Complete news archive

  • Investors push FGIC restructuring plan

    Investors holding RMBS, ABS and municipal bonds guaranteed by FGIC have formed a policyholder group in the wake of the monoline's unsuccessful exchange offer, which expired on 22 October. The group intends to negotiate a restructuring plan with FGIC in the coming weeks and has formed a steering committee to lead negotiations.

    The steering committee and FGIC expect to come .......

    Job Swaps 7 December 2010

  • Law firm hires agency advisor

    Cadwalader, Wickersham & Taft has hired Bradley Bondi as a partner in its Washington, DC office. He joins from the US SEC, where he was detailed to the Financial Crisis Inquiry Commission (FCIC) to lead a team of lawyers, investigators and accountants in examining the causes of the financial crisis.

    Before that, Bondi served as counsel to SEC commissioners Troy .......

    News Round-up 7 December 2010

  • US manufactured housing remains stable

    The manufactured housing sector has experienced a very slight increase in loss severities, net loss rates and 60-day delinquencies over the last year, according to Fitch. The agency currently rates 138 manufactured housing transactions, with an original balance of US$55bn and an outstanding balance of US$10bn.

    "Stable manufactured housing performance has been driven by consistent servicing, loan seasoning and continued reductions .......

    News Round-up 6 December 2010

  • UK credit card performance improves

    Fitch reports that the performance of UK credit card trusts has improved in the third quarter of 2010 - driven by lower charge-off rates and a stabilisation of delinquency rates. However, yield rates and monthly payment rates trended lower in this period, the agency confirms.

    Fitch's charge-off index fell significantly to 7.5% at end-3Q10 from 10.5% at end-2Q10. The decline was .......

    News Round-up 6 December 2010

  • Hedge fund stake acquired

    The Carlyle Group has agreed to purchase a 55% stake in Claren Road Asset Management - a long-short credit hedge fund with US$4.5bn in AUM - in exchange for cash, an ownership interest in Carlyle and performance-based contingent payments. Claren Road founders will reinvest substantially all of the initial cash proceeds from the transaction back into Claren Road funds.

    Claren Road .......

    Job Swaps 6 December 2010

  • Synthetic trading head named

    Maxim Group has appointed Eymen Errais as md and head of structured credit sales and trading. Errais will be responsible for the development of the synthetic structured credit business, which includes trading index tranches and synthetic bespoke CDOs.

    Prior to joining Maxim, Errais was a credit correlation trader at Merrill Lynch, Credit Suisse and Barclays Capital. He also founded CreditFlow Partners .......

    Job Swaps 6 December 2010

  • ICM in the frame for CLO transfer

    Resource Europe is proposing to assign all of its rights and responsibilities as collateral manager of Resource Europe CLO I to Intermediate Capital Managers. Consequently, it has requested that the holders of more than 50% of the aggregate of the principal amount outstanding of the notes consent to the proposed assignment by passing a written resolution by 13 December.

    .......

    News Round-up 6 December 2010

  • Japanese counterparty criteria updated

    S&P has published two Japan criteria articles following the publication on 2 December its 'Counterparty and supporting obligations methodology and assumptions' update (see SCI 3 December).

    The first update, entitled 'Counterparty and supporting obligations methodology and assumptions', applies to all new and existing Japanese transactions, including ABCP programmes. The agency says it is discontinuing most Japan-specific counterparty criteria and replacing .......

    News Round-up 6 December 2010

  • ABS CDO manager transfer mooted

    Princeton Advisory Group is set to replace Prudential Investment Management as the collateral manager for Prudential Structured Finance CBO I. S&P has issued a preliminary rating confirmation in connection with the related assignment and assumption agreement.

    .......

    News Round-up 6 December 2010

  • Grey-zone ABS methodology updated

    Moody's has revised its rating methodologies for Japanese credit card receivables and consumer finance loan ABS. Additionally, the agency has explained its view on dilution risk for an underlying asset due to recalculations for Japanese ABS backed by loan receivables involving payments of grey-zone interest.

    On 31 October Takefuji Corporation said it would recalculate the principal amount of its loan .......

    News Round-up 6 December 2010

  • Swap dealer definition proposed

    The US SEC and the Commodity Futures Trading Commission (CFTC) have proposed joint rules under the Securities Exchange Act of 1934 that would further define a series of terms related to the security-based swaps market, including the definitions of 'security-based swap dealer' and 'major security-based swap participant'. The rules aim to implement provisions of the Dodd-Frank Act.

    SEC Chairman Mary .......

    News Round-up 6 December 2010

  • Updated surveillance prompts CFO downgrades

    Moody's has downgraded its ratings on seven classes of notes issued by SVG Diamond Private Equity CFO and on seven classes of notes issued by SVG Diamond Private Equity II. At the same time, it has upgraded the ratings of three classes of notes and confirmed the ratings of three classes of notes issued by Tenzing CFO. The transactions reference .......

    News Round-up 6 December 2010

  • NCUA in the market again

    The US National Credit Union Administration (NCUA) is in the market with its latest resecuritisation - the US$3.52bn NCUA Guaranteed Notes Trust 2010-R3. Proceeds from the issuance will be used to purchase a portfolio of 255 RMBS previously owned by five credit unions that have been placed into conservatorship by NCUA board.

    The transaction comprises US$1.55bn senior I-A notes, US$1.6bn .......

    News Round-up 6 December 2010

  • CLO manager replaced

    Mizuho Alternative Investments is set to assign its collateral management duties for Mountain Capital CLO III, IV, V and VI to Carlyle Investment Management as replacement collateral manager. Moody's has been informed that all requisite consents and approvals have been received and conditions to closing have been satisfied.

    The agency confirms that the current rating of any class of notes .......

    News Round-up 3 December 2010

  • Wood Street CLOs retranched

    The class A-1 notes of Wood Street CLO III (rated double-A plus by S&P) and IV (triple-A) have been retranched to form the triple-A rated Metropolis II €138.6m series 2010-10 and €241.6m series 2010-11 transactions respectively. The notes are supported by unrated €46.26m and €60.47m class B deferrable tranches respectively.

    .......

    News Round-up 3 December 2010

  • Mahogany litigation settled

    Perpetual Trustee has reached an agreement with Lehman Brothers Special Financing (LBSF) to settle litigation on behalf of the more than 1,000 retail investors from Australia, New Zealand and Papua New Guinea for whom it acts as trustee in credit-linked notes issued by Mahogany Capital Limited.

    Under the agreed settlement terms, which are subject to a number of conditions, Perpetual .......

    Job Swaps 3 December 2010

  • CDS auctions announced

    Auctions will be held on 9 and 10 December to settle credit derivative trades for Anglo Irish Bank Corp and Ambac Financial Group respectively.

    .......

    News Round-up 3 December 2010

  • 'Significant improvement' for Canadian ABS

    Following several years of limited term issuance, 2010 has brought significant improvement in the Canadian securitisation market, according to S&P. This momentum is occurring even as various government support programmes - which lowered funding costs and replenished liquidity - have wound down.

    "Although issuance has varied among different sectors and asset classes, we believe that the Canadian securitisation market will .......

    News Round-up 3 December 2010

  • Moody's set to reduce CLO stress factors

    Given the improved corporate credit outlook and reduced macroeconomic uncertainty, Moody's is reviewing the level of stress it applies to its default probability assumptions when rating CLOs. The agency now expects to reduce the stress factor - currently set at 30% - upon the conclusion of its review. Additionally, adjustments to certain parameters in the CLO model will be made.

    News Round-up 3 December 2010

  • Servicer ongoing concern risk analysed

    Fitch believes the elimination of the US FFELP can cause an ongoing concern risk for certain student loan issuers/servicers that have predominantly existed for the purpose of purchasing, originating and servicing FFELP loans. The agency says that these developments pose additional risks to transactions serviced by such entities and could have a negative impact on future rating performance, absent any .......

    News Round-up 3 December 2010

  • CDS pro moves into advisory

    Simon Brooks, previously a credit derivatives trader for Rabobank in London, has joined Sydney-based Structured Credit Research & Advisory. His remit will be to expand the firm's fixed interest research and advisory service, as well as work on a number of expansion projects with the aim of growing the business.

    Before Rabobank, Brooks was at Dresdner Kleinwort Wasserstein and Calyon, .......

    Job Swaps 3 December 2010
×