ABS

  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions

    HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......

    Market Moves 21 September 2018

  • GACS expansion?

    UTP extension questioned

    The recent extension of the GACS guarantee scheme is expected to further fuel Italian non-performing loan securitisation issuance (SCI 5 September). However, the programme is unlikely to be expanded to cover unlikely-to-pay (UTP) loans, due to political constraints.

    Following the European Commission’s approval of the GACS extension, Scope reaffirmed its forecast of a total disposal of Italian .......

    News Analysis 21 September 2018

  • Irish RMBS focus

    European ABS market update

    A rare Irish non-conforming RMBS has caught the attention of European ABS market participants, following the deal’s roadshow last week.

    “The Dublin Bay Securities senior notes are being talked at around 65bp, with the deal expected to price soon,” says a trader. “In comparison, proper prime senior RMBS paper would typically price at around 12bp or 13bp.”

    Market Reports 18 September 2018

  • Revised NPL templates published

    Insolvency data rendered more dynamic

    The EBA last week published a revised version of its standardised non-performing loan data templates - first published in December (SCI 15 December 2017) - that aim to facilitate NPL sale transactions across the EU. The crux of the changes is a more dynamic and granular recording of insolvency proceedings in an attempt to capture their complex and .......

    News Analysis 17 September 2018

  • SCI Start the week - 17 September

    A look at the major activity in structured finance over the past seven days

    Pipeline

    ABS is still dominating the pipeline, with several deals coming from the auto space.

    These include: US$534.032m ARI Fleet Lease Trust 2018-B, US$1.362bn GM Financial Automobile Leasing 2018-3, US$327.87m Navistar Financial Dealer Note Master Owner Trust II 2018-1, US$407.83m Prestige Auto Receivables Trust 2018-1

    In non-auto ABS there are also a number of transactions waiting to price: US$809.93m CNH .......

    News 17 September 2018

  • Preference for yield

    Conference delays new issues

    The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even if it means giving up liquidity, according to market sources.

    According to one trader, firms are also holding off from bringing new issues because of ABS East, resulting in a market slow down until the conference.

    The source adds however that many deals are .......

    Market Reports 14 September 2018

  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched

    Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.

    CMBS downgrade review

    Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......

    Market Moves 14 September 2018

  • Euro ABS activity surges

    Investors finding value across asset classes

    The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting attention amid a greater focus on European ABS.

    A trader comments on ABS activity in Europe: “The most interesting thing I’ve been seeing is the large Grifonas RMBS. The senior, now sized at around €345m, has been on BWICs for two .......

    Market Reports 14 September 2018

  • Madden resolution urged

    US marketplace lending firms should be freed from restraints around “true lender” status that have arisen due to regulatory developments, such as the Madden vs Midland case. This is according to a recent US Treasury report, which also suggests improvements to servicing standards and borrower communication in the federal student loan sector.

    The US Treasury highlights the growing role of .......

    News Analysis 12 September 2018

  • Euro RMBS picks up

    Markets moving again after summer lull

    In the first week of September the market seems to be coming back to life after the lull of August and July. According to one trader, two primary deals in particular are catching the attention of the market at the moment in the form of the latest £528m Tower Bridge Funding 3 transaction and the €526.89m Dutch Property Finance .......

    Market Reports 10 September 2018

  • Risk transfer round-up - 7 September

    CRT sector developments and deal news

    Caixabank is rumoured to be prepping an SME significant risk transfer transaction for 4Q18. This would follow a bilateral SME trade that the issuer is believed to have completed in July.

    The Spanish bank’s last confirmed transaction was Gaudi Synthetic 2015-1. The deal - inked in February 2016 - was a €121.5m CLN referencing a €2bn Spanish SME ......

    News 7 September 2018

    Premium Content

  • Chain reaction

    ABS issuers exploring distributed ledger technology

    Numerous ABS issuers are exploring how to leverage blockchain technology to execute traditional securitisation structures. Indeed, its adoption could yield immediate benefits for esoteric and new asset classes, which have an illiquidity premium associated with them.

    For traditional assets that are not natively digital, distributed ledger (i.e. blockchain) technology can enable a digital representation – or ‘token’ – .......

    News Analysis 7 September 2018

  • Increased obligations weighed

    ESMA outlines expanded reporting requirements

    ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to .......

    News Analysis 6 September 2018

  • Finding the efficient frontier

    Dominik Hagedorn, co-founder at Tangency Capital, answers SCI's questions

    Q: How and when did Tangency Capital become involved in the ILS market?
    A: Tangency Capital was launched in the autumn of 2017 by Michael Jedraszak, Kai Morgenstern and me, with the aim of offering institutional investors access to natural catastrophe risk akin to how reinsurers access the market and beyond what traditional ILS funds offer. Following an initial set-up .......

    The Structured Credit Interview 6 September 2018

  • GACS extended

    European Commission approves guarantee extension

    The European Commission has approved a second extension of the GACS guarantee scheme for the senior tranches of Italian non-performing loan securitisations. The guarantee is issued at a market price to comply with EU state aid rules, although the European Commission will continue to review the scheme’s compatibility with market conditions. Consequently, further extensions of the scheme remain the .......

    News Analysis 5 September 2018

  • SME SRT completed

    Intesa taps Italian government guarantee fund

    Intesa Sanpaolo has completed a guarantee agreement with Fondo Centrale di Garanzia, the Italian government guarantee fund, to spur economic growth via lending to Italian SMEs. This is the fund’s first synthetic securitisation that includes mid-cap firms (with up to 499 employees), which were previously excluded from its portfolio policies.

    Under the agreement, Intesa Sanpaolo will ramp up .......

    News 3 September 2018

  • Chinese online ABS develops

    Regulation, data inconsistencies hamper industry

    Fitch recently rated its first ever ABS backed by Chinese online consumer loans, in the form of the CNY1bn JD ABN 2018-1 transaction. While a positive signal for the sector, it still faces a number of hurdles, such as a lack of credit history data across the Chinese population and an inconsistent regulatory framework.

    While the term marketplace lending .......

    News Analysis 3 September 2018

  • Market moves - 31 August

    The latest hires and company developments in the structured finance market

    Acquisition

    Moody’s Corp is set to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately US$278m. By combining Reis’s extensive data with Moody’s Analytics’ specialised capabilities, the firm aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. Under the terms of the merger agreement, .......

    Market Moves 31 August 2018

  • Risk transfer round-up - 31 August

    CRT sector developments and deal news

    Lloyds is rumoured to be readying another commercial real estate risk transfer trade from its Wetherby programme for 4Q18. This would be the issuer’s second post-crisis synthetic CRE deal, following the issuance of Wetherby Securities 2017 last year.

    Wetherby Securities 2017 was a £47.1m financial guarantee referencing a £672.9m portfolio of UK CRE. It printed alongside two other ......

    News 31 August 2018

    Premium Content

  • Market moves - 24 August

    The week's structured finance hires and company developments, all in one place.

    Consent solicitation

    NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......

    Market Moves 24 August 2018

  • Firms favour floating rate

    Investors find value in range of SF asset classes

    US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes, including non-agency legacy RMBS, TruPS CDOs and US BSL CLOs. While firms’ allocations to different sectors may vary, the overriding theme is a move away from fixed rate products, with further interest rate rises expected.

    As a result, floating rate products are of growing .......

    News Analysis 22 August 2018
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