Complete news archive

  • 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

  • Securitisation lawyer promoted

    Bingham has elected 13 lawyers to its partnership, including one securitisation specialist. Robert Gross is a member of the firm's structured transactions group in the Washington, DC office and has represented investment banks, hedge funds, issuers, sellers, purchasers, investors, servicers and monoline insurers in connection with domestic and cross-border financial transactions. His transactional experience includes public and private offerings and .......

    Job Swaps 12 January 2011

  • Wider impact

    Foreclosure ruling sparks RMBS loss severity concerns

    The Supreme Judicial Court of Massachusetts (SJC) last week declared that trustees may foreclose on unrecorded mortgages if they can demonstrate ownership of those mortgages. The court also rejected evidence which had been presented to the lower Land Court by trustees last year as insufficient to prove that they had ownership of the mortgages when they foreclosed. The ruling has .......

    News Analysis 11 January 2011

  • Tiering expected for German multifamily CMBS

    Values for properties securing German multifamily loans in European CMBS are estimated to have decreased by 16% on average since origination. However, the risk of principal loss remains low for over half of the current securitised loan balance, according to a recent Barclays Capital study.

    "While the outlook for the German rental market is positive for the next few years, .......

    News 11 January 2011

  • CDO vet replaced

    Paul Czekalowski, global head of FICC structuring at UBS, is understood to have left the bank. Paul Levy and Andrea Sambo have consequently stepped up as co-heads of EMEA FICC structuring, reporting to Matthew Zola, the firm's global head of securities structuring.

    Levy joined the bank in September 2009 as European head of institutional structuring, having previously been a partner .......

    Job Swaps 11 January 2011

  • Euro sovereign-corporate CDS trades recommended

    Concerns about peripheral Europe have increasingly affected the CDS spreads of core European sovereigns in the past two months, creating dislocations in the sovereign-corporate CDS relationship of core Europe. Indeed, credit strategists at Barclays Capital believe that a number of corporate CDS now trade too tight to their triple-A rated core sovereign CDS.

    In particular, some German and Dutch names .......

    News 11 January 2011

  • Divergent European ABS recovery expected

    The recent revival in new issuance for some European structured finance asset classes - notably UK and Dutch RMBS and German auto ABS - is expected to continue this year, according to S&P. However, the revival comes at a time when the market could be set to divide further along geographic lines, with more stable credit performance and greater issuance .......

    News Round-up 11 January 2011

  • Fed set to streamline agency MBS portfolio

    The New York Fed's open market trading desk will next week begin streamlining the administration of agency MBS held in the system open market account (SOMA) portfolio by consolidating some of the securities via Fannie Mae and Freddie Mac CUSIP aggregation. Through this process, aggregated CUSIPs are formed by consolidating existing agency MBS with similar characteristics into larger pass-through securities.

    News Round-up 11 January 2011

  • Hudson CLO transfer confirmed

    Pramerica Investment Management has confirmed that Aladdin Capital Management UK has assigned to the firm its rights and obligations under the collateral management agreement for Hudson CLO I (see SCI 23 December). In addition, two London-based Aladdin employees - Peter Allan and Richard Etheridge - will join Prudential's European leveraged finance team.

    In London, Prudential Fixed Income currently serves as .......

    Job Swaps 11 January 2011

  • Opportunistic CRE fund minted

    Declaration Management & Research has launched the DMR CRE Debt Fund I, which focuses on special situation recapitalisations of US commercial real estate of all types. Through opportunistic distressed debt acquisitions, discounted pay-offs and new senior and mezzanine financing, the fund targets an all-in yield in the low to mid-teens.

    Declaration expects the fund to be the first in a .......

    Job Swaps 11 January 2011

  • Italian SF counsel hired

    Bird & Bird has hired Silvia Morlino as counsel in its banking and finance group, to develop its Italian structured finance practice. She joins from Allen & Overy, where she worked since the firm opened in Italy in 1998.

    Morlino specialises in debt issues, share issues in IPOs, structured finance transactions, securitisation pursuant to Law 130 as well as English .......

    Job Swaps 11 January 2011

  • Stable outlook for US ABS performance

    The outlook for the performance of the majority of US ABS sectors is stable, albeit at weaker levels compared to their performance historically, according to Moody's 2011 surveillance outlook report. The stable outlook applies to securitisations of FFELP student loans, agriculture and construction equipment loans, timeshare loans and franchise loans.

    Most of these sectors have some vulnerability to the weak .......

    News Round-up 10 January 2011

  • MBS trio recruited

    Amherst Securities Group has recruited Peter Davidson, Chris Heaney and Chris O'Neill to help expand its MBS sales and client base.

    Davidson assumes the role of md in Amherst's New York office, covering insurance companies, money managers and hedge funds. Previously, he was md in the mortgage-backed sales group at RBS and a director in mortgage-backed sales at Merrill Lynch.

    Job Swaps 10 January 2011

  • CRE vet moves on

    Ellington Management Group has appointed Leo Huang as a portfolio manager in its commercial real estate debt group. Huang will oversee the firm's CRE debt business, investing in CMBS, B-notes, mezzanine debt and various other CRE-related investments. He will report to Michael Vranos, Ellington's founder and chief executive.

    Huang previously worked at Starwood Capital Group as head of real estate .......

    Job Swaps 10 January 2011

  • Retail broker-dealer launched

    Former co-heads of Morgan Stanley Smith Barney's capital markets division, Kevin Morano and Tom O' Brien, have launched SumRidge Partners - a fixed income broker-dealer catering to the wealth management industry.

    SumRidge's core business is market marking in investment grade corporate and municipal bonds, US treasuries and agency securities, including CMOs. The firm - which will specialise in trades sized .......

    Job Swaps 10 January 2011

  • CMBS delinquencies set to stabilise

    The delinquency rate for US CMBS ended 2010 at 8.23%, having moderated in recent months, according to Fitch's latest Loan Delinquency Index results. US CMBS delinquencies are down from the high of 8.66% reached in September 2010. The agency projects late-pays to peak at or near 10% within the next year - a notable markdown down from its original forecast .......

    News Round-up 10 January 2011

  • Vice-chair returns to ISDA board

    Gay Huey Evans has re-joined ISDA's board of directors as vice-chairman and non-executive chairman of Europe. Huey Evans, who is based in London, will act as an advisor to ISDA's board and management with respect to public policy issues in Europe. She will also work alongside the firm's executive management in refining the association's strategic plans in the new regulatory .......

    Job Swaps 10 January 2011

  • CDS compression continues apace

    TriOptima says its triReduce portfolio compression service eliminated US$8.5trn in CDS notionals in a record 95 compression cycles during 2010. US$68.2trn in CDS notional outstanding has been terminated since the introduction of the service in 2003, reaching a peak in 2008 when triReduce credit cycles eliminated US$30.2trn in notional outstanding.

    "The success of our compression efforts in previous years, as well .......

    News Round-up 10 January 2011

  • CRE md named

    NAI Global has appointed Peter Ruggiero as md in its global capital markets team. He is tasked with expanding capital market activity across the firm's CRE platform, including providing clients with acquisition/disposition solutions, as well as debt and equity financing and asset management.

    Ruggiero was most recently with Cassidy Turley and its predecessor Colliers International, where he created and managed its .......

    Job Swaps 10 January 2011

  • Wealth manager continues expansion

    FalconView Capital Partners has expanded the scope of its business and management team, beginning by moving its head office to new quarters in Stamford, Connecticut. The firm's geographical reach will continue to expand through Latin America and Europe during 2011, it says.

    FalconView co-founders Roy Ellis and Ivan Santillan recently acquired the interests held by minority shareholders and now own .......

    Job Swaps 10 January 2011

  • Promotion for SF attorney

    Lowenstein Sandler has promoted attorney Jonathan Wishnia to become a member of the firm in its corporate department. Wishnia advises on mortgage and structured finance matters, including the trading and financing of whole loans and servicing rights. He also works in coordination with the capital markets litigation group, providing forensic analysis services in connection with MBS, ABS, CDOs, ABCP conduits, .......

    Job Swaps 10 January 2011
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