Complete news archive

  • Noteholders reiterate support for REC proposal

    A notice has been issued on behalf of a group of REC Plantation Place CMBS noteholders and junior lenders reiterating their support for the owner's recent proposal to sell Plantation Place on a consensual basis. The notice also states the group's intention to oppose any alternative proposal that may lead to an enforced sale of the underlying loan or property.

    News Round-up 20 January 2011

  • Greek deals hit by sovereign downgrade

    Fitch has downgraded 29 tranches - 26 RMBS, three ABS - of 17 Greek structured finance transactions (14 RMBS, three ABS). The agency has also affirmed 11 RMBS tranches, all of which have a negative outlook.

    The rating actions follow the agency's downgrade of Greece's long-term foreign and local currency issuer default ratings (IDRs) to double-B plus from triple-B minus. .......

    News Round-up 20 January 2011

  • CRE vets pair up again

    Cassidy Turley has appointed Noble Carpenter and Bart Steinfeld to lead its capital markets expansion into key markets across the US. The pair will provide investors and users with capital markets services, including investment sales, debt placement, structured finance, recapitalisations, joint venture equity, development financing and note sales. Both will be based in New York.

    Carpenter and Steinfeld join from .......

    Job Swaps 20 January 2011

  • No succession event for Aioi

    ISDA's Japan Determinations Committee has ruled that a succession event did not occur with respect to Aioi Insurance Co on 1 October 2010, when Aioi Insurance and Nissay Dowa Insurance merged to become Aioi Nissay Dowa Insurance.

    .......

    News Round-up 20 January 2011

  • Credit manager adds president to lead new venture

    Golub Capital has appointed Daniel Posner as president and cio of its new credit strategies group, which is expected to launch a fund later this year. The credit strategies group - based in New York - will invest in long/short credit opportunities, focusing on opportunistic and distressed credit assets, with particular emphasis on event-driven investment opportunities in the US and .......

    Job Swaps 20 January 2011

  • Green shoots

    'Green' securitisation one factor in renewed recruitment activity

    The tail-end of 2010 saw an encouraging increase in demand in the structured finance job market and the year ahead is expected to be an improvement on the last. Although restructuring concerns linger, hiring opportunities should arise - especially in CMBS and 'green' securitisation (see SCI issue 192).

    The structured finance recruitment business is back. Since 4Q10 Mia Drennan, Square .......

    News Analysis 20 January 2011

  • Trouble brewing

    Pub securitisations under threat

    Two recent developments illustrate the difficulties of the past and foreseeable future for the UK pub sector. First, S&P downgraded Punch Taverns' securitisations in December and then last Friday (14 January) Enterprise Inns entered into an expensive sale and leaseback agreement to safeguard its future.

    Both Punch and Enterprise have reason to be concerned. While last week's £42.6m agreement with .......

    News Analysis 19 January 2011

  • Advisor boosts regulatory team

    The International Capital Market Association (ICMA) has appointed John Serocold as senior adviser in its regulatory policy and market practice team to lead its work on secondary market practice. He will be responsible for coordinating the response of member firms to current consultations on the review of the markets in Financial Instruments Directive (MiFID).

    Serocold was most recently md at LIBA, .......

    Job Swaps 19 January 2011

  • Counterparty risk criteria rolled out

    S&P yesterday rolled out its updated criteria for assessing counterparty and supporting obligations to North America and EMEA securitisations, following their Asia-Pacific and Japan implementation (see SCI 18 January). The rating agency has placed or kept on credit watch negative its credit ratings on 950 classes of notes in 482 North American and 1,981 tranches in 964 EMEA deals.

    The aggregate .......

    News Round-up 19 January 2011

  • Risk retention study published

    The US Financial Stability Oversight Council (FSOC) has released a study on the Dodd-Frank Act's risk retention requirements. The study notes that securitisation provides important economic benefits by improving the availability and affordability of credit to a diverse group of consumers, businesses and homeowners.

    The FSOC suggests that the requirement to retain at least 5% of the credit risk of .......

    News Round-up 19 January 2011

  • Stable outlook for Asia ex-Japan SF

    Moody's performance outlook for cross-border Korean transactions, including RMBS, auto loan ABS and credit card ABS, as well as Singaporean CMBS and Asia Pacific ex-Japan balance sheet CLOs is stable.

    "The outlook on the Korean assets is driven by the country's economic recovery and the low unemployment rate. Receivables performance should remain stable," says Moody's vp Marie Lam.

    However, caution .......

    News Round-up 19 January 2011

  • Resecuritisation credit concerns outlined

    Moody's has outlined a number of credit concerns that have led to it increasingly declining to give the highest ratings to US RMBS resecuritisations. These include: the volatility of potential losses in the current environment, a lack of strong protections against bankruptcy risk, ambiguities in the legal documents and uncertainties resulting from foreclosure irregularities.

    Resecuritisations bifurcate the risk embedded in .......

    News Round-up 19 January 2011

  • Boutique nabs CLO trader

    Reggie Fernandez has joined KGS Alpha as a CLO trader. Fernandez most recently worked at Sirona Advisors in the same role. Prior to this, he held positions at Mashreq Bank, Deutsche Bank and UBS.

    .......

    Job Swaps 19 January 2011

  • Some caution in Euro CLOs as supply continues

    Despite a disappointing outcome for last week's much anticipated 43-line bid list (SCI 12 January) the European CLO market is still expecting a stream of supply this week. Next up is a 31-line list due to trade this afternoon, but there are signs that the call for some caution at the end of last week (SCI 14 January) is being .......

    Market Reports 19 January 2011

  • Servicing compensation initiative launched

    The Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac are to work on a joint initiative with the Department of Housing and Urban Development (HUD). The initiative will consider alternatives for future mortgage servicing structures and servicing compensation for single-family mortgage loans.

    The goals in this initiative are to improve service for borrowers, reduce financial risk to servicers .......

    News Round-up 19 January 2011

  • Euro RMBS strikes back

    The secondary European RMBS market has been reenergised by a busy and successful week or so of bid-list activity. However, S&P's counterparty criteria update (SCI passim) - and its potential impact on higher rated benchmark deals in particular - is causing some concern.

    "The market is standing firm at the minute; there are a lot of buyers out there - .......

    Market Reports 19 January 2011

  • Balance sheet CLO mapping criteria explained

    Moody's has released its mapping methodology for bank balance sheet CLOs. The new criteria describe the steps involved in establishing correspondence between the agency's rating scale and the internal ratings of a regulated bank.

    Moody's emphasises that both quantitative and qualitative factors will form part of the rating committee decision. In particular, consideration will be given to the mapping statistical .......

    News Round-up 18 January 2011

  • Junior mezz performance examined

    Long mezz positions have performed well during growth periods, while short positions have proved to be an efficient market hedge through recessions. In an analysis of standardised tranche investment returns, credit derivative strategists at Morgan Stanley find that positive performance in 2006-2007 was driven by spread compression, time decay and relative pricing in favour of junior mezzanine.

    "At the outset .......

    News 18 January 2011

  • MCDS poised for growth

    The municipal CDS market is poised for growth, following on from an up-tick in trading volumes in 4Q10. Industry initiatives to introduce standardised contracts and potentially tranche trading are also set to bolster activity in the sector.

    Two factors are driving growth in the MCDX index market, according to Mikhail Foux, director, credit and derivatives strategy group at Citi. First, .......

    News 18 January 2011

  • Japanese ABS on recovering trend

    Moody's reports that the performance of assets in Japan SF deals are recovering. The rating agency believes that in comparison to 2010, overall asset performance in 2011 will be fairly stable.

    The Japanese economy is improving gradually and although the employment and income situation remains severe, it is expected to make a slow recovery. However, while the financing environment is .......

    News Round-up 18 January 2011

  • Minimal impact from Silver Maple asset release

    Moody's says that the release of Hougang Plaza from the security of Silver Maple Investment Corporation will not result in a reduction or withdrawal of the ratings assigned to the series 25 and 30 notes. The affected Singapore CMBS notes are the Aa1 rated US$255.5m series 025 and €175m series 030, which are due to mature in April 2014.

    Silver .......

    News Round-up 18 January 2011
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