Complete news archive

  • October on track for record BWIC volumes

    Structured credit analysts at Citi estimate that US$2.5bn US CLO BWICs hit the market in September - the highest monthly volume on record since they started tracking bid-lists in May 2009. This month's volumes look set to follow suit, with US$1bn of BWICs already offered (SCI passim).

    Supply has mostly come from bank workout groups looking to reduce exposure into .......

    News 18 October 2010

  • Updated criteria for SF CDOs

    Fitch has updated its global rating methodology for SF CDOs. The primary updates reflect recent default and recovery data for SF bonds, which include revised default correlation and recovery assumptions.

    The agency says that the criteria changes will have a limited rating impact on transactions and that downgrades are unlikely to exceed any one rating category. For CDOs that have .......

    News Round-up 18 October 2010

  • Forward-looking Euro ABS trades spark interest

    With a steady and positive flow of activity, it has been an active week across all parts of the European ABS market this week. Meanwhile, forward-looking participants are starting to prepare for the January 'boom'.

    "It's been an active week for us. Student loan deals have been trading up slightly, with a couple of new issues that are attracting interest," .......

    Market Reports 15 October 2010

  • CREFC ceo steps down

    CRE Finance Council ceo Dottie Cunningham has resigned, with John D'Amico named as interim ceo. Separately, D'Amico will also become president of the organisation for a one-year term, starting in June 2011. The search for a new permanent chief has also been begun.

    A search committee formed by past CRE Finance Council presidents has been set up to find a .......

    Job Swaps 15 October 2010

  • Law firm targets real estate disputes

    Duval & Stachenfeld has formed a new practice group, the structured real estate dispute resolution team, as an adjunct to its distressed real estate practice. The new team is co-chaired by real estate partner Bruce Stachenfeld and litigation chair Allan Taffet.

    The law firm says it has seen a lot of investors and lenders "scrambling" to preserve their capital as .......

    Job Swaps 15 October 2010

  • FLLO loan characterisation proves blurry

    S&P reports that some US CLO collateral managers are investing in first-lien-last-out (FLLO) loans. However, the agency says that the way managers are characterising such loans - whether as senior secured loans or second-lien loans - could have an impact on CLO investor payments.

    The credit risks associated with FLLO loans are generally equivalent to those of second-lien loans, S&P .......

    News Round-up 15 October 2010

  • GSE foreclosure policy framework set

    Fannie Mae and Freddie Mac are implementing a four-point policy framework to address foreclosure process deficiencies, including guidance for consistent remediation of any identified deficiencies. The framework envisions an orderly and expeditious resolution of foreclosure process issues that will provide greater certainty to homeowners, lenders, investors and communities alike, according to the FHFA.

    FHFA acting director Edward DeMarco comments: "The .......

    News Round-up 15 October 2010

  • SSgA promotes in fixed income

    State Street Global Advisors (SSgA) has promoted Kevin Anderson to global cio for fixed income and currency. Based in London, he will work within the firm's fixed income and equity investment team.

    Since joining SSgA in 2001, Anderson has been responsible for all fixed income beta solutions worldwide and was most recently head of fixed income for the group. Prior .......

    Job Swaps 15 October 2010

  • Three partners provide Asian firepower

    Bingham McCutchen has strengthened its Asian presence by expanding its Hong Kong office with three new arrivals. Laurence Isaacson and Mark Fucci transfer to Hong Kong from New York and Tokyo respectively, while Vincent Sum has been hired from a Hong Kong firm.

    "The expansion of Bingham's premier structured finance and derivatives practice to Asia continues our strategy of building .......

    Job Swaps 15 October 2010

  • New partners to strengthen SF team

    Clyde & Co has appointed Chris Sykes and Robert Franklin as partners in its structured finance team. The pair will work to strengthen the firm's services in the international projects, construction and real estate sectors.

    Sykes joins the firm from Osborne Clarke, where his areas of experience included acquisition, asset and property finance and general corporate banking. In particular, he .......

    Job Swaps 15 October 2010

  • Price talk

    Structured finance and derivatives valuation issues discussed

    The 2010 SCI Guide to Pricing and Valuation. As with the highly popular 2009 Guide, the 2010 edition is downloadable in PDF form from the SCI website here; however, SCI subscribers will receive a printed copy as part of the October issue of the SCI magazine (current and former triallists can download a PDF of the .......

    Talking Point 15 October 2010

  • Rating agency adds avp

    DBRS has appointed Maria Lopez as avp in its structured credit group. Based in London, she will report to the firm's md of US and European structured credit, Jerry van Koolbergen.

    Before joining the firm, Lopez worked for Ahorro y Titulizacion, a Spanish primary transaction manager.

    .......

    Job Swaps 14 October 2010

  • CLO transfer won't derail CypressTree sale

    Primus Guaranty and Commercial Industrial Financial Corp (CIFC) confirm that the acquisition by CIFC of Primus' CypressTree Investment Management subsidiary and the CLOs and structured credit funds it manages is on track for completion by the end of October. The two firms released a statement indicating that consummation of the transaction will not be affected by the transfer of the .......

    Job Swaps 14 October 2010

  • US CMBS delinquencies rise again

    The delinquency rate on loans included in US CMBS increased by 14bp in September to 8.24%, according to Moody's Delinquency Tracker. It was the smallest monthly increase in the national delinquency rate since October 2008 and the fourth consecutive month of modest growth in the rate.

    "This easing of the rate of growth in the delinquency rate does not necessarily .......

    News Round-up 14 October 2010

  • Debut NCUA resecuritisation marketing

    Barclays Capital is understood to be leading the first of the US National Credit Union Administration (NCUA)'s resecuritisations under its plan to address impaired assets in the corporate credit union system (see SCI issue 202). The government-guaranteed transaction is expected to price within the next week, sized at US$3.85bn and backed by non-agency RMBS.

    The NCUA's new programme, dubbed NCUA .......

    News Round-up 14 October 2010

  • Succession event mulled

    UBS has requested that ISDA's Japan Determinations Committee rule on whether a succession event occurred with respect to Sanyo Shinpan Finance Co. The firm on 1 October merged into Promise Co via a two-step merger, with Promise becoming the surviving entity.

     

    .......

    News Round-up 14 October 2010

  • Stronger swaps regulations prepped

    The US SEC has adopted an interim rule requiring certain swaps dealers and other parties to report any security-based swaps entered into prior to the passing of the Dodd-Frank Act on 21 July. It has also proposed rules intended to mitigate conflicts of interest for security-based swap clearing agencies and execution facilities, as well as national securities exchanges that post .......

    News Round-up 14 October 2010

  • Further OTC advice published

    CESR has published its second set of technical advice to the European Commission in the context of reviewing MiFID, which came into force in November 2007. The first set was published on 29 July and this completes CESR's technical advice on MiFID.

    The new set of advice covers CESR's views on standardisation and organised platform trading of OTC derivatives, post-trade .......

    News Round-up 14 October 2010

  • CCP advisory practice announced

    Catalyst has launched a CCP practice to help financial institutions deal with post-trade challenges - in particular, the requirement that clearing for OTC derivatives needs to be in place by the end of 2012.

    The use of CCPs helps financial institutions address the two key market changes that followed the financial crisis, the firm says. First, the regulatory environment has .......

    Job Swaps 14 October 2010

  • Lender acquired in mortgage banking move

    Gleacher & Company intends to launch a residential mortgage banking initiative through its newly-formed subsidiary Descap Mortgage Funding, having acquired all of the shares of common stock of ClearPoint Funding from its founder and ceo Greg O'Connor in the process. ClearPoint is a residential, non-depository mortgage lender based in Marlborough, Massachusetts currently employing approximately 100 employees.

    Head of the mortgage .......

    Job Swaps 14 October 2010

  • SEC ABS disclosure proposals released

    The US SEC has issued a new proposal to improve disclosure to ABS investors. The proposed rules would require issuers to perform a review of the assets underlying the securities and publicly disclose information.

    "This marks the third commission proposal to address the ABS issues that came to light during the financial crisis," says SEC chairman Mary Schapiro. "This proposal .......

    News Round-up 14 October 2010
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