Complete news archive

  • US CMBS delinquencies continue rising

    The delinquency rate on loans included in US CMBS increased by 21bp in August to 8.10%, according to Moody's Delinquency Tracker (DQT). The delinquency rate had increased by a slightly smaller 18bp in July 2010.

    Moody's md Nick Levidy says: "Delinquency rate increases have moderated over the past three months, but the overall rate itself is expected to continue rising .......

    News Round-up 15 September 2010

  • 2006/2007 subprime CDS prices drop

    Fitch Solutions reports that while US subprime CDS prices are still supported by positive momentum, uneven performance over the last month may signify an impasse for future performance. The latest Subprime RMBS Total Market Price Index shows that the overall price is levelling off at 9.86 through August. This follows almost 7% month-over-month increases on average from February through May, .......

    News Round-up 15 September 2010

  • New constituents for iTraxx, SovX indices

    The Markit iTraxx Europe indices will roll into their 14th series on 20 September. One constituent (J Sainsbury) has been replaced (by Kingfisher) in the iTraxx Europe Main index. Six constituents have been replaced in the iTraxx Europe Crossover index, while eight constituents have been replaced in the iTraxx Europe HiVol index.

    The Markit iTraxx Asia ex-Japan and iTraxx Australia .......

    News Round-up 15 September 2010

  • EU CRA application confirmed

    S&P confirms that it has filed its application for registration under the EU's new credit rating agencies regulation. Rating agencies that wished to be registered had to have adopted the necessary measures to comply with the regulation and submitted their application for registration by 7 September.

    S&P says it has already had in place policies and procedures designed to protect .......

    Job Swaps 15 September 2010

  • Basel capital reforms unveiled

    The Basel Committee on Banking Supervision on 12 September announced a substantial strengthening of existing capital requirements and fully endorsed the agreements it reached on 26 July (see SCI issue 195). These capital reforms, together with the introduction of a global liquidity standard, deliver on the core of the global financial reform agenda and will be presented to the Seoul .......

    News Round-up 15 September 2010

  • GSI fined over Abacus reporting obligations

    The UK FSA has fined Goldman Sachs International (GSI) £17.5m for breaching FSA Principles. The fine relates to GSI's failure to ensure that it had in place adequate systems and controls to enable it to comply with its UK regulatory reporting obligations. This resulted in a failure to notify the FSA of matters relating to the US SEC investigation into .......

    Job Swaps 15 September 2010

  • Firms collaborate to launch credit fund

    GAM has launched its first market-neutral credit fund with credit manager DCI. GAM Star Diversified Market Neutral Credit aims to produce absolute returns with low correlation to fixed income markets.

    The fund invests in a highly diversified long and short portfolio of mispriced, predominately investment grade credit. The strategy represents a unique offering in the growing UCITS III universe, according .......

    Job Swaps 15 September 2010

  • DBRS re-opens London office

    DBRS has re-opened its European office. Simon Ross, svp, is now working permanently from London for the rating agency's structured credit team. The team is led by md Jerry van Koolbergen in New York.

    The move follows the publication of an additional RFC on DBRS' core European rating methodologies - that for SME CLOs (see also SCI issue 198). Market .......

    Job Swaps 15 September 2010

  • Broker expands EM fixed income group

    BTIG has expanded its global fixed income group to include a London-based team focused on emerging markets. The team - which includes Russell Scott, Cornelia Colonius and Alpesh Lad - will be led locally by Darren Reiss, md and head of the emerging markets fixed income sales team in London. They will report to Alex May, the firm's global head .......

    Job Swaps 15 September 2010

  • Bank poaches SF head

    Noel Doromal has joined Deutsche Bank's residential mortgage securities origination and distribution group, reporting to George Mangiaracina. Doromal was previously vp and structured finance head at Citi.

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    Job Swaps 15 September 2010

  • Euro CLO trading head hired

    Alan Packman has joined UBS as an executive director and head of European CLO trading. He was previously an md at Aladdin Capital Management, where he traded all ABS asset classes.

     

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    Job Swaps 15 September 2010

  • Advisory practice names CRE md

    Michael Zanolli has joined Alvarez & Marsal Real Estate Advisory Services as md. Working across both the New York and Philadelphia offices, he will focus on real estate structured finance and investments, including CMBS, CRE CDOs, proprietary trading and workouts.

    With more than 20 years of experience, Zanolli was the founder of Wallingford Capital Management, where he advised creditors and .......

    Job Swaps 15 September 2010

  • Trio joins fixed income team

    Insight Investment has strengthened its fixed income business with the appointment of three new hires - Jeremy Deacon, Azhar Hussain and Joseph Hazelwood.

    Deacon joins as structured credit analyst, reporting to structured credit portfolio manager, Shaheer Guirguis. With almost ten years of ABS experience, he was most recently at CQS Management as ABS analyst to its specialist ABS hedge fund.

    Job Swaps 15 September 2010

  • TMPG guidance issued for agency MBS

    The Treasury Market Practices Group (TMPG) has issued guidance designed to maintain the integrity and efficiency of the Treasury, agency debt and agency MBS markets. The guidance centres on: promoting market-making and liquidity; maintaining a robust control environment; managing large positions with care; and promoting efficient market clearing.

    The TMPG says it believes that the public and all market participants .......

    News Round-up 15 September 2010

  • CRE executive director appointed

    Chuck Lee has joined JPMorgan's commercial real estate securities and capital markets platform as executive director. Lee will spearhead the bank's advisory line of business with the FDIC, Freddie Mac and Fannie Mae, as well as other institutions. He will report to Jonathan Strain, debt capital markets director in the firm's CMBS division.

     

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    Job Swaps 15 September 2010

  • Real estate director recruited

    Robert Baskeyfield has joined European Risk Capital as executive director in its real estate group. His primary focus will be on arranging commercial and residential property finance transactions, including structured debt and hybrid equity placements.

    Baskeyfield was formerly responsible for origination in KBC's London real estate group. Prior to this, he spent nearly a decade in the German real estate .......

    Job Swaps 15 September 2010

  • New role for structured products veteran

    Mitch Braselton has joined Deutsche Bank as md in its institutional client group, debt department, in North America. Based in New York, he will report to Stefan Hoops, the firm's head of structured product sales for the region.

    Braselton was previously at Garrison Investment Group, where he was md, focusing on business development for financial institutions. Prior to this, he .......

    Job Swaps 15 September 2010

  • CMBS vet moves on

    Romano Paredes has joined UBS in its debt capital markets group. He will work in the real estate area and reports to Mark Graham, the bank's head of EMEA securitised products.

    Paredes was the former head of European CMBS at Morgan Stanley.

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    Job Swaps 15 September 2010

  • Collateral management duties re-assigned

    Princeton Advisory Group is set to assign its asset management duties for Rosedale CLO II to JMP Credit Advisors. All requisite consents and approvals will be received and conditions to closing will be satisfied under the assignment.

    Moody's has determined that the assignment will not cause the current rating of any class of notes to be withdrawn, reduced or qualified.

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    Job Swaps 15 September 2010

  • ABS trio finds new home

    Kramer Levin Naftalis & Frankel has expanded its banking and finance group with the appointment of three new partners - Gilbert Liu, Laurence Pettit and Richard Rudder. Prior to joining the firm, the three ABS specialist lawyers practiced at Baker & McKenzie.

    Liu represents issuers, underwriters, borrowers, lenders and service providers on private and public securitisation transactions involving CRE assets, .......

    Job Swaps 15 September 2010

  • Partner pairing moves to LA law firm

    Winston & Strawn has expanded its M&A, securities, private equity and finance capabilities with the addition of James Levin and Warren Loui as partners. The pair will join the firm's Los Angeles office.

    Loui was most recently at Mayer Brown, where he was partner in its banking and finance department. His representation of lenders and issuers includes acquisition financings of .......

    Job Swaps 15 September 2010
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