Complete news archive

  • Partnership expands risk solutions access

    Numerix has partnered with Softek Computer Services to offer integrated pricing and risk solutions within the Softek Capital Adequacy Services (CAS) platform. Users of the Softek CAS platform will now be able to access the Numerix CrossAsset library of independent pricing models and methods. They will also be able to utilise Numerix's suite risk management capabilities, including Monte Carlo Value .......

    News Round-up 22 September 2010

  • US CMBS delinquent unpaid balance rising

    The delinquent unpaid balance for US CMBS increased in August by an additional US$551.8m, up to US$61.39bn, according to Realpoint's latest Monthly Delinquency Report. This follows only US$387.9m in growth from June to July 2010, remaining well below the average growth of US$3.136bn per month experienced from January through to June

    Outside of a US$1.37bn decrease in the 90+ day .......

    News Round-up 22 September 2010

  • The short of it

    'Flawed' EC short-selling proposals discussed

    The European Commission on 15 September adopted a proposal to introduce regulation on short selling and certain aspects of CDS. While market participants agree that the move could help remove uncertainty around short selling, the proposals are said to contain a number of flaws.

    James Coiley, international finance partner at Ashurst, notes: "Although the text of the proposal is fairly .......

    News Analysis 22 September 2010

  • CMBS quality score mooted

    Investors in US RMBS and consumer ABS typically cite a pool's average FICO score as a succinct measure of credit quality, but no similar metric exists for CMBS. Deutsche Bank has consequently introduced a quality score for the asset class, which attempts to address this disparity.

    According to MBS analysts at the bank, the goal of the DB quality score .......

    News 22 September 2010

  • Trups CDO investor options analysed

    In light of the current market debate about whether investors should take up discounted redemption offers or wait for a greater cashflow, Algorithmics' latest white paper analyses the options for CDO investors in Trups. Approximately US$50bn of Trups issued by US banks and insurance companies have been pooled and repackaged into CDOs since 2000.

    The passage of the Dodd-Frank Act .......

    News 22 September 2010

  • Future of Stuytown property in the balance

    CWCapital is expected to proceed with the foreclosure of the Peter Cooper Village and Stuytown (PCV & ST) property on 4 October, following the New York Supreme Court's ruling in favour of the senior lenders. MBS analysts at Barclays Capital point to two possible outcomes of the foreclosure auction: it could be won by the trustees that have the right .......

    News 22 September 2010

  • 'Less pessimism' reported among CLO investors

    JPMorgan's latest CLO investor survey reveals that the majority of clients are less pessimistic about fundamentals and headline risks than earlier in the summer and are focusing on how to reach yield targets. For many respondents, the probability of a double-dip recession was viewed as low, with the most likely scenario being to 'muddle through'. Another positive development was said .......

    News 22 September 2010

  • AFME names chief executive

    AFME has appointed Simon Lewis as chief executive. Lewis will help drive the agenda of AFME in its work with legislators, regulators and other stakeholder groups. Mark Austen, AFME's head of markets policy and acting chief executive, is appointed to coo.

    Lewis was previously director of communications at 10 Downing Street and the Prime Minister's official spokesman from June 2009 .......

    Job Swaps 22 September 2010

  • SF partner named for Greek market

    Watson, Farley & Williams has appointed Nikos Kostikas as partner in its international project and structured finance group. Based in the firm's Athens office, Kostikas will help expand the firm's shipping and energy departments, covering both the finance and regulatory aspects of banking in the Greek market.

    Kostikas was previously at UniCredit Bank in Greece as legal counsel. As a .......

    Job Swaps 22 September 2010

  • Structured settlements firm beefs up in legal

    Woodbridge Structured Funding has appointed Jim Klohn as corporate general counsel. He was previously associate counsel for Imperial Finance and Trading's structured settlement division.

    Scott Schwartz, evp of Woodbridge Structured Funding, states: "Jim has had years of experience in the structured settlement marketplace and brings to Woodbridge years of expertise in the settlement, lottery and buy annuity marketplace."

    .......

    Job Swaps 22 September 2010

  • CRE advisory appoints cio

    Andrew Reiken has joined Poinsett Capital Advisors as cio, overseeing all investment services offered by the firm. Reiken comes from Graycliff Capital Partners, where he was a partner and coordinated investments in CMBS debt securities and other debt instruments. He has a long-standing relationship with the principals of Poinsett through their other firm TIC Properties, where Reiken originated financing on .......

    Job Swaps 22 September 2010

  • CIBC comments on Lehman CDO suit

    CIBC has published a comment on a lawsuit filed on behalf of Lehman Brothers with respect to a CDO transaction that occurred in 2008. The bank says it intends to defend itself vigorously in this matter.

    "It is our belief that the trustee's actions in reducing the unfunded commitment on our VFN to zero should be upheld, although there can .......

    Job Swaps 22 September 2010

  • CLO key manager events remedied

    Moody's has been notified that a key manager event occurred in respect of the First 2004-I and 2004-II CLO, as well as TCW Select Loan Fund transactions on 1 July 2009, leaving the issuers with only one of their three key managers. TCW Asset Management Company, the collateral manager, is now proposing Mark Attanasio and Matthew Miller as successor key .......

    Job Swaps 22 September 2010

  • Ambac rehab case to be determined

    The RMBS Policyholders Group has challenged the legality of the Ambac Assurance Corporation (AAC) segregated account. The Group says that the challenges made against AAC highlight the "inequitable treatment of policyholders and the lack of transparency" in the Wisconsin insurance regulator's rehabilitation of the firm. A case has been presented in the Circuit Court of Dane County, Wisconsin, by Deutsche .......

    Job Swaps 22 September 2010

  • SLC divestiture announced

    Citi is to divest approximately US$32bn of its US$46bn of Student Loan Corporation (SLC) assets to Discover Financial Services and Sallie Mae. The transaction is expected to close by year-end.

    Sallie Mae will purchase US$28bn of securitised federal student loans and related assets from SLC. Discover will acquire US$4.2bn of private student loans and related assets at an 8.5% discount, .......

    Job Swaps 22 September 2010

  • Latest ICE Clear clearing member approved

    UniCredit Bank has become ICE Clear Europe's 15th CDS clearing member and has begun clearing CDS transactions. The move comes as ICE's credit default swap clearinghouses reach US$12trn in gross notional value since inception, with aggregate open interest of US$1.1trn.

    ICE Clear Europe has cleared €3.4trn of gross notional value of CDS transactions, including €530bn in single-name CDS, resulting in .......

    Job Swaps 22 September 2010

  • Expanded coverage for liquidity metrics

    Markit is to provide liquidity metrics and composite liquidity scores for leveraged loans and European ABS covered by its pricing services. The firm already measures liquidity for CDS and evaluated bonds. It says that adding leveraged loans and European ABS will provide clients with a more comprehensive view.

    Leveraged loan liquidity scores indicate that liquidity has improved steadily this year. .......

    News Round-up 22 September 2010

  • Rental fleet ABS criteria outlined

    Fitch has released its global rating methodology for rental fleet ABS, addressing key risks present in rental fleet ABS transactions. The criteria assess counterparty risks, including the bankruptcy of the rental fleet company and of any major manufacturer supplying vehicles to a securitised vehicle fleet. It also looks at the vehicle liquidation process and related risks in a bankruptcy and .......

    News Round-up 22 September 2010

  • Updated cashflow CDO criteria explained

    Fitch has updated its global rating criteria for cashflow analysis of new and existing CDOs. The methodology for cashflow analysis of CDOs remains fundamentally unchanged, however.

    The agency's approach to addressing the key risk drivers of cashflow analysis in CDOs include: portfolio default and recovery analysis, transaction-specific structural features and hedging strategies. The objective of the report, Fitch says, is .......

    News Round-up 22 September 2010

  • CRE CDO delinquencies resume climb

    Delinquencies for US CRE CDOs resumed their climb in August, rising slightly to 12.1%, from 11.9% in July, according to Fitch's latest US CREL CDO delinquency indices results.

    17 new delinquent assets have been reported, including two term defaults, six matured balloons, two foreclosures and seven credit-impaired securities. The increase in delinquencies was tempered by the resolution of 12 other .......

    News Round-up 22 September 2010

  • NAIC ratings request met

    In response to a request from the National Association of Insurance Commissioners (NAIC)'s Valuation of Securities Task Force, S&P says it intends to provide a list of certain loan-backed and other structured securities - in accordance with Statement of Statutory Accounting Principles No. 43R guidance - that will include the CUSIP number, securities description, rating as of 31 December 2010 .......

    News Round-up 22 September 2010
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