Finance

U.K. care home operator Southern Cross is in the middle of a financial restructuring that could affect several U.K. CMBS structures, according to a Barclays Capital report.

Global agribusiness and food company Bunge Limited recently closed a program for the securitization of its trade receivables to the tune of $700 million, according to a press release from Finacity Corporation, which was the program structurer and administrator.

DRBS has assigned provisional ratings to the DBUBS Series 2001-LC2 Commercial Pass-Through Certificates, which will be issued by DBUBS 2011-LC2 Mortgage Trust.

U.S. Subprime CDS prices more than doubled their increase from the previous month, rising 1.7% overall. According to the latest Fitch Solutions report, this brings the subprime rally to its unprecedented seventh consecutive month.

Goldman Sachs has launched a $301.5 million CLO to be managed by PineBridge Investments, according to sources.

VW Finance priced its €628.90 million ($916 million) auto loan ABS called Driver Espana. It's the issuer's first securitization of auto loan receivables originated by VW Finance within Spain.

The Consumer Financial Protection Bureau (CFPB) has received more than 14,500 individual comments on its model mortgage disclosure forms.

Federal Reserve chairman Ben Bernanke expects hiring and economic growth to "pick up" in the second half of this year, but the nation’s central banker did not provide any encouraging words for the housing industry.

GE Capital Corporation is issuing a deal worth approximately $619 million of ABS.

General Growth Properties (GGP) issued a press release yesterday announcing the refinancing of five shopping malls, totaling $743 million in new mortgages. The deal also provided a cash-out of $180 million that allowed a total of $563 million in existing mortgages to be refinanced.

Yesterday, regulators voted to lengthen the comment period on the proposed risk retention requirement from June 10th to August 1st. This will provide crucial time for many institutions to formulate and organize comments to be taken into consideration by the regulators.

Porsche Financial Services (PFS) is marketing a $518.60 million auto loan securitization.

The Argentine province of Misiones is making unwelcome noise in the securitization market, as it seeks to expand the application of a stamp tax on trust agreements and securitization trusts regardless of where the documents are processed, according to Moody’s Investors Service.

The six regulatory agencies working on the risk retention rule are considering a proposal to extend the comment period until August 1, according to industry officials.

U.S. student loan issuance is expected to remain around the same levels observed in both 2009 and 2010 according to report by Henderson Global Investors.

Argentina’s provinces are re-enacting the past. In the last year, three have publicly issued deals backed in part by revenue from a federal government institution, recalling a time when securitizing co-participation revenue from the central government was all the rage. That was before the crisis of 2001-2002.

New issuance for collateralized loan obligations (CLOs) continues to play a meaningful role in reducing the debt wall of existing CLOs nearing the end of their reinvestment periods, according to a Moody's Investors Report.

Figures released yesterday by the U.S. Treasury show that taxpayers collected a total of $12.9 billion in May from the investment and sales of the agency’s mortgage-backed securities (MBS) portfolio.

The largest U.S. banks are quietly preparing to push back against proposed Basel III liquidity requirements that they argue could wreak havoc in the market by artificially deflating the value of certain assets.

After a strong recent performance, the CLO new issuance market now faces potential challenges posed by risk retention rules under the Dodd-Frank Act.