Complete news archive

  • 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

  • Promotion for fixed income md


    Standish Mellon Asset Management Company has promoted David Leduc to cio of its active fixed income group. With 23 years of investment experience, he has been working at Standish since 1995, most recently as md of global fixed income. Previous to this role, he was senior portfolio manager, responsible for overseeing the firm's management of all non-US and global bond .......

    Job Swaps 14 October 2010

  • Trading vet moves on

    Odeon Capital Group has appointed Derek Rose as svp to lead the trading desk of its new office in Chicago. In this role, he will be responsible for providing clients with a full service offering for trading in the high yield and distressed debt spaces.

    Rose has 23 years of experience in the securitisation industry and joins from Southwest Securities, .......

    Job Swaps 14 October 2010

  • RFC issued on troubled debt restructurings

    The FASB has issued an exposure draft of a proposed Accounting Standards Update aimed to increase transparency in reporting on troubled debt restructurings.

    The proposed update is intended to help creditors determine whether a modification of the terms of a receivable should be considered a troubled debt restructuring, both for the purposes of recording an impairment and for disclosure of .......

    News Round-up 14 October 2010

  • Advisory merger announced

    StormHarbour Partners continues to build out its client-dedicated offering with the addition of the Fusion Advisory Partners team to its US operations group. Fusion, the founders of which include Gregory Freer and Joseph McCann, will be integral in supporting the origination of new client business and enhancing the scope of StormHarbour's core business lines - sales and trading, structuring and .......

    Job Swaps 14 October 2010

  • EMEA sales head named

    Numerix has appointed John Peck as head of EMEA sales. Based in London, he is responsible for derivatives pricing and valuations services across the region and will report to the group's EMEA md, Nick Haining.

    With 25 years of experience in the global financial industry, Peck joins from Quantifi, where he was responsible for establishing and running the firm's operations .......

    Job Swaps 13 October 2010

  • Minimal distress

    European distressed debt market finally set for activity

    One of the most interesting effects of the global economic crisis has been that the European distressed debt market has not taken off in the way it might have been expected to. It has been kept relatively quiet by attempts to stabilise the wider markets, but securitisation could provide an innovative solution.

    "We expect the European distressed debt market to .......

    News Analysis 13 October 2010

  • Tapping demand

    Re-emergence of UK non-conforming RMBS gains momentum

    The re-emergence of UK non-conforming RMBS is gaining momentum, with Kensington's RMS 25 expected to print next week and Paragon anticipating a return to the market in early 2011. Uncertainty about house prices still appears to be weighing on the sector, however.

    One portfolio manager confirms that the slight drop in house prices over the last quarter is somewhat dampening .......

    News Analysis 13 October 2010

  • Glass half full

    M&B leads the way for pub sector WBS, as others struggle

    Results recently released by Mitchells and Butlers show the company has performed strongly and above expectations. M&B continues to lead the field for pub sector WBS, although rating agencies remain cautious about the company's intentions.

    James Martin, MBS analyst at Barclays Capital, explains: "Moody's concern is to do with the sale of 333 pubs to TDR Capital in August. They .......

    News Analysis 13 October 2010

  • Limiting liability

    CDS framework suggested as solution to Rule 436(g) repeal

    The end of the reprieve on the repeal of Rule 436(g) - 24 January - is nearing, without the industry seemingly having an answer to the issue of rating agency expert liability. One possible solution has been put forward, however, that would - under a CDS framework - see additional compensation given to rating agencies to rate securitisations.

    Few people .......

    News Analysis 13 October 2010

  • Bid-lists and arbitrage fuel CLO market activity

    Investor opportunity and bid-list volumes in the US CLO market are creating a resurgence of interest across the capital structure, as it proves resilient to fatigue. At the same time, the CLO arbitrage may be on its way back.

    Traders report as many as seven lists circulating per day over the past week or so. "They're definitely attracting demand and .......

    Market Reports 13 October 2010

  • Japanese boost for Euro RMBS (updated)

    The European primary RMBS market received a boost this week with the emergence of the first-ever Japanese yen-denominated tranche. Meanwhile, steady performance in benchmark names was observed in the secondary markets.

    Lloyds TSB's £3.4bn Arkle Master Issuer Series 2010-2 is expected to include a Japanese yen tranche, as well as tranches in euros, sterling and US dollars. The reason for .......

    Market Reports 13 October 2010

  • Euro multi-borrower restructurings gain momentum

    Announcements from Hatfield Philips regarding consultation processes with the noteholders of both Titan Europe 2006-3 and Talisman 7 in relation to multiple loans underlines that multi-borrower CMBS restructurings are not far away in Europe (see SCI issue 202).

    "The experience of single-borrower consultations with noteholders has been extremely mixed depending upon sponsor, deemed necessity of the extension, the type of .......

    News 13 October 2010

  • US CMBS review placements questioned

    Moody's is reviewing the ratings of 277 tranches across 19 US CMBS, with a current balance of US$16.3bn, citing higher-than-expected losses as the major contributing factor in most cases. However, MBS analysts at Deutsche Bank suggest that the credit profile of many of the affected transactions has not deteriorated significantly over the last few months or at least enough to .......

    News 13 October 2010

  • Extended foreclosure impact analysed

    To measure the impact of extended foreclosure periods on servicing costs, Moody's ran a hypothetical timeline scenario based on the ABX 2006-2 deals. This follows the widening of Bank of America's foreclosure moratorium to 50 states last week and the news that Litton Loan Servicing has suspended foreclosures.

    Moody's analysis, which was published in its latest Weekly Credit Outlook, assumes .......

    News 13 October 2010

  • Citi retail card portfolios acquired

    GE Capital has purchased US$1.6bn sales finance portfolios from Citi Retail Partner Cards. The sale is part of Citigroup's restructuring efforts and follows its recently announced sale of Student Loan Corporation (see SCI issue 201).

    "We believe lenders will continue to look for opportunities to purchase loan portfolios, as organic growth has stalled due to low spending and tighter underwriting .......

    Job Swaps 13 October 2010

  • Rehab plan filed for Ambac segregated account

    The Wisconsin Office of the Commissioner of Insurance (OCI) has filed its plan of rehabilitation for the Segregated Account of Ambac Assurance Corporation in Dane County Circuit Court in Wisconsin. The segregated account (SCI passim) was established on 24 March, at the direction of the OCI, to segregate certain liabilities - primarily policies related to credit derivatives, RMBS and other .......

    Job Swaps 13 October 2010

  • Polish partner recruited

    Chadbourne & Parke has recruited Marek Krol as an international partner in its Warsaw office. Krol was most recently a partner at CMS Cameron McKenna, where he served as head of the banking and finance department. Previously, he led the structured finance department at White & Case.

    Krol advises clients on banking and finance transactions, including project financing, real estate .......

    Job Swaps 13 October 2010

  • GMAC sued over 'fraudulent' affidavits

    In a lawsuit filed against GMAC Mortgage and its parent Ally Financial, Ohio attorney general Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits to mislead courts in hundreds of Ohio foreclosures.

    "We know that as Ohioans were fighting to save their homes, this loan servicer benefited financially from the dire circumstances," says Cordray. "Instead of .......

    Job Swaps 13 October 2010
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