Issue 418 - 24th December
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News Analysis
- Structured Finance
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Is this it?
First ABSPP purchases underwhelm market
Purchase volumes in the first few weeks of the ECB's ABSPP have disappointed market participants. The utility of the purchase programme is also in question unless the mezzanine buyer base can be expanded. Last week, ABSPP purchases dropped to &...
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Hiring logjam?
Waiting game leaves recruitment on hold
Recruitment in the structured finance space remains somewhat stagnant. While market players await regulatory clarity in the US, positive sentiment in Europe is yet to translate into increased hiring activity. The European securitisation market has...
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- Structured Finance
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SCIWire
- CLOs
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US CLOs stay busy
Unlike most other securitised markets, year-end is driving business in US CLOs rather than hindering...
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- Secondary markets
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Euro ABS/MBS close to shut down for the year
The European ABS/MBS secondary market has all but shut down for year-end as from today. "This look...
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US CLOs cleaning up
Today sees another strong BWIC schedule in the US CLO market with five lists already circulating. ...
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US RMBS eases off
The US non-agency RMBS market remains busy by December standards, but even here there is sense of a...
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Solitary CLO list circulating
Only one US CLO BWIC is currently scheduled for today and reflects the most active sectors of the ma...
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US CLO trend emerging
US CLOs are seeing an even quieter day today than yesterday, but there are already signs of a potent...
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US RMBS looks for a spark
The US non-agency RMBS market is quiet today, but could still spark back into life despite year-end...
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- CLOs
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News
- RMBS
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Ocwen settles NY charges
Ocwen Financial has reached a settlement with the NYDFS to address its violations of a consent order issued by the regulator in 2012, as well as various violations of its agreement with the regulator in connection with its purchase of Litton Loan Ser...
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- RMBS
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Talking Point
- Structured Finance
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Call for clarity
Transparency at the forefront of CRA debate
Panellists at SCI's recent London conference discussed the implications of credit rating agency (CRA) regulation in Europe. While they welcomed the increased competition and transparency brought by CRA 3, some issues remain outstanding. Andrew Curr...
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- Structured Finance
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Job Swaps
- Structured Finance
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Loan trading team bolstered
Cantor Fitzgerald has expanded its whole loan sales and trading team with the appointments of Gary W...
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CRE underwriting vet moves on
Morgan Stanley has added George Kok as an md in its commercial real estate (CRE) lending group. He w...
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DBRS buyout agreed
The Carlyle Group and Warburg Pincus, in partnership with a consortium of Canadian-based investors &...
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Agency shareholder base broadens
Scope Corporation has raised its number of shareholders from 10 to 29, with a share capital increase...
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- CDO
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Taberna manager replaced
TP Management has replaced Taberna Capital Management as collateral manager for both Taberna Preferr...
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- CDS
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Derivatives vet switches regulator
Gary Barnett, director of the division of swap dealer and intermediary oversight at the US CFTC, wil...
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- Insurance-linked securities
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ILS merger discussions begin
XL Group is in discussions with Catlin Group regarding a potential transaction to acquire the compan...
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ILS manager moves
Wilmington Trust has hired Robert Bilodeau as a senior relationship manager in its insurance collate...
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ILS expert joins board
Clive O'Connell has joined Twelve Capital's board of directors as vice-chairman and a non-executive...
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AQR adds underwriter
Chris Conway has joined AQR as an underwriter for the firm. He will focus on underwriting internatio...
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- Risk Management
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GFI bid increased
BGC Partners has increased its fully financed, all-cash tender offer to acquire all of the outstandi...
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- RMBS
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NCUA files Wells Fargo suit
The NCUA has filed suit in federal court against Wells Fargo, alleging the bank violated state and f...
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GSE vet joins Redwood
Redwood Trust has added Karen Pallotta to its board of directors. She was at Fannie Mae for more tha...
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- Structured Finance
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News Round-up
- ABS
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RFC issued on life insurance ABS
Moody's is seeking comments on its proposed approach to monitoring life insurance ABS. The agency sa...
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Auto losses up but historically low
Losses were up for both US prime and subprime auto loan ABS last month. Subprime losses were higher...
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Venture debt ABS approach updated
Moody's has republished its global methodology for rating SME balance sheet securitisations primaril...
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SLABS defaults, delinquencies drop
US private student loan (PSL) defaults dropped below 2.5% for the first time since 2006 and will rem...
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- Structured Finance
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Canadian ABS, RMBS to stay strong
The credit quality and performance of Canadian ABS and RMBS will continue to be strong in 2015, acco...
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CLO, CLN, ABCP RFCs released
ARC Ratings has released RFCs on its CLO, CLN and ABCP methodologies. The rating agency encourages m...
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ESMA publishes MiFID update
ESMA has published its final technical advice and launched a consultation on its draft regulatory te...
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Mixed expectations for LatAm SF
The credit quality of Mexican structured finance transactions will strengthen in 2015, according to...
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- CLOs
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Volcker extension for covered funds
The US Fed has acted under the Volcker Rule to give banking entities until 21 July 2016 to conform i...
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- CMBS
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CMBS origination metrics deteriorate
Differences among US CMBS originators are continuing to emerge in recent months as IO loans prolifer...
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Lack of TRIPRA sparks CMBS worry
The failure of the US Congress to renew government-sponsored terrorism reinsurance could have reperc...
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Economy spurs CMBS on
The macro economy and low interest rates contributed to continued growth in the commercial real esta...
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Treveria portfolio acquired
Sunrise Properties has acquired the Treveria Silo E Portfolio, also known as Project Sunrise. The po...
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CMBS maturity spike expected
US CMBS loan maturities will spike in 2Q15 following a measured start to the year, says Fitch. The a...
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CMBS delinquencies down
The delinquent unpaid balance for US CMBS fell to US$30.92bn in November, says Morningstar. This is...
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- RMBS
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Agency updates Japan RMBS methodology
S&P has updated its methodology and assumptions for rating Japanese RMBS transactions. The a...
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Borrower attributes drive loss variability
Freddie Mac's recently disclosed loan-level loss data reveal that loss severities on liquidated Fred...
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Trustees targeted in NCUA suit
The NCUA has filed suit in federal court against US Bank and Bank of America, alleging the banks vio...
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Further STACR risk transferred
Freddie Mac has obtained a number of insurance policies under its Agency Credit Insurance Structure...
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Texas house prices surge
Texas has surpassed California and now has the most overvalued housing market in the US, says Fitch....
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RMBS lowered on sovereign downgrade
S&P has lowered its credit ratings on 84 tranches in 47 Italian RMBS transactions. This foll...
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Portfolio repurchase 'credit positive'
Moody's believes that Catalunya Banc's repurchase of problematic Spanish mortgage loan portfolios fr...
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- ABS
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