Complete news archive

  • 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

  • CMBS maturity repayment index rises

    Fitch reports that improving loan repayments - totalling €196m in March - have increased its CMBS Maturity Repayment Index to 40.3% from 38.4%. These repayments also reduced the outstanding matured loan balance by 3.6%, with 55 of the 126 loans that matured since 2007 having been fully repaid.

    The two full repayments recorded in March included the £2m KD Investments .......

    News Round-up 1 April 2011

  • REIT spins off legacy assets

    Capital Trust has restructured all of its outstanding recourse debt obligations.

    The restructuring involved: the transfer of legacy assets to a newly formed subsidiary, CT Legacy REIT; the assumption of its legacy repurchase obligations by CT Legacy REIT; and the extinguishment of its senior credit facility (SCF) and junior subordinated notes (JSNs). The restructuring was financed by a new US$83m .......

    Job Swaps 1 April 2011

  • Static CLO closed

    KKR Financial Holdings has closed a US$400m static CLO dubbed KKR Financial CLO 2011-1. The transaction involved a privately negotiated financing agreement with an undisclosed third-party senior lender that accounts for the US$300m senior tranche, which priced at 135bp over three-month Libor. KKR retained a US$100m residual interest, consisting of US$20m mezzanine notes and US$80m subordinated notes.

    The CLO matures .......

    News Round-up 1 April 2011

  • ABS CDOs transferred

    Wharton Asset Management has assigned its management responsibilities for the G Street Finance, G Square Finance 2006-1 and G Square Finance 2007-1 ABS CDOs to Vertical Capital. The successor asset manager and the trustees for the respective transactions plan to execute amended and restated management agreements on substantially the same terms as the old management agreements. The execution of the .......

    News Round-up 1 April 2011

  • ISDA DC members named

    ISDA has announced the new members of its five regional Determinations Committees, which comprise the global decision-making structure around events in the CDS industry. There are five regional committees, each comprising 12 dealer firms (of which two are consultative) and six non-dealer members (of which one is consultative).

    "The Determinations Committees continue to be an important component of the CDS .......

    Job Swaps 31 March 2011

  • Bank welcomes back CMBS vet

    Faisal Ashraf has rejoined Credit Suisse as head of large-loan structuring, pricing and execution. Working on the bank's CMBS desk in New York, he will report to head of real estate finance and securitisation Ben Aitkenhead.

     

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    Job Swaps 31 March 2011

  • Renewables deals prepped

    Two European renewables securitisations - each in excess of approximately €750m - are expected to launch shortly, one of which will be preplaced. Each deal is anticipated to securitise renewable receivables generated from multiple jurisdictions, including the UK, Greece and Italy.

    "The pools are pretty granular because the receivables arise from retail customers," explains transaction counsel Paul-Michael Rebus, group head .......

    News 31 March 2011

  • B-piece investment trends analysed

    US CMBS B-piece investment volume has reached about US$470m so far this year - an increase on 2010's total of US$280m, but significantly short of the sector's peak in 2007 at an estimated US$6bn. Based on full-year CMBS issuance forecasts of US$35bn, 2011's B-piece volume could total about US$2bn, according to research analysts at S&P.

    The attractiveness of pricing, whether .......

    News 31 March 2011

  • Long/short credit fund prepped

    Schroders is prepping its fifth UCITS fund - Schroder GAIA CQS Credit. The fund - an unconstrained credit long/short product - will be managed by CQS and led by CQS cio Simon Finch. It aims to provide capital growth and attractive risk-adjusted returns through investing across investment grade and high yield markets in Europe and the US, the firm says.

    .......

    News Round-up 31 March 2011

  • Fixed income co-heads named

    Knight Capital Group has promoted mds Robert Lyons and Alan Lhota to co-head its global fixed income business. The pair will report to the firm's chairman and ceo Thomas Joyce.

    Knight's institutional fixed income team provides buy-side firms with research, sales and trading across a broad range of fixed income securities, including ABS and MBS.

    Before joining Knight, Lyons was .......

    Job Swaps 31 March 2011

  • Maiden Lane assets to be publicly offered

    The Federal Reserve has declined AIG's offer to purchase all of the RMBS assets in the Maiden Lane II vehicle (see SCI 14 March). The New York Fed together with the Board of Governors of the Fed System judged that the public interest in maximising returns and promoting financial stability should be approached with more consistency and in line with .......

    News Round-up 31 March 2011

  • SEF preparations underway

    JPMorgan has electronically executed and cleared CDS and IRS trades on Bloomberg's Fixed Income Electronic Trading platform (FIT). Credit index trades were executed and submitted to ICE Trust for clearing, while the IRS were executed and submitted to LCH.Clearnet SwapClear.

    This is in line, Bloomberg says, with its preparations to meet the broadly defined requirements of the Dodd-Frank Act. The .......

    News Round-up 31 March 2011

  • AIB unloads its CLOs

    GSO Capital Partners has acquired AIB Capital Markets' €1.7bn collateral management business. Under the agreement, it has entered into amended and restated investment management agreements for the Skellig Rock, Boyne Valley, Tara Hill and Clare Island CLOs.

     

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    Job Swaps 31 March 2011

  • Euro CLO market softens

    Softening in the European CLO market continues, with participants predicting another quiet week ahead. This is said to be a reaction to the previous period of fast-selling, as well as to macro issues that are finally impacting the sector.

    "Overall the market has been quite soft, especially when compared to what we've seen in previous weeks," one CLO trader says. .......

    Market Reports 31 March 2011

  • Retention rules

    Call for QRM impact analysis

    The FDIC, Fed, OCC, SEC, FHFA and HUD yesterday issued their NPR requiring ABS sponsors to retain at least 5% of the credit risk of the assets underlying the securities. The proposed rule includes exemptions from these requirements, including for US government-guaranteed ABS and for RMBS that are collateralised by 'qualified residential mortgages' (QRMs). At first glance, however, the definition .......

    News Analysis 30 March 2011

  • Court direction sought for GSW funds

    In light of certain submissions made to the trustee, direction from the High Court of England and Wales is being sought as to the proper interpretation and application of the definition of sequential payment trigger in relation to the distribution of the GSW funds in the Fleet Street Finance 3 CMBS.

    The trustee understands that on 15 April 2010 the .......

    News Round-up 30 March 2011

  • Investment manager completes acquisition

    Man Group has entered into a definitive agreement to take full ownership of Ore Hill Partners and Ore Hill Partners Capital Management for a predominantly share-based consideration. Completion of the acquisition is scheduled for the second quarter.

    The strategic relationship with Ore Hill dates from 2008, when Man acquired a stake of approximately 50% (see SCI issue 89) - the .......

    Job Swaps 30 March 2011

  • Euro CMBS repayments continue to decline

    Only one out of the seven European CMBS loans scheduled to mature in February met its maturity obligation, according to S&P. Such performance coloured the month's loan level activity and contributed significantly to loan delinquencies and transfers to special servicing, the agency says.

    February's results reinforces the trend set in 2010 when loans in European CMBS showed a greater propensity .......

    News Round-up 30 March 2011

  • SEF rule scrutinised

    ISDA outlines in a new paper that SEFs can play a positive role in the OTC derivatives market by strengthening its infrastructure, helping prevent insider trading and other market abuse, and increasing transparency and access for smaller participants. However, to achieve this and to become effective, SEFs need to offer derivative users broad choice in trade execution at very low .......

    News Round-up 30 March 2011

  • Bank adds CMBS trader

    Former Goldman Sachs CRE and derivatives trader Ben Solomon is joining Deutsche Bank as md and head of CMBS trading. He will report jointly to md and head of ABS trading Pius Sprenger and md and head of the MBS pass-through trading group Troy Dixon.

    .......

    Job Swaps 30 March 2011
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