Complete news archive

  • 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

  • Euro CMBS loan repayment rate to fall

    The proportion of European CMBS loans that are repaid in an orderly manner at maturity is likely to fall, compared to the loans that have already matured, according to Fitch. Just over half of the 152 loans that have reached their scheduled maturity dates since the onset of the credit crisis have either prepaid or repaid.

    Whole loan balances, ICRs .......

    News Round-up 13 April 2011

  • REITs rise

    Mortgage REITs gearing up for increased opportunities

    Current economic conditions, together with changes in government policy and regulation appear to be creating perfect conditions for mortgage REIT IPOs. Indeed, the vehicles could become a dominant source of demand for MBS in the future.

    Analysts estimate that as much as US$7bn has been raised so far this year by REITs looking to invest in agency MBS, eclipsing the .......

    News Analysis 13 April 2011

  • Warning issued on counterparty criteria

    S&P expects European structured finance downgrades in relation to its updated counterparty criteria to begin in April as anticipated, due to the low volume of mitigating action plans received since the criteria became effective. Since the counterparty criteria became effective on 18 January 2011, the agency placed some ratings on credit watch negative in about 30% of the outstanding EMEA .......

    News Round-up 13 April 2011

  • Exchange-linked deal prepped

    An unusual exchange-linked transaction has hit the market. The U$1bn Ford Upgrade Exchange Linked (FUEL) notes series 2011-1 are backed by Ford Credit Auto Owner Trust 2011-SRR1, a prime auto loan ABS originated by Ford Motor Credit Co. The FUEL notes will be mandatorily exchanged for unsecured corporate bonds to be issued by Ford Credit upon its achieving an investment .......

    News Round-up 13 April 2011

  • RFC issued on swap margin requirements

    Five US federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers and major security-based swap participants as required by the Dodd-Frank Act.

    The rule is proposed by the Federal Reserve, the Farm Credit Administration, the FDIC, the FHFA and the OCC. The rule would require .......

    News Round-up 13 April 2011

  • Credit hedge fund acquired

    Avoca Capital Holdings is broadening its capabilities beyond long-only funds to provide clients with a hedge fund offering in European credit. The firm is hiring a five-person credit team from Liontrust, led by fund manager Simon Thorp, as well as purchasing Liontrust management contracts behind the team's two existing credit hedge funds. The two funds had AUM of approximately US$100m .......

    Job Swaps 13 April 2011

  • New ISDA chair named

    ISDA's Board of Directors has elected Morgan Stanley md Stephen O'Connor as its new chairman. O'Connor succeeds Eraj Shirvani, Credit Suisse head of fixed income for EMEA, who will continue to serve on the Association's Board of Directors.

    O'Connor has been a member of the ISDA Board since 2008. He joined Morgan Stanley in 1988 and is global head of .......

    Job Swaps 13 April 2011

  • Boost for structured products head

    Joe Naggar, head of structured products at GoldenTree Asset Management, has joined the firm's partner executive committee. Since joining GoldenTree in 2007, Naggar has successfully built out the firm's structured products capabilities and an investment team that continues to source and manage attractive investments.

    GoldenTree's partner executive committee was originally formed in October 2009 to focus on key areas of .......

    Job Swaps 13 April 2011

  • OTC operations service offered

    Citi's global transaction services business has launched an OTC derivatives service that is designed to consolidate and simplify the post-trade execution process. The offering provides clients with access to a full range of middle- and back-office services on a single platform, including confirmation, settlement, valuation services, collateral management, margin management and access to the bank's global clearing network.

    The new .......

    News Round-up 12 April 2011

  • Further Portuguese downgrades hit

    Moody's has downgraded the ratings of five tranches of Portuguese ABS and 18 tranches of RMBS to Aa2, as well as four tranches of ABS and 20 tranches of RMBS to A1. In addition, the mezzanine and junior tranches on two ABS and the Aaa ratings of two electricity tariff deficit transactions have been placed on review for possible downgrade.

    News Round-up 12 April 2011

  • Client service advisor added

    Kamakura Corporation has appointed Marc Joffe as senior advisor in its client services team. Based in San Francisco, he will support existing and prospective customers, while working closely with Kamakura md and head of risk information services Mark Mesler on product development efforts. A specialist in public finance, credit risk and application development, Joffe was previously senior director with Moody's .......

    Job Swaps 12 April 2011

  • Enhanced CVA portal released

    SunGard has released a new version of its risk analytics engine, Adaptiv Analytics. The portal provides improved performance to help customers manage developments in credit value adjustment (CVA) and around regulations, such as Basel 3 capital requirements.

    Tests demonstrate that Adaptiv Analytics now performs over six times faster than previous releases for a benchmark portfolio. This increase in performance means .......

    News Round-up 12 April 2011

  • Reporting structure realigned

    Morgan Stanley's US structured products credit trading head Nirjhar Jain is leaving the bank to pursue opportunities on the buy-side. Consequently, head of RMBS trading Mike DePietro, head of consumer ABS and CLO trading Becca Hogan and head of CMBS trading Kevin Ng will now report to Jay Hallik, the bank's global head of securitised products trading.

    .......

    Job Swaps 12 April 2011

  • UBS fined over misleading PPNs

    FINRA has fined UBS Financial Services US$2.5m and required it to pay US$8.25m in restitution for misleading investors about the principal protection feature of the 100% Principal-Protection Notes (PPNs) that Lehman Brothers issued prior to its September 2008 bankruptcy filing.

    From March to June 2008 some UBS financial advisors described the structured notes as principal-protected investments and failed to emphasise .......

    Job Swaps 12 April 2011

  • Solutions provider names UK md

    List has promoted Alessandro Galleni to md, replacing Stefano Falciani. Based in London as one of the firm's four regional directors, Galleni will now be responsible for the UK and Ireland markets, while assuming the day-to-day management of the company. He will report to the group's ceo, Enrico Dameri.

    Galleni has been actively involved in List's major software development projects .......

    Job Swaps 12 April 2011

  • Vendor expands Asia-Pacific presence

    Xenomorph continues its expansion in the Asia-Pacific region with the opening of a Singapore subsidiary. The firm says that its TimeScape analytics and data management platform will help clients in the region achieve higher quality risk management, easier regulatory compliance, more transparent derivatives valuations and faster trading decision support.

    David Winson will head up the firm's Singapore office as director. .......

    Job Swaps 12 April 2011

  • New index shows 1Q declines for SLABS defaults

    As a way of assessing the performance of private student loan ABS, Moody's has launched a series of credit indices for the sector, which will be updated quarterly. For 1Q11, the Private Student Loan Indices indicate a continuing decline in defaults and delinquencies on securitised private student loans.

    The annualised default rate now stands at 4.8%, down from 5% a .......

    News Round-up 12 April 2011

  • TRACE to reshape secondary CMBS?

    TRACE is set to be expanded to include ABS trade reporting from 16 May. Spread differentiation between legacy and new issues is anticipated to become more pronounced for CMBS in particular under the new system because CMBS 2.0 trade information is unlikely to be disseminated.

    Both primary and secondary transactions are expected to be reported into TRACE on a T+1 .......

    News 12 April 2011

  • Real estate investment trio hired

    Franklin Templeton Investments has appointed Luke Anderson, Simon Seen Fun Mok and Toby Hayes to boost its private real estate capabilities in the Americas, Asia and Europe respectively. The trio is responsible for sourcing, underwriting and monitoring private equity real estate investments in the geographic regions that they cover

    As vp, Anderson will report to the firm's md Marc Weidner. .......

    Job Swaps 12 April 2011

  • Euro CMBS 2.0 committee formed

    The CRE Finance Council's European board of governors has established a newly formed European CMBS 2.0 Committee and a working group on class X principles. Nassar Hussain, managing partner of Brookland Partners, has been appointed chair of the committee.

    The European CMBS 2.0 Committee seeks to promote a new operating framework for CMBS transactions. Comprising a number of senior representatives, .......

    Job Swaps 12 April 2011
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