Complete news archive

  • 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

  • Boutique finds UK trading partner

    Odeon Capital Group and Hobart Capital Markets are forming a new joint venture division in London, Odeon Hobart Partners (OHP). The partnership allows Odeon to expand its trading, research and sales capabilities, which span traditional and esoteric debt classes.

    Through the partnership, Odeon aims to offer institutional clients in the UK and throughout Europe the ability to execute high yield .......

    Job Swaps 18 August 2010

  • Mexican RMBS shows 'lacklustre' performance

    S&P says that despite diminishing borrower credit risk, it expects the Mexican RMBS market's overall performance to remain lacklustre for the remainder of 2010. This, the agency notes, is due to higher defaults, increasing foreclosures and macroeconomic factors that have reduced borrowers' purchasing power and increased their debt-to-income ratios.

    Defaults for the aggregated Mexican RMBS market rose during the first .......

    News Round-up 18 August 2010

  • US prime RMBS delinquencies 'slowing'

    According to Fitch's latest performance metrics results, the slowing rate of US prime RMBS serious delinquencies - though still rising - may signal a nearing high-water mark.

    Prime delinquencies rose for the 38th consecutive month, while alt-A (fourth month in a row) and subprime RMBS (fifth straight month) delinquencies continue to drop. Fitch md Vincent Barberio notes that the rate .......

    News Round-up 18 August 2010

  • Stanfield CLO transfers completed

    The Carlyle Group says it has completed the purchase of the management contracts on US$4.2bn in CLO assets from Stanfield Capital Partners (see last issue). Financial terms weren't disclosed.

    The transaction, part of a broader strategy to expand the scope and depth of the firm's global credit alternatives business, increases Carlyle's credit AUM to US$16.8bn. The 11 CLOs are invested .......

    Job Swaps 18 August 2010

  • Euro SF proves resilient through crisis

    S&P has published a ratings transition study which shows that over the last three years - since the beginning of the recent financial downturn - the creditworthiness of European structured finance has generally proved resilient. The sector has shown a relatively low cumulative default rate of just 0.65%.

    S&P credit analyst Andrew South says: "Our study shows that only €12.2bn .......

    News Round-up 18 August 2010

  • CRE firm finds NY president

    Peter Hennessy has joined Cassidy Turley as president of its New York tri-state region and will serve as a member of the firm's executive committee and board of directors. He will join the present leadership team of Mark Boisi, chairman of the firm's New York tri-state region, and Richard Bernstein, executive vice chairman.

    Hennessy will focus on expanding the firm's .......

    Job Swaps 18 August 2010

  • Criteria review to affect Euro SME CLOs

    S&P is conducting a review of its assumptions and methodologies used to rate securitisations of loans to European SMEs. The agency says that the scope of the review may include its default rate stresses, correlation assumptions, recovery levels and timing, event risk and model risk.

    The review may also include the application of the agency's different rating approaches. The current .......

    News Round-up 18 August 2010

  • London hire for advisory firm

    StormHarbour has hired Thierry Sciard as managing principal, based in London. He will be responsible for driving the firm's European operations and will also implement strategies for a global alternative asset management business.

    His previous role was with Fortis Investments' alternatives and solutions division. Prior to Fortis, Sciard was head of investment management for Europe and the Middle East at .......

    Job Swaps 18 August 2010

  • Euro CMBS remains vulnerable

    European CMBS remains vulnerable to further note losses, according to S&P. July's loan performance data for the sector indicates the following issues: an increase in loans not paying at maturity; a material rise in loans in special servicing; and property disposals at prices considerably lower than closing values.

    "We expect borrowers to continue to struggle to repay loans at their .......

    News Round-up 18 August 2010

  • Unusual liquidation decision for CDO

    BlackRock, the CDO manager for LEAFS 2002-1, has voluntarily auctioned off the transaction's underlying collateral. The liquidation was not forced and the collateral is still performing, but the transaction's mandatory auction redemption was scheduled for this year, rather than the more usual 10 years after close.

    Barclays Capital ABS analysts note that many CDOs have been issued since 2002 with .......

    News Round-up 18 August 2010

  • Criteria review hits 10 South African RMBS

    Fitch has placed 10 South African RMBS transactions on rating watch negative (RWN), reflecting its revised rating criteria for South African RMBS transactions and performance concerns in the sector.

    The agency says that under its revised rating criteria and to estimate expected foreclosure frequency, it expects to receive data covering loan-by-loan performance or aggregate static pool performance information. This will .......

    News Round-up 18 August 2010

  • AIGFP records gain on super-senior CDS

    AIG Financial Products (AIGFP) has reported unrealised market valuation gains related to its super-senior credit default swap portfolio of US$161m in Q210. This compares with unrealised market valuation gains of US$636m in Q209.

    The company also reported that interest expense on intercompany borrowings and the effect on operating results related to the continued wind-down of AIGFP's portfolios were lower during .......

    Job Swaps 18 August 2010

  • US CMBS loan pay-offs improve

    According to Trepp, 49.9% of the US CMBS loans that reached their maturity date last month paid off on their balloon date. That is slightly over 10 points better than June's number and is the highest level since December 2008.

    Over the last 12 months, the average percentage of loans by balance paying off each month has been 33.2%. Prior .......

    News Round-up 18 August 2010

  • CMBS research analyst hired

    Christian Aufsatz is joining Barclays Capital's London research team. He comes from Moody's, where he was a commercial real estate vp, and will cover floating-rate CMBS research in his new role.

    .......

    Job Swaps 18 August 2010

  • Short sales process speeding up

    ServiceLink reports that its short sale business model is resulting in dramatically reduced short sale approval and closing timelines. The company says it completes package and contract acceptance in less than 30 days from receiving the file assignment from the servicer. This compares with a year ago, when the process could take as long as three months.

    The firm also .......

    News Round-up 18 August 2010

  • Two new global heads for Aussie bank

    HSBC Australia has appointed Chris Russell and Gavin Powell to its executive committee.

    As head of global banking, Russell will be responsible for the firm's corporate and institutional client base in Australia, as well as its corporate financing offering, including syndication, advisory and project export finance. Powell, as head of global markets, will oversee the firm's Australia sales and trading .......

    Job Swaps 18 August 2010

  • German performance lifts EMEA auto ABS

    According to Moody's latest sector review, strong auto loan performance in Germany has enabled auto ABS to remain stable in the EMEA region. Outside of Germany, performance deterioration has been more pronounced, especially in Spain and Portugal where labour market pressure has been more acute, the agency says.

    "The German labour market is relatively stable and German borrowers have a .......

    News Round-up 18 August 2010

  • Negative outlook for Euro SME CLOs

    Fitch has maintained its negative outlook for European SME borrowers - supported by the release of an updated version of the agency's SME CLO Compare tool. The data shows that delinquencies and defaults remain at elevated levels, and have even stabilised in many cases. Uncertainty still remains regarding recoveries from secured loans and the agency continues to benchmark monitored recoveries .......

    News Round-up 18 August 2010

  • Trustee adds CDO svp

    US Bank Corporate Trust Services has appointed Joseph Giordano as svp and manager of its CDO business. Based in Boston, he will report to Bryan Calder, president of US Bank Corporate Trust Services.

    Giordano has over 30 years of experience in the corporate trust and financial services industry. He has managed financial services business for Bankers Trust, JPMorgan and most .......

    Job Swaps 18 August 2010

  • Repurchases lift CRE CDO delinquencies

    US CRE CDO delinquencies decreased slightly last month as asset repurchases slowed, according to Fitch's latest delinquency index results for the sector. Delinquencies dropped from 12.2% in June to 12% last month.

    "Despite the slight overall decline in recent months, asset defaults will likely rise as the credit cycle progresses," says Fitch director Stacey McGovern, who also believes the delinquency .......

    News Round-up 18 August 2010
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