Complete news archive
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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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Law firm beefs up SF group
Watson, Farley and Williams has appointed Francesco Curreli as partner in its international project and structured finance group. He joins the firm from Hogan Lovells, where he advised domestic and international lenders, borrowers and equity investors on restructuring as well as acquisition, real estate, mezzanine, project and shipping finance. Prior to this, he was part of the finance group at .......
Job Swaps 25 January 2011
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Stable outlook for global ABCP
Fitch's credit outlook for global ABCP in 2011 remains stable, consistent with the outlooks for the global financial institutions that act as liquidity and credit enhancement providers to ABCP programmes. ABCP rating actions - if taken - will most likely reflect the health of sponsors, support providers and other relevant counterparties.
The agency expects to see a continuation of trends .......
News Round-up 25 January 2011
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PIMCO pair promoted
PIMCO has promoted 20 staff to evp level, including two involved in structured credit.
Yuri Garbuzov is a portfolio manager in PIMCO's Newport Beach office, focusing on structured credit products. He joined PIMCO in 1997 and has also managed credit portfolios, including bank loans, convertibles and structured bank paper, and developed quantitative analytics for the firm.
Dan Hyman is a .......
Job Swaps 25 January 2011
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ICE reaches US$15trn in cleared CDS
IntercontinentalExchange has announced that its CDS clearing houses have surpassed US$15trn in cumulative gross value and 400,000 transactions.
To date, ICE Trust has cleared US$8.4trn in North American CDS indices and US$636bn in single-name CDS, resulting in cumulative open interest of US$542bn. ICE Clear Europe has cleared €3.8trn in iTraxx indices and €695bn in single-name instruments, resulting in €470bn of .......
News Round-up 25 January 2011
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Partner swaps securitisation teams
Martin Fingerhut has joined Cassels Brock & Blackwell as partner in its financial services group. Fingerhut will play a key role in the firm's securitisation team. He was previously a partner in Blake, Cassels & Graydon's financial services group and chair of its structured finance group.
....... Job Swaps 25 January 2011
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Fundamental change
US CMBS investor focus switches on performance concerns
Investor focus in the US CMBS market has switched from being technical to fundamental. As last year's rally fades, differences in performance are expected to become more pronounced, leading to increased tiering between bond prices.
The US CMBS market has been driven by strong technical factors - limited supply and lots of demand - for the last year, but underlying .......
News Analysis 25 January 2011
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US CRE prices continue rising
US commercial real estate prices as measured by Moody's/REAL National - All Property Price Index (CPPI) increased by 0.6% in November. This was the third consecutive monthly price increase, following three prior months of decreasing prices. Prices have now moved up 6.4% since August 2010, the agency reports.
Prices at the end of November were up by 2.8% over the .......
News Round-up 25 January 2011
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Japanese CRE sales hit new peak
Fitch reports that sales of collateral properties backing Japanese CMBS transactions have increased substantially both in number and value in the second half of 2010. This was mainly due to the progress of work-outs for defaulted loans, including bulk sales of the collateral properties to resolve the default status, the agency says.
"In 2010, office properties accounted for the largest .......
News Round-up 25 January 2011
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Director ousted on 'differences in views'
Alexander Jackson has been ousted as a director of the boards of Tetragon Financial Group and Tetragon Financial Group Master Fund. Jackson was given notice by all of the other directors to vacate office as a result of his conduct following the board's approval in July 2010 of the investment in GreenOak Real Estate, from which he dissented, in relation .......
Job Swaps 25 January 2011
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ABS duo promoted
Sidley Austin has elected 28 lawyers to its partnership, including two securitisation specialists in the Chicago office. T.J. Gordon and Jeffrey Weinstein have been named partners in the firm's structured finance and securitisation practice, with the former also a partner in the syndicated and leveraged finance practice.
Gordon's practice focuses on the representation of banks, insurance companies and other financial .......
Job Swaps 25 January 2011
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Buy-side faces OTC regulatory pressures
Buy-side institutions face significant gaps in being able to accommodate the regulatory requirements emerging in the US and Europe, according to a survey conducted by BNY Mellon. The analysis was conducted to show what the buy-side needs to do in the face of forthcoming industry regulatory changes, which are focused on the standardisation of OTC derivatives and a migration to .......
News Round-up 25 January 2011
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OTC collateral communication tool prepped
The DTCC, MarkitSERV and AcadiaSoft are working to deliver a joint solution for improving communication related to setting and maintaining the collateral required between counterparties to OTC derivative transactions.
Beginning in the first quarter of 2011, the MarkitSERV portal will provide clients with integrated access to the AcadiaSoft Messaging Platform - an online service that facilitates and manages communications required .......
News Round-up 25 January 2011
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Bail-in backlash
EC proposal sparks debate on credit derivative definitions
A new European Commission 'bail-in' proposal threatens the very viability of CDS contracts. The proposal, which would see banks' senior debt forcibly written-down when they get into difficulty, may result in credit derivative definitions being adapted to include a regulatory write-down event.
The EC launched a consultation on the Technical Details of an EU Framework for Bank Recovery and Resolution .......
News Analysis 25 January 2011
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Asset manager bags hedge fund pro
Credit Suisse Asset Management has appointed Stephen Stonberg as coo in its product management group. Stonberg will report to Ravi Singh, md and head of alternative investments, and Alastair Cairns, md and head of strategy, merger and acquisitions, and product development for the asset management unit.
Stonberg was previously partner and ceo of Brevan Howard US.
....... Job Swaps 24 January 2011
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Underlying strength
Jeff Herlyn, Michael Rosenberg and David Wishnow, principals...
Q: How did Tetragon come about?
The Structured Credit Interview 24 January 2011
JH: The idea for Tetragon came about because we are all big believers in the senior secured bank loan space, which has proved itself by weathering many different financial cycles, but saw that it was very difficult for institutional investors to access it. Even more importantly, it was even more difficult for equity investors to .......
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Arranger league tables - 2010
1 January to 31 December
Arranger league tables 24 January 2011
CRE servicing team acquired
Crown Westfalen Credit Services (CWCS) has integrated a team of four commercial mortgage servicing specialists from JPMorgan's subsidiary Whiteshire Debt Solutions. The new team will continue to manage an array of JPMorgan servicing mandates in Frankfurt.
Elke Wagner, who joins as coo of CWCS, says: "We are excited to join the CWCS team and their partner and main investor Forum .......
Job Swaps 24 January 2011
'Encouraging trends' for Trups CDOs
Encouraging trends have emerged for the US bank Trups CDO sector, according to Fitch's latest default and deferral index results for the sector.
"New deferrals have declined for a fifth straight quarter and are down notably from third-quarter 2009 peaks," says Fitch director Johann Juan.
There were 166 new deferrals in 2010 - a significant improvement from the 274 new .......
News Round-up 24 January 2011
Aussie RMBS could withstand housing downturn
Fitch has completed its Australian RMBS housing stress test report, concluding that overall the triple-A tranches of all the transactions tested were resilient to the stresses applied in the study, with only 0.14% of all triple-A tranches by balance experiencing a potential downgrade to the double-A category in the most severe stress scenario.
The analysis was completed in response to .......
News Round-up 24 January 2011
Full-year securitisation league tables released
SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show that in December JP Morgan in Europe and Barclays Capital in the US held on to their top spots. The leaders participated in over €28bn and US$77bn worth of qualifying deals throughout 2010.
The tables are intended .......
News Round-up 24 January 2011