Complete news archive

  • 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

  • C-BASS bankruptcy 'complicates' CDO transfer

    Credit-Based Asset Servicing and Securitization (C-BASS) is proposing to sell its CDO management portfolio to Fortress Investment Group affiliate FIG. However, Moody's suggests in its latest Weekly Credit Outlook publication that the C-BASS bankruptcy is a credit negative for the CDOs because it complicates the sale to a successor manager.

    "Although the 17 CDOs managed by C-BASS are all inactive, .......

    Job Swaps 23 November 2010

  • Real estate firm adds evp

    Cole Real Estate Investments has appointed Mitchell Sabshon as evp and coo. Sabshon will be responsible for the firm's corporate finance activities and will work closely with president Marc Nemer on a broad range of initiatives relating to mergers and acquisitions, asset management and fund operations.

    With 25 years of experience in the CRE and CMBS industries, Sabshon was previously .......

    Job Swaps 23 November 2010

  • A premature lull for Euro ABS

    The European ABS market is creeping further into its end-of-year lull, prompted largely, traders say, by Ireland's crisis.

    "It has been very quiet over the last week," one ABS trader confirms. This, he says, is due to the Irish sovereign crisis, which caused the market to "hold still" while awaiting possible EU/IMF intervention.

    He continues: "There was a negative reaction .......

    Market Reports 23 November 2010

  • Regulatory data service launched

    S&P's Valuation & Risk Strategies group has launched a regulatory data solution for banks and insurers. The offering is designed to help banks comply with new standards for identifying and reporting securitised assets, while addressing requirements under Pillars One and Three of Basel 3.

    Pillar I sets out requirements for the calculation of risk-weighted exposure amounts for securitisation positions recorded .......

    News Round-up 22 November 2010

  • Trade receivables ABS refinanced

    Smurfit Kappa Group has completed a €250m five-year trade receivables securitisation programme. Proceeds will be used to refinance the Group's existing €210m securitisation programme, which has a September 2011 maturity, and to repay a portion of its bank debt when fully drawn.

    .......

    News Round-up 22 November 2010

  • Curve appeal

    Current conditions attractive for credit curve trading

    Credit curves have steepened dramatically since the credit crisis and are set to become even steeper. Against this background, credit curve trading is starting to look like an attractive - albeit complex - option.

    Several factors are making credit curve trading an attractive option in the current environment, confirms Mark Hale, cio at Prytania Investment Advisors. He says: "One is .......

    News Analysis 22 November 2010

  • Asian succession event mulled

    ISDA's Japan Determinations Committee is considering whether a succession event occurred with respect to Aioi Insurance. Aioi Insurance and Nissay Dowa Insurance last month merged to become Aioi Nissay Dowa Insurance.

    .......

    News Round-up 22 November 2010

  • Recruiter adds structured credit exec

    Robin Keck Associates has appointed Philippa Deane as a fixed income head-hunter. Before joining Robin Keck, Deane spent four years running her own executive search business. Prior to this, she was responsible for building and running a structured credit desk at International Search, after having spent five years at the structured finance search firm Mantaray.

     

    .......

    Job Swaps 22 November 2010

  • Theta ratings affirmed, withdrawn

    S&P has affirmed its triple-B minus issue credit ratings on Theta Corp's US and European class 1 MTNs and its A-3 issue credit ratings on its US and European CP. At the same time, the agency has removed the ratings from credit watch with negative implications, where they were placed on 13 October 2009. It subsequently withdrew its ratings on .......

    News Round-up 22 November 2010

  • Advisory head named

    Western Asset Management has appointed Powell Thurston as head of advisory services. In this role, he will formalise Western's advisory business by providing customised solutions for fixed income instruments and derivatives.

    Thurston joins the firm from PIMCO, where he most recently built its advisory business. Previously, he was responsible for building PIMCO's CDO and structured products business lines.

    .......

    Job Swaps 22 November 2010

  • Further security-based swap rules proposed

    The US SEC has proposed new rules about how security-based swap transactions should be reported and publicly disseminated. At the same time, security-based swap data repositories (SDRs) will be required to register with the regulator.

    The proposals aim to increase accountability and transparency in the security-based swap market and ensure that repositories retain and maintain complete records of such transactions .......

    News Round-up 22 November 2010

  • EMEA ABCP stabilising with room for growth

    Moody's reports that the European ABCP market is likely to remain stable, with potential for growth through product innovations.

    "Whilst we have not returned to the halcyon days before the credit crisis, the market has reached a new equilibrium, reflecting the fact that ABCP remains both an important source of funding for banks and their clients and a core product .......

    News Round-up 19 November 2010

  • Modest rise for timeshare ABS delinquencies

    US timeshare ABS delinquencies have risen slightly over the last quarter, yet remain lower than a year ago, according to Fitch's latest indices for the sector. Given the expected stable collateral performance and ample credit enhancement levels, the agency says its rating outlook for timeshare ABS remains stable.

    "Seasonal performance deterioration appears to have taken hold as we enter the .......

    News Round-up 19 November 2010

  • Investor caution amid new US CLO issuance

    The US secondary CLO market has seen a dip in activity this week as bid-lists prove to be the only source of supply. The primary sector has, however, received a boost with the pricing of four deals.

    "Bid-lists are the only form of supply in an otherwise supply starved market," one CLO trader says. "The pace of bid-lists has been .......

    Market Reports 19 November 2010

  • CRE broker recruited

    Voit Real Estate Services has hired commercial real estate broker Darren Tappen.

    For the past several years, Tappen has advised life insurance companies, banks, private equity and institutional investors through foreclosures, REOs, bank takeovers, FDIC loan pools and, most recently, CMBS workouts. He specialises in industrial, office and land acquisition, disposition and development in the Phoenix metropolitan area.

    Prior to .......

    Job Swaps 19 November 2010

  • Distressed investments firm adds md

    Lee Landrum has joined Tennenbaum Capital Partners (TCP) as md. He was previously a principal with the global credit alternatives team at The Carlyle Group and an md with Babson Capital Management.

    .......

    Job Swaps 19 November 2010

  • Rule 17g-5 brings unintended consequences

    Restrictions in dialogue between US CMBS special servicers and credit rating agencies brought about by SEC Rule 17g-5 may have the unintended consequence of producing unnecessary rating volatility, according to Fitch.

    The agency reports that some issuers have interpreted 17g-5 to extend to the interaction that the servicer may have on an ongoing basis with the hired rating agencies in their .......

    News Round-up 18 November 2010

  • CMBS borrower SPE criteria outlined

    S&P has clarified its methodology and assumptions for assessing borrower-level SPEs in US CMBS pools. Organising borrowers as SPEs in CMBS pool transactions helps focus the rating analysis on the credit risk of loans, the agency says.

    Further, the organisation of the borrower as an SPE helps reduce the risk of insolvency as a result of activities unrelated to owning .......

    News Round-up 18 November 2010

  • Canary Wharf asset substitution welcomed

    Fitch says that there is no impact on Canary Wharf Finance II's ratings from the substitution of assets completed on 17 November 2010 by the Canary Wharf Group. The substitution entailed the removal from the portfolio of two properties - 25 Bank Street and 40 Bank Street - and the inclusion of 10 and 20 Cabot Square.

    The total value .......

    News Round-up 18 November 2010

  • Boutique bolsters Geneva office

    StormHarbour Securities has appointed Alberto Ferro-Villani and Hugues Dauphin to its Geneva office. Ferro-Villani will be director of capital markets origination, while Hugues will be director of fixed income sales. The pair will report to Cyril Martinez, the firm's Geneva principal and general manager.

    Ferro-Villani joins StormHarbour from Hepta Capital Partners, where he was md of its private equity fund, .......

    Job Swaps 18 November 2010
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