Complete news archive

  • 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

  • Credit fund's early redemption period reduced

    Third Avenue Management has announced that the holding period for shares of Third Avenue Focused Credit Fund subject to early redemption fees will be reduced from one year to 60 days, effective from 1 October.

    David Barse, chief executive of Third Avenue Management, explains: "Given the success we have had in raising significant assets within one year of its launch, .......

    Job Swaps 29 September 2010

  • Ratings education resource unveiled

    S&P has launched 'Understanding Ratings', a new information and education resource for investors. The website brings together articles, videos, podcasts and educational guides to provide insights into what credit ratings are, the processes by which S&P produces ratings and how those ratings have performed over time.

    "Discussions with investors around the world over the past two years have consistently highlighted .......

    News Round-up 29 September 2010

  • Operational risk vet hired

    The DTCC has appointed Andrew Leonard as md and head of its operational risk group. In this new position, Leonard will report directly to Donald Donahue, the firm's chairman and ceo.

    Leonard has over 25 years of experience leading operational risk, regulatory compliance and auditing. Most recently, he served as svp and head of operational risk for Fannie Mae. Prior .......

    Job Swaps 29 September 2010

  • ABL acquisition completed

    The KBC group is selling its asset-based lending (ABL) division, KBC Business Capital, to a wholly owned subsidiary of The PNC Financial Services Group. The transaction is expected to be completed in 4Q10.

    KBC Business Capital is a provider of ABL solutions to UK companies across a range of sectors, with 21 staff operating from London and four offices throughout .......

    Job Swaps 29 September 2010

  • CDS PD product launched

    Moody's Analytics has launched its CDS-implied EDF (expected default frequency) product, available through its CreditEdge Plus platform. The new product assists risk managers and investors by leveraging CDS market information to accurately estimate probability of default, according to the firm.

    With the release of CDS-implied EDF credit metrics, probability of default measures are now available on entities with CDS contracts, .......

    News Round-up 29 September 2010

  • Risk programme leader named

    AMX International has appointed Steve Lindo to lead its banking and asset management enterprise risk management programme, which aims to facilitate the protection of directors by providing an understanding of major risk. It also helps directors to engage in the independent validation of senior executive claims that is required by business judgment rules, the firm says.

    Lindo has over 25 .......

    Job Swaps 29 September 2010

  • German balance sheet CLOs stabilising

    The performance of 12 Fitch-rated German balance sheet CLOs appears to be stabilising. This trend, the agency notes, corresponds to the improving economic environment in Germany this year.

    Although Fitch has observed new defaults in almost all 12 transactions since the beginning of 2010, the extent of such deterioration has been moderate. Average new defaults have amounted to 0.4% of .......

    News Round-up 29 September 2010

  • Lehman chapter 11 progress outlined

    Alvarez & Marsal last week presented its State of the Estate report on the chapter 11 cases of Lehman Brothers Holdings Inc and its affiliated debtors. The timeline for plan confirmation, the claims reconciliation process and recovery analysis were all outlined.

    In terms of the plan confirmation timeline, the debtors intend to file an amended disclosure statement in 4Q10 and .......

    Job Swaps 29 September 2010

  • Korean RMBS approach explained

    Moody's has updated its methodology for the analysis of Korean RMBS transactions.

    "Moody's rating analysis for Korean RMBS is based on loan-by loan data. The quality and depth of these data, which are the main inputs for the MILAN model, are important elements in our analysis. To assist originators and ensure that procedures accurately assess risk [and] are consistent, we .......

    News Round-up 29 September 2010

  • Trading on trust

    BTIG's London ceo Gary Hayes and Russell Scott, md and head...

    Q: How and when did your firm become involved in the structured finance markets?
    GH:     BTIG was growing - mostly in equities, outsourced trading and prime brokerage - and at the end of 2008 we realised there would be an opportunity to do with international equities what we were already doing in the US. It was our customers who asked us .......

    Provider Profile 29 September 2010

  • SLABS ARS exposure reviewed

    Fitch is to review US FFELP student loan ABS transactions with auction-rate securities. As part of its review, the agency will apply its updated surveillance criteria with a more refined approach to basis risk, also limiting the extent to which ARS can mitigate basis risk.

    The potential rating implications on most triple-A senior bonds are likely to remain stable as .......

    News Round-up 29 September 2010

  • HPI enhances investor report transparency

    Hatfield Philips International (HPI) has begun offering investors access to investor reports from its website, with the aim of providing both its clients and the market with a greater level of accessibility and transparency across all types of real estate transactions.

    In addition to downloadable investor reports, HPI is publishing its primary and special servicing portfolio performance statistics. Mike Brown, .......

    Job Swaps 29 September 2010

  • Updated criteria for hybrid CDOs

    S&P has updated its assumptions for rating global CDOs backed by Trups, surplus notes and other hybrid securities issued by banks, insurance companies, REITs and homebuilders.

    The changes are intended to effectively cap CDO liability ratings at single-A plus for transactions that depend heavily on hybrid assets rated double-B plus or lower. These criteria are effective immediately for all new .......

    News Round-up 29 September 2010

  • CDPC debt ratings upgraded on commutation

    Moody's has upgraded the senior subordinated debt ratings of Athilon Capital Corp from Caa2 to B3. The move affects US$350m of debt.

    The key driver behind the rating actions was the commutation on 17 September of a CDS on an ABS CDO, against which Athilon had written protection. Athilon and the protection buyer of the ABS CDO have agreed on .......

    News Round-up 29 September 2010

  • Higher losses for rehabilitated FFELP loans

    Moody's has commented on the performance of rehabilitated FFELP student loans, indicating that these student loan pools will display higher net loss rates compared with the non-rehabilitated loans. Based on this, the agency has changed its loss assumptions rating method, applying a higher cumulative default rate and a more front-loaded default timing curve.

    The agency expects the performance of the .......

    News Round-up 29 September 2010

  • Positive trends for US auto ABS

    Year-over-year (YOY) US prime auto delinquencies are down by 33%, boding well for auto loan ABS, according to Fitch. This comes even as prime losses and delinquencies tick up slightly in August from July - consistent with seasonal trends.

    Prime auto delinquencies increased by 1bp to 0.57% from 0.56% in July. The rate is 33% lower than August 2009 and .......

    News Round-up 29 September 2010

  • CDO name-changes announced

    A couple of CDO managers have announced changes to the names of some of their deals.

    The Carlyle Group has renamed seven Stanfield CLOs to reflect its recent purchase of them (SCI passim). Stanfield Arnage CLO becomes Carlyle Arnage CLO, with the Vantage, Azure, McLaren, Daytona, Modena and Veyron transactions also adopting the new moniker.

    Finally, Katonah VI has been .......

    News Round-up 29 September 2010

  • Update due for investor reporting package

    CRE Finance Council Europe is set to release a market exposure draft of its European Investor Reporting Package Version 2.0 on 15 October. Among the updates to the package, the new version will introduce minimum population fields and standards for calculating key financial indicators, such as ICR, as well as a methodology for analysing/reporting borrowers' property income statements. The package .......

    News Round-up 29 September 2010

  • Credit events to be determined

    ISDA's Japan Determinations Committee is deliberating on whether a bankruptcy credit event occurred with respect to Takefuji Corporation. The move comes after the company filed for bankruptcy with Y433.6bn in debts.

    Meanwhile, Barclays Capital has requested that ISDA's Americas Determinations Committee rule on whether a bankruptcy credit event occurred with respect to Blockbuster Inc. This follows Blockbuster's filing of a .......

    News Round-up 29 September 2010

  • European financial supervision reform agreed

    The European Parliament has approved a financial supervision reform package that will see a systemic risk board and three new European supervisory authorities (ESAs) for the financial services sector being created.

    The ESAs comprise a European Banking Authority (EBA) based in London, a European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt and a European Securities and Markets Authority (ESMA) .......

    News Round-up 29 September 2010
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