Complete news archive

  • New regulation bolsters Indian ABS liquidity

    The Securities and Exchange Board of India (SEBI) has taken action to develop the country's securitisation market by issuing regulations for listing asset-backed transactions on the stock exchange. The move is expected to bolster secondary market liquidity for Indian ABS.

    The new regulations from the SEBI provide a framework for issuance and listing securitised debt instruments by a special purpose .......

    News Round-up 18 March 2011

  • Special servicing transfers begin to ease

    The speed and volume of US CMBS loans transferring into special servicing has begun to subside in recent months, according to Fitch.

    Approximately 200 loans have transferred for 2011, compared with 631 loans for 1Q10. "Following a monthly high of 255 loan transfers in January 2010, new specially serviced transfers steadily decreased each month, reaching a low of 74 in .......

    News Round-up 18 March 2011

  • Fitch releases new LatAm RMBS criteria

    Fitch has released its new regional rating criteria related for Latin America RMBS. The regional piece allows for a standardised forward-looking approach to determine expected foreclosure frequency and recoveries across Latin American countries, the agency says.

    The Mexican RMBS addendum incorporates an increased data analysis observation, including 2008-2010 - a period of significant downturn in the Mexican economy and housing .......

    News Round-up 18 March 2011

  • Japanese quake's impact on SF deals reviewed

    Japan's recent earthquake may impact some of the underlying assets in rated structured finance securities, S&P says, with CMBS and RMBS most likely to be affected.

    "Although we are in the process of identifying the affected transactions, we believe securitisation participants of rated structured finance securities, such as loan servicers, would require some time to fully assess the impact of .......

    News Round-up 18 March 2011

  • CMBS resolutions drive commercial debt drop

    The level of commercial/multifamily mortgage debt outstanding decreased by 0.5% in 4Q10 to US$2.4trn, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2010 was US$67bn lower than at the end of 2009, a decline of 2.7%, the MBA reports.

    The outstanding US$2.4trn in commercial/multifamily mortgage debt recorded .......

    News Round-up 18 March 2011

  • Outlook changes for US credit cards

    Moody's outlook for the US credit card industry is now stable. This is due to the recovery of card issuers' asset quality and profitability in an improved economic environment, the agency says.

    "Industry asset quality has rebounded in the past year. Delinquencies and charge-offs [have declined] among the 'big six' issuers in recent quarters and we expect this trend to .......

    News Round-up 17 March 2011

  • Caution prevails for Euro CLOs

    The slow-down continues in European CLOs (see SCI 15 March) as investors remain cautious under volatile conditions. However, despite widening spreads and a dip in bid-list activity, the week looks set to close with stabilising levels.

    "The week started off feeling like the bid-offer had gapped very wide, unsurprisingly with the weekend's news," one CLO trader says. Because of the .......

    Market Reports 17 March 2011

  • CRE capability boosted

    Trepp has acquired Investcap Advisors, a privately held company that provides web-based applications for US CMBS loan and property surveillance. The acquisition provides Trepp with additional commercial real estate expertise and technology resources, while also expanding its range of CRE loan and property surveillance products.

    As a result of the acquisition, Investcap founder Scott Barrie will be joining Trepp as .......

    Job Swaps 17 March 2011

  • South African RMBS reviewed

    Fitch expects continued stable asset performance in 2011 across the South African ABS, CMBS and ABCP sectors, leading to their respective stable rating outlooks. However, the outlook for the RMBS sector is negative, partly due to several transactions being placed on rating watch negative (RWN) in late 2010, the agency says.

    "The stabilisation of economic conditions is expected to continue, .......

    News Round-up 17 March 2011

  • MBIA policyholder group files appeal

    The MBIA policyholder group yesterday filed their opening brief with the New York Court of Appeals in Albany, asking the court to allow their fraudulent conveyance action against MBIA to proceed. The group is seeking to reverse the monoline's US$5bn restructuring in February 2009 (SCI passim).

    The plaintiffs have an automatic right of appeal, following a split 3-2 decision on 11 .......

    Job Swaps 17 March 2011

  • Second Colonial Bank official charged

    The US SEC has charged the former operations supervisor of Colonial Bank's mortgage warehouse lending division (MWLD) with participating in a US$1.5bn securities fraud scheme. The SEC alleges that Teresa Kelly enabled the sale of fictitious and impaired mortgage loans and securities from the MWLD's largest customer - Taylor, Bean & Whitaker Mortgage (TBW) - to Colonial Bank. She caused .......

    Job Swaps 17 March 2011

  • Successor CLO manager proposed

    Octagon Credit Investors has given notice of its resignation as investment manager of the OCI Euro Fund I CLO. Ares Management has been proposed as the successor investment manager, conditional upon a number of criteria being satisfied.

    The controlling class of noteholders and the class F subordinated noteholders can veto the appointment of Ares as successor investment manager on or .......

    Job Swaps 17 March 2011

  • Servicing settlement critiqued

    SIFMA's evp of business policies and practices, Randy Snook, has released a statement in response to the State Attorneys General term sheet for mortgage servicing standards (see also 'Pardoning problems', SCI 10 March). The association says it supports sensible reforms to mortgage servicing that address the needs of borrowers and MBS investors.

    "Any reform of mortgage servicing standards must be .......

    News Round-up 17 March 2011

  • CDS trader hired

    Dimitris Melios is set to join Credit Suisse in May as a CDS trader. Based in London, he will report to the bank's head of investment grade and high yield trading in Europe, Arran Rowsell. Melios previously held a similar role at Citi.

    .......

    Job Swaps 17 March 2011

  • CRE partnership to aid distressed banks

    Westport Investment Group has established a strategic relationship with a multinational mergers and acquisitions firm to acquire discounted commercial properties and notes from American banks in distress. The relationship is designed to help small to mid-sized US banks in distress to increase revenue and, in some cases, to secure infusions of capital.

    "It comes at a perfect time, when more .......

    Job Swaps 17 March 2011

  • Investment manager names CRE head

    NewOak Capital has appointed David Eyzenberg as md and head of its commercial real estate division. Based in New York, he will be responsible for directing the firm's principal activities in the CRE sector.

    Before joining NewOak Capital, Eyzenberg was president of Prodigious Capital Group. Since its founding in 2005, he led the firm in consummating over US$350m in financing .......

    Job Swaps 16 March 2011

  • Credit derivatives vet recruited

    Palmer Square Capital Management has appointed Angie Knighton Long as cio. Long will be responsible for all investment-related activities, with a particular focus on portfolio and risk management. She will also become a member of the firm's investment committee.

    Prior to joining Palmer Square, Long worked for JPMorgan Chase, holding a variety of roles, including deputy head of credit trading for .......

    Job Swaps 16 March 2011

  • Rise in rehab student loans expected

    With the supply of rehabilitated US student loans likely to grow as borrowers that previously defaulted begin to re-perform on their loans, Fitch expects to see larger portions of rehab student loans in US FFELP ABS going forward. While rehab loans have always comprised a portion of the FFELP student loan ABS spectrum, their unique characteristics and performance history call .......

    News Round-up 16 March 2011

  • Volatility drives US CMBS

    It has been an uncertain week for the US CMBS market as wider economic issues impact both pricing levels and investor confidence. However, this instability has driven activity to new highs.

    "The last two days have been incredibly volatile for CMBS; more so than for any other asset class out there," one CMBS trader says. This market volatility is due .......

    Market Reports 16 March 2011

  • Focus on flexibility

    Gerrard Mahony, business development manager at Riskart, answers SCI's questions

    Q: How and when did Riskart become involved in the CDS market?
    A:     Riskart is a highly focused Italian-based company concentrated on providing efficient OTC derivatives processing and administration to the middle and back offices of banks, fund management companies and corporates. We became involved with the CDS market several years ago as our clients began .......

    Provider Profile 16 March 2011

  • CMBS payoffs holding steady

    The percentage of US CMBS loans paying off on their balloon date held steady last month, according to Trepp's latest Payoff Report. Overall, 38.4% of the loans reaching their balloon date paid off in February. In January, the level was almost identical at 38.7%.

    Over the last 12 months, the average percentage of loans by balance paying off each month .......

    News Round-up 16 March 2011
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