Complete news archive

  • 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

  • Low interest rates boost UK NC RMBS

    The low interest rate environment and its impact on borrower affordability have contributed significantly to the positive rating actions on UK non-conforming RMBS, according to Fitch.

    Fitch's ratings index for loans in arrears - for three months or over - showed a 5.3% decline to 17.7% in 3Q10, from 18.7% in 2Q10. The index for current outstanding repossessions has also .......

    News Round-up 18 November 2010

  • Acquisition strengthens alternatives platform

    StormHarbour Partners has acquired London-based Fortrinn Partners, an investment manager that specialises in volatility trading strategies. Fortrinn was founded by Keith DeCarlucci and Antonis Giannopoulos, and will be renamed StormHarbour Alternative Investments (SHAI).

    The firm currently manages the Fortrinn Convexity Fund, which it will continue to manage under the terms of the acquisition. DeCarlucci will also join the executive committee .......

    Job Swaps 18 November 2010

  • Clearinghouse leadership team named

    NYSE Euronext has announced the leadership team charged with launching its two purpose-built clearinghouses in London and Paris. The project is due to complete before the end of 2012.

    Mark Ibbotson, formerly coo of NYSE Euronext's global derivatives segment, will lead the implementation team as evp of global clearing. He will report to Duncan Niederauer, the group ceo. Additionally, reporting .......

    Job Swaps 18 November 2010

  • Vendors link in transparency drive

    Equifax has linked its ABS Credit Risk Insight Direct tool to Lewtan's ABSNet Loan database of residential deal and mortgage performance data. The collaboration aims to bring further transparency to the analysis of MBS, while providing indicators of loan performance, such as updated credit scores, detail on all mortgage and home equity payments and owner-occupancy and performance on past mortgages.

    .......

    News Round-up 18 November 2010

  • EMEA succession event mulled

    ISDA's EMEA Determinations Committee is deliberating over whether a succession event occurred with respect to Brisa Finance. The firm is currently undergoing a corporate reorganisation process that will see it renamed as Brisa - Concessão Rodoviária.

     

    .......

    News Round-up 18 November 2010

  • Bank adds in credit structuring

    Jacques Barouhiel has joined Barclays Capital as a senior member of its credit structuring team. Based in New York, he will be responsible for the credit hybrid business and will report to Jaime Aldama, the firm's head of North American credit and ABS structuring.

    .......

    Job Swaps 17 November 2010

  • SIFMA outlines due diligence support

    SIFMA has expressed its support for regulatory changes in the disclosure of repurchase requests and due diligence, as proposed by the US SEC under the Dodd-Frank Act. This, the association says, will help revive the securitisation market by enhancing transparency and rebuilding investor confidence.

    Additionally, SIFMA says it is particularly supportive of proposed changes that will allow investors to make .......

    News Round-up 17 November 2010

  • Secondary Euro ABS lacks conviction

    There has been a lull in the European secondary ABS market this week, as investor uncertainty continues to lurk within the sector. At the same time, primary new issuance continues to flourish with the pricing of two high profile deals today.

    "The market has been softer in pricing over the last week and a little slower than normal," one ABS .......

    Market Reports 17 November 2010

  • African focus

    Alfons Ideler, director and head of structured finance at Gl...

    Q: How and when did GCR become involved in structured finance?
    A:     GCR first became active within structured finance over 10 years ago. We began by rating trade receivable transactions in South Africa.

    Q: Which market constituent is your main client base?
    A:     GCR is a full service rating agency, which was established over 15 years ago with claims paying ability ratings .......

    Provider Profile 17 November 2010

  • Bank names MBS trading head

    BNP Paribas has appointed Bogac Ozdemir as head of US long-term interest rate swap and agency MBS flow trading. Based in New York, he will report to the firm's head of US dollar rate trading, Laurent Dulout.

    Before joining BNPP, Ozdemir was head of US dollar rates at Credit Agricole. Prior to this, he was at Citibank for 11 years, .......

    Job Swaps 17 November 2010

  • Securitisation leaders forge ahead

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show that RBS in Europe and Barclays Capital in the US have retained top spots for 2010 to the end of October. The leaders participated in an impressive €2.14bn and US$6.37bn worth of qualifying deals over the past .......

    News Round-up 17 November 2010

  • Administration for Windermere CMBS loan

    Hatfield Philips has moved the £172m remaining AMG portfolio loan into administration, following the failure to agree on an acceptable restructuring of the loan with the borrower. The loan - part of the Windermere VIII CMBS - matured in April 2010.

    Since then, Hatfield says it had been striving to find a consensual way forward with the borrowers. Following a .......

    News Round-up 17 November 2010

  • Mortgage warehouse established

    Annaly Capital Management has established Shannon Funding to provide warehouse financing to residential mortgage originators in the US. Shannon, which will operate out of offices in Bellevue, Washington, plans to begin operations in the first quarter of 2011.

    Shannon will be led by Bruce Watterson, who has over 25 years of industry experience. He was the founder of Watterson-Prime, which .......

    News Round-up 17 November 2010

  • ASF underlines legality of mortgage transfers

    The American Securitization Forum (ASF) has issued a White Paper to clarify the legal principles and processes underpinning the assignment and transfer of home mortgages and the creation of MBS.

    "As our study highlights, the principles and processes involved in securitisation result in valid and enforceable transfer of ownership of mortgage notes and underlying mortgages," says Tom Deutsch, ASF executive .......

    News Round-up 17 November 2010

  • US RMBS reviewed on tail risk

    Fitch has placed 1,810 tranches of US RMBS on rating watch negative in response to concerns that small pools in the sector are becoming an increased risk.

    "Most existing RMBS transactions are not structured to protect against the potential for increased performance volatility as the pool size declines," says Fitch md Grant Bailey.

    Fitch says it will raise credit enhancement .......

    News Round-up 17 November 2010

  • Organisational changes for McGraw-Hill

    The McGraw-Hill Companies has made a number of organisational and management changes, which will see its financial services department realigned into two separate segments - S&P and McGraw-Hill Financial. Deven Sharma will be president of the former, while Lou Eccleston will serve as president of the latter - which will combine businesses such as S&P Indices and Valuations & Risk .......

    Job Swaps 17 November 2010

  • Spanish originator support likely to diminish

    Fitch believes that some originators are supporting Spanish structured finance transactions by refinancing and restructuring loans that are at risk or delinquent, partly in an effort to ensure rating stability. However, the agency says it expects such support to diminish in the near term, which could lead to higher losses in securitised portfolios.

    "Originator support helps explain higher-than-expected loan prepayments .......

    News Round-up 17 November 2010

  • Cooperation on MBS data service

    Equifax and BlackBox Logic are to merge their MBS data solutions to offer greater investor transparency. Equifax's data solution, ABS Credit Risk Insight Direct, will statistically match up-to-date borrower credit information to BlackBox Logic's database of MBS performance data. The collaboration is intended to help investors improve model accuracy, better predict loan default and prepayment, and enhance deal surveillance, the .......

    Job Swaps 17 November 2010

  • Kamakura collaborates on Chinese CDS tool

    Kamakura Corporation and Thomson Reuters have collaborated to launch a credit analytics tool that offers transparency and actionable data to the Chinese credit markets. The new service aims to provide CDS prices, compiled daily from 11 contributors, for major Chinese companies direct to financial market professionals via its financial desktops - including the fully-integrated trading desktop solution, Thomson Reuters Eikon.

    Job Swaps 17 November 2010

  • Mixed message for Euro RMBS

    It has been a mixed week for European secondary RMBS. Although mezzanine paper continues to perform well, Irish sovereign credit concerns are the main focus for the rest of the market.

    "A lot of people are talking about the Ireland situation, which has had a real impact on activity over the past week," one trader says. Concern over Irish sovereign .......

    Market Reports 16 November 2010
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