Complete news archive

  • 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

  • FIA broadens its focus

    In light of the ongoing structural changes prescribed by the Dodd-Frank Act and global regulatory reform, the Futures Industry Association is to implement a set of incremental changes to its current activities to more effectively serve the financial services industry. The association will expand its focus to include the swap clearing activities of its members and strengthen its global presence .......

    Job Swaps 16 March 2011

  • Communication tower CMBS prepped

    Richland Towers is in the market with the US$188m Richland Towers Communication Tower Revenue Notes series 2011-1, a CMBS secured by multiple assets and ownership interests in tall tower communication sites. The sites will be used to transmit broadcast signals for television, FM radio, land mobile radio, wireless communication equipment and other related purposes.

    The US$143m class A notes have a .......

    News Round-up 16 March 2011

  • Social media investment platform launched

    SecondMarket has launched a new online platform that harnesses social media tools. The platform enables participants to add biographical and investing information, including investment objectives, strategies and holdings, while creating a network of trusted investors.

    Additionally, the new platform provides enhanced corporate information regarding thousands of private companies which was not previously accessible. Participants can add companies to their 'watch .......

    Job Swaps 16 March 2011

  • US CMBS delinquencies rise again

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 17bp in February to 9.18%, according to Moody's Delinquency Tracker (DQT). The performance continued a trend of moderate increases that began in June 2010, yet as the year goes on, the agency expects the addition of new loans to suppress the tracker's delinquency rate.

    "As the specially .......

    News Round-up 16 March 2011

  • Succession event pending

    ISDA's Americas Determinations Committee is set to discuss whether a succession event occurred with respect to Maytag Corporation on 25 March. This follows the assumption by Whirlpool Corporation of all of Maytag's indenture obligations on 30 December.

    Separately, the EMEA DC has determined that a restructuring credit event has not occurred with respect to the Republic of Ireland (see SCI .......

    News Round-up 16 March 2011

  • ABCP op risk guidelines planned

    Moody's plans to propose operational risk guidelines for ABCP programmes, which will be made public through either a request for comment or press release by the end of April 2011. The agency will then invite ABCP participants to review and comment on its suggested approach to operational risk.

    The proposed guidelines focus on operational risk arising from a transaction party .......

    News Round-up 15 March 2011

  • ABS CDO liquidation announced

    Class A noteholder consent has been given in respect of the sale and liquidation of the Forge ABS High Grade CDO I collateral. The transaction experienced an event of default in January 2008.

    The trustee on the deal, Bank of New York Mellon, anticipates that the sale and liquidation of the collateral will be undertaken via one or more public .......

    News Round-up 15 March 2011

  • Succession event mulled

    ISDA's EMEA Determinations Committee is mulling whether a succession event occurred with respect to Cadbury Holdings Limited. This follows noteholder consent for Kraft Foods Inc to assume the obligations of the £300m 5.375% notes due December 2014 and the £350m 7.25% notes due July 2018, each issued by Cadbury Schweppes Finance and guaranteed by Cadbury Holdings Limited.

    .......

    News Round-up 15 March 2011

  • Ratings advisor appointed

    Rabobank International has appointed Serge Haller as a ratings advisor in the capital markets solutions (CMS) team within its global financial markets division. Based in London, he will report to Ronan Donohue, the bank's head of CMS.

    Haller will be responsible for offering ratings advice and services to all Rabo wholesale clients, including first time ratings, ratings defence, internal ratings .......

    Job Swaps 15 March 2011

  • US CLO upgrades continue apace

    US cashflow CLO performance continues to exhibit the strong credit performance of the second half of last year, according to S&P. The notable credit strength in the transactions' underlying asset portfolios has contributed to a steady flow of upgrades and positive credit watch placements in the early part of 2011, the agency says.

    "Through February, we had upgraded 131 tranches .......

    News Round-up 15 March 2011

  • Bank adds fixed income head

    SG CIB has appointed Mark Landis to head its fixed income and currencies sales for the Americas. Landis will be responsible for managing the firm's client relationships in interest rate, credit, foreign exchange and securitised products. Based in New York, he will report to Vincent Bonamy, the bank's head of fixed income and currencies for the Americas, and to David .......

    Job Swaps 15 March 2011

  • CDS trading platform minted

    Phoenix Partners Group has launched Firebird, its US CDS electronic trading platform. The platform was launched with 14 CDS dealers signed up and presently supports the trading of high yield, investment grade and loan CDS (LCDX) index products.

    Firebird supports both hybrid-click trading, which allows traders to interact with their Phoenix brokers while simultaneously and independently executing trades, as well as .......

    News Round-up 15 March 2011

  • ABS sales md named

    Aladdin Capital has appointed James Showers as md covering ABS and MBS sales. Based in Stamford, he will report to the firm's structured product sales chief, Rich Barry. Showers previously held a similar role at Hexagon Securities.

    .......

    Job Swaps 15 March 2011

  • Euro CLO market hesitates

    The European CLO market is showing signs of hesitancy as the previous week's rally in mezzanine paper comes to a stop. At the same time, equity pieces are in high demand as investors continue their hunt for yield.

    "The triple-A and senior pieces have been holding up, along with equity," one CLO trader says. "However, mezzanine paper has seen harsh .......

    Market Reports 15 March 2011

  • Latest securitisation league tables released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets, covering the first two months of 2011.

    In the quieter of the two markets, three firms are tightly bunched together at the top of the European table, having been involved in over €5bn of issuance so far - Deutsche Bank, .......

    News Round-up 15 March 2011

  • Banning naked CDS shorts: a bridge too far

    Anu Munshi, partner at B&B Structured Finance, outli...

    First a proposal in the US in 2009 to ban CDS trading unless investors owned the underlying bonds or loans, which was fortunately defeated by the US Senate in 2010. And now the European Parliament has voted to push for a ban on naked short selling of CDS linked to sovereign debt.

    We've read the widespread criticism of naked short .......

    Talking Point 15 March 2011

  • More CMBS safeguard proceedings likely

    The latest twist in the ongoing Coeur Défense case could have negative consequences for European CMBS. Moody's says in its latest Weekly Credit Outlook publication that securitisation structures using French SPVs are particularly affected, with the worst consequences expected for CMBS backed by French real estate.

    French courts have been considering the case of Windermere XII - a Lehman-originated CMBS backed .......

    News 14 March 2011

  • Asia Pacific distribution pact signed

    Riskart has appointed Dragons' Desk, a financial technology firm, as its distributor in the Asia Pacific region. With offices in Hong Kong and Japan, Dragons' Desk helps diverse financial institutions implement superior technology solutions and best-of-breed investment practices.

    "The Asia financial market is becoming increasingly sophisticated with a growing use of derivative contracts," explains Franco Marinotti, riskart's ceo. "Hong Kong, .......

    Job Swaps 14 March 2011

  • Flip clause uncertainty drives counterparty update

    The recent out-of-court settlement of the Dante CDO case (SCI passim) leaves continuing conflicts of law and uncertainty with respect to certain cashflow structured finance transactions that include interest rate and currency derivatives and so-called 'flip clauses', according to Fitch. Further unrelated case law opens a different conflict of law with respect to continued performance under a swap with a .......

    News Round-up 14 March 2011

  • HARP extension 'slight negative' for IOS

    The Federal Housing Finance Agency is to extend the Home Affordable Refinance Program (HARP) to 30 June 2012. MBS analysts at Barclays Capital believe that the move should have a minor impact on TBA valuations but could be a slight negative for some IOS contracts.

    HARP was set to expire on 30 June of this year. In addition to the .......

    News 14 March 2011
×