Complete news archive

  • 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

  • Residential Re 2010-II closes

    The second series of notes under United Services Automobile Association's Residential Re 2010 catastrophe bond programme has closed. The deal's rated Class1 tranche was confirmed at double-B by S&P (see SCI 12 November 2010).

    The US$210m class1 notes priced at 625bp over US Treasury money market funds. The term of the new deal is two and a half years, the .......

    News Round-up 3 December 2010

  • Ranieri chairman appointed

    Ranieri Partners has appointed Thomas O'Neill as head of two of its financial services companies. O'Neill will serve as chairman of the holding company of First Allied and of Ranieri Partners Financial Services Group. He will also join the investment committee of Ranieri Real Estate Partners.

    O'Neill co-founded Sandler O'Neill + Partners in 1988, where he developed a firm known .......

    Job Swaps 3 December 2010

  • Counterparty risk criteria outlined

    S&P has updated its methodology and assumptions for assessing counterparty and supporting obligations. The updated counterparty criteria apply to all new and existing structured finance securities on a global basis and to certain US public finance securities, the agency says.

    The foundation of the updated criteria is the replacement of a counterparty when its creditworthiness deteriorates and falls below a .......

    News Round-up 3 December 2010

  • Lessons learnt in Dutch bank collapse

    The collapse of Dutch consumer lending bank DSB in October 2009 contains valuable lessons for the recovering international securitisation market, according to a new report by Bishopsfield Capital Partners. The report highlights that although many structural features of DSB securitisations held firm, issues related to the legal status of direct debits, borrower notification, commingling and set-off of risk caused unexpected .......

    News Round-up 2 December 2010

  • Capital markets evp named

    Cole Real Estate Investments has appointed Jeffrey Holland as evp and head of capital markets. He will provide strategic direction and oversee all aspects of capital markets and distribution - including external and internal sales, marketing, broker-dealer relations, due diligence and securities operations.

    Before joining Cole, Holland was the coo of BlackRock's US retail division, where he was responsible for .......

    Job Swaps 2 December 2010

  • Euro ABS holds on

    The European primary ABS market is holding on for increased new issuance - which traders hope will roll in with the New Year. At the same time, the secondary market is eagerly awaiting news on a restructuring.

    "We're currently watching and waiting on the Turbo Finance new issue," one ABS trader says. The UK auto ABS is currently being marketed .......

    Market Reports 2 December 2010

  • Less dysfunctional

    RMBS market infrastructure issues remain

    Market participants agree that, in the near term at least, European ABS volumes will largely be driven by growth in the mortgage market. However, while the RMBS sector is undoubtedly more functional than it was a year ago, a number of issues remain.

    Rob Ford, partner and portfolio manager at TwentyFour Asset Management, indicates that mismatches still remain between pricing, .......

    News Analysis 2 December 2010

  • CypressTree sale closed

    Primus Guaranty has completed the sale of CypressTree Investment Management (SCI passim) - its third-party asset management subsidiary - to Commercial Industrial Finance (CIFC). Berkshire Capital Securities acted as advisor to Primus on the sale of the CLO business.

    Primus Guaranty's credit protection business - which consists of Primus Financial Products' US$11.8bn portfolio of credit default swaps - is not .......

    Job Swaps 2 December 2010

  • Repack CDO rated

    Eurocredit CDO V's double-A plus rated class A-1 notes have been retranched to form €83.3m double-A plus rated Metropolis II series 2010-9 class A notes and €20.9m unrated class B deferrable notes.

    Metropolis II's series 2010-9 class A noteholders have limited voting rights to avoid a liquidation of the Eurocredit CDO V transaction if an enforcement event occurs. As a .......

    News Round-up 2 December 2010

  • Proposal aims to end REC 5 stalemate

    A proposal to REC 5 (Plantation Place) CMBS noteholders has been filed with the Irish Stock Exchange on behalf of the borrowers. The proposal seeks to find a solution to the ongoing deadlock following an LTV event of default on the underlying loan.

    The proposal to noteholders aims to allow for either the early repayment of the existing debt in .......

    News Round-up 2 December 2010

  • CLO vet joins investment manager

    Generation Investment Management has appointed Mike Ramsay as partner in its London office. Ramsay's role will include developing an investment platform and strategy to help clients with global credit investments.

    Ramsay was previously at The Carlyle Group, most recently as global head of leveraged finance. In his time at the company, he established and ran the firm's European leveraged finance .......

    Job Swaps 2 December 2010

  • BoE loan-level data requirements released

    The Bank of England has outlined its new eligibility requirements for the use of RMBS at the Discount Window Facility.

    Among them is the requirement to make loan-level data available to the public on at least a quarterly basis. This criterion will be met only if the mandatory fields in the BoE template are completed, although the Bank says it .......

    News Round-up 2 December 2010

  • US CMBS delinquency rates rise again

    Trepp's latest Delinquency Report indicates that, after falling in October for the first time in over a year, the US CMBS delinquency rate started rising again in November. The percentage of loans 30 or more days delinquent, in foreclosure or REO rose by 35bp during the month to 8.93%, putting the value of delinquent loans at US$60.3bn. This increase is .......

    News Round-up 2 December 2010

  • Basel Committee announces progress

    The details of the Basel 3 text, including global regulatory standards on capital adequacy and liquidity, have been agreed at this week's meeting of the Basel Committee on Banking Supervision. The Committee intends to publish the rules text by the end of this month, when it will also publish a summary of the results of its quantitative impact study that .......

    News Round-up 2 December 2010

  • Irish RMBS placed on review

    Moody's has placed the triple-A ratings of six Irish RMBS and one balance sheet CLO on review for possible downgrade. It has also placed all mezzanine and junior mezzanine ratings on five Irish RMBS tranches on review for downgrade.

    Despite the recent EU/IMF agreement, the agency believes that the medium-term stress on Irish structured finance transactions will be greater than .......

    News Round-up 2 December 2010

  • Tool to reduce TBA fails

    Tradeweb has launched an electronic solution - in collaboration with BlackRock, Credit Suisse and Goldman Sachs - that aims to reduce the number of failed TBA mortgage pool trades. The service enables institutional clients to pair-off mortgage pool transactions with dealers, thereby reducing the amount of pools that need to be cleared and enabling more efficient resolution of round-robin fails .......

    News Round-up 2 December 2010

  • Structured finance partner recruited

    SNR Denton has appointed Thomas Parachini as partner in its banking and finance department, based in London. Parachini joins from Ford Motor Credit Company, where he was managing attorney for treasury/capital markets and assistant company secretary. Prior to this, he was a member of the structured finance team at Thacher Proffitt & Wood in New York, where he represented issuers .......

    Job Swaps 2 December 2010

  • Synthetic CLO completed

    Standard Chartered Bank has completed its sixth synthetic CLO, the US$1.25bn START VI CLO. A single unrated equity tranche of US$87.5m was also distributed to mostly leveraged accounts based in the US, Europe and Asia.

    Sean Wallace, the firm's group head of origination and client coverage in wholesale banking, says: "This is the first issuance off our START securitisation programme .......

    News Round-up 2 December 2010

  • Tough call

    Asset overhang weighs on European sentiment

    Volatility created by ongoing sovereign debt issues is making it tough to call spread trends in the European ABS and CLO markets. At the same time, concerns remain about how ECB actions and the legacy asset overhang could impact supply and demand.

    Greg Branch, cio and founding partner at SCIO Capital, suggests that net consolidation in the CLO space over .......

    News Analysis 2 December 2010

  • Swiss Re brings longevity ILS

    Swiss Re Capital Markets is marketing a new longevity-related 'catastrophe bond'. The as yet unsized Kortis Capital's single tranche maturing in January 2017 has been assigned a preliminary double-B plus rating by S&P.

    Swiss Re, as the cedant, and SPC Kortis Capital will enter into an ISDA-based counterparty contract under which Swiss Re will make payments in exchange for protection .......

    News 2 December 2010
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