electronic confirmation up

    Among large dealers, 80% of all transactions are now executed with the support of a collateral agreement, according to results from an ISDA margin survey. A second survey on operations benchmarking also shows progress, with 100% of eligible CDS now confirmed electronically.

    The process of reconciling collateralised portfolios shows steady signs in adoption. The results of the first survey show .......

    News Round-up 14 April 2011

  • Combined firm to proceed with new CLO

    The merger of Deerfield Capital and CIFC (see SCI 22 December 2010) has closed. The firms will now operate as a combined company under the name CIFC Deerfield Corp.

    The firm's ceo Peter Gleysteen says: "This merger is about growth and the unprecedented opportunities we see for asset management products, especially ones backed by senior secured corporate loans. In fact, .......

    Job Swaps 14 April 2011

  • Servicer enforcement actions announced

    The US Federal Reserve has begun formal enforcement actions requiring 10 banking organisations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing (see SCI 16 March). These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices, the Fed says.

    The 10 banking organisations are Bank of .......

    News Round-up 14 April 2011

  • Fixed income team recruited

    Sandler O'Neill has recruited a team of five sales professionals to its Chicago-based fixed income group.

    As md in the group, Scott Buchta is responsible for providing market insight and relative value trade ideas across the ABS, MBS and CMBS sectors. He will also assist clients in developing portfolio-level analytics, while focusing on extending the firm's existing balance sheet management .......

    Job Swaps 14 April 2011

  • Euro ABS on a tightening trend

    European secondary ABS spreads are tightening off the back of swelling new issue supply. At the same time, Nordea Bank's tender offer for the Midgaard CMBS is generating interest.

    "There hasn't been an enormous amount of secondary market activity in the last few days, mainly down to the primary market dominating investor attention," one ABS trader says. The volume of .......

    Market Reports 14 April 2011

  • Failed calls impact Euro RMBS

    The European RMBS market appears to be regaining some stability, underlined by a positive response to new issues. However, the failure to call certain Leek and E-MAC transactions has caused a stir among some investors.

    "The general sentiment is that the RMBS market is pretty stable. The new issues that we've seen have all been received very well, so it .......

    Market Reports 14 April 2011
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