Complete news archive

  • 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

  • US CLOs see improving maturity profile

    The maturity profiles of most rated US cashflow CLO transactions have improved over the course of the past year, according to S&P. Questions about the impact of a significant amount of loan maturities in the coming quarters have been readily discussed, yet a recent review suggests that refinancing risk may be moderating, the agency says.

    "In particular, many market participants have .......

    News Round-up 8 February 2011

  • Seasonal trends driving timeshare delinquencies

    Delinquencies for US timeshare ABS continue to tread gradually higher quarter-over-quarter, though overall figures are still lower than in the previous year, according to Fitch's latest indices for the sector.

    "Seasonal performance deterioration, not surprisingly, has persisted through the winter months. However, year-over-year drops in timeshare delinquencies are bringing levels closer to historical averages," says Fitch director Brad Sohl. Given .......

    News Round-up 8 February 2011

  • Single name CDS trading offered

    Credit Suisse is now providing electronic trading of single name corporate and sovereign CDS on the Bloomberg Professional service. The offering gives clients the ability to execute fully electronic trades of single name CDS with the bank's credit derivatives desk on any desktop computer.

    "The introduction of single name CDS electronic trading is another industry first for Credit Suisse, which .......

    News Round-up 8 February 2011

  • Subpar loan mods driving foreclosure rates

    With loan modifications steadily declining, the emphasis is becoming less on whether a distressed US mortgage borrower is able to stay in their home and more on when the servicer will ultimately have to foreclose on it, says Fitch.

    Since the high watermark of 86,500 modifications in April 2009, loan modifications have steadily decreased, with 36,500 modifications completed in December .......

    News Round-up 7 February 2011

  • Agency MBS reviews released

    1010data and the ASF have published agency MBS market review reports, offering aggregated statistics for each GSE. Included in the reports is the new FHLMC delinquency disclosure data, as well as the previously available GNMA delinquency data aggregated at the cohort level. With buy-outs being a potentially important component of prepays, this data should help investors refine their prepayment expectations, .......

    Job Swaps 7 February 2011

  • Whole loan evaluations service prepped

    Interactive Data is set to launch a US whole loan evaluations service in the second quarter of this year. The offering will provide evaluated prices for residential whole loans based on observable inputs from the securities markets. It will cover both performing and non-performing whole loans, complementing the firm's current offerings related to securitised debt, including US agency pass-through securities, .......

    News Round-up 7 February 2011

  • CRE underwriting solution offered

    Zenta and Rockport have formed a partnership to deliver a combined technology and services offering to the CMBS, commercial banking and CRE markets. The initiative will enable the firms to provide clients with a single turn-key underwriting solution, integrating cutting-edge technology and services.

    "Rockport provides a true enterprise level platform for each facet of the loan origination lifecycle, as well .......

    Job Swaps 7 February 2011

  • Exceeding expectations

    Pre- and post-crisis credit hedge fund returns diverge

    Credit hedge funds performed well above expectations last year, with returns from one portfolio monitored by Schwartzkopff Partners almost doubling the returns of the Dow Jones Credit Suisse HF Index. However, a stark difference in performance between pre- and post-crisis launches is also apparent.

    Schwartzkopff's portfolio of 12 credit hedge funds generated a net return of 19.73% for 2010, with .......

    News Analysis 7 February 2011

  • Litigation counsel promoted

    The US SEC has promoted Mark Cahn to general counsel. He will assume his new role when David Becker steps down from the position later this month. Cahn has served as deputy general counsel for litigation and adjudication.

    .......

    Job Swaps 7 February 2011

  • Outlook for US CLOs mixed among managers

    Responses to a recent S&P survey indicate that approximately 77% of larger collateral managers believe new US CLO issuance will range from US$10bn to US$20bn in 2011, while the range estimated by a similar number of smaller collateral managers is between US$5bn and US$15bn. Almost 60% of the larger collateral managers expect triple-A spreads to tighten during the year to .......

    News 7 February 2011

  • Greek RMBS 'showing signs of deterioration'

    Fitch reports that the performance of Greek RMBS transactions has begun to show signs of deterioration, having previously been unaffected by the weakened economic conditions in the country. The agency highlights that although reported losses remain very limited, the proportion of loans in arrears for more than three months has increased rapidly to 2.6% in December 2010 from less than .......

    News Round-up 7 February 2011

  • CMBS loan liquidation volume spikes

    The dollar amount of US fixed rate conduit CMBS loans that were liquidated in January reached its highest level in the 13 months since Trepp has been compiling this number. In total, 189 loans with a total balance of US$1.51bn were liquidated during the month, according to the firm.

    The losses on those loans were almost US$583m - representing an .......

    News Round-up 7 February 2011

  • Reference data head added

    First Derivatives has appointed Bret Bange as head of global sales and marketing for its suite of reference data solutions. He will focus on leveraging the firm's reference data management capabilities, while addressing the data-centric requirements of clients' enterprise, trading, credit/market risk and back/mid office applications.

    Based in New York, Brange will report to Dale Richards, head of data strategy .......

    Job Swaps 7 February 2011

  • Valuation forecasting system launched

    Altos Research has launched a forecasting tool dubbed AltosEvaluate Forward Valuation Modeling (FVM). The service tracks changes in a property's transaction price three, six or 12 months into the future based on the strength or weakness of any local real estate market, thus improving loan and pool level analytics for more precise asset pricing.

    Further, the forecasting system applies algorithms .......

    News Round-up 7 February 2011

  • FDIC names general counsel

    The FDIC has appointed Michael Krimminger as its new general counsel. He has served as a key policy advisor to the FDIC board of directors since 2006, leading the development of major policy initiatives, including the agency's new Orderly Liquidation Authority under the Dodd-Frank Act. Krimminger was previously deputy to the chairman for policy.

    .......

    Job Swaps 7 February 2011

  • Accelerated collections likely for Japan hotel loans

    Japanese hotel-backed CMBS loans are poised to enter an accelerated collection phase, according to Moody's. Five loans amounting to ¥59.5bn defaulted in January, two of which (amounting to ¥49.1bn) were backed by hotels, with the largest of the five being one of the ten largest loans maturing in 2011. As a result, the default rate of hotel-backed loans has increased .......

    News Round-up 7 February 2011

  • Non-traditional ABS to take off

    S&P believes that 2011 will see strong investor interest in non-traditional US asset securitisations. Spreads for non-traditional assets tightened last year, partly because of low yields and the limited issuance volume from more traditional assets classes - a combination the agency expects to continue this year.

    Issuance of transportation, whole business, royalty, timeshare, catastrophe and longevity securitisations is expected to .......

    News 7 February 2011

  • CLO deferrable note impact examined

    While recent financial dislocation caused many rated US cashflow CLOs to defer interest on some subordinate notes, most have resumed making current interest payments, with much of the deferred interest being repaid in full, S&P says.

    The agency recently analysed interest payment information for 611 rated US cashflow CLOs between 2008 and 2010. "We chose this period because we believe .......

    News Round-up 4 February 2011

  • New US CMBS issues eyed

    The US CMBS market has exhibited a positive tone this week, following the broad optimism generated at last week's CRE Finance Council conference and the launch of two new deals. Further, two more transactions are expected to be announced shortly.

    "There have been a couple of new deals out this week and overall there's a good feel to the market," .......

    Market Reports 4 February 2011

  • NPL criteria explained

    Fitch has published its global rating criteria for non-performing loan securitisations. The agency's analysis of non-performing loan transactions is predicated on the level and timing of recoveries, from the disposition of residential and CRE-secured loans that are in default and/or properties that have been repossessed.

    Recoveries, which are stressed incrementally higher for each rating scenario, are the basis for the .......

    News Round-up 4 February 2011
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