Complete news archive

  • Capital One's ABS on review for downgrade

    Moody's has placed on review for possible downgrade 47 classes of ABS issued out of the Capital One Multi-asset Execution Trust. The review impacts approximately US$21.6bn of ABS.

    The securities are backed by a US$42.4bn revolving pool of consumer and small business credit card receivables originated by Capital One Bank. The action follows Moody's announcement on 27 July that it .......

    News Round-up 4 August 2010

  • Blue City CMBS downgraded

    Fitch has downgraded the class B notes of Blue City Investments 1 to single-C from triple-C and affirmed the rest at either single-C or triple-C. The transaction is a securitisation of a US$925m financing package granted to Blue City Company 1 (BCC1) for the development of an upmarket residential, hotel and leisure resort on the coast of the Indian Ocean .......

    News Round-up 4 August 2010

  • Misleading investors costs bank US$75m

    The US SEC has charged Citi with misleading investors about its exposure to subprime mortgage-related assets. The authority has also charged one current and one former executive for their involvement in Citi's misleading statements in an SEC filing.

    The SEC alleges that in response to intense investor interest on the topic, Citi repeatedly made misleading statements in earnings calls and .......

    Job Swaps 4 August 2010

  • Uptick in CDO management transfers

    CDO manager transfer activity picked up over the last week, affecting 18 transactions.

    First, Cohen & Co Financial Management is transferring collateral management responsibilities for eight Alesco bank and insurance Trups CDOs to ATP Management. ATP is wholly owned by investment funds managed by Fortress Investment Group.

    ATP becomes the successor collateral manager for the Alesco X-XVII deals. The transactions .......

    Job Swaps 4 August 2010

  • Investment manager buys into real estate venture

    Tetragon Financial Group (TFG) has entered into an agreement with John Carrafiell, Sonny Kalsi and Fred Schmidt to invest in their newly created multi-jurisdictional real estate venture, GreenOak Real Estate.

    The trio formerly worked together at Morgan Stanley for more than a decade. London-based Carrafiell was the former global co-head of real estate investment banking and investing business, while New .......

    Job Swaps 4 August 2010

  • CRE advisory adds svp

    Wayne Potters has joined RBS as svp for the firm's GBM Americas real estate advisory group. He is based in Stamford and will report to Doug Tiesi, head of the group.

    Potters joins the firm from Fortress Investment Group, where he worked in the debt capital markets group, responsible for arranging debt financings for portfolio companies. He previously spent six .......

    Job Swaps 4 August 2010

  • Funds and derivatives practice boosted

    Holland West has joined Dechert as partner in its financial services practice group in the New York office.

    West was previously at Shearman & Sterling, where he was head of its global hedge fund, private equity, derivatives and structured finance practices. Prior to this, he was partner at Cadwalader, Wickersham & Taft, where he was head of the firm's asset .......

    Job Swaps 4 August 2010

  • London partner adds to fixed income expertise

    David Eatough has joined DLA Piper as partner in its structured finance team in London. With experience in fixed income and structured securities, Eatough will strengthen the firm's finance offering to financial institutions, corporate issuers and end-users of the securities and derivatives markets. He will be focusing particularly on the capital markets and corporate teams in London and EMEA.

    Prior .......

    Job Swaps 4 August 2010

  • Partner strengthens NY, LatAm capabilities

    Ed De Sear has joined Allen & Overy as partner in its international capital markets group in New York. He moves over from Bingham McCutchen and will work alongside A&O partners Lawton Camp and Cathleen McLaughlin to strengthen the firm's securitisation capabilities, both in New York and Latin America.

    Sear has over 30 years of experience in capital markets and .......

    Job Swaps 4 August 2010

  • Moody's says it has enough insurance

    Raymond McDaniel, chairman and ceo of Moody's Corporation, said on its 29 July conference call that the agency has enough insurance. "We think we carry very appropriate levels of insurance and will continue to do so," he commented.

    In response to some of the regulatory revisions taking place, Moody's says it is enhancing its documentation processes and seeking additional third-party .......

    Job Swaps 4 August 2010

  • Monoline holdings sold

    PMI Mortgage Insurance Co has sold its equity ownership in FGIC Corporation. While the financial terms of the sale were not disclosed and the proceeds from the sale are said to be not significant, the firm could potentially realise certain tax benefits in future periods from the disposition of its FGIC assets.

    PMI had impaired its investment in FGIC in .......

    Job Swaps 4 August 2010

  • IDC acquisition completed

    The acquisition of Interactive Data Corporation (IDC) by investment funds managed by Silver Lake and Warburg Pincus has been completed.

    Pursuant to the terms of the agreement entered into on 3 May 2010, IDC's stockholders will receive US$33.86 in cash, without interest and minus any applicable withholding taxes for each share of IDC common stock they own. In conjunction with .......

    Job Swaps 4 August 2010

  • CMSA-Japan follows suit

    CMSA-Japan has formally changed its name to Commercial Real Estate Finance Council Japan, aligning itself with the North American and European associations, both of which changed their respective names in 2010.

    Japan's CRE Finance Council is led by co-chairs Tokio Ueyama of Deutsche Bank and Atsuo Akai of Morgan Stanley MUFG. Akai says:"Working together with regulators and other market participants, .......

    Job Swaps 4 August 2010

  • Data warehousing

    Greg Munves, vp at 1010data, answers SCI's questions

    Q: How and when did 1010data become involved in the financial markets?
    A:     1010data provides an analytics platform delivered over the web as a service. The data comes from our clients and third-party vendors.

    We began working with the New York Stock Exchange in 2001 and that relationship continues to this day. We host and provide .......

    Provider Profile 4 August 2010

  • PECO structures reviewed on Eurosail judgment

    Moody's notes that the judgment of the UK High Court in BNP Corporate Trustee Services Ltd v Eurosail UK 2007-3BL case may have rating implications for certain UK-based structured finance transactions.

    The Court found that Eurosail is presently balance sheet solvent for the purposes of Section 123(2) of the Insolvency Act 1986 (see SCI issue 196). However, it also declared .......

    News 1 August 2010

  • Timing of LCM CLO deal questioned

    As Bank of America Merrill Lynch markets a US$300m CLO for LCM Asset Management, market participants are questioning the timing of the offering since spreads have widened lately. The LCM offering (see last issue) consists of a US$212m triple-A rated tranche and US$47m of equity.

    "When they launched it, the triple-As had widened out and the double-As widened out over .......

    News 28 July 2010

  • Positive performance reported for prime auto ABS

    According to Fitch, US auto loan ABS is continuing to defy historical seasonal patterns at a time of the year when loss levels typically start to increase. Prime auto loan ABS loss levels declined last month by 23%, while subprime losses fell 13% month-over-month.

    As a result of the positive loss and delinquency performance in 2010, Fitch has upgraded 30 .......

    News Round-up 28 July 2010

  • US boutique boosts sales force

    Odeon Capital Group has appointed Ronald Tesmond as svp. The move comes as the firm opens a new office in Boca Raton, Florida.

    Tesmond will lead the new office's sales and trading initiatives, which span traditional and esoteric asset classes. Described as a veteran of both the buy- and sell-side of the fixed income business, Tesmond's investment career spans nearly .......

    Job Swaps 28 July 2010

  • GSE reform debate reignited

    SIFMA was among a number of parties that delivered comment letters to the US Treasury last week, in response to a request for comments on reform of the country's housing finance system. The move appears to have reignited the debate about the future of the GSEs.

    For example, Moody's says in its latest ResiLandscape publication that it expects the US government to .......

    News 28 July 2010

  • Ex-Northern Rock exec fined for misconduct

    The UK FSA has fined David Jones, former finance director of Northern Rock (NR), £320,000 and prohibited him from performing any function in relation to regulated activity. The original fine of £400,000 was reduced by 20% for settling in Stage 2 of the FSA's executive settlement procedures.

    From 2005, NR staff were said to be under pressure to report arrears .......

    Job Swaps 28 July 2010

  • HAMP recidivism exceeds expectations

    The US Treasury Department has issued its first report on recidivism rates for loans that have been permanently modified. MBS analysts at Bank of America Merrill Lynch indicate that the rate so far has been far better than expected (see also separate News Analysis).

    The recidivism rate for loans permanently modified in Q309 was only 7.7% for 60-plus days delinquent .......

    News Round-up 28 July 2010
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