ABS

  • Asset manager inks takeover

    Amundi has acquired Pioneer Investments from UniCredit for €3.6bn. As part of the deal, Amundi will forge a long-term, 10-year partnership with UniCredit for the distribution of asset management products.

    Pioneer has €222bn in AUM and has a long track record and expertise in asset management, with a similar profile to Amundi in terms of management expertise and geographic presence. .......

    Job Swaps 12 December 2016

  • UK SLABS ratings suspended

    S&P has suspended its credit ratings on Honours series 2's class A1, A2, B, C and D notes. The rating agency comments that the suspension is due to the lack of timely receipt of sufficient information of satisfactory quality.

    Although the servicing transfer was completed in January 2016 and servicing continued, S&P has not received recent annual repayment cohort performance data .......

    News Round-up 12 December 2016

  • Firm hires aviation pro

    Cross Ocean Partners has hired Brandt Wilson as partner and head of asset investment strategies. He will be based in Cross Ocean's Greenwich, Connecticut office.

    Wilson has been brought in as part of a new hard asset class investment strategy, initially focusing on global aviation opportunities. Prior to Cross Ocean, he was a senior md at Castlelake, where he was co-head of .......

    Job Swaps 12 December 2016

  • Asset finance firm bolstered

    Norton Folgate has been rebranded as Amicus Asset Finance. Concurrently, the firm has recruited Jeremy Guilfoyle as coo, with a remit to drive structural transformation and innovation across the business. A qualified lawyer, Guilfoyle joins from Paragon Bank Business Finance, formerly Five Arrows Business Finance and State Securities, where he held various senior management positions over 16 years.

    .......

    Job Swaps 12 December 2016

  • Trust services to be sold off

    Capita is set to dispose of the majority of its Capita Asset Services (CAS) division and a small number of other businesses that no longer fit its core business strategy. The move follows a review of the firm's management structure, operating model, business portfolio and leverage, with the aim of strengthening its position.

    Specifically, the group of businesses within the .......

    Job Swaps 12 December 2016

  • SLABS to see strong performance

    A major theme in the US private student loan market in 2017 will be the continued origination and securitisation of loans with strong credit quality from new marketplace lenders that specialise in the refinancing or consolidation of loans using online platforms, Moody's says. The agency notes that the credit quality of new private student loan ABS from traditional lenders will .......

    News Round-up 9 December 2016

  • Vertical retention upped

    The European Parliament's Economic and Monetary Affairs Committee (ECON) yesterday adopted the European Commission's securitisation package, with a number of amendments (SCI 8 December). Most significantly, risk retention requirements for vertical retention has been increased to 10%.

    Risk retention requirements for horizontal retention will remain at 5%. However, revolving transactions may become subject to 10% risk retention.

    Now that ECON .......

    News Round-up 9 December 2016

  • Equipment, card ABS 'to stay strong'

    Both US equipment and credit card ABS will remain strong in 2017, says Moody's. Issuance should be along the same lines as 2016 for equipment ABS, but should pick up for credit card ABS.

    New agriculture and construction transactions should look similar to those issued in 2016 in terms of structure and collateral credit quality. Strong farm balance sheets will .......

    News Round-up 8 December 2016

  • Private credit strategies targeted

    Eaton Partners has formed a distinct team that will work with and raise capital for unique private credit strategies globally. Targeted strategies include asset-backed and direct corporate lending, distressed debt, real estate credit and other specialty credit.

    The team will primarily focus on representing credit managers located in the US, Europe and Asia. The firm says the aim is to .......

    Job Swaps 8 December 2016

  • Brexit to affect auto ABS

    The UK's decision to leave the EU will impact UK auto ABS, although DBRS expects ratings to remain robust. The rating agency predicts a continued softening in demand for new vehicles, driven by uncertainty surrounding Brexit, which could have several implications.

    First, a reduction in demand for new cars could lead to customers holding their vehicles to the maturity of .......

    News Round-up 8 December 2016

  • Proposals 'counter to ABS revival'

    New European Parliament proposals do not go far enough to help revive securitisation in Europe, according to AFME. This follows a vote today by the Parliament on the simple, transparent securitisation (STS) framework.

    Richard Hopkin, head of fixed income at AFME, states that the association welcomes the fact that the European Parliament and Council have now endorsed the establishment of an STS .......

    News Round-up 8 December 2016

  • Pairing up

    ABS, bank partnerships to lift marketplace lending

    Marketplace lending and fintech will play an increasing role in the future of the securities market, according to US SEC chair Mary Jo White. Speaking at a recent SEC fintech seminar, White praised the benefits of innovative financial technologies, but outlined the need for relevant regulatory guidelines to protect investors and wider participants.

    White stated that "fintech innovations have the .......

    News Analysis 8 December 2016

  • Euro secondary keeps positive

    Tone across the European securitisation secondary market continues to be positive.

    After a quiet start to the week, yesterday saw a flurry of BWICs from a range of sectors driving activity, most of which were easily absorbed and traded in line with expectations. Consequently, the bulk of secondary spreads remain unmoved.

    Today sees more supply from a variety of sectors, .......

    SCIWire 8 December 2016

  • Wildfire affects timeshare ABS

    Westgate Resorts has reported damage at its Westgate Smoky Mountain Resort in Gatlinburg, Tennessee, following a wildfire that originated around 10 miles away in the Great Smoky Mountain National Park. DBRS notes that it currently rates five ABS transactions which contain collateral from the resort.

    The affected transactions are Westgate Resorts 2013-1, Westgate Resorts 2014-1, Westgate Resorts 2015-1, Westgate Resorts .......

    News Round-up 7 December 2016

  • Aircraft ABS programme planned

    Floreat Group is readying a securitisation programme focused on the aviation sector, with the aim of providing long-term fixed income investments for their institutional and high net-worth clients. The first issuance - of up to US$175m of notes - is planned for this month and will be backed by a portfolio of four Airbus A330s on leases to geographically diversified .......

    News Round-up 7 December 2016

  • Mortgage-linked ABS prepped

    The £292.4m Towd Point Mortgage Funding 2016-Granite 3 has hit the market. The transaction represents the term take-out of the warehouses that were put in place to finance the acquisition of the assets by Cerberus.

    The portfolio comprises 27,212 unsecured personal loans to borrowers in the UK, which were initially originated by Landmark Mortgages (formerly Northern Rock) under the 'Together' .......

    News Round-up 7 December 2016

  • Arrow names new chief

    Securitisation veteran Lee Rochford will replace Tom Drury as group ceo and board director of Arrow Global from 3 January 2017. Drury, who has decided to step down from the role after five years, will remain with the business until end-February to provide an orderly handover.

    Rochford was previously cfo of Virgin Money. Before that, he held senior securitisation and .......

    Job Swaps 7 December 2016

  • Precious metals ABS prepped

    Monex Deposit Company (MDC) is in the market with a rare public securitisation secured by precious metals. Dubbed Scala Funding Company Series 2016-1, the US$100m ABS is arranged by Piper Jaffray.

    The notes are backed by a pool of retail loans originated and serviced by Monex Credit Company (MCC), secured by cash, gold, silver, platinum and palladium. The transaction will .......

    News Round-up 6 December 2016

  • Arrow enters Italian market

    Arrow Global Group is entering the Italian market with the acquisition of Zenith Service. It will purchase the servicing business for €17m, subject to regulatory approval by the Bank of Italy.

    Zenith is a leading master servicer in the €168bn Italian structured finance market and also services salary assignment loans (CQS). As of June 2016, the estimated stock of the .......

    Job Swaps 6 December 2016

  • North American outlook 'stable'

    Stability will likely remain for structured finance ratings in the US and Canada next year, although some modest asset-level deterioration is likely as performance in many sectors has peaked, says Fitch. The rating agency adds that annualised net losses for subprime auto ABS could reach 12% in 2017, particularly for less established sub-prime issuers Fitch does not rate.

    The rating agency .......

    News Round-up 6 December 2016

  • LatAm outlook 'stable'

    Latin American structured finance transactions should enjoy a stable credit environment next year, despite subdued economic growth, says Fitch. Around 86% of the agency's rating outlooks for the sector are stable or positive, compared to 80% at the end of last year.

    Fitch's sector outlook is stable for consumer ABS, where adequate credit enhancement and structural features continue to protect .......

    News Round-up 6 December 2016
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