Complete news archive

  • CMBS delinquent unpaid balance decreases

    The delinquent unpaid balance for US CMBS decreased last month for the first time in over a year, by US$3.02bn, according to Realpoint's latest Monthly Delinquency Report. The delinquent unpaid balance fell to US$59.18bn from US$62.19bn a month prior - a 4.8% decrease.

    The previously reported monthly decline came in July 2009 after nearly US$4.8bn of GGP-sponsored loans tied to .......

    News Round-up 25 November 2010

  • US CLOs on review for upgrade

    Moody's has placed the ratings of 225 tranches from 103 US CLOs under review for possible upgrade. The rating actions consider the positive implications of improvement in certain deal collateral quality metrics since the time of the previous rating actions, including WARF, OC levels and/or exposure to defaulted and Caa-rated assets.

    Moody's also took into account the improving fundamental corporate .......

    News Round-up 24 November 2010

  • Restructuring credit event mulled

    ISDA's EMEA Determinations Committee is mulling whether a restructuring credit event occurred with respect to Anglo Irish Bank Corporation. On 21 October the bank announced an invitation to all eligible holders of certain securities to offer to exchange their notes for new euro-denominated floating rate notes due 2011.

    .......

    News Round-up 24 November 2010

  • New Atlas cat bond markets

    Aon Benfield is marketing the latest catastrophe bond from SCOR's Atlas programme. The €60m Euro windstorm and Japanese quake deal has been given a preliminary rating of single-B minus by S&P.

    The second series form SCOR's Atlas VI catastrophe bond programme, the series 2010-1 class A notes will be exposed to Japanese earthquake and European windstorm risk (in selected countries .......

    News 24 November 2010

  • SEC 'no action' letter extended indefinitely

    The US SEC says it "has determined to extend" indefinitely its 'no-action' letter to omit credit ratings from registration statements filed under Regulation AB, which provided a six-month reprieve from the repeal of Rule 436(g) of the Securities Act under Dodd-Frank in July (see SCI issue 195).

    ABS analysts at RBS note that this development proactively removes an element of .......

    News Round-up 23 November 2010

  • Call for tailored risk retention

    In a series of letters submitted this week to joint regulators charged with implementing risk retention requirements for ABS under the Dodd-Frank Act, the American Securitization Forum voiced its support for retention requirements that are tailored to each major asset class and provide flexibility for the long term.

    The ASF indicated that a 'horizontal slice', in which an issuer retains .......

    News Round-up 23 November 2010

  • LatAm head recruited

    Crédit Agricole has appointed Gordon Kingsley as head of Latin America debt and credit markets origination. Based in New York, he reports to Andy Schaeffer, head of credit markets and DCM origination Americas.

    Kingsley was most recently md and head of structured finance at BCP Securities. Prior to this, he held senior capital markets positions at Forum Asset Management, Standard .......

    Job Swaps 23 November 2010

  • Negative outlooks for Irish MBS

    Fitch has revised the outlooks on 13 Irish RMBS tranches and one Irish CMBS tranche to negative from stable. All tranches of the 10 affected Irish transactions have either a negative outlook or are on rating watch negative. This, the agency says, is a result of heightened concerns over the future performance of the Irish mortgage markets.

    The effect of .......

    News Round-up 23 November 2010

  • Euro CLO market fights back

    The European CLO market has made an aggressive come-back this week. With Ireland's sovereign crisis addressed, the demand for mezzanine paper and bid-lists has exceeded expectation.

    "The market is trading better by the bid-lists," one CLO trader remarks. Further, he notes that activity has continued to grow and flourish, thanks to the depth of the market. "The action has been .......

    Market Reports 23 November 2010

  • Acquisition bolsters SME offering

    Manx Financial Group has acquired the entire share capital of ECF Asset Finance, which provides asset-backed finance to UK-based SMEs. The acquisition has been made by Bradburn, a wholly owned subsidiary registered in Isle of Man.

    ECF possesses the underwriting skills to help effectively manage risk at this key point in the economic cycle, according to Manx. The firm offers .......

    Job Swaps 23 November 2010

  • Clearing waiver mooted for certain derivatives

    The waiver of mandatory clearing requirements of the Dodd-Frank Act for certain OTC derivatives transactions would reduce risk in the financial system and help to achieve the risk-reduction goals of the Act, according to ISDA. The association believes that the CFTC and the SEC should grant such waivers in limited circumstances where bilateral and/or systemic risk would be reduced.

    A .......

    News Round-up 23 November 2010

  • Chinese auto lease programme launched

    AutoChina International has begun securitising a portion of its commercial vehicle leases through a landmark partnership with CITIC Trust. This programme is believed to be the first of its kind in China.

    "Not only does it provide us with another source of financing, it also better matches funding to the actual times when the leases are originated," says AutoChina chairman .......

    News Round-up 23 November 2010

  • Certain sectors holding APAC back

    Fitch says over 80% of structured finance ratings in the Asia-Pacific region have a stable outlook, although a few specific sectors still have negative outlooks on ratings. Negative ratings are largely concentrated in Japan, Australia and New Zealand.

    Downgrades in Asia-Pacific SF during 3Q10 were the highest since 4Q09, according to Fitch, as further declines in Japanese commercial real estate .......

    News Round-up 23 November 2010

  • Pair of Titan loans restructured

    Hatfield Philips has restructured two loans that make up part of the Titan Europe 2006-2 CMBS portfolio. The €273.4m Margaux portfolio loan is secured on 526,586 square metres of predominantly residential properties across Germany, while the €208m Petrus portfolio loan is secured on 346,723 square metres of residential properties in Berlin Hellersdorf.

    Since the transfer of the two loans to .......

    News Round-up 23 November 2010

  • Fixed rate CMBS option offered

    Berkadia Commercial Mortgage has added a new fixed-rate loans option for inclusion in the new generation of CMBS. Offered through its nationwide mortgage banking network, the firm says the product will provide clients with access to capital and is expected to be available at the beginning of 2011.

    Berkadia svp Joseph Franzetti will manage the fixed-rate loan origination programme. Franzetti, .......

    News Round-up 23 November 2010

  • Bank sued over ABS CDO portfolio

    National Australia Bank (NAB) has been served with a representative proceeding in the Supreme Court of Victoria, Australia. The claim relates to NAB's disclosure of provisions against its ABS CDO portfolio in 2008.

    Maurice Blackburn Lawyers is representing a group of shareholders that acquired shares between 1 January 2008 and 24 July 2008. It is alleged that NAB failed to .......

    Job Swaps 23 November 2010

  • CMBS origination function enhanced

    Bridger Commercial Funding has added a mezzanine finance product to its CMBS origination programme. The capability is facilitated by a strategic relationship with New York Mortgage Trust.

    Bridger will issue mezzanine loans of US$0.5m-US$5m, but only on transactions where it originates the senior CMBS loan. By leveraging the underwriting for the CMBS loan, the firm aims to provide a quicker, .......

    Job Swaps 23 November 2010

  • Trups CDO defaults, deferrals rising

    Defaults and deferrals in US bank Trups CDOs continue to rise, albeit at a slower pace, according to the latest default and deferral index results for the sector from Fitch. The index increased by 0.5% in October, compared to 1.7% in the previous month.

    "While the number of new deferrals is still lower compared to 2009, month-over-month deferral rates remain .......

    News Round-up 23 November 2010

  • Further improvement for US credit cards

    US credit card charge-offs fell by 11bp in October to end the month at 8.79%, according to Moody's latest credit card indices report, with the delinquency rate also falling by 14bp. At the same time, the agency has announced it is revising its credit card ABS outlook up to stable.

    The charge-off rate is now more than 12% below its .......

    News Round-up 23 November 2010

  • Gain seen in US CRE prices

    The latest Moody's REAL Commercial Property Price Indices (CPPI) indicate that US CRE prices increased by 4.3% in September - the first increase since May and the largest gain in the history of the CPPI, the agency reports.

    As of the end of September, prices are up by 0.3% from a year ago, yet down 36.8% from two years ago. .......

    News Round-up 23 November 2010

  • Shipping methodology updated

    Moody's has published an updated global shipping rating methodology, following a review of the methodology that it uses to rate and monitor ABS transactions backed by shipping loans. The review was initially prompted by the recent high volatility observed in the shipping market.

    Moody's says it has gathered additional data on the industry over the last several years and used .......

    News Round-up 23 November 2010
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