Complete news archive

  • 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

  • Market awaits second op risk hit

    Moody's expects to publish its operational risk guidelines for global structured finance transactions by the end of February. The agency says the new guidelines could affect the senior ratings of up to 200 transactions worldwide, including approximately 80 RMBS, 30 ABS and 20 CMBS in Europe, as well as 47 student loan ABS in the US.

    "The performance of a .......

    News Round-up 10 February 2011

  • CRE md recruited

    Berkadia Commercial Mortgage has appointed Hugh Hall as md in its capital markets group. Hall will focus on developing and managing loan programmes to offer the firm's clients greater access to the increasing level of available capital. Based in New York, he will report to Berkadia svp Joe Franzetti.

    Hall was most recently a consultant to Loan Core Capital. Prior .......

    Job Swaps 10 February 2011

  • Rating removal rule proposed

    The US SEC has voted unanimously to propose amendments that would remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities for public sale.

    Section 939A of the Dodd-Frank Act requires federal agencies to review how existing regulations rely on credit ratings and remove such references from their rules as appropriate. This .......

    News Round-up 10 February 2011

  • Data firm boosts management team

    Integrated Asset Services has appointed John Burnett as coo. Burnett brings more than 18 years of process management experience in REO, valuation, foreclosure, bankruptcy and loss mitigation. Prior to joining IAS, he held senior management roles at IBM-Lender Business Process Services, Wilshire Credit Corporation, Wells Fargo Bank and Washington Mutual Bank.

     

    .......

    Job Swaps 10 February 2011

  • Global ABS head appointed

    RBS has promoted Scott Eichel to global head of securitised products and US credit within its global banking and markets division. He will continue to report globally to Peter Nielsen, the bank's global head of markets, and regionally to Michael Lyublinsky, co-head of global banking and markets division in the Americas, and global co-head of fixed income, commodities and currencies.

    Job Swaps 10 February 2011

  • Business development svp named

    Jeremy Harrison has been appointed svp and senior business development officer in Bank of America business capital (BABC). Based in London, he will report to Joseph Powers, BABC business development manager for EMEA.

    With over 20 years of marketing and credit experience, Harrison was most recently manager of US-based asset-based lending operations at Lloyds Banking Group. Prior to that, he worked .......

    Job Swaps 10 February 2011

  • Supply shortage drives Euro CLOs

    Prices are continuing to climb in the European CLO market as a shortage of underlying supply drives investor activity. Meanwhile, two significant loan restructurings were announced last week.

    "Prices seem to be going up for the secondary market now, with unheard of levels. There are half a dozen deals with underlying assets that are trading above par too," one CLO .......

    Market Reports 10 February 2011

  • Shortage in liquidity providers emerging

    Senior investors in UK non-conforming RMBS Alba 2007-1 are set to vote on a controversial proposal regarding the provision of a new liquidity facility. The proposal nonetheless underscores the dearth of liquidity facility providers in European ABS at present.

    "Every liquidity facility provider is scrambling to find reasons to get out of agreements," confirms one London-based structurer. "No-one wants to .......

    News 10 February 2011

  • RFC issued on counterparty risk proposals

    The European Commission has launched a public consultation on proposed measures to strengthen bank capital requirements for counterparty credit exposures arising from derivatives, repo and securities financing activities. In particular, it is inviting views regarding the capitalisation of exposures to central counterparties and the treatment of incurred credit valuation adjustments.

    The measures are based on the work of the Basel .......

    News Round-up 9 February 2011

  • CLO manager hires ahead of capital raise

    Avoca Capital Holdings has appointed Robert Burns as director for sales and marketing based in the London office. This move forms part of the firm's growth strategy to expand its business by raising money for new funds globally.

    Burns has over twenty years of sales experience working in major financial institutions. He joins Avoca from Citi, where he was director .......

    Job Swaps 9 February 2011

  • Auction proposed for CDO

    BDO, as receivers for the US$1bn Tremonia CDO 2005-1, is proposing to sell the deal's English security assets in an auction to be held on or about 1 March. Henderson Global Investors will be assisting with the conduct of the auction.

    The two firms say that if a noteholder or other party wishes to purchase any of the securities pursuant .......

    News Round-up 9 February 2011

  • Rally boosts Euro auto, credit card ABS

    The volume of European ABS new issuance has boosted secondary market activity considerably this week. At the same time, last month's price rally has altered the appeal of many asset classes, fuelling activity in auto and credit card ABS in particular.

    "It has been pretty busy over the last week, with new issuances taking up most of our focus," one .......

    Market Reports 8 February 2011

  • Safe harbour-compliant ABS debuts

    Ally Bank's US$1.3bn ALLYA 2011-1 - which priced last week via Barclays Capital, Citi and RBS - is notable for being the first FDIC safe harbour-compliant ABS. Given the uncertainty caused by the regulatory rulemaking process, the successful execution of a compliant deal under the new regime is a positive sign for the market, according to ABS analysts at JPMorgan.

    The issuer .......

    News 8 February 2011

  • Bank names structured credit director

    Hari Thirumalai has joined UBS as an executive director and trader in its structured credit team in London. He will report to Afif Baccouche, the banks's global head of structured credit.

    Thirumalai is a former analyst on the credit proprietary trading desk at Bank of America Merrill Lynch, where he focused on relative value opportunities across the capital structure in .......

    Job Swaps 8 February 2011

  • Criteria critiqued

    John Uhlein, managing principal of Grenadier Capital, outlin...

    In a 39-page report entitled 'Request for Comment: Bond Insurance Criteria', dated 24 January 2011, S&P endeavors to set forth "new" criteria for rating bond insurance companies (see SCI 28 January). This is a laudable effort to impose order to an industry that has not been well understood and imploded during the financial crisis.

    Today only one company, Assured Guaranty, .......

    Talking Point 8 February 2011

  • Asset manager expands credit coverage

    Highbridge Capital Management has appointed Serge Adam as md in its Principal Strategies (HPS) division. He will share responsibility for managing the firm's public credit business with fellow md Purnima Puri.

    Adam joins Highbridge after ten years at Sandell Asset Management, where he was most recently a senior md and portfolio manager in its credit business. Scott Kapnick, HPS ceo, .......

    Job Swaps 8 February 2011

  • Loan modifications only a short-term fix

    Loan modifications do not appear to be an effective way to permanently cure loan delinquencies, according to S&P. The agency's conclusion is based on a recent analysis of CoreLogic loan-level non-agency RMBS data comprising first-lien loans issued between 2000 and 2007 that were modified between 2007 and 2010.

    The analysis indicates that over one million non-agency loans were modified between .......

    News Round-up 8 February 2011

  • Structured products desk established

    RJ O'Brien & Associates has appointed Hilton Sheng as svp of structured products. Based in New York, he will establish a structured products desk to meet the growing demand for exchange-cleared products, including OTC instruments.

    With over 25 years of futures industry experience, Sheng most recently served as director and senior energy derivatives marketer for Hudson Capital Energy. He has also .......

    Job Swaps 8 February 2011

  • Legacy asset servicing unit formed

    Bank of America has formed a new unit, Legacy Asset Servicing, which will oversee the servicing all defaulted loans and discontinued residential mortgage products. Terry Laughlin will lead the unit and be responsible for the bank's mortgage modification and foreclosure programmes, as well as for resolving residential mortgage representation and warranties repurchase claims.

    At the same time, Bank of America .......

    Job Swaps 8 February 2011

  • Real estate division head hired

    JPMorgan Asset Management has hired John Fraser as md and head of its new US opportunistic real estate investment division, Junius Real Estate Partners. Based in New York, Fraser will report to Joe Azelby, head of JPMorgan Asset Management − Global Real Assets.

    The new business will manage assets separately from the bank's existing real estate asset management business. "We .......

    Job Swaps 8 February 2011
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