Complete news archive

  • Permacap progresses with ABS purchase plan

    Queen's Walk Investment Ltd (QWIL) reports in its interim management statement for the period from 31 March to 20 July 2010 that it has made substantial progress in its strategy of repaying its financing facility and increasing exposure to ABS. The permacap fully repaid its loan facility on 6 April, which removes all leverage from its balance sheet.

    During the .......

    Job Swaps 21 July 2010

  • Structured credit exec promoted

    BNY Mellon has appointed Patrick Tadie as global business head for the company's Derivatives360(SM) initiative, a service that assists with managing and trading derivatives transactions.

    Tadie, who is an evp, will now oversee the coordination and development of derivatives services across multiple business lines in the company. He was most recently evp in charge of the global structured credit group .......

    Job Swaps 21 July 2010

  • Eurosail deals on review pending hearing

    Fitch has placed the senior A1 to A2 notes of Eurosail-UK 2007-3 BL on rating watch negative (RWN), following yesterday's commencement of a High Court legal action by the trustee to obtain an interpretation of certain provisions of the transaction documentation. Moody's has already warned of the possibility of rating action on the development (see last issue).

    Eurosail-UK 2007-4 NP .......

    News Round-up 21 July 2010

  • Diverging recovery in commercial sector

    While most vacancy rates in the commercial real estate sector continued to rise due to the poor absorption experienced in 2009, demand going forward is on the upswing, note Moody's analysts in their 'CMBS: Red-Yellow-Green Update'.

    The two office sectors included in their analysis are the only property types that have negative absorption forecasts over the next year. The analysts .......

    News Round-up 21 July 2010

  • Summary judgment entered against REIT

    NorthStar Realty Finance Corp has disclosed that the judge presiding over a lawsuit involving two of the firm's subsidiaries has granted a motion for summary judgment. NorthStar's subsidiaries - NRFC NNN Holdings and NRFC Sub Investor IV - are defendants in a lawsuit filed by GECCMC 2005-CI Plummer Office Limited Partnership (the lender) in the Superior Court of the State .......

    Job Swaps 21 July 2010

  • US CRE prices rise for second month

    Moody's/REAL Commercial Property Price Indices indicate that US commercial real estate prices increased by 3.6% in May. This was the second monthly price increase in a row, after the 1.7% rise in April.

    "We expect commercial real estate prices to remain choppy in the coming months," says Moody's md Nick Levidy. "The positive news of increasing prices over the past .......

    News Round-up 21 July 2010

  • President appointed for debt investment group

    Gordon Brothers Group has appointed Judy Mencher as president of its debt investment group. Based in the firm's Boston headquarters, Mencher will focus on the firm's debt portfolio.

    "Judy's expertise in special situation, distressed and high yield investments will allow us to fully exploit the unique debt investment opportunities that have been created by unprecedented market conditions," states Michael Frieze, ceo .......

    Job Swaps 21 July 2010

  • CLO tranche recovery framework completed

    S&P has completed its framework for estimating recoveries on CLO tranches under various economic scenarios and has provided those values for the relevant transactions in its US corporate CDO EOD Index.
    S&P credit analyst Jaiho Cho says: "Our CLO tranche recovery metric (or CLO TRM) - which we express as a percent of the current balance of the security - reflects .......

    News Round-up 21 July 2010

  • South Asian capital markets head named

    Pankaj Vaish has joined Citi as head of markets for India, Bangladesh and Sri Lanka. He will be responsible for the fixed income, currencies, credit, commodities and equities businesses in the region, reporting to Rodrigo Zorilla, head of global markets at Citi Asia Pacific, and to Pramit Jhaveri, ceo at Citi India.

    With over 19 years of capital markets experience, .......

    Job Swaps 21 July 2010

  • New cio to expand CRE investment footprint

    Cole Real Estate Investments has appointed Robert Micera as cio for its office and industrial platform.

    Micera has more than 20 years of real estate investment banking, acquisitions, net-lease structuring and dispositions experience. He has served in both principal and advisory capacities, successfully arranging and executing a variety of real estate structured finance solutions representing nearly US$7bn.

    Micera was most .......

    Job Swaps 21 July 2010

  • Repurchases driving CRE CDO delinquencies

    According to Fitch's latest US CREL CDOs delinquency index results, delinquencies rose last month due to US$136.9m in asset manager repurchases of troubled assets. The June 2010 delinquency rate increased to 12.2% from 11.6% in May.

    Asset managers continue to actively repurchase defaulted and credit-impaired assets from CDOs. In June, seven whole loans (58bp) were repurchased from three different CDOs, .......

    News Round-up 21 July 2010

  • New fixed income head appointed

    Threadneedle has appointed Jim Cielinski as head of its fixed income desk. He will join the company in October 2010 to lead its fixed income team of 38 investment professionals, who manage both institutional and retail funds of £22.6bn AUM in many sectors including ABS. Following the recent hire of Legal & General's Mark Burgess as cio, this appointment completes .......

    Job Swaps 21 July 2010

  • Euro CDO credit quality decline decelerates

    The decline in portfolio credit quality for European synthetic CDOs has slowed over the past year, according to an analysis carried out by S&P.

    "We have studied the portfolios of more than 1,250 SCDOs we rate - which mostly reference investment grade corporate obligors - and quantified the aggregate deterioration in their credit quality over the past three years," says .......

    News Round-up 21 July 2010

  • Manager hands over its CLOs

    Ares Management has replaced Navigare Partners as collateral manager for two CLOs. Navigare has transferred management duties on Navigare Funding I CLO and Navigare Funding II CLO to Ares, which has subsequently assigned the associated rights and obligations to two of its affiliates.

    Navigare had been seeking to transfer its management obligations to Ares for some time (see SCI issue .......

    Job Swaps 21 July 2010

  • Greek downgrades begin

    Moody's has concluded its rating review of 25 Greek structured finance transactions, which resulted in downgrades on 33 ratings and the confirmation of three ratings. The agency maintains ratings on review for downgrade on 12 tranches, pending the implementation of restructurings proposed by the deal sponsors. The action effects €17.2bn of securities.

    Senior note ratings of the relevant transactions have .......

    News Round-up 21 July 2010

  • Further Callidus deal transferred

    GSO/Blackstone Debt Funds Management will replace Callidus Capital Management as collateral manager for yet another CDO, having taken control of nine Callidus transactions earlier this year (see SCI issue 183).

    The class A note credit enhancer proposed GSO as the successor manager for Callidus Debt Partners CDO Fund I. Neither the majority in interest of the preference shares nor a .......

    Job Swaps 21 July 2010

  • Japanese CMBS defaults rising

    Fitch reports that the number and balance of defaulted loans backing Fitch-rated Japanese CMBS continues to increase and a number of loans with larger balances are scheduled to mature in Q310. The agency also notes that term defaults of some underlying loans are possible in the near-term due to the under performance of the collateral properties, although most defaults to .......

    News Round-up 21 July 2010

  • Stable outlook for German, Dutch deals

    Moody's has recently changed its performance outlooks for German auto ABS, SME ABS, RMBS and Dutch RMBS from negative to stable. Performance in these markets has been robust for some months and is likely to remain stable, the agency says. However, all other structured finance asset classes in the region continue to have negative outlooks.

    Moody's economist Nitesh Shah explains: .......

    News Round-up 21 July 2010

  • Amended Countrywide complaint filed

    Cohen Milstein Sellers & Toll has filed an amended consolidated class action complaint in its landmark litigation against Countrywide Financial Corporation and 16 other underwriter defendants that it describes as being "prominently involved" in the failure of MBS over the last several years. The other defendants, which underwrote more than US$350bn in Countrywide securities, include JPMorgan, Deutsche Bank, Bear Stearns, .......

    Job Swaps 21 July 2010

  • APAC asset performance stabilising

    Fitch reports that a total of 16 Asia-Pacific structured finance tranches were downgraded during the second quarter of 2010, while 12 were upgraded. Additionally, 140 tranches were affirmed, accounting for over 10% of all outstanding tranches rated by the agency in the region.

    Fitch's Asia Pacific director Helen Wong says: "Fewer APAC SF tranches were downgraded in Q210, compared to .......

    News Round-up 21 July 2010

  • New rating agency team takes shape

    Kroll Bond Ratings has revealed the members of its senior management team. Ceo and chairman Jules Kroll is to be joined by James Nadler, Robert Anselmi, Ellen Coleman, Jerome Fons and Ajay Junnarkar.

    Nadler becomes the president and coo of Kroll. He was previously the vp for corporate development at General Re in the new England asset management division. Prior .......

    Job Swaps 21 July 2010
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