Complete news archive

  • 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

  • Credit versus equity explored

    Credit derivative strategists at Morgan Stanley explore in a recent report credit versus equity relationships based on a macro approach. The report focuses on two themes: the strength of equity and rates market factors on credit market variables; and how these relationships can be used to identify credit-equity opportunities in today's markets.

    In terms of trading themes, the Morgan Stanley .......

    News 4 February 2011

  • Multifamily defaults driving CMBS delinquencies

    Large multifamily defaults contributed to a 36bp climb for US CMBS delinquencies to 8.59%, according to Fitch's latest loan delinquency index. Late-pays within the multifamily sector jumped from 15.63% to 17.40% in January - the highest level yet for the index. Three large loans totalling US$915m comprised the bulk of the US$1.2bn of new multifamily defaults, the agency reports.

    "While .......

    News Round-up 4 February 2011

  • Uncertainty knocks

    Issuers adopting a 'wait and see' approach to regulation

    The implementation of regulatory reform in the US is making it tougher to bring new securitisations. Indeed, some estimate that uncertainty around new rule-making will continue for another 18 months, as many issuers wait to see how the market is reshaped.

    Hansol Kim, md with FTI Consulting's structured finance group, notes that overall the new regulations represent many roadblocks in .......

    News Analysis 4 February 2011

  • Canadian CMBS completed

    Institutional Mortgage Capital Canada (IMC) has completed a C$206m CMBS private placement. The transaction, dubbed Institutional Mortgage Securities Canada series 2011, is the first CMBS issued in Canada since 2007 and is backed by 16 loans to two of Canada's largest REITs - RioCan REIT and Calloway REIT. TD Securities was the lead placement agent on the transaction.

    "IMC is .......

    News Round-up 4 February 2011

  • Cashflow analysis application launched

    Intex Solutions has launched INTEXcalc, a new end-user application offering transparency and speed in the analysis of structured finance securities. Available in web and local versions, INTEXcalc leverages Intex's cashflow model libraries, allowing users to analyse single securities, portfolios and bid lists with greater granularity and control, the firm says.

    Kevin McCarthy, Intex md, comments: "Traders, investors, issuers and other .......

    News Round-up 4 February 2011

  • GSW refi positive for Euro CMBS

    Fitch confirms that the ratings of Windermere IX CMBS and Fleet Street Finance 3 will not be affected by the proposed redemption of the GSW loan, due to the transactions' respective pay-down structures. The loan is expected to prepay within the next three weeks, following completion of the portfolio refinancing.

    The €890m loan is securitised in two CMBS transactions: a .......

    News Round-up 4 February 2011

  • Expanded horizons

    Irish tax changes generate fresh securitisation opportunities

    New possibilities for securitisation have been created by recent changes to Section 110 of the Republic of Ireland's Taxes Consolidation Act 1997. Section 110 - which provides for favourable taxation treatment for certain vehicles - is revised on a yearly basis, with the latest updates paving the way for a broader range of assets to be securitised.

    Under the changes, .......

    News Analysis 3 February 2011

  • New SEF rules proposed

    The US SEC has voted unanimously to propose rules defining security-based swap execution facilities (SEFs) and establishing their registration requirements, as well as their duties and core principles.

    "Our objective here is to provide a framework that allows the security-based swap market to continue to develop in a more transparent, efficient and competitive manner. This is an important and complex .......

    News Round-up 3 February 2011

  • Chief data officer recruited

    The DTCC has appointed Ronald Jordan as chief data officer. Jordan will be responsible for guiding the DTCC's strategy on matters related to its commercial and regulatory data business activities. He will also focus on the needs of the US Treasury's Office of Financial Research, reporting to Andrew Gray, DTCC md of core product strategy and management.

    Jordan joins the .......

    Job Swaps 3 February 2011

  • Call to replace Trups CDO trustee

    Hildene Capital Management has sent a notice to the other investors in 67 Trups CDOs alleging that Bank of New York Mellon, as trustee on the deals, has not acted in the best interests of noteholders. Hildene says it is seeking the investors' support to replace BNYM with "an experienced CDO trustee".

    The notice explains that prior to its 2006 .......

    News Round-up 3 February 2011

  • Euro CLO market takes stock

    Several large CLO bid-lists set new highs across the capital structure last week. Now, the European market is entering into a consolidation phase as it readjusts and absorbs new pricing levels.

    "It's been an interesting few days as we've had the run-off of several large bid-lists that were really standing in the way of the forward supply, with not much .......

    Market Reports 3 February 2011

  • Additional ratings on watch for counterparty risk

    S&P has placed on credit watch negative its ratings on 149 classes of notes in 33 North American ABS transactions. This is in addition to the 950 North American structured finance ratings placed on watch negative on 18 January, following the update to the agency's criteria for assessing counterparty and supporting obligations (SCI passim).

    The aggregate original issuance amount of .......

    News Round-up 3 February 2011

  • SF research head named

    Credit Suisse has appointed Dale Westhoff as global head of structured products research in New York. Westhoff will focus on delivering the bank's research in MBS, ABS and other structured products to clients. He will also continue to develop the bank's suite of structured product analytics, with particular emphasis the MBS prepayment models.

    Most recently, Westhoff was head of consumer .......

    Job Swaps 3 February 2011

  • CRE bailout service prepped

    ICP Financial has signed an agreement with an unnamed top-five European bank that will allow it to buy distressed property and mortgage portfolios directly from US banks for purchases between US$5m and US$180m at a time. The partnership also allows ICP to leverage the financial firepower of its new backer in bailing out small to mid-sized troubled US banks.

    In .......

    Job Swaps 3 February 2011

  • US CMBS delinquency rate at highest level

    The US CMBS delinquency rate rose again in January, according to Trepp's latest Delinquency Report, with the percentage of loans 30 or more days delinquent, in foreclosure or REO climbing by 14bp to 9.34% - the highest level yet. The value of delinquent loans now exceeds US$61.4bn.

    "While the rate continues to head higher, optimists can point to the fact .......

    News Round-up 3 February 2011

  • Anglo Irish CDS settled

    The final price for Anglo Irish Bank 2.5-year CDS was settled at 71.25 at yesterday's restructuring CDS auction. 14 dealers submitted inside markets, physical settlement requests and limit orders to the auction, with deliverable obligations denominated in euro, sterling, Japanese yen and US dollars.

    .......

    News Round-up 3 February 2011

  • Euro MBS showing strength

    It has been a strong week for the European MBS market, characterised by gradual spread tightening in Dutch RMBS - a trend that is set to continue into March. At the same time, investors remain eager to buy CMBS paper.

    "The market has been pretty strong this week, with UK prime RMBS holding up particularly well," one MBS trader says. .......

    Market Reports 3 February 2011

  • Stable outlook for EMEA ABCP

    Moody's outlook for EMEA ABCP ratings in 2011 remains stable. Bank risk remains a key factor, however, as this stability is predicated on the structural support and high levels of enhancement provided to ABCP programmes by sponsor banks.

    Any downgrade of the Prime-1 rating of a conduit sponsor or liquidity provider would have a direct impact on the Prime-1 rating .......

    News Round-up 2 February 2011

  • EMEA CMBS assumptions updated

    Moody's expects the loans backing EMEA CMBS to continue to perform poorly over the next five years. This forecast is based on the rating agency's 2011 updated key assumptions, which look ahead to the coming five years and represent the central scenarios it uses in its quantitative rating assessment for the asset class.

    Moody's updated assumptions are in line with .......

    News Round-up 2 February 2011

  • Positive performance continues for US credit cards

    US credit card ABS performance registered positive gains across the board for the second straight month, according to Fitch's latest credit card ABS index results. All variables - including charge-offs, delinquencies, yield, monthly payment rate (MPR) and excess spread - improved again during the December collection period. Credit card defaults dropped to a 23-month low, while delinquencies fell to a .......

    News Round-up 2 February 2011
×