Complete news archive

  • CRE firm adds svp

    Broad Street has appointed Tim McCann as svp of its acquisitions and capital markets group. In this role, he will work closely with Broad Street principals Tom Yockey, Mike Jacoby and Jeff Kelly on sourcing new acquisitions and building the firm's debt and equity relationships. Prior to joining Broad Street, McCann held both credit and underwriting positions with several leading .......

    Job Swaps 17 February 2011

  • CDO manager replaced

    FriedbergMilstein has been replaced as collateral manager on FriedbergMilstein Private Capital Fund I by GSO/Blackstone Debt Funds Management. GSO/Blackstone is understood to have provided collateral management services to the issuer as sub-adviser since July 2007 and the transfer of management responsibilities to the firm is not expected to result in a material change of personnel or resources.

    Moody's confirms that, .......

    Job Swaps 17 February 2011

  • Succession event mulled

    ISDA's EMEA Determinations Committee is deliberating whether a succession event occurred with respect to Brisa Finance. The Brisa Group confirmed at the beginning of January the substitution of Brisa Finance as issuer of €500m 4.797% Notes due 2013 in the context of the completion of the business reorganisation of the Brisa Group.

    .......

    News Round-up 17 February 2011

  • Distressed debt practice formed

    Mintz, Levin, Cohn, Ferris, Glovsky and Popeo has formed a distressed debt and claims trading practice. The group - spearheaded by Frank Earley, Dominic Picca and Paul Ricotta - will be comprised of bankruptcy and litigation attorneys from across the firm's offices.

    The group will assist clients in all aspects of the acquisition and sale of distressed investments. Clients will .......

    Job Swaps 17 February 2011

  • Real estate fund acquisition agreed

    ING has reached an agreement to sell the majority of its ING Real Estate Investment Management (ING REIM) business in two separate transactions for a combined price of approximately US$1bn. In addition, as part of the transactions, ING has agreed to sell up to approximately US$100m of its equity interest in existing ING REIM funds.

    CB Richard Ellis Group is .......

    Job Swaps 17 February 2011

  • Analytics providers team up on ABS

    Moody's Analytics is set to make its structured finance deal data and analytics available to DelphX subscribers. The agency will also establish a link to connect its users to the DelphX network from Structured Finance Workstation (SFW), Moody's cashflow and valuation platform for structured finance.

    Additionally, Moody's SFW users will be able to enter, negotiate and execute orders on the DelphX .......

    Job Swaps 17 February 2011

  • Broker beefs up distressed desk

    BTIG has appointed Elie Radinsky and Mark Palmer to work on its high yield and distressed desk. The desk - led by Robert Langer - is part of the firm's wider fixed income group and covers various sectors, including structured products.

    Radinsky joins BTIG as md and head of high yield and distressed analytics. With over 20 years of industry .......

    Job Swaps 17 February 2011

  • Timely recovery for lodging loans

    With almost US$10bn in lodging loan collateral scheduled to mature this year and another US$8.5bn due in 2012, a recovery in the sector is arriving at an opportune time, S&P says. While the early stages of recovery in the lodging sector first took hold in the higher-priced segments last year, the rebound is spilling over to the midscale and economy .......

    News Round-up 17 February 2011

  • Euro CMBS pipeline building

    A handful of new European CMBS are set to launch in the coming months, each sized at £300m-£500m and backed by trophy buildings, with good lease terms and well-known tenants. It remains unclear where primary paper can be expected to price, however.

    "I expect to see some deals in April or May: borrowers are looking to close quickly, but the .......

    News 17 February 2011

  • Firms team up for sovereign CDS offering

    GFI Market Data and Macrobond Financial have partnered to offer GFI sovereign CDS data via Macrobond's analytics platform.

    Macrobond clients will be able to analyse and map historical ongoing trends and validate trading ideas through using GFI Market Data's sovereign CDS product on the Macrobond application. Users can also subscribe to the full suite of GFI Market Data's CDS products, .......

    Job Swaps 16 February 2011

  • Broker snags CDO pro

    Jim Stehli has joined CRT Capital Group as principal in its securitised products division in New York. Stehli was most recently a managing partner at Sirona Advisors. Prior to this, he was md and head of the global CDO group at UBS.

    .......

    Job Swaps 16 February 2011

  • CLO management expansion agreed

    Resource Capital has entered into a definitive agreement to expand its investment in broadly syndicated bank loans. A subsidiary of the firm has agreed to purchase 100% of the ownership interests in Churchill Pacific Asset Management (CPAM) from Churchill Financial Holdings for US$22.5m.

    Under the agreement, Resource Capital will be entitled to collect senior, subordinated and incentive fees related to .......

    Job Swaps 16 February 2011

  • Genworth review hits Aussie RMBS

    Moody's has placed on review for possible downgrade 81 tranches from 78 Australian RMBS. The review was prompted by the placement on review for possible downgrade of Genworth Financial Mortgage Insurance.

    The review affects Australian term RMBS rated by Moody's containing mortgage loans insured by Genworth. Most of the notes placed on review for possible downgrade are junior, the ratings .......

    News Round-up 16 February 2011

  • Eaton Vance exec recruited

    Prytania has appointed Walter Shulits as a non-executive director. Shulits was previously director of institutional marketing at Eaton Vance Asset Management and still acts as a consultant to Eaton Vance. He will assist Prytania in further developing senior client relationships with institutional investors, as well as providing strategic advice to the firm.

    .......

    Job Swaps 15 February 2011

  • Stable outlook for non-Japan Asia SF

    Fitch says that most outstanding ratings of non-Japan Asia structured finance transactions will be stable in 2011. The key performance indicators - such as delinquencies, payment rates and default rates - for ABS and RMBS, as well as debt service coverage ratios for CMBS are in line with the agency's expectations.

    The four economies of Korea, Singapore, Taiwan and Thailand .......

    News Round-up 15 February 2011

  • US CMBS delinquencies increasing

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 22bp in January to 9.01%, according to Moody's Delinquency Tracker (DQT). January marks the first time the delinquency rate has been above 9% and the seventh straight month the rate has increased by less than 25bp. The total number of delinquent loans fell during the month, the .......

    News Round-up 15 February 2011

  • DTCC launches regulatory portal

    The DTCC has launched an automated portal to provide regulators worldwide with direct, online access to global CDS data registered in its Warehouse Trust Company global repository.

    Currently 19 regulators around the world are live on the portal. This is the first such global regulatory service of its kind in the financial marketplace and was designed based on guidance provided .......

    News Round-up 15 February 2011

  • Citadel on hiring spree

    Citadel has appointed Geoff Coley as head of its fixed income group. He will be based in the firm's New York securities unit, overseeing approximately 120 people.

    Most recently, Coley was ceo at Chapdelaine, from where Citadel plans to add another 30 employees from the broker-dealer's redundant credit unit. Most of Chapdelaine Credit Partners' traders, sales staff and analysts will .......

    Job Swaps 15 February 2011

  • Housing reform proposals positive for RMBS

    The Obama Administration's report to Congress aimed at reforming the US housing market (see SCI 11 February) contains key positions that affect both Fannie Mae and Freddie Mac, as well as the mortgage markets as a whole, according to Fitch.

    Specifically related to Fannie and Freddie, the report states that: "The government is committed to ensuring that Fannie and Freddie .......

    News Round-up 15 February 2011

  • Risk reduction service expands coverage

    ReMATCH has expanded its service to include US financials. In its first four runs, the firm has reduced a total of US$8.4bn in CDS trades on US financial reference credits, including American Express, Capital One Financial and GE.

    While most of the liquidity in the CDS market is focused around the five-year maturity, trading portfolios build up net open positions .......

    News Round-up 15 February 2011

  • Aussie ABS performance to remain stable

    Moody's reports that collateral performance in all asset classes of the Australian structured finance market is likely to remain stable over the next 12-18 months.

    "Seasoning for older deals and over-enhancement - relative to Moody's-calculated Aaa numbers - for newer transactions will help support ratings stability. Specifically, we are referring to conforming and non-conforming RMBS, ABS and CMBS," says Rich .......

    News Round-up 15 February 2011
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