Complete news archive

  • 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

  • Mortgage servicing revisited

    CRE special servicer-style model touted for RMBS

    The FHFA's initiative to restructure the GSE mortgage servicing model (see SCI 19 January) has re-energised debate on servicer compensation. While there is agreement that the current system has many shortcomings, some believe that the proposed changes don't go far enough.

    Ron D'Vari, ceo of NewOak Capital, says the issue at stake is how to incentivise servicers to do a .......

    News Analysis 15 February 2011

  • CFO steps down on Wells notice

    CoreLogic cfo Anthony Piszel has resigned from his duties following the receipt of a Wells notice from the US SEC for disclosure matters during his tenure as cfo with Freddie Mac. He will continue to serve in a non-executive capacity until 1 June 2011 to assist in a smooth transition of his responsibilities.

    Piszel, who joined CoreLogic from Freddie Mac in .......

    Job Swaps 14 February 2011

  • IndyMac execs charged with fraud

    The US SEC has charged three former senior executives at IndyMac Bancorp with securities fraud for misleading investors about the firm's deteriorating financial condition.

    The SEC alleges that former ceo Michael Perry and former cfos Scott Keys and Blair Abernathy participated in the filing of false and misleading disclosures about the financial stability of IndyMac and its main subsidiary, IndyMac .......

    Job Swaps 14 February 2011

  • CRE CDO delinquencies on the rise

    US CREL CDO delinquencies rose to 14% in January from 13.6% in December, according to Fitch. The increase is the net result of 10 new delinquent assets and 13 removed or now-current assets, the agency says.

    Although the rise in delinquencies are not expected to impact Fitch's CREL CDO ratings, ratings on the most junior classes remain subject to volatility .......

    News Round-up 14 February 2011

  • Senior Irish RMBS targeted

    Moody's expects the top rated notes of Irish RMBS to suffer multi-notch downgrades due to rating actions on most of the Irish banks. Operational risk exposure is now the main consideration in determining the ultimate rating levels achievable in each transaction, it says.

    In particular, Moody's review will focus on the counterparties performing key roles, such as servicer, cash management, .......

    News Round-up 14 February 2011

  • RFC issued on hedging convergence

    FASB has issued a discussion paper to solicit input on how to improve, simplify and converge the financial reporting requirements for hedging activities.

    In May 2010, the FASB proposed its revisions to improve and simplify standards for financial reporting of financial instruments - including hedge accounting guidance - in its proposed Accounting Standards Update. In December 2010, the IASB issued .......

    News Round-up 14 February 2011

  • CRE firm forms advisory

    Grubb & Ellis Company has formed Daymark Realty Advisors, a wholly owned and separately managed subsidiary. The new group will be based in Santa Ana, with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Virginia.

    Daymark will be responsible for the management of Grubb & Ellis' entire tenant-in-common portfolio and will provide specialised management services to the owners of the .......

    Job Swaps 14 February 2011

  • Trade receivables platform prepped

    BayernLB has launched a new securitisation programme, through which its Mittelstand and corporate clients can finance their receivables portfolios. The minimum volume for a transaction on the platform, dubbed Corelux, is €25m.

    The firm says that demand for such financing solutions is particularly high among retail and industrial companies, as well as leasing companies. "For these firms, having liquidity available .......

    News Round-up 14 February 2011

  • Mexican RMBS performance to remain flat

    S&P expects the overall performance of the Mexican RMBS market to remain flat in 2011, as macroeconomic benefits begin to filter through. 2010 was the first year issuance decreased since the Mexican RMBS market's inception in 2003 - dropping 24% to US$2.37bn from US$3.13bn in 2009 - with only two credit institutions issuing nine RMBS transactions during the year.

    S&P .......

    News Round-up 14 February 2011

  • FDIC staffs up

    The FDIC has hired additional key leadership staff for the Office of Complex Financial Institutions. Jason Cave has been named deputy director for complex financial institutions monitoring, while Mary Patricia Azevedo becomes deputy director for international coordination.

    Cave has been with the FDIC since 1993 and currently serves as deputy to the chairman. In that capacity, he has been responsible .......

    Job Swaps 14 February 2011

  • Testing times for Euro RMBS

    While investor appetite remains firm for European secondary RMBS, the lack of diversification in the primary market is an issue. Uncertainty about market drivers, combined with regulatory concerns is testing participants' commitment to the market.

    "Since the start of the year, we've seen good appetite in the mezzanine and senior space," one RMBS trader says. While demand for secondary paper .......

    Market Reports 14 February 2011

  • Pair departs auction platform

    SecondMarket has seen a couple of high-profile departures this week. Head of the structured products group, Elton Wells, and CDO market specialist Sal Cincinelli have both left the firm. Wells is said to be considering his options, while Cincinelli is leaving the industry altogether.

    .......

    Job Swaps 11 February 2011

  • Performing as marketed

    Wider distribution expected for CLO equity

    CLO equity was one of last year's strongest performers, seeing average prices in the mid-20s in January rise to the mid-80s by year-end. Indeed, such performance is expected to pave the way for greater participation in the segment by third-party investors.

    Rishad Ahluwalia, executive director at JPMorgan, explains that the strong CLO equity performance was due to the performance of .......

    News Analysis 11 February 2011

  • Report on housing reform released

    The Obama Administration has delivered its report on housing reform to Congress. The report outlines the Administration's plan to wind down Fannie Mae and Freddie Mac and shrink the government's current footprint in housing finance on a responsible timeline.

    The Administration recommends ending the capital advantages that the GSEs previously enjoyed by requiring them to price their guarantees as though .......

    News Round-up 11 February 2011

  • Distressed CRE servicing team formed

    Hilco Real Estate has formed Hilco Real Estate Managed Asset Resolutions (HREMAR). The new operating unit will provide specialised, turnkey loan servicing to lenders and other real estate investing entities on their most deeply-distressed loans and REO assets.

    HREMAR will service distressed assets, from single parcels of raw land to the largest commercial and residential projects, including a broad array .......

    Job Swaps 11 February 2011

  • First SEF-ready CDS completed

    Tradeweb has completed the first fully-electronic US CDS trades to be considered swap execution facility-ready under the Dodd-Frank Act regulatory framework. The US dollar-denominated swap transactions were executed on the Tradeweb institutional multi-dealer-to-client platform between BlueMountain Capital Management and Deutsche Bank. The trades were then cleared by CME Clearing and ICE Trust, with Deutsche Bank acting as respective clearing members.

    News Round-up 11 February 2011

  • Egypt driving EM sovereign CDS liquidity

    Fitch Solutions says that recent events in Egypt have partly driven a rebound in average emerging market sovereign CDS liquidity, which since 1 February has begun to outpace movements in average developed market sovereign CDS liquidity.

    "After trading at near identical levels for the past two months, emerging market sovereign CDS are again more liquid on average than their developed .......

    News Round-up 11 February 2011

  • CDS electronic trading access offered

    Barclays Capital has launched electronic trading of CDS on BARX via the Bloomberg Professional service. The firm will make markets on the major US and European credit indices, as well as on over 70 active single-name CDS across several sectors.

    The new functionality allows clients to trade a broad selection of liquid credit instruments electronically, offering users access to execution pages .......

    News Round-up 11 February 2011

  • CRE exec hired

    Neil Bane has joined Johnson Capital as principal and head of its equity desk. Based in the firm's New York office, he is also a partner in the global hospitality investment banking group and loan sale advisory/workout team.

    Bane was previously a director at Carlton Group, responsible for the origination and placement of over US$6bn in debt, equity and loan .......

    Job Swaps 11 February 2011

  • Agency debt vet recruited

    BMO Capital Markets has hired three senior fixed income professionals to continue the expansion of its global and US fixed income institutional sales and trading groups. One of them, John Valecce, joins as director of the firm's dealer sales desk, specialising in GSE debt.

    Based in New York, Valecce reports to Bill Kirby, head of US core rate sales in .......

    Job Swaps 11 February 2011
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