Complete news archive

  • 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

  • Further Anglo Irish auctions considered

    ISDA's EMEA Credit Derivatives Determinations Committee may hold one or more auctions to settle 'relevant transactions' in respect of the Anglo Irish Bank Corporation following its resolution on 23 December, 2010, that a Restructuring Credit Event occurred. This is a subsequent and separate credit event to that which the Committee resolved on 23 November, 2010 and which was settled following .......

    News Round-up 5 January 2011

  • Improvement continues for credit card ABS

    A continued improvement in US credit card ABS collateral performance has been recorded in Fitch's latest index results. Chargeoffs, delinquencies, and excess spread all improved to extend the positive trends that began last summer, the agency reports.

    Riding a year-long string of improving delinquency trends, chargeoffs fell below 9% for the first time in 20 months helping excess spread levels .......

    News Round-up 5 January 2011

  • ICE Trust CFTC reg withdrawn

    The ICE Trust US has withdrawn its application for registration as a derivatives clearing organisation with the US Commodity Futures Trading Commission, according to a press release issued on 28 December, 2010. The ICE Trust US submitted its application on 12 November, 2010.

    The application was withdrawn due to recently-proposed clearing regulations from the CFTC, according to reports.

     

    .......

    News Round-up 4 January 2011

  • SF partner appointed

    Eversheds has appointed Kingsley Ong as partner in its Hong Kong banking and finance team. Kingsley will be responsible for spearheading the firm's structured finance and derivatives group.

    Kingsley has over ten years of experience at both Mayer Brown and Clifford Chance as a structured finance and derivatives lawyer. In this time, he has helped set up securitisations and derivative .......

    Job Swaps 4 January 2011

  • BoA settles GSE buy-back claims

    Bank of America has announced agreements with Freddie Mac and Fannie Mae to resolve repurchase claims involving certain residential mortgage loans sold to them by entities related to Countrywide Financial Corporation. The payouts are a result of the GSEs' drive to exercise their put-back options on certain loans (see SCI issue 198).

    The agreement with Freddie Mac extinguishes all outstanding .......

    News Round-up 4 January 2011

  • Downgrades for Option ARM RMBS

    Moody's has downgraded four tranches totalling US$6bn from four RMBS issued by Wachovia due to deteriorating collateral. The collateral backing these transactions consists primarily of first-lien, adjustable-rate, negative amortisation and Alt-A residential mortgage loans.

    In these transactions Wells Fargo - as master servicer - is obliged to repurchase loans that are more than 90 days past their due date. Delinquent .......

    News Round-up 4 January 2011

  • Cat bond duo closed

    Swiss Re has closed two catastrophe bond issuances - the third series of Successor X and Green Fields Capital 2011-1.

    Sized at US$170m, the Successor X transaction references major North Atlantic hurricane risk in selected states within the US and Puerto Rico and major earthquake risk in California and Australia between December 2010 and December 2013 (see also SCI 8 .......

    News Round-up 4 January 2011

  • SLC acquisition completed

    Discover Financial Services has completed its acquisition of the Student Loan Corporation (SLC). The acquisition includes SLC's ongoing private student loan business and private student loans and other assets, totalling US$4.2bn, along with US$3.4bn of SLC's existing ABS funding and other liabilities.

    The acquisition was preceded by a series of transactions in which Sallie Mae purchased US$27bn of SLC's federal .......

    Job Swaps 4 January 2011

  • RMBS default backlog continues to grow

    The growing volume of residential defaults continues to have a notable effect on the US housing market, according to S&P. The time it will take for the market to absorb newly-distressed properties has continued to grow in 3Q10, with the growing volume of distressed properties remaining one of the primary factors hindering a full recovery, the agency says.

    "At the .......

    News Round-up 4 January 2011

  • Distressed fund manager named

    Harbert Management has appointed Greg Jordan as portfolio manager of a distressed credit fund due to launch in February. Jordan will report to Mike Luce, the firm's president and coo.

    .......

    Job Swaps 4 January 2011

  • Eurosail deals downgraded on FX risk

    Moody's has downgraded the ratings of 19 classes of notes issued in four Eurosail transactions exposed to foreign exchange risk, following the review of its loss assumptions for the underlying mortgage portfolios. It has also updated its loss assumption in another UK non-conforming RMBS transaction exposed to foreign exchange risk, but has taken no action on the ratings of the .......

    News Round-up 24 December 2010

  • Fleet Street 2 affirmed post-restructuring

    S&P says the restructuring of the Fleet Street Finance Two CMBS this month by Capital Asset Services (Ireland) does not affect the transaction's ratings. The restructuring, begun in February 2010 and completed in October, followed the insolvency of key tenant Karstadt (SCI passim).

    The restructuring includes extending the notes' legal maturity to July 2017, on the condition that the application .......

    News Round-up 24 December 2010

  • CRE CDO manager replaced

    Cutwater Asset Management Corp has replaced Dillon Read Capital Management as collateral manager on Dillon Read CMBS CDO 2006-1. The collateral management agreement was amended as such due to the removal of Dillon Read Capital Management as the collateral manager, following the execution of a notice of removal of collateral manager for cause.

    Moody's has determined that the move will .......

    Job Swaps 24 December 2010

  • GSE portfolio rules implemented

    The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a final rule pertaining to Fannie Mae and Freddie Mac portfolio holdings. The final rule implements section 1109 of the Housing and Economic Recovery Act of 2008 (HERA) and adopts without change FHFA's interim final rule on portfolio holdings, which was effective on 30 January 2009.

    The final .......

    News Round-up 24 December 2010

  • Watch positive for raft of Euro CLOs

    Moody's has placed 53 tranches from 14 European CLOs under review for possible upgrade, impacting around €1.45bn of securities. The agency explains that there may be positive implications of improvement in deal collateral quality metrics since the deals were previously rated, including weighted average rating factor (WARF) and OC levels.

    Improved credit performance of the underlying collateral and favourable market .......

    News Round-up 24 December 2010

  • RoundPoint closes second FDIC transaction

    RoundPoint Financial Group has purchased a 40% stake of a US$603m mortgage loan portfolio from the FDIC in conjunction with RBS Financial Products. The FDIC retains a 60% equity interest in the structured transaction.

    The newly created venture will acquire the mortgage pool and the loans in the portfolio will be managed and serviced by RoundPoint Capital Group and RoundPoint .......

    News Round-up 24 December 2010

  • Plantation Place proposal stalled

    The REC 5 (Plantation Place) CMBS restructuring proposal (SCI passim) has received a high level of support from noteholders, with four out of the five tranches voting in favour to break the deadlock. However, a single noteholder in the class B tranche rejected the proposal and a further meeting of the class B noteholders will be held early in the .......

    News Round-up 23 December 2010

  • Different paths

    US CLO improvement powers on as Europe lags behind

    A good year is being predicted for US CLOs in 2011, driven by improving new issuance volumes and collateral trends. In contrast, the European CLO market remains mired in regulatory and sovereign debt issues.

    Annaly Capital Management strategists note that the four CLOs that priced in November (SCI passim) mark a huge step forward for the market from just over .......

    News Analysis 23 December 2010

  • ILS trio closes

    Three more insurance-linked securities deals have closed in the past day - the first longevity trend risk securitisation, the first medical benefit claims ILS and two new tranches from the Montana Re multi-peril multi-country catastrophe bond.

    Swiss Re has placed US$50m of its new longevity trend securitisation - Kortis Capital (SCI 2 December 2010). The single tranche Series 2010-I class .......

    News 23 December 2010

  • Support issues

    Starkly different outlooks for Australian ABS and RMBS

    The outlooks for Australian ABS and RMBS are starkly different. While the record ABS volumes seen in 2010 are expected to continue next year, growth in the RMBS sector appears to be being distorted by a lack of cheap funding and the government's deposit guarantee scheme.

    2010 has been the busiest year on record for Australian ABS, according to Ilya .......

    News Analysis 23 December 2010
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