Complete news archive

  • 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

  • Improvement continues for UK credit card ABS

    Fitch reports that the performance of UK credit card trusts continued to improve in July 2010, with credit card charge-off rates falling significantly and excess spread continuing to rise across the board. The agency believes that the latest monthly performance data further increase the likelihood of a stabilisation in credit card performance in the coming months. There, however, remains a .......

    News Round-up 22 September 2010

  • Spanish RMBS reviewed on irregular performance

    Moody's continues to review the ratings of Valencia Hipotecario 2, 3 and 4, while investigating the series' performance data. The agency notes that the Valencia Hipotecario 1 to 5 RMBS have shown irregular credit performance since its reporting period in Q409.

    The deals experienced spikes in arrears in early 2010, followed by a rapid improvement in credit trends over the .......

    News Round-up 22 September 2010

  • Buyback to improve CRE CDO's par value ratios

    Fortress Investment Group is set to buy back another €6m of the class A notes from Duncannon CRE CDO I at a discounted purchase price (SCI passim). The repurchased notes will subsequently be cancelled, thereby marginally increasing the available credit enhancement to all rated notes, according to Fitch.

    The repurchase will be funded using cash available in the principal collection .......

    News Round-up 22 September 2010

  • US CRE prices fall 3.1% in July

    The latest data from Moody's/REAL Commercial Property Price Indices (CPPI) indicate that US CRE prices decreased by 3.1% in July - the second consecutive monthly decline of more than 3%. Nationwide, prices are currently 43.2% below their peak in October 2007 and only 0.9% above the recession low recorded in October 2009. The CPPI has declined by 7.3% in the .......

    News Round-up 22 September 2010

  • CDPC drafting error corrected

    NewLands Financial is proposing to amend its class A loan agreement, class B deferrable loan agreement and class B1 deferrable loan agreement. The amendments primarily correct a drafting error that potentially could prohibit the CDPC from making scheduled (interest and principal) and unscheduled payments (principal) to the holders of these loans, so long as more senior obligations are outstanding.

    The .......

    News Round-up 22 September 2010

  • Restructured SIVs restructured further

    HSBC has restructured the senior liabilities of its restructured SIVs, Barion Funding, Malachite Funding and Mazarin Funding. The restructuring involved the issuance of a further portion of junior deferrable notes and the consequent redemption of an equivalent amount of super-senior liabilities, as well as tranching the junior senior notes into a number of tiers ranking sequentially.

    The move prompted S&P .......

    News Round-up 22 September 2010

  • EMEA special servicing activity to rise

    Moody's reports that, as of end-August, there were 65 loans in special servicing across all EMEA CMBS large multi-borrower and single borrower transactions it monitors. During the month, two loans were newly transferred into special servicing, while one loan was removed due to repayment.

    Currently, 37 transactions are subject to loans in special servicing. A total of nine different special .......

    News Round-up 22 September 2010

  • Constituent change for CDX IG

    The Markit CDX.NA.IG, CDX.EM and CDX.EM.DIV indices rolled into their fifteenth, fourteenth and twelfth series respectively on 20 September. One constituent (Universal Health Services) has been replaced (with CA Inc) in the CDX.NA.IG index. The composition and weights of the CDX.EM and CDX.EM.DIV indices remain unchanged.

     

    .......

    News Round-up 22 September 2010

  • CRE refinancing completed

    Younan Properties has completed the refinancing of a 20-story, 405,693 square foot class A office tower in Phoenix. CMBS financing was provided by Deutsche Bank and Tounan represented itself with the assistance of RKM Capital.

    Zaya Younan, chairman and ceo of the firm, says: "We have seen significant, positive steps and changes in the CRE debt market origination and we .......

    News Round-up 22 September 2010

  • Boston Energy LCDS settled

    The final results of the Boston Generating LCDS auction have been published. The final price was determined to be 96.75, with nine dealers submitting inside markets, physical settlement requests and limit orders.

    Meanwhile, ISDA's Americas Determinations Committee has ruled that a succession event did not occur with respect to Energy Future Holdings Corp. The decision was delayed until 17 September .......

    News Round-up 22 September 2010

  • Microfinance CLO completed

    IFMR Capital closed its eighth microloan securitisation transaction last week, an R370m multi-originator deal with Delhi-based MFI Satin Creditcare, Rajasthan-based Sahayata Microfinance and Tamil Nadu MFI Asirvad.

    This transaction proves significant as it brings private wealth investors to microfinance for the first time, the firm notes. By bringing together these unconventional private wealth investors, IFMR Capital believes that the participating .......

    News Round-up 22 September 2010

  • Green Valley II marketing

    Swiss Re Capital Markets is marketing the second catastrophe bond from the Swiss Re Green Valley programme. The €100m single-tranche deal referencing French windstorm risk has been given a preliminary double-B plus rating by S&P.

    The transaction, which is expected to close on 30 September and mature in January 2012, will serve to provide Swiss Re with a source of .......

    News Round-up 22 September 2010

  • NC RMBS prepped amid improving performance

    Investec is believed to be prepping a £200m RMBS, backed by prime UK mortgages originated by Kensington Mortgages, as well as non-conforming loans bought by Kensington from other specialist originators. The move comes amid improving performance in the UK non-conforming RMBS sector, with a majority of transactions reporting lower arrears, lower losses and increases in excess spread.

    European asset-backed analysts .......

    News Round-up 22 September 2010

  • Tariff deficit deal in approval process

    A preliminary prospectus was lodged with the CNMV, the Spanish financial markets regulator, last week for a €25bn debt programme refinancing tariff rebates due to four Spanish utility companies (SCI passim). The approval process is likely to take several weeks, according to ABS analysts at UniCredit.

    They point out that previous such deals involved the receivables being purchased by third .......

    News Round-up 22 September 2010

  • GSO CLO joins queue on strong market

    Bank of America Merrill Lynch is marketing a US$400m CLO for GSO Capital Partners. The transaction joins the LCM, Garrison Investment Group and Guggenheim deals already in the pipeline (SCI passim).

    The GSO CLO is likely to comprise four tranches, with the equity piece expected to be sold to a third party.

    The news comes as the US CLO market sees .......

    News Round-up 22 September 2010

  • Arran print sparks Euro optimism

    The announcement that a significant portion of RBS' new UK prime RMBS - the £4.65bn-equivalent Arran Residential Mortgages Funding 2010-1 - would be marketed publically injected some optimism into the European market last week.

    "On one hand, the attempt by RBS to place a new RMBS deal increased the likelihood that the existing Arran deals would be called at their .......

    News Round-up 22 September 2010

  • Brazilian SME fund issued

    IFC has issued a R$50m guarantee - its first - for investors in a fund that securitises loans originated by Banco Industrial Comercial to SMEs in Brazil. These firms provide more than two-thirds of the 35 million jobs in the country's formal economy.

    "This transaction will help BicBanco access a new type of institutional investor to support the loan portfolio .......

    News Round-up 22 September 2010

  • GSE liquidation remains on the cards

    MBS analysts at Wells Fargo suggest that there is a 50%-75% probability that Fannie Mae and Freddie Mac will be liquidated as part of their rehabilitation. Their forecast comes after the 15 September hearing of the House Financial Services subcommittee on capital markets.

    The Wells Fargo analysts provide what they believe is a viable framework for liquidation, whereby both outstanding .......

    News Round-up 22 September 2010

  • Roll-down driving tranche performance

    Implied and realised volatility, as well as credit spreads, ground tighter over the summer following the market gyrations in Q2. This has made roll-down an important underlying factor when analysing CDS index tranche performance, according to structured credit strategists at Morgan Stanley.

    They note their performance attribution model shows that time decay and carry have played a meaningful part in .......

    News Round-up 22 September 2010

  • TARP's successes, failures weighed

    The Congressional Oversight Panel (COP) has released its September report, which assesses TARP on the eve of its expiration - 3 October. The report notes that although TARP provided critical support to the financial markets when market confidence was in freefall, it suggests that the programme has been far less effective in meeting its other statutory goals.

    First, the panel .......

    News Round-up 22 September 2010
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