Complete news archive

  • Stress test due for Aussie RMBS

    Fitch says that, due to significant market commentary surrounding the sustainability of continued rising residential property prices in Australia, it will conduct a stress test analysis involving different scenarios of varying property price declines.

    The testing is intended to ascertain the potential implications for its portfolio of rated Australian RMBS, banks and mortgage insurers to assess possible rating outcomes, should .......

    News Round-up 29 September 2010

  • CLOs expected to smooth loan maturity curve

    CLO transactions could play a role in refinancing the wave of US leveraged loan maturities over the next four years, S&P believes. The agency expects regulatory reform to spark investor demand for new US CLO issuances, with performance and transparency providing fertile ground.

    "In our view, existing CLOs may help smooth out the maturity curve by utilising their reinvestment capacity .......

    News Round-up 29 September 2010

  • Review shows limited use of CDO buckets

    A new report published by S&P indicates that most US collateral managers have not fully utilised the CDO buckets in their CLO transactions. The finding is based on a review of the agency's CDO collateral database.

    The report suggests that only 327 CLOs, representing 52% of the US CLOs rated by S&P, hold CDO notes in their collateral portfolios. Of .......

    News Round-up 29 September 2010

  • Derivatives trading volumes fall again

    In its quarterly report on bank trading and derivatives activities, the Office of the Comptroller of the Currency (OCC) indicates that commercial banks reported trading revenues of US$6.6bn in 2Q10. This is 28% higher than in 2Q09, yet still 20% lower than in 1Q10.

    "It is normal to see trading revenues drop in the second quarter of the year," says .......

    News Round-up 29 September 2010

  • LCDX, CDX.HY see constituent changes

    The Markit LCDX index will roll into its 15th series on 4 October, with the coupon and maturity expected to remain unchanged at 250bp and 20 December 2015 respectively. The name turnover is likely to be higher than for the CDX HY index, with Avaya Inc, CDW Corporation, Reynolds Consumer Products Inc and Smurfit-Stone Container Corporation anticipated to replace Boston .......

    News Round-up 29 September 2010

  • Slight ABX CDR pick-up seen

    Following a downward trend over the last year and a half, the latest ABX remittance report indicates that default rates picked up slightly in September for every index bar 06-2. Defaults were respectively 10.9%, 11%, 12.7% and 12.6% CDR for the 06-1 through to 07-2 indices.

    CDRs have been declining for a year as servicers work through the modification process .......

    News Round-up 29 September 2010

  • CEF derivatives use continues to evolve

    Fitch reports that many US closed-end funds (CEFs) continue to utilise traditional forms of cash-funded leverage such as bank loans, debt or preferred stock in order to enhance yields and returns for their common shareholders. Additionally, CEFs may also utilise various types of derivatives to meet their investment objectives, either for purposes of hedging or as means to more efficiently .......

    News Round-up 29 September 2010

  • Primus divests CLO subsidiary

    Primus Guaranty is to sell CypressTree Investment Management, its third-party asset management subsidiary that it acquired in July 2009 (see SCI issue 145), to Commercial Industrial Finance Corp (CIFC). Terms of the transaction were not disclosed.

    CypressTree manages or sub-advises approximately US$2.8bn of high yield and leveraged loan assets in eight CLOs - Primus CLO I and II, and Hewett's .......

    Job Swaps 29 September 2010

  • Asset management strengthened for GSE MBS

    State Street Global Advisors (SSgA) has appointed investment manager Smith Graham & Co to help provide asset management services for the US Treasury's MBS purchase programme. Smith Graham will assist with portfolio analysis and reporting, while helping to develop cashflow projections, conduct stress-testing scenarios and assess risks to the portfolio.

    As a financial agent of the Treasury, SSgA manages a .......

    Job Swaps 29 September 2010

  • Ex-Fannie Mae trader joins advisory

    The Collingwood Group has recruited Mary Lou Christy as svp. Prior to joining the firm, Christy served as svp of investor relations for Fannie Mae. During her 24-year career at the company, she also led the MBS trading desk and served as vp of sales and marketing in the southwestern region.

    "We are delighted to have Mary Lou Christy join .......

    Job Swaps 29 September 2010

  • Bank adds Asian fixed income head

    Nomura has appointed Rig Karkhanis as head of its fixed income group in Singapore. In this newly-created role, Karkhanis will enhance the firm's fixed income business, which provides its clients in Asia ex-Japan with solutions across foreign exchange, interest rates, credit and commodities, the firm says.

    Karkhanis was previously a portfolio manager at Millennium Partners in Singapore. Prior to this, .......

    Job Swaps 29 September 2010

  • Bank names global credit trading head

    HSBC has appointed Niall Cameron as global head of credit trading, a role in which he will drive the group's global strategy for delivering technology solutions to its clients. Based in London, Cameron starts at the bank in December 2010 and will report to Samir Assaf, head of global markets.

    Cameron joins HSBC from Markit Group, where he was global .......

    Job Swaps 29 September 2010

  • German bad bank transfer due

    €191.1bn of Hypo Real Estate's assets is scheduled to be transferred into the new German bad bank, FMS Wertmanagement, by 30 September. The figure is lower than the original estimate of up to €210bn.

    The bad bank will have equity of up to €3.87bn, with new capital of €2.08bn set to be transferred imminently, according to credit analysts at RBS. Overall, .......

    Job Swaps 29 September 2010

  • Distressed trading head named

    Jefferies has appointed Peter Santry as md and head of distressed trading in its leveraged finance sales and trading division. In this new role, Santry will manage the firm's distressed and special situations trading effort, which includes corporate bonds, leveraged loans, special situations and other distressed securities.

    Santry joins Jefferies from Chapdelaine & Company, where he was head of leveraged .......

    Job Swaps 29 September 2010

  • Bank strengthens fixed income sales

    Ally Financial has appointed former JVB Financial vp, Robert Clark, to its institutional fixed income sales business. Clark will report to Jeff Gravelle, svp of the firm.

    With an institutional sales background, Clark has previously worked for various bulge bracket and boutique firms in the industry.

    .......

    Job Swaps 29 September 2010

  • Investment manager adds partner

    Titan Capital Group has appointed Keith Danko as partner. He will work closely with Titan founder Russell Abrams with a particular focus on business development and assist in the overall management of the firm. Danko is based in Titan's New York headquarters.

    Danko joins Titan from London-based alternative investment firm CQS, where he served as chief executive of the firm's .......

    Job Swaps 29 September 2010

  • Lehman-backed structured product fines levied

    The UK FSA has fined one firm and two individuals for failures in relation to the sale of Lehman Brothers-backed structured products between November 2007 and August 2008.

    Dundee-based law firm Thorntons Law, which provides investment advice to customers under the brand name 'Thorntons Investment Services', has been fined £35,000, with a separate fine of £10,500 for one of its .......

    Job Swaps 29 September 2010

  • Trio joins new EM platform

    Lazard Asset Management has added a new debt capability to its emerging market platform. Denise Simon, Arif Joshi and George Varino are to launch and manage the firm's emerging market fixed income strategies group.

    Based in New York, Simon and Joshi will serve as co-lead portfolio managers and Varino as client portfolio manager. Additionally, three research analysts will join the .......

    Job Swaps 29 September 2010

  • Dealer derivatives clearing group formed

    Bank of America Merrill Lynch has formed a global futures and derivatives clearing services (GFDCS) group. This global initiative is in anticipation of the substantial growth in OTC derivatives clearing and the demand for education and related services from the firm's institutional investor and corporate clients.

    GFDCS builds off the company's futures business to provide agent-clearing services for rates, currencies, .......

    Job Swaps 29 September 2010

  • Renewables SF group formed

    SPG Solar has formed a structured finance group to offer its clients financial resources on public funding and tax credit opportunities for commercial solar projects.

    The SF group will provide access to the private and public funding needed to make solar projects economically viable and a sound investment for the long-term. It will also offer its customers: access to power .......

    Job Swaps 29 September 2010

  • Acquisition set to boost risk services

    Wolters Kluwer Financial Services is to acquire FRSGlobal from The Carlyle Group and growth equity investor Kennet Partners. The acquisition will enable Wolters Kluwer to offer financial organisations comprehensive compliance and risk solutions that cover operational, compliance and financial risk and reporting.

    "The financial crisis, globalisation and increasing regulatory scrutiny have created a complex and challenging environment for financial organisations," .......

    Job Swaps 29 September 2010
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