Weekly Issue Archive »

Issue 200 - 15th September

• News Analysis

  • Distressed assets

    • Artificial constraints

      Distressed CRE prices pushing beyond fundamental value

      An artificially constrained supply of US distressed commercial real estate is driving asset prices up beyond their fundamental value. Investors are consequently being urged to analyse more carefully both sources of property and their valuations. Ca...

  • Regulation

    • Retention risk

      Article 122a leaves investors in quandary

      The window for commenting on Article 122a of the Capital Requirements Directive (CRD) is closing quickly, but before the 1 October deadline lots of questions remain over the retention rules. The guidelines for new securitisations formally go into eff...

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• News

  • CMBS

    • Euro CMBS refinancing pressure mounts

      The necessary quorum of noteholders has voted in favour of the restructuring proposals for Titan 2006-4FS, staving off a loan event of default coinciding with the 3 September maturity. Indeed, only a handful of European CMBS loans maturing this month...

  • • Resurgent CRE market aids Japanese CMBS

      Investors are beginning to return to Japan's commercial real estate property market, according to Mo...

  • RMBS

    • GSE reform debate continues

      The Mortgage Bankers Association (MBA) last week filed a comment letter with the Federal Housing Fin...

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• The Structured Credit Interview

  • CDS

    • Emerging opportunities

      David Hinman, cio, and Raymond Zucaro, managing principal at SW Asset Management, answer SCI's quest...

      Q: How and when did your company become involved in structured finance? DH: We were involved in structured credit at Drake, but now the firm has gone away, so these days we have our own firm and our mandate is pretty broad. We have a small and focus...

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• Job Swaps

  • ABS

    • Trio joins fixed income team

      Insight Investment has strengthened its fixed income business with the appointment of three new hire...

  • • ABS trio finds new home

      Kramer Levin Naftalis & Frankel has expanded its banking and finance group with the appointm...

  • • Partner pairing moves to LA law firm

      Winston & Strawn has expanded its M&A, securities, private equity and finance capabi...

  • • Law firm promotes partner

      Matthew Kellett has been appointed departmental managing partner of Berwin Leighton Paisner's financ...

  • • EU CRA application confirmed

      S&P confirms that it has filed its application for registration under the EU's new credit ra...

  • CDS

    • Firms collaborate to launch credit fund

      GAM has launched its first market-neutral credit fund with credit manager DCI. GAM Star Diversified...

  • • Broker expands EM fixed income group

      BTIG has expanded its global fixed income group to include a London-based team focused on emerging m...

  • • New role for structured products veteran

      Mitch Braselton has joined Deutsche Bank as md in its institutional client group, debt department, i...

  • CLOs

    • DBRS re-opens London office

      DBRS has re-opened its European office. Simon Ross, svp, is now working permanently from London for...

  • • Euro CLO trading head hired

      Alan Packman has joined UBS as an executive director and head of European CLO trading. He was previo...

  • • Collateral management duties re-assigned

      Princeton Advisory Group is set to assign its asset management duties for Rosedale CLO II to JMP Cre...

  • CMBS

    • Advisory practice names CRE md

      Michael Zanolli has joined Alvarez & Marsal Real Estate Advisory Services as md. Working acr...

  • • CRE executive director appointed

      Chuck Lee has joined JPMorgan's commercial real estate securities and capital markets platform as ex...

  • • CMBS vet moves on

      Romano Paredes has joined UBS in its debt capital markets group. He will work in the real estate are...

  • • Real estate director recruited

      Robert Baskeyfield has joined European Risk Capital as executive director in its real estate group....

  • Investors

    • New name and focus for QWIL

      A Queen's Walk Investment Limited extraordinary general meeting convened today (15 September) has ap...

  • • Promotions for fund management pair

      Third Avenue Management has promoted Jason Wolf to co-manager of the Third Avenue Real Estate Value...

  • • Promotion for fixed income investment officer

      Munder Capital Management has promoted co-cio, Edward Goard, to cio of its fixed income group. He wi...

  • Real Estate

    • Second CRE fund announced

      LRG Capital Real Estate Partners has announced that its LRG Capital Real Estate Partners I Fund is n...

  • • Real estate advisory acquisition ahead

      Macquarie Group has entered into an agreement to acquire 100% of the membership interests in Presidi...

  • Regulation

    • GSI fined over Abacus reporting obligations

      The UK FSA has fined Goldman Sachs International (GSI) £17.5m for breaching FSA Principles....

  • RMBS

    • Bank poaches SF head

      Noel Doromal has joined Deutsche Bank's residential mortgage securities origination and distribution...

  • • Ratings vet joins RE software firm

      Real estate software vendor FNC has appointed Steve Grundleger as evp in its capital markets group. ...

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• News Round-up

  • ABS

    • Basel capital reforms unveiled

      The Basel Committee on Banking Supervision on 12 September announced a substantial strengthening of...

  • • Relative value themes identified

      Wells Fargo has updated its Relative Value Indicator (RVI) - a technical analysis model de...

  • • Strong showing for TALF ABS

      ABS analysts at JPMorgan have highlighted a large TALF ABS bid list amongst last week's otherwise li...

  • • Utility ABS proves economic option

      Entergy Arkansas says its recent securitisation, the US$124.1m Entergy Arkansas Restoration Funding...

  • • Senior NextStudent notes still outstanding

      Moody's has downgraded to single-C 23 classes of senior notes from NextStudent Master Trust 1. The o...

  • • Student loan servicers chosen

      The US Department of Education has released the second year's allocations of new loan volume to be g...

  • • Singapore credit card ABS refinanced

      The Singapore credit card ABS, Diners Club Card Securitisation, has been refinanced under the Orchid...

  • • Tender offer for franchise ABS

      DineEquity, parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, plan...

  • • Improving trends for future flow ABS

      Fitch says that the survival of future flow structured transactions during stressful periods in emer...

  • • Stable performance trend for Greek ABS, RMBS

      According to new indices published by Moody's, the Greek RMBS and ABS market recorded a stable perfo...

  • CDS

    • Regulatory concerns weigh on CDS market

      Fitch's latest global credit derivatives survey indicates that various regulatory initiatives are oc...

  • • CDS price action analysed

      Credit strategists at Goldman Sachs have analysed price action in global CDS markets over the past f...

  • • Buy-side CDS clearing service in development

      Eurex has confirmed that plans for its client asset protection (CAP) solution are still going ahead...

  • • Streamlined CDS novation platform launched

      Ahead of the implementation of ISDA's 'Credit Consent Equals Confirmation' project (see SCI issue 19...

  • • Sovereign stress test calculations clarified

      CEBS has defended the European stress testing exercise, the results of which were published on 23 Ju...

  • • 2006/2007 subprime CDS prices drop

      Fitch Solutions reports that while US subprime CDS prices are still supported by positive momentum,...

  • • New constituents for iTraxx, SovX indices

      The Markit iTraxx Europe indices will roll into their 14th series on 20 September. One constituent (...

  • CLOs

    • Charter Communications leads CLO manager buys

      Charter Communications Holdings led the loan obligation purchases by CLO managers in Q210, according...

  • CMBS

    • Innkeepers-related trades touted

      A new Five Mile-Midland reorganisation plan is expected to be filed for Innkeepers if the exclusivit...

  • • CMBS loan assumption completed

      1st Service Solutions has facilitated a US$6.7m CMBS loan assumption for two institutional-owned sel...

  • • US CMBS delinquencies continue rising

      The delinquency rate on loans included in US CMBS increased by 21bp in August to 8.10%, according to...

  • • Ratings review hits US CMBS

      Fitch has placed 32 subordinate class transactions on rating watch negative (RWN), based on a prelim...

  • LCDS

    • LCDS auction results released

      The final results of the Truvo LCDS auction have been published. The final price was determined to b...

  • Real Estate

    • FDIC structured transaction completed

      The FDIC has closed on a sale of 40% equity interest in a limited liability company (LLC) created to...

  • • Lodging properties prevalent in CRE sales

      CWCapital is understood to have put up over US$300m in distressed CMBS loans for sale across two por...

  • RMBS

    • TMPG guidance issued for agency MBS

      The Treasury Market Practices Group (TMPG) has issued guidance designed to maintain the integrity an...

  • • German RMBS restructured

      The restructuring of E-MAC DE 2009-1, a German prime RMBS originated by GMAC-RFC Servicing, will not...

  • • Interest rates threaten Spanish RMBS

      Fitch says that interest rate rises coupled with the current economic environment represent a signif...

  • • Fiscal tightening set to hit UK RMBS

      According to S&P, upcoming fiscal tightening could lead to a second wave of deterioration in...

  • • Upgrades, affirmations for Lehman NC RMBS

      Fitch has upgraded four and affirmed 39 tranches of seven UK non-conforming transactions that no lon...

  • • NZ earthquake impact to be determined

      Fitch says that it is too early to quantify the extent to which the Christchurch earthquake could im...

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