Complete news archive

  • MBIA litigation uncertainty persists

    The Appellate Division of the New York State Supreme Court on Tuesday reversed an earlier decision by a lower court and granted MBIA's motion to dismiss the plenary lawsuit brought by a group of banks challenging its restructuring (SCI passim), but ruled that a separate court action by the plaintiffs - called an Article 78 proceeding - could proceed. Uncertainty .......

    News 13 January 2011

  • Electricity tariff bonds marketing

    Details have emerged on the first issuance from the much-anticipated Spanish electricity tariff ABS programme, Fondo de Titulización del deficit del sistema electrico FTA (see also SCI issue 195). Moody's has assigned provisional ratings to €2bn of initial Aa1 rated notes, with the programme limit sized at €22bn.

    The programme securitises payment rights granted to Spanish utility companies to obtain .......

    News 13 January 2011

  • Freddie positive on K-deal pipeline

    Freddie Mac is in the market with its debut multifamily structured pass-through certificate (K Certificate) offering of 2011. The US$1bn K-010 transaction is backed by 76 recently originated multifamily mortgages guaranteed by the agency and is expected to price next week and settle on 10 February.

    The offering is the first K-deal to be publicly rated by two rating agencies .......

    News Round-up 13 January 2011

  • New Mexican ABS participants, assets expected

    New participants appear poised to enter the Mexican securitisation market in 2011, according to S&P. The agency believes that the country's economy is stabilising, which could help the securitisation market's recovery.

    "While new issuance levels will likely remain similar or slightly higher than they were in 2010 (US$8.7bn), the new year looks favourable," S&P notes. "We anticipate several new asset .......

    News Round-up 13 January 2011

  • CMBS svp appointed

    DBRS has appointed Richard Carlson as svp in its CMBS group. Carlson will focus on operational risk reviews for CMBS ratings, including servicer evaluations and originator reviews globally. He will report to Mary Jane Potthoff and Erin Stafford, co-heads of the rating agency's US, Canadian and European CMBS group.

    Prior to joining DBRS, Carlson spent 10 years performing operational risk reviews .......

    Job Swaps 13 January 2011

  • Distressed sales vet joins boutique

    Andrew Arthur has joined FBR Capital Markets as md and head of distressed sales.

    Michael Lloyd, senior md and head of credit, convertibles and options at FBR, comments: "Andy will lead a growing team of professionals as we continue to invest in debt origination, execution, idea generation and distribution in order to provide our clients with opportunities in the corporate .......

    Job Swaps 13 January 2011

  • Debt advisory head hired

    Gleacher Shacklock has appointed Daniel Morland as partner and head of its debt advisory group. Morland has over 15 years of experience in the debt markets, incorporating advising, arranging, underwriting, syndicating and restructuring debt in a variety of mandates and sectors. He joins Gleacher from DC Advisory Partners, where he was md.

    .......

    Job Swaps 13 January 2011

  • US auto loan ABS criteria updated

    S&P has updated its methodology and assumptions criteria for rating and monitoring US auto loan ABS. However, the rating agency does not expect the updates to affect any outstanding ratings.

    The updated criteria include cashflow sensitivity analysis to test credit stability under conditions of moderate stress. It also uses a multi-pool cashflow analysis to address the liquidity risk associated with .......

    News Round-up 13 January 2011

  • Rate of CMBS delinquency increases to slow

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 16bp in December to 8.79%, according to Moody's Delinquency Tracker (DQT). For the year, the delinquency rate increased by 79% from 4.9% at the end of 2009 - albeit the rate of increase slowed considerably in the second half of 2010.

    Moody's expects the delinquency rate to .......

    News Round-up 13 January 2011

  • Liquid credit fund prepped

    Credit hedge fund manager Christofferson Robb & Co (CRC) is rolling out a new offering. The CRC Liquid Strategies Fund is set to launch next month, with US$100m from global family offices and pension funds.

    CRC md Bradley Golding says the new fund builds on the strong track record of a short equity fund he previously ran from 2006-2010, pulling .......

    News 13 January 2011

  • Rating agency beefs up in SF

    Kroll Bond Ratings has made two appointments in its structured finance team. Kim Diamond assumes the role of senior md and co-head of the team, while Eric Thompson joins as md, focusing on CMBS.

    The pair previously worked at S&P: Diamond as head of US MBS ratings and surveillance, and Thompson as head of CMBS surveillance. Thompson will report to .......

    Job Swaps 12 January 2011

  • Analytics acquisition agreed

    Markit has acquired risk analytics provider QuIC Financial Technologies. The acquisition will enable Markit to meet the growing demand for risk analytics and enterprise risk management services by combining its strengths in data and valuations with QuIC's analytics expertise, the firm says.

    QuIC will consequently become part of Markit's valuations and analytics services unit. The firm recently combined its valuations .......

    Job Swaps 12 January 2011

  • Software provider names sales svp

    Calypso Technology has appointed Chris Zingo as svp in its sales department. Zingo will be responsible for the firm's overall sales strategy, while managing the regional sales managers in Europe, North America and Asia-Pacific. He will report directly to Calypso president Kishore Bopardikar.

    Zingo joins the firm from SuperDerivatives, where he was svp of sales and support. Prior to this, .......

    Job Swaps 12 January 2011

  • Private label RMBS losses to increase

    Losses on US private label RMBS are set to increase this year as the foreclosure backlog continues to drive down housing prices, says Moody's. The agency expects RMBS issuance to remain limited in 2011, but also says the rate at which loans in securitisations become delinquent should decline.

    The exposed flaws in foreclosure practices could delay foreclosures by three to .......

    News Round-up 12 January 2011

  • Charges determined for Schwab fund

    The US SEC has charged Charles Schwab Investment Management (CSIM) and Charles Schwab & Co (CS&Co) with making misleading statements regarding the Schwab YieldPlus Fund. The SEC has also charged the firms with failing to establish, maintain and enforce policies and procedures to prevent the misuse of material and non-public information, while deviating from the YieldPlus Fund's concentration policy.

    Further, .......

    Job Swaps 12 January 2011

  • Japanese CMBS defaults continue apace

    Moody's-rated CMBS loans amounting to ¥670bn will mature in 2011, the agency says. Of these, the ten largest loans comprise more than 65% of the remaining balance and amount to ¥432.6bn.

    Five large loans amounting to approximately ¥260bn will mature in March and April 2011, with their payment conditions expected to have a strong effect on overall performance in 2011. .......

    News Round-up 12 January 2011

  • Electronic CDS offering launched

    UBS has launched a CDS electronic trading offering on Bloomberg for the major iTraxx and CDX global indices, including SovX WE, CEEMA SovX and Western sovereign single names. In addition to the North American, European and sovereign indices, the bank is also publishing live prices across all of the Western European single name sovereigns, in order to offer its clients .......

    News Round-up 12 January 2011

  • Promotion for MBS vet

    Fortress Investment Group has promoted Greg Finck as head of its newly created mortgage and asset-backed portfolio strategies team (MAPS). In his new role, Finck will move over to Fortress' asset management arm, Logan Circle Partners, and will report to Logan Circle ceo and cio Jude Driscoll. Based in New York, he will lead Logan Circle's structured product activities, focusing .......

    Job Swaps 12 January 2011

  • Risk manager adds senior adviser

    Kamakura Corporation has appointed David Rowe as senior adviser to its management team in Honolulu. Rowe will advise the team on strategic directions for the firm's software and risk management information businesses. He will also be spending time with Kamakura's clients on best practice risk management strategies, the firm says.

    Rowe is the founder and president of David Rowe Risk .......

    Job Swaps 12 January 2011

  • Bid-list anticipation dominates CLO market

    CLO market participants are eagerly awaiting trading on a 43-item bid-list due today, which could significantly impact sentiment going forward. At the same time, European CLO activity lags behind the US, where pricing levels in mezzanine paper have traded up considerably.

    "The CLO market has performed well over the last week," one CLO trader confirms. However, he notes a widening .......

    Market Reports 12 January 2011

  • CLO investor demand underscored

    Over half (58%) of the respondents polled in JPMorgan's latest global CDO client survey say they plan to add CLO exposure this year. Indeed, buyers in the sector outnumber sellers by a ratio of about 5:1, up from about a 3:1 ratio one year ago.

    120 clients participated in the survey, indicating that they were most concerned about regulatory risk .......

    News 12 January 2011
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