Complete news archive

  • US credit card charge-offs fall sharply

    According to Moody's latest indices for the sector, charge-offs on US credit cards fell by over a percentage point in September, ending the month at 8.9%. The steep drop from 10.03% in August confirms that the small rise in charge-offs in August only reflected seasonal factors, the agency says.

    Moody's says it expects charge-offs to move steadily lower into the .......

    News Round-up 26 October 2010

  • New CDS sovereign indices launched

    S&P has launched a series of CDS Sovereign Indices that are designed to track the CDS market for sovereign entities. The index series comprises the S&P International Developed Nation Sovereign CDS Index and S&P Eurozone Developed Nation Sovereign CDS Index.

    The former has been constructed to have approximately the same country constituents and weightings as the S&P/Citigroup International Treasury Bond .......

    News Round-up 25 October 2010

  • Expanding FI operation adds MBS heads

    Braver Stern Securities has appointed John Keller and David Cuttino to lead its two new fixed income institutional sales offices in Boston, Massachusetts, and Richmond, Virginia.

    Keller will head Braver Stern's Boston fixed income institutional sales operation. Prior to joining the firm, he was a portfolio manager of funds investing in ABS, MBS, CMBS and real estate for Cambridge Place .......

    Job Swaps 25 October 2010

  • RMS negative coupons cause a stir

    Traders in the European RMBS market have been focused on the primary market over the past few days, with the emergence - via RMS 25 - of what is believed to be the first-ever negative coupons on retained tranches. At the same time, another leading issuer - Holmes Master Trust - continues marketing. Consequently, the secondary market has hit a .......

    Market Reports 25 October 2010

  • Countering risk

    Frank Iacono, partner at Riverside Risk Advisors, answers SCI's questions

    Q: How and when did Riverside Risk Advisors become involved in the structured finance markets?
    A:     Although we formally announced our launch recently (see SCI issue 204), we have been quietly doing this business for about a year. There are several significant engagements we are currently working on and some we have already completed for clients.

    My own background is in .......

    Provider Profile 25 October 2010

  • Japanese CDS clearing service prepped

    Tokyo Stock Exchange Group (TSE) has selected Calypso Technology to build the platform for its new credit default swap clearing service to be provided by Japan Securities Clearing Corporation (JSCC). The service will clear CDS on the Markit iTraxx Japan index.

    "Throughout the crisis, we saw increased demand from our clients for enhanced risk management capabilities and back office processing .......

    News Round-up 25 October 2010

  • US CMBS loss severities climbing

    S&P recently undertook a study of defaults and losses for North American CMBS that suggests defaults this year could eclipse the record 2,138 defaults experienced in 2009, if the current pace continues. During the first half of 2010, 1,200 loans defaulted, according to the rating agency.

    More than half (3,338) of the defaults over the course of the study period - .......

    News Round-up 25 October 2010

  • CLO revolver assumed

    Ownership of the class A-1LV revolver notes (current balance of US$68.2m) of MAC Capital, a multicurrency CLO, has been transferred from ABN AMRO Bank to RBS, reflecting RBS' acquisition of ABN. The transferred notes are in physical form, according to Moody's.

    The agency has determined that performance of the activities contemplated within the transfer agreement will not cause the current .......

    News Round-up 25 October 2010

  • CDO EOD notifications outlined

    S&P says it has received notification from CDO trustees of events of default (EODs) on 437 global cashflow and hybrid transactions originated since 2001 that have experienced an EOD as a result of credit deterioration of recent-vintage ABS. The affected deals represent an aggregate issuance amount of US$407.7bn.

    The transactions include: 265 mezzanine ABS CDOs, collateralised at origination primarily by .......

    News Round-up 25 October 2010

  • Liquidation line

    Public sales proving positive for US CMBS market

    US CMBS liquidation volumes via public sales average almost US$200m a month and are expected to remain elevated as unprecedented amounts of distressed assets are worked through. All of the major special servicers are selling into these auctions, with prices having increased significantly since the beginning of the year due to better financing opportunities.

    "It is compelling from an NPV .......

    News Analysis 25 October 2010

  • US CMBS loans defaulting at 'record pace'

    Fitch reports that cumulative defaults for fixed rate US CMBS jumped by 112bp this quarter to 10.6%, through to the end of 3Q10.

    "Loans continue to default at a record pace, with large loans driving the trend," says Fitch md Mary MacNeill. "Hotel and office properties were the largest contributors to defaults this past quarter."

    Loan defaults for this year .......

    News Round-up 25 October 2010

  • Positive trends continue for timeshare deals

    According to S&P's latest indices for the sector, overall trends were positive among US timeshare securitisations in 2Q10, continuing the encouraging performance noted in the prior quarter.

    Key performance variables for the period, including delinquencies and defaults, either improved or remained unchanged, the agency says. Delinquencies declined to 3.85% - the lowest level since August 2008, while monthly defaults remained .......

    News Round-up 25 October 2010

  • Seasonal pressures drive auto ABS delinquencies

    According to Fitch's latest indices for the sector, the prolonged stress of US consumer and seasonal pressures have pushed US auto loan ABS losses and delinquencies higher in the recent period.

    "Weaker used vehicle values driven by seasonal factors contributed to the worsening auto ABS performance," says Fitch senior director Hylton Heard. "However, used vehicle values remain strong overall and .......

    News Round-up 22 October 2010

  • ABS CDO management agreement reassigned

    The collateral management agreement for the Avebury Finance CDO has been reassigned to KBC Bank from KBC Financial Products UK. The performance of the activities contemplated within this assignment agreement will not cause the current ratings of the notes to be reduced or withdrawn, according to Moody's.

    .......

    Job Swaps 22 October 2010

  • GSE performance projections released

    The FHFA has released projections of the financial performance of Fannie Mae and Freddie Mac, including potential draws under the Preferred Stock Purchase Agreements (PSPAs) with the US Treasury. To date, the GSEs have drawn US$148bn from the Treasury under the terms of the PSPAs. Under the three scenarios used in the projections, cumulative draws range from US$221bn to US$363bn .......

    News Round-up 22 October 2010

  • Real estate vet recruited

    RoundPoint Financial Group has named Steve Bashmakov as its new chief financial officer. Bashmakov will report directly to RoundPoint ceo Kevin Brungardt.

    "RoundPoint Financial Group is a forward-looking company furnished with a dynamic team," comments Bashmakov. "Kevin's vision for growing a truly integrated mortgage banking and investment company in this real estate market is compelling."

    Bashmakov brings to RoundPoint significant .......

    Job Swaps 22 October 2010

  • ASF cautions against 'overly broad' rules

    In a letter to the US SEC, the American Securitization Forum (ASF) has expressed its full support for a portion of the Dodd-Frank Act that addresses conflicts of interest in securitisation. At the same time, the ASF cautions the SEC against imposing overly broad rules as it implements the Act because they could create serious unintended consequences.

    "The ASF strongly .......

    News Round-up 22 October 2010

  • Slow improvement for EMEA SF rating outlooks

    The asset performance and rating outlooks for EMEA structured finance continue to improve, albeit slowly, according to Fitch. Five out of the six outlooks to change this quarter moved in a positive direction, the agency adds.

    Fitch's ratings outlook for German consumer ABS changed from stable to stable/positive during the quarter, resulting from good asset performance and increased credit enhancement arising .......

    News Round-up 21 October 2010

  • Housing finance symposium planned

    The FDIC and the Federal Reserve System are to host a symposium on 25-26 October on mortgages and the future of housing finance. Federal Reserve Board Chairman Ben Bernanke will deliver opening remarks, while FDIC Chairman Sheila Bair will be the keynote luncheon speaker.

    Bair comments: "The housing sector, one of the main engines of our economy, has seen positive signs, .......

    News Round-up 21 October 2010

  • Aussie expansion for analytics vendor

    Numerix has opened a new regional sales office in Sydney, Australia, which will be managed by Jack Drewe, regional sales director of the Australian and New Zealand regions. Drewe will report directly to Erdem Ozgul, vp of the firm's Asia South sales operation.

    "We are pleased to now be in a position to provide permanent local support for our Australian clients," .......

    Job Swaps 21 October 2010

  • Fed's risk retention report welcomed

    The US Federal Reserve Board has issued a report on the potential impact of credit risk retention requirements on securitisation markets, as required under the Dodd-Frank Act. The report highlights the significant differences in market practices and performance across securitisations backed by different types of assets, recommending that regulatory agencies take these differences into account when developing risk retention requirements.

    Overall, .......

    News Round-up 21 October 2010
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