Complete news archive

  • Singapore CMBS stays strong

    Singaporean CMBS are showing strong cashflows from their underlying properties, according to a quarterly report on the sector by Moody's. The agency says there will be no rating implications on outstanding transactions based on the performance of their portfolio.

    The Q210 report says transactions continued to enjoy at least three times actual debt service coverage ratios (DCSRs), while appraisers' LTV .......

    News Round-up 18 August 2010

  • Trups CDO defaults continue to escalate

    According to Fitch's latest default and deferral indices for the sector, defaults on US bank Trups CDOs eclipsed the 14% mark on 11 new bank defaults. July's new defaults totalled US$129.5m and affected 16 CDOs.

    Additionally, 22 banks began deferring interest payments on roughly US$302.5m of collateral in 23 Trups CDOs. Fitch director Johann Juan says: "All defaults that took .......

    News Round-up 18 August 2010

  • July credit card ABS performance positive

    A credit card performance report by Bank of America Merrill Lynch ABS analysts has found that delinquency and charge-off trends both remained positive in July. Defaults and delinquencies were down, while payment rates, yield and excess spread were all encouraging.

    Most credit card trusts saw fewer defaults year-over-year. This trend was bucked by HMNT, which increased year-over-year by 159bp, but .......

    News Round-up 18 August 2010

  • Housing finance, GSE reform on the agenda

    The Obama administration's Housing Finance Reform Conference convened yesterday (17 August). Other than cooling some of the overheated sentiment that has developed in recent weeks, it was essentially a non-event for today's MBS market, according to MBS analysts at Bank of America Merrill Lynch. They expect housing reform to be a slow process that is unlikely to impact the MBS market in .......

    News Round-up 18 August 2010

  • New CRE investment banking model created

    Cantor Fitzgerald and CIM Group have formed a real estate financing business, Cantor Commercial Real Estate (CCRE). Cantor Fitzgerald and CIM will serve as co-general partners to the firm.

    The CCRE management team will be led by Anthony Orso, executive md of Cantor Fitzgerald and ceo of CCRE. The firm will originate competitively underwritten fixed- and floating-rate mortgages and mezzanine .......

    Job Swaps 18 August 2010

  • Broker-dealer adds in ABS trading

    Eric Londa has joined Ally Financial as head ABS trader in New York, reporting to Tom Marano, chief capital markets executive at the firm. Londa was previously md and head of structured products trading at PrinceRidge Group. The move is part of Ally Financial's efforts to develop its broker-dealer capability.

    .......

    Job Swaps 18 August 2010

  • New funds management team announced

    BlackRock Advisors has made a number of new md-level appointments within its portfolio management teams. It has also appointed Rick Rieder as cio of fixed income, fundamental portfolios.

    James Keenan and Matthew Marra have been assigned to BlackRock's Core Bond Trust and Income Opportunity Trust funds. John Burger, James Keenan, Thomas Musmanno, John Vibert and Mark Warner will now be working .......

    Job Swaps 18 August 2010

  • Reps and warranties figure in Wells action

    A class action has commenced in the US District Court for the Northern District of California on behalf of purchasers of bonds issued by the Wells Fargo MBS 2006-AR15 Trust. The complaint charges the trust, Wells Fargo, Deutsche Bank and certain other individuals involved.

    The complaint alleges that the trust's registration statement, prospectus and prospectus supplement contained materially false and .......

    Job Swaps 18 August 2010

  • Acquisition creates US CMBS platform

    MountainView Capital Holdings has acquired Capmark Securities and hired a fixed income team from Madison Williams. The acquisition of Capmark, renamed MountainView Securities, and the key hires broaden the capabilities of the firm's mortgage pipeline hedging and trading of fixed income securities, including MBS.

    In addition to providing institutional fixed income trading, MountainView Securities is now offering trading and hedging .......

    Job Swaps 18 August 2010

  • Broker enhances CRE finance team

    Knight Capital Group has appointed Barry Funt and Winston van Buitenen as mds in its CRE finance team. The new hires will help leverage the firm's institutional fixed income platform to originate real estate loans for leased-backed and project financings. The team provides structuring advice on transactions that seek to achieve both the economic and qualitative project goals of participating .......

    Job Swaps 18 August 2010

  • Tetragon eyes buys away from CLOs

    Tetragon Financial Group, the closed-ended investment company that recently bought GreenOak Real Estate (see last issue), is seeking out acquisitions beyond the CLO market.

    The company has the potential to be a broad-based financial services firm, according to Michael Rosenberg, principal of Polygon Credit Management, Tetragon's investment manager, on a 9 August conference call. This would include multiple asset classes .......

    Job Swaps 18 August 2010

  • Portfolio manager joins distressed specialist

    Scott Burg has joined Deer Park Road as associate portfolio manager. He will report to Michael Scheckman, portfolio manager and owner of the Colorado-based firm, which specialises in distressed real estate and asset-backed investments.

    Most recently, Burg was principal at General Capital Partners in Colorado, where he evaluated strategic solutions for distressed companies. He was also responsible for the firm's .......

    Job Swaps 18 August 2010

  • Takeover boosts SF valuations practice

    Houlihan Lokey has acquired Red Pine Advisors, a New York‐based advisory firm that specialises in the valuation and pricing of illiquid structured product portfolios.

    The transaction adds Red Pine's three principals and 20 employees to Houlihan Lokey's portfolio valuation & advisory services practice. The team brings experience in structured products, real estate loans and illiquid corporate credit instruments.

    "Red Pine .......

    Job Swaps 18 August 2010

  • EMEA ABS head hired

    Cecile Houlot has joined Morgan Stanley as md and head of its European securitisation effort within the global structured solutions group (GSSG). Based in London, she will report to David Moffitt, global head of GSSG in New York, and locally to European FICM head Claus Skrumsager and European FIG capital markets head Shyam Parekh.

    Houlot will be responsible for all .......

    Job Swaps 18 August 2010

  • Strategic alternatives sought for PAM

    Primus Guaranty has disclosed that during Q210 it retained Berkshire Capital Securities to advise on strategic alternatives for its asset management business, Primus Asset Management (PAM). It expects this process to be completed by the end of 2010.

    PAM managed funds totalling US$17.4bn at 30 June 2010, including US$3.3bn of third-party assets. It also managed Primus Financial and other structured .......

    Job Swaps 18 August 2010

  • Broker names RMBS trading head

    KGS-Alpha Capital Markets has recruited Brian Bowes as head of non-agency mortgage trading, as it builds out its MBS-focused fixed income trading desk. He was previously part of the residential mortgage trading & sales group at Hexagon Securities.

    .......

    Job Swaps 18 August 2010

  • US fixed income solutions head hired

    BNP Paribas has appointed Matt Salvner as head of fixed income solutions for the Americas. He will report to Kip Testwuide, head of origination and distribution of fixed income products, Americas.

    Testwuide says: "Matt will lead the solutions team working closely with the credit and FX/rates structuring teams, and we are confident his expertise will help provide valuable products and .......

    Job Swaps 18 August 2010

  • CMBS strategist appointed

    Richard Parkus has joined Morgan Stanley as CMBS and CRE debt strategist. He is based in New York and will report to Vishwanath Tirupattur, md of the firm's structured credit strategy group. Parkus moves over from Deutsche Bank, where he was head of CRE debt research.

    .......

    Job Swaps 18 August 2010

  • CDPC acquired

    AGH Acquisition Partners, which is owned by funds that are managed and controlled by EBF & Associates, has purchased Athilon Group Holdings. All of the rights previously held by Lightyear/Athilon Holdings, including managing the Athilon CDPC, have been transferred to AGH under an assignment and assumption agreement.

    The actual day-to-day management of Athilon is not expected to materially change, as .......

    Job Swaps 18 August 2010

  • Broker adds US real estate head

    John Ockerbloom has joined Jefferies as md and US head of real estate investment banking.

    With over 13 years of real estate investment banking experience, Ockerbloom was most recently head of real estate and lodging investment banking at Morgan Keegan. Prior to this, he was md in the real estate investment banking groups at Wachovia Securities and BoA.

    "Providing Jefferies' .......

    Job Swaps 18 August 2010

  • Permacap seeks new name, investment focus

    Queen's Walk Investment Ltd (QWIL) is proposing to change its name, conditional on the approval of shareholders at an upcoming EGM, to 'Real Estate Credit Investments Limited' to reflect its intended new investment focus. The permacap vehicle wishes to take advantage of price dislocation opportunities in the European real estate debt market.

    Indeed, its investment manager Cheyne Capital Management believes .......

    Job Swaps 18 August 2010
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