Complete news archive

  • 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

  • Fifth consecutive rise for subprime CDS

    US subprime CDS prices have risen for a fifth straight month - an increase in line with the faster pace observed early in the rally, according Fitch Solutions' latest index results. The overall index level reached 12.14 for the first time since October 2008, with the price rising 5.8% this past month. This follows on from the modest 90bp increase .......

    News Round-up 11 April 2011

  • US RMBS market regains strength

    Last week's highly-anticipated Maiden Lane auction has instilled some confidence back into the US RMBS market, as investors prepare for further opportunities this week. Together with two more Maiden Lane lists, bids are due for the Longshore CDO Funding liquidation.

    "Activity last week was dominated by the Maiden Lane list, which totalled approximately US$1.5bn in the end. With about 90% .......

    Market Reports 11 April 2011

  • Reporting solutions acquisition agreed

    Wolters Kluwer Financial Services has acquired Spring Programs, an independent provider of financial regulatory reporting solutions in the UK banking market. Spring provides full reporting templates and high-level input and delivery mechanisms to UK regulators. The acquisition - made through Wolters' FRSGlobal business division - will help financial organisations better meet intensifying liquidity and stress-testing requirements, the firms say.

    .......

    Job Swaps 11 April 2011

  • Collateral management service launched

    AcadiaSoft has launched a web-based portal for collateral management and workflow in the OTC derivatives market. The new portal provides a unified, automated venue from which market participants can receive, send and confirm margin calls.

    The service allows dealers and investors to manage all aspects of collateral communications online, giving parties involved in a trade access to the same information .......

    News Round-up 11 April 2011

  • CLOs attractive as OC levels improve

    Current valuations mean that opportunities can be found in both the US and Europe as CLOs continue to lag broader markets, according to CDO analysts at JPMorgan. They also note that the leveraged loan-CLO differential has returned to year-end 2010 levels and far more deals are now passing their overcollateralisation tests.

    The analysts identify strong market value OC (MVOC) coverage .......

    News 11 April 2011

  • CLO comment period extended

    Moody's has extended the comment period on proposed changes to its modelling framework for cashflow CLOs (see SCI 23 March), as requested by some market participants. The rating agency will now be accepting comments until 22 April 2011, an extension from the original deadline of 8 April.

    .......

    News Round-up 11 April 2011

  • Aussie pub deal prepped

    Macquarie and National Australia Bank are in the market with the A$160m ALE Finance Company Series 1, a single-borrower CMBS secured by a portfolio of 85 pubs in Australia. Given the concentration to a single unrated tenant (Australian Leisure and Hospitality Group (ALH)), the transaction benefits from structural enhancements, which - in the event of ALH's default - provides additional .......

    News 11 April 2011

  • Japanese CDS clearing service readied

    Japan Securities Clearing Corporation (JSCC) has approved an outline for CDS clearing in the country. This follows a series of detailed discussions about operational procedures and other related matters with market participants, undertaken by the JSCC's operations, risk management and legal sub-committees.

    The Corporation is targeting a launch date of 19 July 2011 for its CDS clearing service, subject to .......

    News Round-up 11 April 2011

  • CMBS loan sale underway

    Mission Capital Advisors and Rockwood Real Estate Advisors are conducting a CMBS special servicer loan sale on behalf of an unidentified seller. The sale comprises 11 non-performing and bankruptcy assets, with an unpaid principal balance of US$99.7m.

    Office collateral accounts for US$56.6m of the portfolio, retail for US$25.5m, hospitality for US$7.2m, manufactured housing for US$5.6m, medical office for US$2.5m and .......

    News Round-up 11 April 2011

  • MiFID moves

    European CDS regulations scrutinised

    The extension of the Markets in Financial Instruments Directive (MiFID) to OTC products has sparked concern over transparency and reporting in the European CDS market. At the same time, other regulatory moves - including the implications of organised trading facilities (OTFs) - are under scrutiny by the end-user community.

    The key issues in organised derivatives trading focus on the split .......

    News Analysis 11 April 2011

  • First CMBS late-pay fall since October

    The climb towards an expected 10% delinquency rate for US CMBS has slowed, according to Fitch. Late-pays retreated by 2bp to end March at 8.74%, representing the first decrease since October 2010, the agency says.

    "Preliminary indications on year-end 2010 financials that have come in thus far are somewhat encouraging. Net operating income declines have slowed or reversed, which - .......

    News Round-up 8 April 2011

  • Primary focus continues in Euro ABS

    European secondary ABS activity appears to have lagged the primary market this week. Nevertheless, RBS' Arran Funding RMBS failed to cause the stir that was perhaps anticipated, with little activity in the name since its pricing on Wednesday.

    "There hasn't been a huge amount of activity in ABS land. We've been busy on client-related business, but as far as the .......

    Market Reports 8 April 2011

  • CMBS loss severity drops in March

    The dollar amount of US CMBS fixed rate loans that were liquidated in March increased by 49% from February's level, according to Trepp's latest loss analysis report. However, the firm notes that the majority of loans with losses have losses of less than 2%.

    In total, 105 loans with a total balance of US$1.2bn were liquidated in March. The losses .......

    News Round-up 8 April 2011

  • Greek SF downgrades continue

    S&P has taken rating actions on 28 tranches in 15 Greek ABS and RMBS transactions. The actions are a result of its revised assessment of Greek country risk in securitisations backed by Greek assets, as well as its recent downgrade of the Hellenic Republic to double-B minus on watch negative. The agency's sovereign ceiling for Greek securitisations is now triple-B .......

    News Round-up 8 April 2011

  • AOFM extends RMBS investment

    The Australian Office of Financial Management (AOFM) is to invest up to an additional A$4bn in Australian RMBS, together with remaining capacity from the current programme of about A$3.5bn. Investments will continue with the aim of supporting competition in residential mortgage lending and lending to small businesses, with an additional objective of transitioning towards a sustainable securitisation market that is .......

    News Round-up 8 April 2011

  • Client services svp named

    Kamakura Corporation has appointed Mark Slattery as svp of its client services group. Based in Chicago, Slattery will work closely with the firm's US and international client base in the financial, insurance and money management markets. He will help clients to meet a 'best practice' standard in risk management, including asset liability management, enhancing liquidity and capital management, and model .......

    Job Swaps 7 April 2011

  • Second MEPC prepayment made

    MEPC will prepay £74.5m of the £470m loan securitised via Opera Finance (MEPC) on the next interest payment date, 20 April, in advance of maturity in July 2012. This follows the first stage prepayment of £102.5m in January 2011 (see SCI 15 December 2010).

    The CMBS - completed in November 2005 and arranged by Eurohypo - was secured against four .......

    News Round-up 7 April 2011

  • Strong bid seen in Maiden Lane auction

    The first highly-anticipated BWIC from the Maiden Lane II (MLII) portfolio (see SCI 4 April) was auctioned yesterday, 6 April, by the New York Fed and BlackRock Solutions. The inaugural list - totalling US$1.5bn in current face value - comprised a mixed bag of securities across sectors, vintages and seniority.

    MBS analysts at Bank of America Merrill Lynch believe the .......

    News 7 April 2011

  • Euro CLO appetite building

    Bid-list appetite finally appears to be returning to the European CLO market. However, activity remains significantly below the highs seen in February.

    "The market is looking much better now: the bids went back quite far as a result of the macro news. We're now slowly getting back to the levels that we reached in February - albeit at some way .......

    Market Reports 7 April 2011

  • Challenging times

    Euro CMBS investors call for better disclosure

    European CMBS servicers continue to face challenges, with enforcement set to feature increasingly in workouts. At the same time, investors are calling for more detailed information on loan developments.

    Janaka Nanayakkara, head of ABS and real estate strategy at Chalkhill Partners, confirms that bondholders are seeking more information and clarity on CMBS loan developments. "In some cases bondholders are in .......

    News Analysis 7 April 2011
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