Issue 311 - 14th November
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News Analysis
- RMBS
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Opportunities down-under
RMBS relative value beyond the big brands
Attracted by the stable performance and yield pick-up on offer, European and US investor appetite for Australian RMBS is increasing. Demand may have to broaden beyond the big brand names to find the best relative value, however. Jurisdictions with...
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- RMBS
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Market Reports
- CMBS
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US CMBS slips wider
The US CMBS secondary market moved a little wider in yesterday's session, although the trend for the past week has generally been tightening. GG10 Dupers were being quoted at swaps plus 170/168, wider than the previous close of 162 over, while legacy...
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- RMBS
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RMBS takes a step back
The holiday-shortened week has begun with secondary US non-agency RMBS activity down from Friday's session. Prices were slightly lower yesterday, although still high relative to levels in previous weeks. Interactive Data figures put non-agency BWIC...
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- CMBS
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News
- Structured Finance
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SCI Start the Week - 12 November
A look at the major activity in structured finance over the past seven days
PipelineMany of the deals that joined the pipeline last week went on to price soon after, but a couple remained come the end of the week. These consisted of a UK auto ABS (£301m Turbo Finance 3) and one CMBS (US$568m BBUBS Trust 2012-TFT). ...
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- Structured Finance
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Job Swaps
- ABS
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Kildare makes UK expansion
Kildare Capital has founded Kildare Capital (UK), an FSA-registered firm with a full-service ABS tra...
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- Structured Finance
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Credit hedge fund adds trio
400 Capital Management has made key additions to its portfolio management, quantitative analytics an...
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Law firm expands Asian footprint
Paul Hastings has expanded its Asian presence with a new office in Seoul, Korea. It will be led by J...
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Firm adds development, operations heads
Coherence Capital Partners has hired Philipp Levy as member, partner and head of business developmen...
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Cadwalader adds London partners
Cadwalader, Wickersham & Taft has recently added two partners to its London office. Stephen...
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- CDS
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Firms in OTC derivative valuations partnership
SIX Financial Information has teamed up with Numerix to produce OTC derivative valuations. Valuation...
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- CLOs
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UK debt firm acquired
Greenwich Loan Income Fund has entered into an asset sale and purchase agreement with BMS Specialist...
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- CMBS
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NY CMBS JV formed
Greystone has formed Greystone Bassuk Group in a joint venture with The Bassuk Organization. The new...
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Starwood launches European debt platform
Starwood Capital Group has formed Starwood European Finance Company (StarFin), a European real estat...
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- Insurance-linked securities
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Manager adds to risk, operations teams
Twelve Capital has appointed Andrew Townend as partner and Bruno Müller as coo. The hires w...
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- RMBS
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REIT makes management changes, expands
William Roth has been named as Two Harbors Investment Corp cio, effective 1 January 2013. Matthew Ko...
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REIT subsidiary acquisition mooted
Annaly Capital Management has proposed to acquire all the shares of CreXus Investment Corp that it d...
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Disclosure settlement reached
JPMorgan has disclosed in its latest quarterly 10-Q filing that an agreement in principle has been r...
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First Amendment defence rejected
Cook County Circuit Judge Mary Anne Mason has denied an S&P motion to dismiss a lawsuit brou...
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- ABS
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News Round-up
- ABS
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India SF delinquencies to rise
Fitch predicts a rise in delinquencies in portfolios backing Indian structured finance transactions...
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More mixed news for SLABS
The US Department of Education issued final regulations last week to help more financially distresse...
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- Structured Finance
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Long-only UCITs fund minted
Algebris Investments has launched Algebris Financial Credit Fund, a long-only financial credit UCITS...
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Basel 3 implementation delayed
In light of the volume of comments received following the release of three notices of proposed rulem...
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Libor litigation rating impact predicted
Banks will likely be able to absorb any future regulatory fines from the alleged manipulation of Lib...
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Project bond boost anticipated
An EU initiative to provide subordinated debt instruments for large infrastructure projects is likel...
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- CDO
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Redwood preps CRE CDO
Redwood Commercial Mortgage Corporation (RCMC), a Redwood Trust subsidiary, is in the market with a...
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- CDS
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Dodd-Frank extraterritoriality examined
Celent has released a report on the implications of the Dodd-Frank Act for non-US firms. The report...
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Collybus auction scheduled
An auction will be conducted on 23 November for Collybus CDO I. The trustee will sell the CDS on tha...
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LCDS auction scheduled
The auction to settle the credit derivative trades for Hibu (formerly known as Yell) LCDS is to be h...
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OTC notionals decline
Total OTC derivatives notional amounts outstanding amounted to US$639trn at end-June 2012, according...
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- CLOs
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Libor floor benefits examined
Libor floors have provided a boost to the interest payments paid by loans held within US CLO transac...
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Loan rating service launched
Moody's has launched a new rating service for the US loan market, with the introduction of unpublish...
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- CMBS
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Manhattan CRE prices jump
Commercial real estate prices in Manhattan have increased by 16.3% over the last 12 months, meaning...
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Euro CMBS 2.0 principles finalised
CRE Finance Council Europe has released its 'Market Principles for Issuing European CMBS 2.0' (SCI 2...
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Criteria update to impact Euro CMBS
S&P has updated its European CMBS rating criteria. The criteria will apply to all new and ex...
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CMBS loan payoffs stay elevated
The percentage of US CMBS loans paying off at maturity remained elevated last month. Trepp says 60.7...
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- RMBS
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SEC alleges RMBS fraud
The US SEC has charged Walter Morales and his firm Commonwealth Advisors with defrauding investors o...
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Further credit watches resolved
S&P has completed a review of 1,488 ratings from 143 RMBS transactions issued between 1989 a...
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Servicers continuing to evolve
S&P has released a report on US residential mortgage servicing trends since December 2007, b...
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TRACE adds TBA data
FINRA has begun disseminating TBA transaction information - including CUSIP, time of trans...
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More credit watches resolved
S&P has lowered its ratings on 587 classes from 177 US RMBS and removed 277 of them from cre...
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Servicer switches support Mexican RMBS
Investors in 24 Mexican RMBS have replaced the portfolio servicers on the deals to ensure stable col...
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Trials set for FHFA claims
The FHFA is set to proceed with most of its claims against Bank of America Merrill Lynch and JPMorga...
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- ABS
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