Issue 471 - 15th January
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News Analysis
- Secondary markets
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US CLOs still searching
The US CLO secondary market is still searching for pricing clarity, meanwhile Trups CDOs are generat...
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- Secondary markets
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SCIWire
- Secondary markets
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Euro secondary solid
Last week closed on a solid note in the European securitisation secondary market. Secondary spread...
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Euro secondary seeks change
The European securitisation secondary market is still stable and fairly quiet, but that cou...
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US CLOs stalled
The hoped for New Year revival in the US CLO secondary market is still stalled. "Everyone is just...
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Euro ABS/MBS active
It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to...
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Euro secondary unchanged
The European securitisation secondary market looks to be keeping to the same pattern seen in previou...
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Euro secondary steady
The European securitisation secondary market continues to see steady activity and pricing levels are...
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- Secondary markets
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News
- Structured Finance
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SCI Start the Week - 11 January
A look at the major activity in structured finance over the past seven days
Pipeline Pipeline additions picked up last week as market participants returned to their desks for the new year. As well as six new ABS there was also an ILS, three RMBS, a CMBS and a SME CLO announced. The ABS were: US$1.2bn AmeriCredit Automob...
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Finalised FRTB 'still punitive'
The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final ruling remains punitive for securitisation, it is not as harsh as earlier drafts suggested it might be. The final version has l...
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- CLOs
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CLO market concerns catalogued
While the US CLO market recorded its second-highest full-year issuance in 2015, CLO market participants remain concerned by fundamentals, technicals and liquidity. Oil prices are also a considerable concern, but interest rates are not, while risk ret...
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- CMBS
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Distressed resolutions gather pace
January US CMBS remittance reports show that several larger loans from CWCapital's bulk liquidations have been resolved. JPMCC 2006-CB17, MLMT 2006-C1 and CD 2007-CD4 have so far been the main beneficiaries of the auctions, with the disposal of US$39...
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StuyTown pay-offs emerge
MLCFC 2007-5 has become one of the first CMBS to report distributions from the pay-off of the US$3bn Stuyvesant Town/Peter Cooper Village loan, resulting in the largest liquidation in the market's history with no loss (SCI passim). However, Barclays...
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- Structured Finance
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Job Swaps
- Structured Finance
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SEC punishes insider trading
The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 i...
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European property platform boosted
HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in Lon...
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UK Mortgages staff strengthened
TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She jo...
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AXA IM boosts SF team
AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in...
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Client services bolstered
Rockstead has recruited Andrew Salter to act in the newly created role of director of client service...
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- Capital Relief Trades
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Fund offers core assets access
AXA Investment Managers has launched a fund offering investors access to the core lending activity o...
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- CDO
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'Drag-along' rights disputed
In adjourned meetings, subordinate noteholders of Panther CDO III, IV and V last week passed an extr...
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- CMBS
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Online lender taps CRE pro
RealtyMogul.com has brought in Michelle Paretti as senior md, head of originations and underwriting....
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CBRE Dutch team bolstered
CBRE had hired Aart Visser as associate director in its Netherlands debt and structured finance team...
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CMBS unit moves to sole ownership
Walker & Dunlop is to take full ownership of Walker & Dunlop Commercial Property Fun...
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Real estate firm adds CMBS vet
Greystone has appointed Gregory Forester as md to lead its newly-formed hospitality-focused lending...
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- Insurance-linked securities
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ILS pro moves up
KPMG in Bermuda has made a number of promotions to its team, including Eric Heinrichs to md. Heinric...
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- Risk Management
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BGC, GFI merger closes
BGC Partners has completed its merger with GFI Group. The announcement marks the end of a process th...
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- RMBS
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Chase settlement edging to end
JPMorgan has now paid US$3.68bn in consumer relief to 3,695 borrowers through 30 June 2015, accordin...
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Working Group settlement agreed
Goldman Sachs has reached an agreement in principle to resolve the ongoing investigation of the RMBS...
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- Structured Finance
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News Round-up
- ABS
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Nevada sets 'negative' solar standard
New tariffs approved by the Public Utilities Commission of Nevada are credit negative for the solar...
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African off-grid solar deal debuts
Oikocredit and solar energy provider BBOXX have teamed up to produce the first securitisation for of...
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Soccer deal debuts
XXIII Capital has launched its inaugural securitisation - a US$72.9m ABS backed by nine rec...
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Debut receivables deal hits China
Country Garden has brought a new ABS transaction to the market that packages part...
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- Structured Finance
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Green bond RFC issued
Moody's has issued a request for comment on its proposed approach and methodology for evaluating an...
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New French debt class proposed
A proposal by the French Ministry of Finance to modify the hierarchy of claims in liquidation during...
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- Capital Relief Trades
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Capital relief deal agreed
Dutch pension fund PGGM and Banco Santander have entered into a risk-sharing transaction regarding a...
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- CDS
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ISDA strengthens DC rules
ISDA has voted to make a number of changes to its Credit Derivatives Determinations Committees (DC)...
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Novo Banco questions mulled
ISDA's EMEA Determinations Committee continues to mull two questions submitted to it at end-December...
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- CMBS
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EMEA default rate stable
The 12-month rolling loan maturity default rate for the European CMBS in S&P's rated univers...
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Ground lease protections revisited
Moody's says that prudent ground lease lenders include two key provisions in mortgage loan documenta...
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Hotels drive delinquency improvement
US CMBS delinquencies finished 2015 down by 17% by balance from year-end 2014, according to Fitch's...
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- Risk Management
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Margin tool offered
TriOptima has launched triResolve Margin, a web-based end-to-end margin processing service delivered...
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CCP connectivity offered
4sight Financial Software and Pirum have collaborated to deliver a new interface between their platf...
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Market risk requirements revised
The Basel Committee has issued revised minimum capital requirements for market risk designed to ensu...
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- RMBS
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Unique features boost SFR deal
Home Partners of America's (HPA) unique tenant-driven property acquisition and rent-to-own business...
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Fannie to offload more NPLs
Fannie Mae has announced another sale of NPLs, including a second community impact pool. The communi...
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Reduced doc risks mitigated
Reduced documentation loans increase the risk of default in Alt-A, subprime and prime private label...
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- ABS
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