ABS

  • Euro secondary sustained

    Activity levels continue to be sustained if not spectacular in the European securitisation secondary market.

    "Secondary is still fairly quiet," says one trader. "New issues are coming through at a good steady rate and occupying people's minds."

    Overall, the trader adds: "The market feels pretty firm and spreads are holding up across the board. That's being backed up by decent .......

    SCIWire 3 October 2017

  • Job Swaps round up - 29 September

    North America

    HouseCanary has hired Josh Seiff to lead business development. He joins from Fannie Mae where he was vp, multifamily capital markets and trading.

    GC Securities, a division of MMC Securities has announced the establishment of Cerulean Re SAC, a private syndicated collateralised reinsurance platform and Bermuda registered segregated account company (SAC) and licensed special purpose insurer. The joint .......

    Job Swaps 29 September 2017

  • Risk transfer round up - 29 September

    The focus of this past week has been the EBA's SRT discussion paper. Regulators and market participants expect it and the resulting guidance to standardise structural features and boost deal flow in the market (SCI 28 September).

    The paper comes at a time of a flurry of transactions in Q4. Among these, sources mention a Banca IMI-arranged transaction for UBI .......

    News 29 September 2017

  • BMO steps on the gas with debut ABS

    Bank of Montreal is marketing an inaugural auto securitisation, called Canadian Pacer Auto Receivables Trust 2017-1 (see SCI's deal pipeline). The ABS is backed by 42,258 prime retail instalment auto loan contracts and is another first for the bank after debuting the first RMBS sponsored by a major Canadian bank earlier this year (SCI 18 April 2017).

    The deal .......

    News 29 September 2017

  • First solar ABS looks to pay dividends

    Dividend Finance is in the market with its first term ABS securitisation collateralised by secured residential consumer solar loans. The transaction, Dividend Solar Loans 2017-1 (see SCI's deal pipeline), will issue three classes of notes in an aggregate principal amount of US$128.95m.

    Kroll Bond Rating Agency has assigned a preliminary rating of single-A to the US$115.376m class A .......

    News 29 September 2017

  • Trustee role rewritten by court?

    A ruling by the UK High Court could have significant implications for trustees, potentially redefining their role in securitisation. The court's ruling confirms that a trustee cannot outsource decision making and must take responsibility for exercising the discretion that deal documents allow them, although questions do remain.

    GLAS Trust Corporation was brought into the Fairhold Securitisation (FHSL 2006-1) as a .......

    News Analysis 29 September 2017

  • Aviation ABS prepped for take-off

    Global Jet Capital is marketing an inaugural US$1.48bn aircraft ABS. Dubbed Business Jet Securities Secured Note Series 2017-1, the transaction is supported by a portfolio of 181 business jet aircraft, representing 154 obligors, with a remaining term of approximately 62.1 months.

    The securitisation is structured like a master trust with two note classes, each of which is time-tranched in two-, .......

    News 28 September 2017

  • Standardisation to bridge synthetic STS gap?

    The EBA's recent discussion paper on significant risk transfer (SRT) outlines the common structural features of risk transfer transactions in an attempt to harmonise their regulation and supervision (SCI 20 September). The move ultimately may bring the CRR regulation closer to extending the STS label to synthetic securitisations.

    The EBA's proposals are informed by the new European securitisation framework and .......

    News Analysis 28 September 2017

  • ReoCos boost Italian NPL prospects

    The Italian parliament recently approved new amendments to the Italian securitisation law, aimed at improving recoveries of non-performing loans and at facilitating disposals of NPLs by banks, including non-performing lease receivables. Along with a stronger macroeconomic environment, the measures are expected to help boost the liquidity of real estate asset disposals.

    Under the amendments - which were introduced in June .......

    News Analysis 28 September 2017

  • PCP agreements pressure UK ABS

    The increased use of personal contract purchase (PCP) agreements is putting pressure on UK auto ABS, suggests DBRS. While the rating agency does not think deals will be negatively affected in the short term, the trend is worth monitoring.

    DBRS has rated 15 UK auto ABS since 2010 and finds the correlation between new car registrations and prepayment rates, as .......

    News 27 September 2017

  • Caribbean consumer deal prepped

    CFG Holdings is in the market with a consumer ABS backed by a pool of local currency fixed-rate personal loans originated by its subsidiaries in Panama, Aruba, Curaçao and Bonaire. Dubbed CFG Investments 2017-1, the US$222m securitisation features a Cayman Islands SPV as note issuer and a borrower SPE in each jurisdiction.

    The pool comprises 75,805 loans totalling US$247.06m, with .......

    News 25 September 2017

  • Risk transfer round-up - 22 September

    A Barclays significant risk transfer deal planned for mid-September has reportedly been delayed until mid-October. The new transaction follows the issuer's recent third Colonnade Global capital relief trade (SCI 8 September). The bank is also said to be planning corporate and mortgage SRT transactions for 2018.

    .......

    News 22 September 2017

  • EBA releases SRT discussion paper

    The EBA has released its significant risk transfer (SRT) discussion paper, the main elements of which were outlined last month (SCI 18 August), and has launched a public consultation on its contents. The banking watchdog wishes to further harmonise the regulation and supervision of risk transfer through securitisation.

    SRT in securitisations allows originators to achieve regulatory capital relief. The EBA's .......

    News 20 September 2017

  • Smaller lessors lifting aircraft ABS

    Smaller aircraft lessors have increasingly tapped the ABS market over the last 18 months, with established lessors utilising other funding methods. The resulting shift in issuance is being reflected in securitised aircraft collateral pools, potentially leading to increased risks.

    Fitch notes that the rise in new and/or smaller lessors in the aviation ABS market is paired with an increase in .......

    News 18 September 2017

  • 'Substantial' green ABS volumes eyed

    Vehicle and housing loans have the potential to produce substantial flows of large-scale green ABS transactions over the next five years, according to a new SCI research report produced in conjunction with TMF Group and Ygrene Energy Fund. However, the report - entitled 'Impact investing and green ABS: creating a market of the future' - finds that would-be .......

    News Analysis 18 September 2017

  • Job swaps round-up - 8 September

    EMEA

    Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

    Beechbrook Capital has hired Jon Petty to the role of associate director .......

    Job Swaps 8 September 2017

  • Euro secondary returns

    The European securitisation secondary market is beginning to return to life after the summer.

    August saw the usual seasonal lull in terms of trading volumes in ABS/MBS, but the buying bias remained across the board. Consequently, secondary spreads were flat to slightly tighter month on month.

    CLO volumes saw less of a dip and from time to time, especially around .......

    SCIWire 7 September 2017

  • Further ratings reviewed on margin requirements

    Fitch has placed 38 ABS tranches on rating watch negative, due to the reduced likelihood of counterparty replacement, resulting from new two-way margin posting requirements (SCI passim). The rating agency notes that one of its key considerations is the ability to replace a counterparty following their downgrade below defined trigger levels and a key factor in achieving ratings above that .......

    News 4 September 2017

  • Job swaps round-up - 1 September

    EMEA

    Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination team in London, reporting to Michael Malek, head of European CLO structuring. Hulst was previously at BNP Paribas, where he was an analyst and structurer in the CLO team.

    North America

    Allianz Global Investors has hired Mona Mahajan as its new US investment strategist. She .......

    Job Swaps 1 September 2017

  • Risk transfer round-up - 1 September

    As expected, August was a quiet month for capital relief trade issuances. But market sources continue to expect activity to significantly pick up in Q4.

    Among the transactions anticipated next quarter are two commercial real estate deals in Germany and a significant risk transfer trade between a British bank and Ares Management. Regarding Q4 activity overall, one source states: "It .......

    News 1 September 2017

  • Hurricane Harvey impact weighed

    While the picture is not yet clear in terms of the total damage inflicted by Hurricane Harvey, it looks set to impact several sectors across securitisation. RMBS and CMBS appear likely to be most affected, along with credit risk transfer transactions and potentially auto ABS.

    CMBS 2.0 transactions are set to be most affected, with Morgan Stanley estimating that 241 .......

    News 1 September 2017
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