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Debut manager is launching a CLO platform building on leveraged loan market experience
Andrew Burgess worked at Prytania for 16 years
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
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American Home Mortgage has been hit with a number of lawsuits since filing for bankruptcy filed for bankruptcy on Aug. 6.
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J.P. Morgan Securities has transferred Mark Schmude, a New York-based collateralized debt obligation strategist, to London to help accommodate a growing European client base.
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Steve Warjanka, a director and Alt-A RMBS structurer at UBS, has left the bank.
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Barclays Capital’s head of European collateralized debt obligations, Ed Cahill, has quit, reports Reuters UK. Recent turmoil in the U.S. subprime market has focused regulatory and market concern on the CDOs, which repackage securities backed by the mortgages.Cahill joined Barclays from J.P. Morgan in 2004 where he traded and later structured CDOs.
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Standard & Poor’s is looking into creating a separate measure of likely volatility in structured products outside the current rating definitions used as standard.
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Fitch Ratings has placed on watch for downgrade $2.39 billion of commercial paper and capital notes issued from IKB Credit Assessment Management’s Rhinebridge structured investment vehicle.
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London-headquartered HSBC will be closing a Carmel, Ind., office that focuses on consumer and mortgage lending.
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The Carlyle Group extended a $100 million loan at 10% to its European Carlyle Capital affiliate, to help the fund meet margin calls, reports The Wall Street Journal. Lenders to the mortgage fund had been demanding additional funds. Ninety-five percent of Carlyle Capital’s assets are “AAA mortgage-backed securities with the implied guarantee of the U.S. government, the fair value of these assets has declined due to diminished demand for these securities in the marketplace,” the group said in a statement. Last week, a rival of the Carlyle Group, Kohlberg Kravis Roberts, said it would take a loss on sales of mortgage backed debt.
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Bank of America has taken a $2 billion stake in Countrywide Financial, the nation’s largest home lender about a week after the mortgage-lender announced that it had taken an $11.5 billion line of credit. “Bank of America's investment in Countrywide represents a vote of confidence and strengthens our balance sheet, enabling us to position Countrywide for future growth and success,” said Angelo Mozilo, chairman and ceo of Countrywide, in a press release.