Complete news archive

  • 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

  • Euro ABS gathers momentum

    European ABS activity is beginning to pick up again after its year-end wind-down. Despite the spread widening seen last week, traders maintain a positive outlook for the sector during the first quarter.

    "It was pretty quiet at the start of last week, although we saw more activity on Thursday and Friday," one ABS trader says. Nevertheless, the trader says that .......

    Market Reports 10 January 2011

  • SEC proposes ABS issuer reporting rule

    The US SEC is proposing a rule that would permit the suspension of reporting obligations for ABS issuers in certain circumstances - i.e. when there are no longer ABS of the class sold in a registered transaction held by non-affiliates of the depositor.

    Section 942(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (SCI passim) eliminated the automatic .......

    News Round-up 7 January 2011

  • 2010 sovereign CDS trends tracked

    A new report by CMA on the risk profile of sovereign debt issuers has picked out several key credit trends over the last year.

    Unsurprisingly, having widened 32% in Q410, Greece tops the list of most risky sovereigns with a five-year cumulative probability of default (CPD) of 58.8%. Venezuela moves off top spot down to second (51.4%), while Ireland (41.2%), .......

    News Round-up 7 January 2011

  • Structured credit pros hired

    StormHarbour has made three new senior appointments in to its client-facing business in Geneva.

    Alberto Ferro-Villani joins StormHarbour (Suisse) as director of capital markets and origination. Alberto previously worked at Hepta Capital Partners as md of its mid-sized corporate-focused private equity fund. Prior to this, he worked at Credit Suisse on the corporate debt derivatives desk.

    Hugues Dauphin joins the .......

    Job Swaps 7 January 2011

  • Prime Dutch RMBS rated

    Moody's has assigned provisional ratings to six classes of the Dutch RMBS, ARENA 2011-I, totalling €700m. The transaction, which references Dutch prime mortgage loans, is backed by residential properties located in the Netherlands and is originated by Amstelhuys. Rabobank is arranging the transaction.

    The capital structure includes €147m triple-A rated class A1 notes as well as €497m triple-A class A2s. .......

    News Round-up 7 January 2011

  • New Abacus suit filed

    ACA, the bond monoline insurer now operating in run-off mode, has filed a lawsuit against Goldman Sachs for fraud and unjust enrichment in connection with CDO ABACUS 2007-AC1 (see SCI Issue 208). ACA says it was misled by Goldman's activities alleging that the CDO was developed and sold by Goldman Sachs on behalf of its hedge fund client, Paulson & .......

    News Round-up 7 January 2011

  • CMBS partner appointed

    Sidley Austin has appointed Kevin Blauch as partner in its structured finance and securitisation practice. With a strong emphasis on handling CMBS deals for major investment banks, loan originators and investors, Blauch will focus on all aspects of the firm's structured finance activities.

    Blauch has worked in the commercial mortgage loan workout area and has been involved in various real .......

    Job Swaps 7 January 2011

  • Starwood snaps up non-performing portfolio

    Starwood Capital Group has acquired a non-performing commercial loan portfolio with an outstanding principal balance of US$157m from a Midwest regional bank. The portfolio was purchased for 40 cents on the dollar and represents a price of around 32% of initial capitalisation.

    There are 137 commercial loans in the portfolio, with concentrations in Florida, Indiana, Michigan, North Carolina and Ohio. .......

    Job Swaps 7 January 2011

  • Bank expands structured credit desk

    Citigroup has appointed Sarah Draper as vp in its structured credit team based in London, moving over from Barclays Capital. Draper will report to Peter Keller, the bank's head of European credit structuring. Her appointment has been described as an"opportunistic expansion" of the team.

    .......

    Job Swaps 6 January 2011

  • ABS CDO manager transferred

    Cairn Capital is set to replace Solent Capital as the collateral manager for ABS CDO Rhodium 1. Moody's has determined that the management change will not cause its current ratings on the affected notes to be reduced or withdrawn.

    .......

    Job Swaps 6 January 2011

  • Asia trust head appointed

    Citi has appointed Adrian Nye as regional head of its agency and trust business in the Asia Pacific region. Nye's primary focus will be on broadening the bank's range of corporate trust services available to regional issuers and intermediaries active in the capital markets, M&A, project finance and securitisation sectors. He will report to Alan Smith, head of issuer services .......

    Job Swaps 6 January 2011

  • New high for US CMBS delinquencies

    Trepp reports that the US CMBS delinquency rate rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure or REO climbing 27bp to 9.20%. This is the highest in history for US CRE loans in CMBS, with the value of delinquent loans now exceeding US$61.5bn, according to the firm.

    The decline in the delinquency .......

    News Round-up 6 January 2011

  • Partnership bolsters fixed income valuations

    Advanced Fund Administration (AFA) has partnered with NewOak Solutions to provide periodic valuations and a suite of analytical reporting that will be incorporated into AFA's client service offering. In addition, NewOak and AFA will develop solutions supporting the investment process for managers of complex and illiquid strategies.

    Through the partnership with AFA, NewOak will provide security level pricing, risk analytics and .......

    News Round-up 6 January 2011

  • Asian sovereign CDS tightens

    Sovereign CDS spreads tightened most in Asia during a quiet holiday week of muted CDS movement, according to Fitch Solutions. Meanwhile CDS on European sovereigns are still pricing 23% wide of recent historical trading levels.

    Another underperformer continues to be financial institutions, says the agency, with CDS spreads pricing over 6% wide of their established trading patterns. "European financials are .......

    News Round-up 6 January 2011

  • 'Significant' improvement for troubled company index

    The Kamakura index of troubled public companies indicates a significant continuing improvement in December, dropping 0.65% to 4.45%. On 17 December, the index reached its 20-year low of 4.36%, the firm says.

    According to Kamakura, these results suggest that companies in the 'troubled category' are almost exclusively financial institutions or housing related firms, rather than a broad cross section of .......

    News Round-up 5 January 2011

  • CLO investors call for decisive regulatory action

    The new issue CLO market is expected to revive this year as regulations are finalised and arbitrage and liquidity return, according to CLO investors at a recent S&P roundtable. They also expect the investing community to be drawn to collateral managers with good track records and appropriate management styles, while they are divided on the seriousness of the pending maturity .......

    News Round-up 5 January 2011

  • Annaly eyes MBS purchases

    Annaly Capital Management has priced an underwritten public offering of 75 million shares of its common stock. The shares are priced at US$17.20 for expected gross proceeds of approximately US$1.3bn. Annaly expects to use the proceeds of this offering to purchase MBS for its investment portfolio and for general corporate purposes.

    Credit Suisse is acting as the lead book-running manager .......

    News Round-up 5 January 2011

  • Student loan servicing outsourced

    CIT Group has completed a service agreement with the Pennsylvania Higher Education Assistance Agency (PHEAA) to service US$7.4bn of the firm's government-guaranteed loans portfolio.

    Under the terms of the agreement, CIT will outsource all of its student loan servicing activities that are currently provided by its subsidiary Xpress Loan Servicing (XLS). PHEAA conducts its commercial student loan servicing activities as .......

    News Round-up 5 January 2011

  • Senior trio depart

    Three senior executives are leaving Citadel Securities, the firm has confirmed. John Kilgallon, currently part of the leveraged finance group at Citadel, will replace head of leveraged finance Carl Mayer. Mayer had joined in 2009 from Merrill Lynch, where he was head of leveraged finance capital markets (see SCI issue 135).

    Along with Mayer, the head of credit markets for .......

    Job Swaps 5 January 2011

  • Securitisation trust units acquired

    US Bancorp's lead bank, US Bank National Association, has completed the acquisition of the domestic and European-based securitisation trust administration businesses of Bank of America. After conversion - expected to complete by the end of the third quarter of 2011 - the acquired US and European trust businesses will operate under the US Bank trade name and will open offices .......

    Job Swaps 5 January 2011
×