Complete news archive

  • ISDA comments on derivatives reporting

    ISDA says it welcomes the efforts of the IASB and FASB to seek convergence on their current US GAAP and IFRS models regarding offsetting of assets and liabilities in the balance sheet (see SCI 31 January). However, the association notes that the Boards' proposal to report derivatives on a gross basis rather than on a net basis is counterintuitive and .......

    News Round-up 1 February 2011

  • Stable outlook for Indian SF

    The performance of Fitch-rated Indian ABS and RMBS transactions are expected to remain stable in 2011. The outlook is attributable to the Indian government's focus on the infrastructure and agriculture sectors, as well as credit enhancement build-up and excess interest spread.

    "While marginal deterioration has been observed in commercial vehicle (CV) loan ABS, particularly transactions originated after 1H09, such transactions .......

    News Round-up 1 February 2011

  • Housing finance 'blueprint' published

    The Center for American Progress (CAP) has published a report entitled 'A Responsible Market for Housing Finance', which MBS analysts at Bank of America Merrill Lynch believe is likely to serve as the blueprint for housing finance reform. By recommending important but minor tweaks to the existing system, CAP's proposal strengthens existing functional elements of the US housing finance system, .......

    News 31 January 2011

  • Analytics platform enhanced

    A series of enhancements have been made to ABSXchange - S&P's structured finance analytics platform - as part of an extensive programme to help investors deepen their analysis of structured finance transactions. The latest round of upgrades include automatically-calculated data fields where values are not otherwise supplied by deal servicers; a new screening capability that allows specific assumptions to be .......

    News Round-up 31 January 2011

  • Orrick duo jump ship

    Chapman and Cutler has appointed James Croke and Peter Manbeck - formerly of Orrick, Herrington & Sutcliffe - as partners in the New York office's asset securitisation group. The pair will focus on assisting clients to develop new ways to access and invest in structured finance transactions.

    Before Orrick, the two lawyers worked at Cadwalader, Wickersham & Taft, where Croke .......

    Job Swaps 31 January 2011

  • Portfolio solutions group poached

    KPMG has appointed Graham Martin and Stuart King to head up its new portfolio solutions group service offering, within its transactions and restructuring practice. The pair will lead a broader team of eight, comprising four directors, three senior managers and one manager. The team joins from PwC.

    Simon Collins, global head of transactions and restructuring at KPMG, comments: "One of .......

    Job Swaps 31 January 2011

  • Succession event deliberated

    ISDA's Americas Determinations Committee is deliberating over whether a succession event occurred with respect to Mariner Energy. On 10 November the firm merged with Apache Corporation and the separate existence of Mariner ceased.

     

    .......

    News Round-up 31 January 2011

  • Arrears overhang weighs on UK non-conforming

    Record low interest rates have seen the cure rate for UK non-conforming borrowers in milder arrears rise as they get their mortgage payments back on track. However, there is a large core of borrowers who remain in severe arrears, despite lower scheduled payments. This suggests that some borrowers' mortgage payments may be at the limit of what they can afford .......

    News Round-up 31 January 2011

  • Common offsetting practices proposed

    A common approach to offsetting balance sheet financial assets and liabilities has been proposed by FASB and IASB. An exposure draft is open for public comment until 28 April.

    Currently, whether assets and liabilities are presented in a statement of financial position as a single net amount or two gross amounts differs according to whether the reporting entity uses IFRS .......

    News Round-up 31 January 2011

  • Extension headaches

    Extensions expected, NEoDs feared in Euro CMBS

    Extension risk is set to be a defining theme for European CMBS in 2011, with concern that the market may see its first note event of default (NEoD) also emerging. More loans are scheduled to mature this year than last and many are expected to struggle to refinance.

    The probability of extensions means that senior noteholders can expect longer WALs .......

    News Analysis 31 January 2011

  • New valuation perspectives

    Duff & Phelps' alternative asset advisory practice h...

    Q: How and when did Duff & Phelps become involved in structured finance?
    WH:     Duff & Phelps established a group to handle valuations of complex securitisations in 2005. But we had been outsourcing some projects to Dynamic Credit Partners for a number of years, so the acquisition of Dynamic's US consulting business (see SCI 16 December) .......

    Provider Profile 28 January 2011

  • Euro CLO performance stabilising

    Fitch reports that the performance of European CLOs continues to stabilise. The triple-C exposure of the CLO portfolios has remained stable at 7.4% since October.

    All senior overcollateralisation (OC) tests are being passed with an average level of 135%, according to the agency. 11 transactions have equity and subordinated management fees shut-off, compared with 13 transactions in October.

    However, the .......

    News Round-up 28 January 2011

  • The industry standard

    Sapient Global Markets risk analytics director Jor Molchan a...

    The market volatility and numerous counterparty defaults experienced since September 2008 have shown the limitations of traditional credit risk monitoring techniques.

    Credit lines welcome exposure until the cap is reached; thereafter exposure is simply refused. In an industry where risk is routinely 'dollarised', exposure caps fall far short of the mark.

    Collateral management has proven itself to be too reactive .......

    Talking Point 28 January 2011

  • Multifamily servicing acquisition agreed

    Jones Lang LaSalle (JLL) has entered into a definitive agreement to acquire certain assets of the Atlanta-based commercial real estate lending and servicing group of Primary Capital Advisors, including its Orlando office. This acquisition adds multifamily mortgage lending and servicing capabilities to JLL's business offerings.

    The take-over will allow JLL to operate as a Freddie Mac Programme Plus seller/servicer and .......

    Job Swaps 28 January 2011

  • NAIC revisions have mixed impact on CMBS

    NAIC's revised risk-based capital requirements for CMBS for US life insurers' year-end 2010 statutory financial statements will improve the capital reserve measures of some companies, but will likely lead to higher capital requirements for others, according to Moody's. The agency is confident that these changes to risk-based capital (RBC) levels will have no impact on ratings, however.

    "In our analysis .......

    News Round-up 28 January 2011

  • Two-thirds of NCUA legacy assets securitised

    The latest National Credit Union Administration resecuritisation closed yesterday, bringing the total number of NCUA Guaranteed Note offerings to six with approximately US$19.3bn outstanding. The agency has now securitised 65% of the legacy assets originally targeted for securitisation in order to fund deposits assumed by the bridge corporate credit unions.

    The US$1.5bn senior NCUA Guaranteed Notes Trust 2011-R1 notes priced .......

    News Round-up 28 January 2011

  • RFC issued on bond insurance criteria

    S&P has requested comments on its proposed changes to its bond insurance criteria. The agency plans to introduce a business risk profile/financial risk profile ratings framework and sub-factors under the new criteria, which will govern the ratings process for bond insurers. The criteria will also be expanded to incorporate an industry risk component, a discussion of enterprise risk management for .......

    News Round-up 28 January 2011

  • OTC players pledge progress

    International supervisory authorities and market participants met at the New York Fed yesterday (27 January) to discuss how to further reduce risks in OTC derivatives markets. Market participants updated supervisors on recent work and pledged to continue working towards G20 objectives for risk reduction.

    Participants pledged to communicate next steps and commitments in a collective letter to the OTC Derivatives .......

    News Round-up 28 January 2011

  • Dublin tax group formed

    Walkers has made two appointments in its newly created tax group in Dublin. From March 2011, Anthony Smyth will assume the role of senior partner and head of the group. He was previously a partner for a Dublin law firm, leading its financial services and inward investment tax practices.

    Petrina Smyth also joins Walkers' tax group as partner. She previously .......

    Job Swaps 27 January 2011

  • Credit fund investment confirmed

    Asset Management Finance (AMF) has made a passive minority investment in Brigade Capital Management, a New York-based manager of credit strategies. The transaction is AMF's 21st investment and seventh since December 2009. Including its stake in Brigade, AMF has committed over US$750m of capital to asset managers that collectively manage over US$70bn of assets.

    Brigade is an investment advisor focused .......

    Job Swaps 27 January 2011

  • Distressed credit md named

    Nomura has appointed Sandor Hau as md and head of its high yield and distressed credit group for the Americas. Based in New York, he will report to Jeff Michaels and Charlie Spero, co-heads of fixed income for the Americas, and functionally to Georges Assi, head of global credit products. Sandor joins Nomura from Goldman Sachs, where he was md .......

    Job Swaps 27 January 2011
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