ABS

  • Servicer consolidation boosts NPL recoveries

    The Italian servicing industry is experiencing a strong growth trend. Italian non-performing loan recoveries are expected to benefit as a result.

    Sources agree that growth in the servicing industry is the trend with the most positive impact on Italian NPL recoveries, given the widening of the scope of servicer activities and the growth in the volume of servicer-managed NPLs. Many .......

    News Analysis 13 July 2017

  • Generali launches cat bond first

    GC Securities has priced the first 144A catastrophe bond that provides indemnity protection against multiple European perils and the first to cover European flood. The €200m Lion II Re transaction provides Assicurazioni Generali with four years of per occurrence cover against windstorms and floods affecting selected European countries, as well as earthquakes affecting Italy.

    The deal marks the third time .......

    News 13 July 2017

  • Final STS document welcomed

    The European Parliament's economic and monetary affairs committee yesterday approved, as expected, the new STS securitisation framework by a substantial majority. The final document indicates an overall positive impact for the securitisation market, although the lack of a third-party regime and complex grandfathering provisions may constrain issuance in post-Brexit UK and the EU respectively.

    According to the final STS document, .......

    News Analysis 12 July 2017

  • Attica deal unlikely to be replicated

    Greek bank Attica has announced a securitisation of €1.3bn of non-performing loans. Although rare, the transaction is unlikely to become a template for larger systemic banks, as control of servicing and the portfolio remains an issue.

    Attica will transfer €1.3bn of non-performing loans to an SPV, which will in turn issue a senior bond of a nominal value of €525.2m .......

    News 7 July 2017

  • Job swaps round-up - 7 July

    North America

    Mayer Brown has hired Jay Kallas as counsel in its Chicago office, focusing on structured insurance and reinsurance transactions. He was previously counsel at Drinker Biddle & Reath.

    Cadwalader has hired Peter Morreale as partner in the capital markets team in the Washington, DC office. He was previously at Goldman Sachs, where he was md and associate general .......

    Job Swaps 7 July 2017

  • ESBies unlikely to boost ABS

    The securitisation market is unlikely to see any benefit from the issuance of European safe bonds (SBBS or ESBies), despite a recent European Commission paper supporting their development. This follows an earlier proposal to create a European 'safe bond' akin to US Treasury bonds (SCI 26 October 2016), but questions remain over the product's viability, along with investor appetite.

    Simon .......

    News Analysis 7 July 2017

  • Risk transfer round-up - 7 July

    The second quarter appears to have been a quiet period in the risk transfer market, with only two capital relief trades completed. "Most of the pipeline is scheduled for September or December, with approximately 20 transactions being worked on so far," states one source. "Delays in the CRR regulation mean that many issuers don't feel pressured to bring trades this .......

    News 7 July 2017

  • Short-term STC consultation underway

    The Basel Committee and IOSCO have released consultative documents outlining criteria for identifying simple, transparent and comparable (STC) short-term securitisations and their proposed capital treatment. The criteria take account of the characteristics of ABCP conduits, such as the short maturity of the CP issued, the different programme structures (multi-seller and single seller) and the existence of multiple forms of liquidity .......

    News 7 July 2017

  • Carige NPL deal unveiled

    Banca Carige has launched its keenly-anticipated non-performing loan securitisation (SCI 1 March). Dubbed Brisca Securitization, the €309.7m transaction is backed by an NPL portfolio with a total gross book value of €938.3m.

    The assets comprise 5,001 loans extended to 2,069 borrowers by Carige, Banca Cesare Ponti and Banca del Monte di Lucca. The collateral is primarily located in the northern .......

    News 6 July 2017

  • Atlante II role confirmed in MPS deal

    The European Commission has approved a €5.4bn precautionary recapitalisation of Monte dei Paschi di Siena under EU state aid rules, which is conditional on a five-year restructuring plan that includes the disposal of a €26.1bn non-performing loan portfolio via securitisation. Atlante II is expected to share the funding of the junior and mezzanine tranches with an undisclosed group of investors, .......

    News 5 July 2017

  • Retail woes could hit card ABS

    Store closures across the US are expected to negatively impact credit card ABS trusts, due to their exposure to the private-label card market and co-branded card accounts. Consumers could be more willing to default on a credit card from a retailer without local stores because they won't expect to make future purchases at its other locations or online.

    The private-label .......

    News 4 July 2017

  • IBRD debuts pandemic cat bonds

    The World Bank has launched US$320m pandemic catastrophe bonds, with the aim of providing financial support to the Pandemic Emergency Financing Facility (PEF), its vehicle that channels surge funding to developing countries facing the risk of a pandemic. The IBRD CAR 111-112 note issuance marks the first time that pandemic risk in low-income countries is transferred to the capital markets.

    News 30 June 2017

  • Risk transfer round-up - 30 June

    The EIF has recently signed guarantees with five banks in Romania under its SME initiative (SCI 12 May). This is happening at a time when the fund's securitisation team is working on new EFSI deals "similar" to the recent deal with BBVA (SCI 12 June). Additionally, the SSA intends to finalise traditional synthetic securitisations in Italy by the end of .......

    News 30 June 2017

  • EV idiosyncratic risks highlighted

    The inclusion of electric vehicles (EVs) in future European auto ABS collateral pools could introduce idiosyncratic risks, according to S&P. The agency says that these risks would warrant specific consideration in its ratings analysis.

    S&P suggests that the unique risks of EVs - such as limited historical data, technological obsolescence, linkage to the manufacturer and reliance on fiscal incentives - .......

    News 29 June 2017

  • Euro secondary solid

    The European securitisation secondary market remains solid despite distractions from primary and month-end.

    "As has been the case over the past few weeks people are focused on primary, but secondary is still ticking over this week," says one trader. "Over the past couple of days we've seen a number of bid lists going through and trading at decent to very good levels."

    The .......

    SCIWire 29 June 2017

  • Private SLABS upgrades anticipated

    Moody's has placed on review for possible upgrade the ratings of 41 private student loan ABS bonds - totalling approximately US$2.56bn worth of securities across 19 securitisations - issued by three marketplace lending platforms. At the same time, Fitch has released an exposure draft of criteria for rating US private student loan ABS that could result in multiple-category upgrades for .......

    News 27 June 2017

  • US ABS accelerates

    Activity in the US ABS secondary market has begun to accelerate this week.

    After several weeks of focus on the primary market attention has returned to secondary this week. Yesterday saw a pick-up in BWIC volume as rotation activity began to take hold and sellers looked to get lists out as early as possible before the de facto long weekend.

    SCIWire 27 June 2017

  • Euro secondary steps up

    Activity has started to step up across the European securitisation secondary market following an extended series of relatively quiet sessions.

    Flows continue to be thin, though there have be patches of increased activity seen in a variety of sectors since the end of last week and into this. At the same time, rotation activity combined with month- and half-end positioning .......

    SCIWire 27 June 2017

  • Veneto liquidation opens NPL ABS opportunities

    Veneto Banca and Banca Popolare di Vicenza will be wound down after the ECB confirmed that they are "failing or likely to fail". The Italian government is set to provide €17bn to cover losses from bad loans while handing the 'good' assets to Intesa Sanpaolo for a symbolic amount. The government's intervention and recent amendments to the Italian securitisation law .......

    News Analysis 26 June 2017

  • Lender targets in-school and refi loans

    College Avenue Student Loans is in the market with its first rated term ABS, dubbed College Ave Student Loans 2017-A. The US$160.89m transaction is backed by a mix of in-school and refinanced student loans originated online through the College Ave platform.

    DBRS and S&P have assigned provisional ratings to the transaction of A/BBB on the US$95.32 class A1 notes, A/BBB .......

    News 26 June 2017

  • Data drought impedes NPL ABS growth

    Incomplete data and inadequate servicing infrastructure continues to beset the European non-performing loan market. Nevertheless, recent changes to Law 130 in Italy may help to address the growing number of 'unlikely to pay' debtors - a large, but untapped, portion of Italian banks' NPL exposures.

    Reto Bachmann, senior research analyst, global sector lead for real estate, infrastructure and structured finance .......

    News Analysis 23 June 2017
×