RMBS

  • 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

  • Sukuk market to shrink

    The global sukuk market will remain below peak levels in 2016, says S&P, as the market's historic largest issuer has ceased issuing. Total annual issuance is expected to be US$50bn-US$55bn.

    Issuance in 2015 was US$63.5bn, which was down sharply from the US$116.4bn issued in 2014. The decrease can largely be attributed to the central bank of Malaysia - Bank Negara .......

    News Round-up 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • SF lawyer appointed in London

    Lisa Cargill has joined the structured transactions team at Morgan Lewis. She brings extensive structured finance experience across numerous jurisdictions and asset classes.

    Cargill will be based in London but will also partner with the firm's US team to help clients there with their European business dealings. She was previously at Sidley Austin.

    .......

    Job Swaps 4 January 2016

  • Dutch RMBS changes made

    S&P has revised its criteria for rating Dutch RMBS, having issued a request for comment in the summer (SCI 15 June). The new criteria become effective on 18 January, although all changes are minor.

    The rating agency has amended the triple-A foreclosure frequency for archetypical Dutch pools from 12% to 11.5%. This is due to observed differences in the performance .......

    News Round-up 4 January 2016

  • SEC hands out 'parking' fines

    Morgan Stanley has settled US SEC charges that one of its portfolio managers unlawfully conducted pre-arranged trading known as parking. Both the portfolio manager and a trader at SG Americas that assisted her have agreed to be barred from the industry and pay penalties in the settlement.

    Morgan Stanley will pay US$8.8m, while SG Americas will pay US$1m. Morgan Stanley portfolio .......

    Job Swaps 24 December 2015

  • Citi settlement approved

    Justice Marcy Friedman last week approved the US$1.125bn Citi RMBS settlement. It had been hoped that her approval would be issued before end-2015, given the complete absence of objectors to the agreement. However, the trustees now need to receive a ruling from the IRS before cash can be distributed.

    To get a sense of timing, Morgan Stanley RMBS analysts note .......

    Job Swaps 23 December 2015

  • Class A share added to fund

    Semper Capital Management has added a class A share to its Semper MBS Total Return Fund. Class A shares are retail shares that are charged a front-end sales load of up to 2%.

    The shares are charged a 0.25% Rule 12b-1 distribution and servicing fee, but do not have a contingent deferred sales charge. However, redemptions within 18 months of purchase of .......

    News Round-up 22 December 2015

  • RMBS, CLO fraud admitted

    A former co-head of US ABS, RMBS and CMBS trading at RBS Securities has waived his right to indictment and pleaded guilty to participating in a multimillion dollar securities fraud scheme. Adam Siegel admitted that he and colleagues conspired to increase RBS's profits on CLO and RMBS trades at the expense of customers.

    Siegel held the role at RBS from .......

    Job Swaps 22 December 2015

  • Everbank servicing rights sold

    Everbank has sold the servicing rights of 4,682 loans in ten Alt-A RMBS transactions to Nationstar Mortgage. The transfer is scheduled to go ahead on 1 February 2016.

    The affected transactions are: Homestar Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2004-1, 2004-2, 2004-3, 2004-4 and 2004-6; and Opteum Mortgage Acceptance Corp Asset Backed Pass-Through Certificates 2005-1, 2005-2, 2005-3, 2005-4 and 2005-5.

    News Round-up 22 December 2015

  • Software firm acquired

    CoreLogic is set buy software firm FNC for US$475m. The agreement will see it inherit FNC's provider services in real estate collateral information technology and solutions.

    CoreLogic's Valuation Solutions Group (VSG) will act as the conduit to deploy a broader suite of property valuation capabilities following the merger of the two firms. Following the close of the transaction, FNC operations will be .......

    Job Swaps 22 December 2015
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