Complete news archive

  • CRE firm adds debt and equity md

    Grubb & Ellis has appointed Richard Jarocki as md in its debt & equity finance group. He will co-manage the group's efforts in the Northeast of the US, alongside former head of Citi's CMBS lending programme Steven Roberts.

    Jarocki joins the firm from Rock Financial Consulting, where he advised on debt vehicles and processes. Prior to this, he spent eight .......

    Job Swaps 20 December 2010

  • Equity options

    Two new catastrophe listings placed

    Two new equity-related placings impacting the insurance-linked securities markets have been announced. A new company investing in reinsurance instruments - including catastrophe bonds - has successfully listed on the London Stock Exchange, while SCOR has finalised a natural catastrophe financial coverage facility.

    CATCo Reinsurance Opportunities Fund has raised US$80m through a placing of 80,392,000 ordinary shares on the London Stock .......

    News Analysis 20 December 2010

  • CRE workout firm launched

    Peter Monroe and Joseph Gaynor have launched VRM - a value-added receivership and asset management company specialising in Florida commercial properties. Monroe will assume the position of ceo, while Gaynor becomes president of the firm.

    Monroe was previously oversight board president of the RTC and coo of the Federal Housing Administration. He is a licensed Florida lawyer, commercial real estate broker .......

    Job Swaps 17 December 2010

  • BlueBay acquisition completed

    Royal Bank of Canada has completed the acquisition of BlueBay Asset Management (see also SCI 19 October). The acquisition brings over 200 employees and approximately US$40bn in AUM to RBC's global asset management business.

    "By leveraging the combined strengths of RBC and BlueBay, this transaction will enable us to bring a greater range of asset management solutions to our clients .......

    Job Swaps 17 December 2010

  • US CMBS 2.0 index prepped

    Barclays Capital will launch a US CMBS 2.0 index on 1 January 2011. The index aims to offer investors a clear measure for evolving CMBS markets by tracking the new category of recently issued securities commonly referred to as 'CMBS 2.0'.

    The US CMBS 2.0 index will be a rules-based index constructed to measure the market of investment grade CMBS .......

    News Round-up 17 December 2010

  • ECB to introduce loan-by-loan requirements

    The ECB is to establish loan-by-loan information requirements for ABS in the Eurosystem collateral framework. It intends to introduce the requirements within the next 18 months: first for RMBS and thereafter gradually for other ABS asset classes.

    Loan-level data will be provided in accordance with a template, at least on a quarterly basis on, or within one month of, a .......

    News Round-up 17 December 2010

  • No auction for Tea Co

    ISDA's Americas Determinations Committee has ruled that a bankruptcy credit event occurred with respect to The Great Atlantic & Pacific Tea Company on 12 December. However, it has voted not to hold a CDS auction for trades referencing the name.

    .......

    News Round-up 17 December 2010

  • Hermes XVII restructured

    Fitch has affirmed HERMES XVII Dutch RMBS, following a restructuring of the transaction. The changes made include an improvement to the credit risk of the portfolio due to the removal of arrears and some high loan-to-value loans, as well as additional mechanisms to support the unrated class E notes.

    Following the restructuring, the substitution period will end immediately with the .......

    News Round-up 17 December 2010

  • Consultancy adds financial engineering pair

    Duff & Phelps has appointed Simon Greaves as lead md and James Wood as md in its European financial engineering practice. The London-based pair will develop new products around complex instruments.

    Before joining Duff & Phelps, Greaves was md at Fitch Solutions, where he was responsible for EMEA and APAC. Prior to this, he was a founding member and head .......

    Job Swaps 17 December 2010

  • Granite perks up Euro RMBS

    It has been another quiet week in the European RMBS market, as most participants prepare for end-of-year. However, with senior and mezzanine Granite spreads rallying last week, prices have now settled at a relatively high level.

    "It's been fairly quiet, with not a great deal of activity," one ABS trader comments. The lack of momentum in the market has seen .......

    Market Reports 17 December 2010

  • CME Clearing Europe wins FSA approval

    CME Clearing Europe has been approved as a Recognised Clearing House (RCH) by the UK FSA. Barclays Bank and JPMorgan will act as the first settlement banks for CME Clearing Europe and will be a central part of its payment infrastructure. JPMorgan will also provide custody and liquidity services.

    "Receiving RCH status from the FSA means we can now fully .......

    News Round-up 17 December 2010

  • CRE CDO delinquencies drop again

    Continuing resolutions and extensions of non-performing loans resulted in a second-straight decline for US CREL CDO delinquencies, according to Fitch. Delinquencies fell to 12.2% in November from 12.8% in October.

    "Though CREL CDO delinquencies have lingered between 12% and 13% over the last year, realised losses have continued to accumulate," says Fitch director Stacey McGovern.

    Approximately US$890m of realised losses have .......

    News Round-up 17 December 2010

  • Securitisation arranger numbers released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show JP Morgan has eased in to top spot in Europe, while in the US Barclays Capital has extended its lead for 2010 to the end of November. The leaders participated in an impressive €7.26bn and US$13.5bn worth .......

    News Round-up 17 December 2010

  • Dynamic Credit US acquisition agreed

    Duff & Phelps has acquired both Dynamic Credit Partners' US consulting business and June Consulting Group. The transactions accelerate growth initiatives in Duff & Phelps' corporate finance and legal management consulting practices, the firm says.

    "Integrating these two like-minded firms into the Duff & Phelps culture and service platform expands our footprint in key markets. These strategic investments also fall in .......

    Job Swaps 16 December 2010

  • Indian RMBS maintain stable performance

    The performance of Indian RMBS transactions has remained stable throughout 2010, according to Fitch, with all 16 transactions that it rates maintaining their initial ratings with stable outlooks. The strong performance is a result of low average defaults of less than 1.5% of original principal outstanding across all vintages, the agency says.

    The usage of credit enhancement has also been very .......

    News Round-up 16 December 2010

  • RMBS re-REMICs on review following error

    S&P has placed its ratings on 1,196 classes from 129 US RMBS re-REMIC transactions issued in 2002-2010 on credit watch with negative implications. The actions primarily reflect the agency's revised analysis of timely interest, including consideration of the impact of pro rata allocation of interest among senior and subordinate classes.

    S&P says that previously it incorrectly analysed timely interest payments and .......

    News Round-up 16 December 2010

  • RMBS loss severities to increase

    Fitch's latest RMBS performance metrics results indicate that loss severities on distressed US residential mortgage loans are likely to increase by an additional 5%-10% from current levels. This, the agency says, is due to higher loss mitigation, foreclosure expenses and weakening home values.

    The anticipated increases for average loss severities for prime loans are expected to increase from 44% to 49%-54%. .......

    News Round-up 16 December 2010

  • Former RTC exec to lead CFI

    The FDIC has appointed Jim Wigand as director of the newly established Office of Complex Financial Institutions (CFI), which was created to better position the agency to carry out its responsibilities under the Dodd-Frank Act.

    The CFI is responsible for the continuous review and oversight of bank holding companies with more than US$100bn in assets, as well as non-bank financial .......

    Job Swaps 16 December 2010

  • CDO management services formalised

    GE Asset Management (GEAM) is set to assign its asset management duties for the Navigator CDO 2003, 2004, 2005 and 2006 transactions to GE Capital Debt Advisors (GECDA). Moody's says it has been informed that all requisite consents and approvals for the assignment will be received and conditions to closing will be satisfied.

    GECDA has provided management services for the .......

    Job Swaps 16 December 2010

  • Further security-based swap rules proposed

    The US SEC is to propose a new rule specifying the steps that end-users must follow when engaging in a security-based swap transaction that is not subject to mandatory clearing. It also voted to propose rules required under the Dodd-Frank Act that would set out the way in which clearing agencies provide information about security-based swaps that the clearing agencies .......

    News Round-up 16 December 2010

  • Basel 3 rules text released

    The Basel Committee has issued the Basel 3 rules text, which presents the details of global regulatory standards on bank capital adequacy and liquidity agreed by the Governors and Heads of Supervision, and endorsed by the G20 leaders at their November Seoul summit. The Committee also published the results of its comprehensive quantitative impact study (QIS).

    The Basel 3 framework .......

    News Round-up 16 December 2010
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