Complete news archive

  • 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

  • Primary focus continues for Euro RMBS

    The secondary European RMBS market remains quiet, as participants prepare for upcoming new issuance. RBS' Arran 2011-1 is the latest transaction to join the queue.

    "The secondary market has been relatively quiet, especially when you look at the way it's been over the last few weeks - there hasn't been much turnover at all so far this week," one RMBS .......

    Market Reports 29 March 2011

  • India credit head appointed

    ACPI Investments has appointed Karan Singh Chadha as head of specialist credit, responsible for expanding its hedge fund strategies and fund launches in arbitrage Indian fixed income securities. He will oversee investments in illiquid credits, reporting to ACPI co-ceo Alok Oberoi.

    Chadha was previously a senior portfolio manager with Aladdin Capital Management, where he was responsible for credit products in high .......

    Job Swaps 29 March 2011

  • 'Innovative' Velvet loan restructuring proposed

    The proposed restructuring of the Velvet loan, securitised in the Titan Europe 2006-2 CMBS, includes the deferral of interest - believed to be the first time this has featured in the European market. The restructuring, which also involves extending the loan maturity and investing in the underlying properties, is ultimately expected to increase the loan's recovery value.

    "We believe that, .......

    News 29 March 2011

  • EMEA sales head appointed

    BNY Mellon Corporate Trust has promoted Robert Wagstaff to md and head of sales for EMEA. He will report to Troy Kilpatrick, the firm's head of global sales. Wagstaff was previously vp of global corporate trust sales at BNY Mellon and prior to this was at JPMorgan, where he focused on SIVs and CDOs.

    .......

    Job Swaps 29 March 2011

  • ASF names public policy md

    The American Securitization Forum (ASF) is opening a Washington, DC office to further its advocacy efforts on behalf of the securitisation markets. Jim Johnson has been appointed md of public policy, reporting to ASF executive director Tom Deutsch.

    Johnson previously served as senior counsel to the US Senate Committee on Banking, Housing and Urban Affairs for Ranking Member Richard Shelby. .......

    Job Swaps 29 March 2011

  • Broker recruits structured vets

    KGS-Alpha Capital Markets has appointed Mark Noble as head of structured corporate and agency debt, while Jim Tymeck has been named head of its finance desk.

    Noble joins the firm from MF Global, where he was head of agency debt. Prior to this, he was director of callable agencies and bullet debt at Barclays Capital, as well as svp of .......

    Job Swaps 29 March 2011

  • Bank names new structuring head

    RBS Securities has appointed Shad Quraishi as head of its client structuring and solutions group for banks in North America. Based in Stamford, he will report to Miles Hunt and Joe Carney, co-heads of client structuring and solutions for the Americas.

    Quraishi joins the bank from NewOak Capital, where he was vice-chairman and co-head of its capital markets team. Prior .......

    Job Swaps 29 March 2011

  • Seasonal patterns supporting auto ABS

    Seasonal trends resulted in another positive month for US auto loan ABS performance, with the trend likely to continue into the second quarter, according to Fitch.

    "Late winter/early spring has shown to be a consistently strong period for auto loan ABS. Tax refunds, annual bonuses and salary increases will enable many consumers to make their auto loan payments, translating to .......

    News Round-up 29 March 2011

  • Law firm adds two partners

    K&L Gates has appointed Howard Goldwasser and Xavier Ruiz as partners in its New York finance and corporate practices respectively.

    Goldwasser joins the firm from Curtis, Mallet-Prevost, Colt & Mosle, where he served as lead counsel in complex transactional and debt capital market matters, including securitisations. Prior to this, he was partner at Allen & Overy and managing partner at .......

    Job Swaps 29 March 2011

  • Valuations subsidiary established

    Clayton Holdings has formed Asset Backed Solutions, an independent financial analysis and consulting group providing litigation support and valuation services of complex structured products and related assets. Based in New York, David Lehman will head the new group as president, reporting to Clayton ceo Paul Bossidy.

    Lehman joins Clayton from Navigant Economics, where he provided valuation and advisory services for .......

    Job Swaps 29 March 2011

  • First Trups tender offer completed

    While default and deferral rates for US bank Trups CDOs remain flat, the sector saw the first acceptance of a tender offer in January, according to Fitch's latest default and deferral index results. Four CDOs were tendered, each one receiving approximately 21% of par in exchange for termination of the Trups.

    There have been several requests for noteholder consent from .......

    News Round-up 29 March 2011

  • Risk retention NPR awaited

    The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the SEC, the Federal Housing Finance Agency and the Department of Housing and Urban Development have confirmed that they will this week consider for approval a notice of proposed rulemaking on risk retention (see SCI 24 March). The NPR addresses section 941 of the .......

    News Round-up 29 March 2011

  • 'Positive' first quarter for US CMBS

    The first quarter was positive for the US CMBS market, according to research analysts at S&P. They point to an increase in new issuance on a year-over-year basis, the slowing delinquency rate, firming industry fundamentals and tightening spreads as evidence for this. Additionally, while rating actions remain primarily negative, most have been due to interest shortfalls and their impact has .......

    News Round-up 29 March 2011

  • CDO liquidation scheduled

    Stone Tower Debt Advisors has been retained to act as the liquidation agent for Forge ABS High Grade CDO I (see SCI 15 March). The sale will be conducted across three buckets - one containing RMBS, one with ABS CDOs and the other a mix of CDOs and RMBS - at 10am EST on 5 April.

    The property will be .......

    News Round-up 28 March 2011

  • Independent dealer floorplan ABS debuts

    Dealer Services Corporation (DSC) has closed a US$252.2m ABS, which is believed to be the first independent dealer floorplan deal to come to market. The securities - issued via the DSC Floorplan Master Owner Trust shelf - comprise US$225m triple-A rated (DBRS) senior-secured notes and US$27.2m triple-B subordinate-secured notes. The Rule 144A series 2011-1 offering was led by Deutsche Bank .......

    News Round-up 28 March 2011

  • Portuguese ABS on review

    Fitch has placed 41 tranches of 38 Portuguese structured finance transactions - 32 RMBS, one ABS and five structured credit deals - on rating watch negative (RWN). All other Portuguese RMBS tranches have a negative outlook.

    The rating actions follow Fitch's downgrade of Portugal's long-term foreign and local currency issuer default ratings to single-A minus from single-A plus on 24 .......

    News Round-up 28 March 2011

  • Rehab boost

    Rehabilitated loans, restructured ARS to drive SLABS prepays

    Prepayments for student loan ABS remain historically low, although there are signs that they could be set for a modest pick-up. A greater role for restructured auction-rate securities (ARS) and rehabilitated student loans, as well as proposals in the Obama administration's initial 2012 budget could all lead to increased prepayments in the sector.

    Katie Reeves, director at Deutsche Bank, says .......

    News Analysis 25 March 2011

  • Dealer networks boost floorplan ABS

    Dealer floorplan ABS performance has been boosted by the economic recovery in the US as it has strengthened auto dealership networks, says Fitch. The agency expects dealer floorplan ABS to continue to benefit from improved credit and financial metrics throughout 2011.

    Lower inventory aging, stronger monthly payment rates (MPR), improved dealer credit profiles and fewer dealer failures and bankruptcies are .......

    News Round-up 25 March 2011

  • Valuation inputs survey results revealed

    RMBS investors are still cautious about European residential...

    The results of S&P Valuation and Risk Strategies' latest European RMBS input assumptions survey, conducted in November and December 2010, suggest that investors believe the negative consequences for RMBS mortgage collateral from the economic downturn are still not fully realised. While much of the survey reflects the same 'wait and see' attitude polled six months ago, certain expectations now run .......

    Research Notes 25 March 2011

  • Servicing settlement pros, cons examined

    S&P has commented on proposals from 50 state attorneys-general (AGs) to five of the largest US banks on mortgage servicing standards (SCI passim). The proposals are part of ongoing negotiations with servicers over establishing unified servicing standards and some form of a monetary settlement fund for borrowers affected by servicer misconduct.

    Research analysts at the agency believe the proposals are .......

    News Round-up 25 March 2011
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