Complete news archive

  • 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

  • Anglo Irish auction scheduled

    The auction to settle the senior and subordinated 2.5-year maturity credit derivative trades for Anglo Irish Bank will be held on 2 February. This follows ISDA's EMEA Determinations Committee's resolution on 23 December that a restructuring credit event occurred.

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    News Round-up 27 January 2011

  • Transferred CLO renamed

    Intermediate Capital Managers has renamed Resource Europe CLO I as St Paul's CLO I, as of 13 January 2011. This follows the assignment and delegation by the original investment manager (Resource Europe) of all of its rights and responsibilities under the management agreement to ICM (SCI passim).

     

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    Job Swaps 27 January 2011

  • Ratings reinstated after system error

    S&P has reinstated its triple-A and triple-B credit ratings on Trafigura Securitisation Finance's variable-rate CP-funded senior and junior notes. The agency withdrew these ratings on 31 December, due to an IT system error that has since been corrected.

    Trafigura Securitisation Finance securitises trade receivables arising from Trafigura's energy and commodity trading business. The legal final maturity date for both notes .......

    News Round-up 27 January 2011

  • EM criteria updated

    Fitch has updated its criteria for analysing legal uncertainty in emerging market securitisations. In a new criteria report, it lays out the methodology it applies to cap securitisation ratings in 38 emerging markets worldwide.

    The ratings capping criteria refer primarily to legal aspects in securitisations, but also provide a more general framework to capture some weaknesses evident in emerging market .......

    News Round-up 27 January 2011

  • Positive credit card charge-off trend continues

    Moody's reports that charge-offs on US credit cards have fallen for a fourth consecutive month in December to 8.03%, down from 8.58% in November. With early stage delinquencies also declining, the agency expects the charge-off rate to continue to decline steadily in coming months - ultimately breaking below 7% by the middle of 2011.

    "The positive trends that drove the .......

    News Round-up 27 January 2011

  • Uncertainty driving EMU sovereign, FI spreads

    Despite spreads on EMU sovereigns reaching parity with non-EMU EM sovereigns, the movements over the last year in CDS spreads for both EMU sovereigns and financial institutions is not driven by fears over the viability of the euro area, according to Fitch Solutions. Instead, the agency says that current lofty spread levels reflect the market's extreme uncertainty over future debt .......

    News Round-up 27 January 2011

  • Deco 8 CMBS special servicer replaced

    Moody's has commented on the replacement of Hatfield Philips International as the special servicer for the Rowan UK Commercial Property, MPH (UK) and Braeside loans in the Deco 8 - UK Conduit 2 CMBS transaction.

    Based on its assessment of the capability of Solutus Advisors to perform the role as a special servicer and the relatively small size of the .......

    News Round-up 27 January 2011

  • Euro RMBS returns to life

    The European RMBS market experienced a slow start to the week before a spike in bid-list activity today, which has generated investor interest. Meanwhile, Aire Valley paper has rallied strongly on the back of a statement from the issuer.

    "Monday started slowly, with not much client or Street activity happening. We've seen a ramp up today, however, so it has .......

    Market Reports 27 January 2011

  • TriOptima undergoes management shuffle

    TriOptima has restructured its European and Asia Pacific departments, allowing Mireille Dyrberg to assume the newly-created position of head of business strategy at the firm. She was previously ceo of TriOptima's EMEA department.

    Former Asia Pacific ceo Peter Weibel will take over the role of EMEA ceo. He will be replaced by Yutaka Imanishi, who was previously director of TriOptima .......

    Job Swaps 26 January 2011

  • ABSNet revamped

    Lewtan has updated its ABSNet website, with the aim of connecting investors in the structured finance industry to critical data, including end-of-day bond pricing from Thomson Reuters' pricing service. Additionally, the new site features a comprehensive search tool that will allow users to identify pricing and credit risk dislocations by comparing original versus current pool and bond performance data, bond .......

    Job Swaps 26 January 2011

  • US CLO prices ramping up

    Bid-lists continue to dominate activity in the US CLO market. At the same time, aggressive investor appetite and soaring price levels bode well for new issuance.

    "The spurt of activity in bid-list land continues aplenty; we're seeing five to six large lists per day," one CLO trader confirms. "With pricing levels improving further and further and market conditions remaining firm, .......

    Market Reports 26 January 2011

  • Negative outlook for UK non-conforming

    Moody's reports that UK non-conforming RMBS performance improved in 2010, as demonstrated by decreasing arrears levels and an even more pronounced drop in repossession rates. Nevertheless, given the uncertain long-term performance trends, the agency maintains a negative outlook for the sector.

    The improved performance trend in the sector in 2010 coincided with: a stabilisation in unemployment levels; historically low interest .......

    News Round-up 26 January 2011

  • Months to clear shadow inventory increasing

    The volume of distressed non-agency residential mortgage properties in the US continues to fall, but at a slowing pace. S&P currently estimates that the principal balance of these distressed homes amounts to about US$450bn, representing nearly one-third of the non-agency RMBS market outstanding.

    The agency defines this 'shadow inventory' of distressed properties as outstanding properties whose borrowers are (or recently .......

    News Round-up 26 January 2011

  • Japanese CMBS loan defaults peak

    As of end-December, the balance of defaulted underlying loans backing Fitch-rated Japanese CMBS exceeded ¥250bn, with the number of defaulted loans declining for the second consecutive quarter. Despite the increase in the defaulted loan balance, the agency believes that the upward trend in defaulted loans by number has peaked, taking into account loans expected to mature in 2011 and the .......

    News Round-up 26 January 2011

  • Stable performance expected for US CMBS

    Moody's expects higher new issuance volume and greater ratings stability for outstanding CMBS to characterise the sector in 2011, as the US commercial property markets continue to rebound. However, the agency notes that the CRE market has become trifurcated, with prices for larger trophy assets rising, prices for distressed assets declining sharply and prices for smaller but healthy properties remaining .......

    News Round-up 26 January 2011

  • Special counsel appointed

    Cadwalader, Wickersham and Taft has appointed Joseph Beach as special counsel in its capital markets department. Based in the firm's Charlotte office, he will focus on loan finance, asset-backed finance and securitisation.

    Beach represents major investment banks, financial institutions, asset managers, commercial paper conduits and fund managers in secured financing ABS. He has experience in ABCP and specialises in broadly .......

    Job Swaps 26 January 2011

  • Impact of GSE reform explored

    Moody's has released a report discussing a number of reform scenarios for Fannie Mae and Freddie Mac, as well as the potential impact of reform on the ratings of the GSEs' debt obligations.

    "Our triple-A ratings on the GSEs' debt obligations are based on the credit strength of the US sovereign and we believe the government will continue to support .......

    News Round-up 26 January 2011

  • CDS data sources compared

    An independent study - published by the CNMV, Universidad Carlos III de Madrid and UCLA - has found that "different data sources do not reflect credit risk information equally efficiently" and that CMA Datavision "leads the credit risk price discovery process".

    The study compares the six major sources of corporate CDS prices (CMA, Reuters EOD, Fenics, GFI, JPMorgan and Markit), .......

    News Round-up 26 January 2011

  • Ambac rehab plan confirmed

    The Wisconsin Office of the Commissioner of Insurance (OCI) has obtained confirmation of its Plan of Rehabilitation for the Segregated Account of Ambac Assurance Corporation in Dane County Circuit Court in Wisconsin. Absent further orders by this or other courts, the Segregated Account expects to promptly begin processing allowed claims under the terms of the Plan of Rehabilitation upon satisfaction .......

    Job Swaps 26 January 2011

  • US CMBS delinquencies moderating?

    The delinquent unpaid balance for US CMBS increased in December by an additional US$1.21bn, up to US$62.32bn, according to Realpoint's latest monthly delinquency report. This follows the previous month's increase of US$1.93bn.

    The total unpaid balance for CMBS pools available for review for the December remittance remained steady at US$752.25bn. Despite the one-month delinquency decline experienced 4Q10, both the delinquent .......

    News Round-up 26 January 2011
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