CMBS

  • MBS efforts bolstered

    Palmer Square Capital Management has recruited Vesta Marks as a portfolio manager focused on building out the firm's efforts in CMBS and RMBS. He was previously md at Tradex Global Advisory services, where he oversaw mortgage credit within its flagship hedge fund.

    Marks has also served as a portfolio manager at Semper Capital Management, where he was responsible for investments .......

    Job Swaps 18 November 2015

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Default interest suit filed

    Four funds - understood to be Appaloosa Investment LP I, Palomino Fund, Thoroughbred Fund and Thoroughbred Master - have filed a complaint in New York State Supreme Court to block a potential pay-out of default interest to CWCapital following the impending Stuyvesant Town/Peter Cooper Village sale (SCI passim). The crux of the issue is whether the special servicer is entitled .......

    Job Swaps 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Titan up

    Quelle case reverses course

    The English Court of Appeal overturned a landmark decision earlier this month when it reversed a UK High Court ruling that provided CMBS issuers with a legal basis for pursuing negligence claims against a property valuer. The decision is believed to potentially be transferable to other CMBS transactions.

    The case brought before the High Court last year centred on the .......

    News Analysis 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • Law firm adds CLO pro

    Ashurst has appointed Lawrence Berkovich as a partner in its US CLO team. He joins from Mayer Brown and specialises in complex structured finance transactions.

    Berkovich has a particular focus on broadly syndicated and middle-market CLOs, first mortgage and mezzanine CRE loan securitisations and rated and unrated leveraged loan and CRE loan warehouse facilities. He also has extensive experience with .......

    Job Swaps 16 November 2015

  • Fewer CMBS servicing transfers

    Increased US CMBS issuance has coincided with a decrease in the number of loans transferring to special servicing, notes Fitch. Through October, US$4.3bn has transferred to special servicing in Fitch-rated transactions this year, down from US$6.8bn in both 2014 and 2013.

    The rating agency has received notification from master servicers of 383 loans being transferred to special servicing year-to-date October .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • CMBS payoff rate climbs

    October's payoff rate for loans backing US CMBS rose from 84.3% in September to 86% in October, according to Morningstar. October was the fourth consecutive month where more than US$6bn was due for repayment.

    US$6.21bn was due for repayment last month, of which US$5.29bn was repaid in full. The month's performance bumped the year-to-date maturity payoff rate up by 10bp, .......

    News Round-up 13 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • CRE momentum continues

    Positive momentum continued in all US CRE sectors in 3Q15, says Moody's. Though GDP growth will be constrained by the strong dollar and low oil prices, the rating agency notes that the US economy is healthy and interest rate increases are likely to be more gradual than in previous monetary tightening cycles.

    Moody's base expected loss for conduit/fusion transactions rose .......

    News Round-up 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • CBD price push continues

    Central business district (CBD) office continues to be the best-performing segment of Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index. CBD prices rose 4.3% over the past three months.

    The CPPI rose 0.7% in September, with a 0.8% rise in the core commercial segment. Prices in non-major markets have now topped their pre-crisis peaks, mainly due to gains .......

    News Round-up 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015
×