Complete news archive

  • Regulations to delay SF recovery?

    The influx of new and proposed global structured finance regulations is likely to delay the return of a 'normalised' market by at least 12 months, according to Fitch. Although regulations have a worthy aim in creating a robust framework, the number of international bodies involved means that substantial regulatory implementation and consistency is unlikely to be attained until at least .......

    News Round-up 5 April 2011

  • US CMBS delinquencies hit highs

    The US CMBS delinquency rate rose again in March, according to Trepp's latest Delinquency Report, with the percentage of loans 30+ days delinquent, in foreclosure or REO climbing by 3bp to 9.42% - the highest in history for US commercial real estate loans in CMBS. The month-over-month increase, however, is even smaller than February's increase and is one of the .......

    News Round-up 5 April 2011

  • CREFC ceo appointed

    The CRE Finance Council has appointed Stephen Renna as ceo, effective from 1 May. Under Renna's direction, the Council says it will continue its efforts to ensure that the market's recovery in commercial real estate gains speed and that the current rulemaking underway by federal regulators has the intended beneficial consequences of ensuring sound, secure CRE mortgages without limiting the .......

    Job Swaps 5 April 2011

  • OTC pricing tool launched

    Numerix has launched LiquidAsset, a new solution for the pricing of commonly traded OTC derivative instruments. Built upon the firm's CrossAsset analytics, LiquidAsset is a function-based Excel service with an intuitive interface that allows trades to be priced quickly and accurately.

    These types of trades pose new and different pricing challenges, as the bid-ask spread is orders of magnitude smaller .......

    News Round-up 5 April 2011

  • Mixed performance for Euro MBS

    European MBS performance has been mixed so far this week as investors react to wider credit pressures. Although RMBS pricing levels appear to be holding up, senior CMBS paper is exhibiting some weakness.

    "It's been very quiet over the past week for MBS overall. I suspect that clients are reacting to weaknesses in the broader credit and equity markets," one .......

    Market Reports 5 April 2011

  • CRE CDO transfer proposed

    Details have emerged about one of the CDOs whose collateral management agreement Winthrop Realty Trust is seeking to acquire (see SCI 1 April). An affiliate of the REIT, dubbed RE CDO Management, is proposing to replace Sorin Capital Management as asset manager for Sorin Real Estate CDO I. The transfer is subject to a number of contingencies, however.

    Fitch has .......

    Job Swaps 5 April 2011

  • Euro CRE crisis threatens

    Navigant has warned of a looming commercial property funding crisis in the UK and Europe. The firm's research suggests that £500bn-£600bn loans made to commercial property borrowers by banks and other financial institutions will require refinancing within the next two years.

    Further, Navigant says that the institutions previously positioned to make these loans either no longer exist or have increased .......

    News Round-up 5 April 2011

  • Credit opportunities fund prepped

    KKR Asset Management is prepping a closed-end Global Credit Opportunities Fund. The fund will invest at least 80% of its assets in first- and second-lien secured and unsecured loans, as well as fixed income securities, including CDS, CLOs and Trups. These assets can be investment grade or sub-investment grade and the portfolio can be leveraged by up to 50%.

    .......

    News Round-up 5 April 2011

  • Private student loan charting tool launched

    Moody's has released an interactive performance charting tool, which allows investors to compare deal performance on private student loan ABS. The tool also provides access to a full set of standardised performance metrics derived from the analysis of more than 50 Moody's-rated private student loan ABS transactions.

    "The charting tool gives our structured finance research subscribers easy access to standardised .......

    News Round-up 5 April 2011

  • EMEA CMBS criteria updated

    Fitch has released an updated version its EMEA CMBS rating criteria, which supersedes and replaces the agency's previous versions for all EMEA securitisations backed by commercial mortgage loans secured on investment property (including multifamily apartment blocks).

    In the report, Fitch details the qualitative and quantitative factors it considers in its rating analysis. Specifically, the criteria report addresses how the agency .......

    News Round-up 5 April 2011

  • Corporate credit md named

    Gleacher & Company Securities has appointed Brian McGrath as md and distressed/credit trader in its corporate credit division. With over 23 years of credit market experience, McGrath was most recently a portfolio manager at Viathon Capital. Prior to this, he ran the high yield bond desk at DB Securities.

    .......

    Job Swaps 5 April 2011

  • Anticipation builds for Maiden Lane disposals

    US ABS market participants are busy preparing for the first Maiden Lane II portfolio auction, details of which are due to be distributed today with final bids expected on Wednesday (6 April). The liquidation process is set to facilitate increased transparency in the non-agency RMBS sector, with the potential to attract new investors.

    "Prices are definitely firming up in the .......

    Market Reports 4 April 2011

  • Hedge fund acquisition agreed

    Medley Capital has acquired credit hedge fund manager Viathon Capital. Founded in 2005 by managing partners Brook Taube, Seth Taube and Andrew Fentress, Medley provides capital and advisory services to middle market corporate and asset-based borrowers in North America.

    Viathon founder Robert Comizio will become a partner and senior portfolio manager for Medley's credit strategies group. He was previously senior portfolio .......

    Job Swaps 4 April 2011

  • West is best for CDS

    The ten best performing sovereign credits of 1Q11 were from the western hemisphere, according to a new CDS report by Markit. Meanwhile, seven of the ten underperformers came from the Middle East and North Africa.

    Of the ten top performers from the quarter, Markit's CDS analysts note that only Hungary and Chile could be classified as emerging economies, yet even .......

    News 4 April 2011

  • Portuguese ABS hit by sovereign downgrade

    S&P has downgraded to double-A minus 68 tranches across 48 Portuguese ABS and RMBS, which previously were rated double-A, double-A plus or triple-A. Three tranches remain triple-A rated due to their European Investment Fund guarantee.

    The downgrades are a result of S&P's revised assessment of Portuguese country risk in structured finance transactions backed by Portuguese assets, which in turn follows .......

    News Round-up 4 April 2011

  • RFC issued on Canadian SF rules

    The Canadian Securities Administrators (CSA) is seeking input on its proposals regarding the regulation of securitised products.

    Under the proposed framework, reporting issuers would be required to provide investors with information on the features and risks of securitised products. While the new requirements will be consistent with international developments, non-reporting issuers that distribute securitised products in the exempt market will .......

    News Round-up 4 April 2011

  • Replacement CRE head appointed

    Jonathan Pollack is understood to be replacing John Nacos, who has left the bank, as Deutsche Bank's head of commercial real estate in the Americas. Pollack helped to found the bank's European CRE group in 2001, having joined from Nomura in 1999.

    .......

    Job Swaps 1 April 2011

  • Promotion for SF partner

    Mallesons Stephen Jaques has promoted Stuart Fuller to chief executive partner, effective from January 2012. Fuller is managing partner at the firm, specialising in structured finance. He is also the current chairman of the Australian Securitisation Forum.

    .......

    Job Swaps 1 April 2011

  • Sale agreed for distressed debt funds

    Institutional Financial Markets Inc (IFMI) has sold its investment advisory agreements relating to a series of closed-end distressed debt funds, known as the Strategos Deep Value Funds, and certain separately managed accounts. The advisory agreements are being bought by an entity owned by Frederick Horton and Alex Cigolle, which will be renamed Strategos Capital Management.

    The pair, who previously served .......

    Job Swaps 1 April 2011

  • US CMBS on a tightening trend

    A reduction in bid-list activity has driven spreads tighter in the US CMBS market this week. At the same time, differentiation among the better names is emerging.

    "This week was relatively slow and it was the bid-lists that were hit the most. On average we'll see north of US$3bn lists in total and we've been far under that figure this .......

    Market Reports 1 April 2011

  • Broker on hiring spree

    CRT Capital Group has announced a raft of new hires in its securitised products and credit products groups. The move comes as the firm expands its client offerings by joining Tradeweb's platform as a liquidity provider for its mortgage pass-through securities marketplace.

    Joining the firm as co-head of its pass-through trading desk is Tim Coyne, formerly with BNP Paribas, while .......

    Job Swaps 1 April 2011
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