Complete news archive

  • EU bans naked sovereign CDS

    A ban on naked sovereign CDS and a requirement that traders settle their uncovered positions by the end of each trading day were two key outcomes of the Economic Affairs Committee vote on a draft EU regulation on short selling and CDS. MEPs also inserted a requirement that short sale transactions be reported less often, but beefed up the rules .......

    News Round-up 8 March 2011

  • IOSCO implementation underway

    IOSCO's Technical Committee has published the results of a survey on the implementation of its September 2009 recommendations with respect to securitisation and credit default swap markets - the 'Task Force on Unregulated Markets and Products - Implementation Report' (see SCI issue 151). It has also made two further recommendations.

    The report shows that all jurisdictions surveyed by the task .......

    News Round-up 8 March 2011

  • CMBS research platform linked

    Trepp clients now have a direct feed to S&P's commercial mortgage research headlines, with links to deeper research provided on the agency's global credit portal investor analytics platform. The research offering includes analysis and commentaries from S&P Valuations and Risk Strategies across the structured finance marketplace.

    "This integration ensures that our real-time market news and deep-dive research is easily accessed .......

    News Round-up 8 March 2011

  • CMBS loan liquidations fall in February

    The dollar amount of US fixed rate CMBS loans that were liquidated in February dropped by 54% from January's level, according to Trepp. 106 loans with a total balance of US$815m were liquidated during the month.

    The losses on those loans total about US$292m - representing an average loss severity of 35.9%. That loss severity value is below the average .......

    News Round-up 8 March 2011

  • CLO market softens

    February's high bid-list volumes have left the European CLO market feeling overexerted, as it creeps into its second quiet week (see SCI 28 February). At the same time, both the US and European markets have suffered from price softening over the past week.

    "We've hit a quiet period, which was prompted by the half-term holidays. However, we've had a couple .......

    Market Reports 8 March 2011

  • CRE firm adds structured products head

    Ranieri Real Estate Partners (RREP) has appointed Debra Huddleston as md and head of its real estate structured products group. Prior to joining RREP, Huddleston was md at BlackRock in its financial markets advisory group. Prior to this, she was md and head of special situations in Credit Suisse's residential mortgage department.

    .......

    Job Swaps 7 March 2011

  • GGP refi plan put forward

    General Growth Properties (GGP), the largest sponsor of legacy US CMBS and the borrower behind most modified conduit loans, has disclosed its refinancing plans for already securitised assets and intended future CMBS participation. It is targeting US$5bn of refinancing for 2011 and some future securitisation is expected.

    So far this year, GGP has already refinanced two properties for US$315m and .......

    News 7 March 2011

  • Structured credit sales head named

    Citi has appointed Glen McDermott as head of structured credit product sales for Asia Pacific, based in Hong Kong. He will be responsible for selling structured credit products to the bank's institutional clients in the region, reporting to ‪David Ratliff, head of investor sales for Asia Pacific. Prior to joining Citi, McDermott was global head of alternative assets for Amias .......

    Job Swaps 7 March 2011

  • Foreclosure timelines examined

    Many market participants are fine-tuning their focus on the differences in foreclosure proceedings by US state (see SCI 2 March). S&P reports that although each state has its own laws for the foreclosure process, states overall can be generally categorised as being either judicial or non-judicial.

    "In theory, the judicial foreclosure process is intended to protect a borrower against unlawful .......

    News Round-up 7 March 2011

  • Governance key for Japanese CMBS extensions

    Governance and property quality are important when it comes to extending loans in Japanese CMBS deals, according to Moody's. The agency reports that Japanese loan extensions have been structured in accordance with criteria stipulated in loan documents or through consensual decision-making between lenders and CMBS investors.

    The maturities of 29 loans, amounting to ¥284.2bn, have been extended so far for .......

    News Round-up 7 March 2011

  • Re-rankings for CDO sovereign obligors

    The top 25 most widely referenced sovereign obligors in S&P's outstanding rated US synthetic CDO (SCDOs) saw a handful of rating changes in the second half of 2010. In addition, early terminations/redemptions among the tracked SCDOs with sovereign exposures caused modest ranking moves, according to the agency.

    "We recently reviewed about 700 corporate US SCDOs and established that about 351 .......

    News Round-up 7 March 2011

  • Special strategies

    Special servicer resolutions weighing on CMBS valuations

    Resolution strategies vary widely among US special servicers. Consequently, considering which special servicers are more likely to modify loans is growing in importance when valuing a CMBS bond.

    US special servicers resolved over US$27bn of conduit CMBS loans last year, up from US$6bn in 2009, according to CMBS analysts at RBS. Of the 2010 amount, US$16bn was returned to the .......

    News Analysis 7 March 2011

  • Record high for CMBS late-pays

    US CMBS delinquencies climbed to a new record high this past month, according to Fitch's latest index results for the sector. Late-pays rose to 17bp to close out February at 8.76% - surpassing the index's previous high water mark of 8.66%, recorded in September 2010. However, the rising influx of new issuance may help to stem future late-pay increases, the .......

    News Round-up 4 March 2011

  • Euro ABS market sees a squeeze

    Continued spread tightening has driven a squeeze in the European ABS market this week. At the same time, Lloyds TSB's Gable Funding CLO has grabbed investor attention due to its diversification appeal.

    "The underlying tone is that spreads have been squeezed in a little due to the lack of primary supply. It doesn't help either that there isn't a huge .......

    Market Reports 4 March 2011

  • Assisted living CMBS prepped

    Goldman Sachs is in the market with the US$325m GS Mortgage Securities Corporation Trust 2011-ALF, a single-loan CMBS secured by 29 assisted living facilities owned by 19 property companies. Collateral also includes the borrowers' interest in the leases and rents, interest in the operating revenues from the properties and the assignment of the cash management accounts.

    Proceeds from the notes, .......

    News Round-up 4 March 2011

  • SEF surveillance vp hired

    National Futures Association (NFA) has appointed Edward Dasso as vp of its market regulation group, where he will oversee the surveillance of swap execution facility (SEF) procedures. Dasso joins the firm from InterContinental Exchange, where he served as the manager of market regulation. He previously spent several years at NFA as md of the trade practice and market surveillance team .......

    Job Swaps 4 March 2011

  • Concord CDO funds released

    The Delaware Supreme Court has unanimously affirmed that the notes issued by Concord Real Estate CDO 2006 were validly cancelled by Concord Debt Funding Trust as of 5 January 2010 and are therefore no longer outstanding. As a result, the CDO trustee is expected to release the funds that have been held in escrow, pending the resolution of the matter.

    News Round-up 4 March 2011

  • Consecutive slow-down for pending home sales

    US pending home sales have slowed for the second straight month, according to S&P. The National Association of Realtors reports a drop in pending sales by 2.8% in January, following a 3.2% decline in downwardly revised December and a 10.5% increase in November. The index is 1.5% below its level a year ago and 30% below the early-2005 peak.

    "This .......

    News Round-up 4 March 2011

  • Early knockdown

    Rating action may be premature as Punch review date approaches

    Fitch and Moody's have downgraded Punch Taverns' Punch A securitisation less than three weeks before the conclusion of the pub operator's strategic review. The agencies' timing has caught the market off guard, but all eyes remain fixed on the pending revelation of the review's findings.

    Paul Crawford, ABS strategist at RBS, believes the downgrade itself is not much of a .......

    News Analysis 3 March 2011

  • Life settlement deals eyed

    With investors, arrangers and originators expressing a renewed interest in life settlement securitisations, S&P says it will consider rating proposals in this sector, providing they address certain risks. Due to the unique nature of the risks presented, the agency has not rated any life settlement securitisations to date.

    In life settlement securitisations, the source of cashflow to pay interest and .......

    News 3 March 2011

  • CPS secures credit line ahead of ABS return

    Consumer Portfolio Services has entered into a US$100m two-year warehouse credit line with UBS Real Estate Securities. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers. The facility revolves during the first year and amortises during the second year.

    "This transaction brings our total warehouse capacity to US$200m," says Charles .......

    News Round-up 3 March 2011
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