RMBS

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • Reduced doc risks mitigated

    Reduced documentation loans increase the risk of default in Alt-A, subprime and prime private label RMBS backed by these loans unless mitigated by a borrower's strong credit profile, says Moody's. Such mitigants include both quantitative and qualitative factors.

    Delinquencies of 60 days or more on outstanding pre-2005 private label RMBS reduced doc loans were more than 50% higher than comparable .......

    News Round-up 13 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • UK Mortgages staff strengthened

    TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She joins the team to work primarily on UK Mortgages, the firm's closed-ended fund launched in July 2015, which invests in UK residential mortgage pools and funds them in the UK RMBS market (SCI passim).

    Piva was most recently a director in RBS's UK & .......

    Job Swaps 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Justifiable reliance affirmed

    The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by stating that it relied on the credit ratings of the senior tranches, according to a recent New York Supreme Court appellate ruling. Judge David Friedman dismissed an appeal by Morgan Stanley, in a case that has significant implications for the limits on .......

    News 8 January 2016

  • RMBS speeds to jump

    Several Alt-A and prime jumbo US RMBS deals could experience significantly higher voluntary prepayment speeds this year as a high number of loans are set to switch from interest-only to amortising. Morgan Stanley analysts identify certain key characteristics to help predict a borrower's repayment fate.

    Last year 53 deals saw more than 70% of the mortgages in their pool move .......

    News 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016

  • Annaly beefs up

    Annaly Capital Management has promoted five senior officers, added three to its management team and expanded its operating committee.

    The promotions include the appointment of David Finkelstein as cio, agency and RMBS. He is also a member of Annaly's operating committee.

    Timothy Coffey has been promoted to chief credit officer, overseeing the expanded risk management team for Annaly's three investment .......

    Job Swaps 8 January 2016

  • Fintech-focused office opens

    Clayton Holdings has opened a new consulting office in Silicon Valley. Senior md and head of Clayton Consulting Andrew Pollock will lead the office in Los Gatos, California, and manage the fintech consulting team.

    The move is meant to help serve the growing number of fintech companies that are forming in the San Francisco Bay Area, particularly those involved in the .......

    Job Swaps 7 January 2016

  • DCM duo drafted in

    Cantor Fitzgerald has appointed Kevin Reynolds and Timothy Swift to lead its debt capital markets origination team. The pair join from Cowen and Company.

    Reynolds joins as md and will be responsible for bringing new issue debt products and developing a distribution-driven banking and financing practice for corporate issuers. He was head of capital markets origination at Cowen and has .......

    Job Swaps 7 January 2016

  • US HPA variations outlined

    The US domestic housing market has experienced a 23% price increase since the beginning of the housing recovery in 2011, according to S&P. House price appreciation (HPA) is expected to appreciate at a greater pace for Chicago, Boston and San Francisco over the next five years, with growth at 45%, 29% and 38% respectively.

    In contrast, New York HPA is .......

    News Round-up 7 January 2016

  • Resolution in sight for DSB deals

    Noteholder meetings have been scheduled for 27 January for defunct DSB Bank's Monastery 2004-I and 2006-I, and Chapel 2003-I and 2007-I transactions. The meetings are in connection with offers made by the DSB bankruptcy trustees to the relevant SPVs to settle unpaid duty of care claims in full (SCI passim). Rabobank credit analysts note that further resolution of the duty .......

    News Round-up 7 January 2016

  • Distressed debt vet enlisted

    Cerberus Capital Management has appointed David Abrams as senior md of Cerberus UK Advisors. He will be based in London and focus on unique and compelling distressed opportunities in emerging markets, Europe and other sectors of interest.

    Abrams was most recently at Apollo Management, where he was the managing partner of the Apollo European Principal Finance Funds franchise. He has .......

    Job Swaps 7 January 2016

  • EM credit team spins off

    Argentem Creek Partners has completed a management buyout from Black River Asset Management. Argentem Creek is staffed by Black River's former emerging markets credit investment team and will focus on serving institutional investors.

    The new entity is employee-owned and led by ceo and cio Daniel Chapman, president and coo Charles Friedberg and global head of business development Angela Samfilippo Gorder. .......

    Job Swaps 7 January 2016

  • Fed concludes counterparty programme

    The New York Fed concluded its Mortgage Operations Counterparty (MOC) Pilot Program last week. The programme was launched in 2014 (SCI 6 August 2014) to help broaden access to open market operations and gain further experience in dealing with a wider range of firms.

    Three firms were selected for the programme and began transacting with the Open Market Trading Desk .......

    News Round-up 7 January 2016

  • Euro secondary picks up

    After a lull for a holiday in many European jurisdictions yesterday, the European securitisation secondary market is picking up again today, at least in terms of BWICs.

    "We saw a pick-up in activity on Tuesday, but it slowed again yesterday as a lot of people were away," says one trader. "I expect flows to remain fairly quiet overall today as .......

    SCIWire 7 January 2016
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