ABS

  • Capital relief trades webinar due

    SCI is hosting a complimentary webinar on the current status of capital relief trades. The event is being held at 3pm UK time today (6 September), but will also be available to download from the SCI website afterwards.

    Increased pressure on bank capital requirements in the aftermath of the financial crisis has led to a rise in banks seeking to .......

    News Round-up 6 September 2016

  • Euro secondary stays positive

    The positive tone continues across the European securitisation secondary market.

    Although the US public holiday has hampered activity so far this month, secondary spreads across European ABS/MBS and CLOs have continued to edge in since 1 September. UK non-conforming paper continues to lead the way boosted by the dearth of primary supply and the upcoming Aire Valley refinancing, combined with the .......

    SCIWire 6 September 2016

  • Green bond scores proposed

    S&P is proposing a new product to analyse and estimate the environmental impact of projects or initiatives financed by bonds. Dubbed the Green Bond Evaluation, it would consider both climate change mitigation and adaptation projects.

    The Green Bond Evaluation is not a credit rating and would be based on a new green bond evaluation framework and scoring methodology. It would .......

    News Round-up 5 September 2016

  • ILS start-up names ceo

    Samir Shah has been appointed ceo of Ledger Investing, a start-up that seeks to provide a B2B marketplace for insurance risk securitisations. He will work with the company's founders, cto Aymeric Rabot and coo Julien Brissonneau, as they work towards its next stage of growth.

    Shah brings to the firm his expertise from his last role at AIG, where he was svp .......

    Job Swaps 5 September 2016

  • NexPoint targets BDVC takeover

    NexPoint has set out its proposals for a proposed takeover of the Business Development Corporation of America (BDVC), including a permanent 50% reduction of both BDVC's management and incentive fee arrangements. The proposal comes as a counter offer to BSP Acquisition's own outline for purchasing the company and in response to BSP's reluctance to consider NexPoint's approach. 

    NexPoint says its .......

    Job Swaps 2 September 2016

  • Vario adds ex-JPM pair

    Vario Partners has appointed Markus Gesmann as head of research and modelling and Mike Kontaratos as head of investment. The ILS structuring and investment firm says the appointments mean its team of experts is now complete, with all elements now in place to complete transactions and build the Vario funds.

    Gesmass joins from Lloyd's of London, where he led analysis .......

    Job Swaps 2 September 2016

  • Ashurst trio poached

    Paul Hastings has recruited a trio of structured finance partners - Michael Smith, Diala Minott and Cameron Saylor - from Ashurst in London.

    Smith focuses on structured finance, securitisation, capital markets, credit funds and derivatives. He has been involved in the structured finance market for over 20 years and has had a key role in the development of several financial .......

    Job Swaps 2 September 2016

  • Picking up PACE

    Ygrene seeking to make its mark in ABS

    Ygrene Energy Fund is planning a securitisation before year-end that will offer a unique pool of PACE assets. At the same time, the company has begun building out a team of new recruits to facilitate its long-term securitisation plans.

    Ygrene's chief financial officer, Michael Chan, says that the company is planning to tap the securitisation market some time in 4Q16, .......

    News Analysis 1 September 2016

  • SF department launched

    Gattai Minoli Agostinelli & Partners has launched a structured finance department. It will be run by four new hires - all from Legance - and signals the continuation of the Italian firm's expansion into new practice areas.

    The department will be headed up by Emanuela Campari Bernacchi, who will be an equity partner, and will work alongside senior associate Valentina Lattanzi .......

    Job Swaps 1 September 2016

  • Interim chief named

    Stephen Joynt has been appointed interim ceo of DBRS. He will continue to serve as executive chairman of DBRS Group.

    Daniel Curry, who has served as ceo of DBRS since December 2013, is leaving the agency to pursue other interests.

    .......

    Job Swaps 1 September 2016

  • Payment history scrutinised

    The ability and willingness of catastrophe bond issuers to pay claims in a timely manner continue to be questioned, according to S&P. To test the industry's concerns, the agency identified 13 cat bonds that made claims payments following the occurrence of covered events. Except for one case where the loss payment was dragged out by the reinsured, it saw no .......

    News 1 September 2016

  • Euro secondary stable

    The European securitisation secondary market remained stable throughout August and that looks unlikely to change in the run up to the US holiday on Monday.

    For the most part 2016 followed a traditional pattern in August across ABS/MBS - liquidity was thin and activity was patchy, with BWICs few and far between. UK non-conforming/buy-to-let paper saw the most demand, which .......

    SCIWire 1 September 2016

  • Receivables platform bolstered

    Demica has appointed Daniel Kustrin as chief technology officer, responsible for overseeing the growth and development of the firm's proprietary financing platform. Reporting to Demica ceo Matt Wreford, he is expected to play a key role as the firm invests significantly in new product development in response to client demand.

    Kustrin was previously global head of technology at Cardano Risk .......

    Job Swaps 31 August 2016

  • Auto finance growth to continue

    EMEA auto ABS performance should stay strong, says Moody's in the first of its new EMEA auto ABS sector update reports. The new quarterly reports will provide commentary on macroeconomic factors and regulation that affect EMEA auto ABS, new ratings and rating actions, as well as new issuance and performance trends.

    Some countries are set to outperform others as a .......

    News Round-up 31 August 2016

  • New Chinese structure 'credit positive'

    The introduction of a new type of asset-backed note in China which incorporates a trust structure is credit positive for the fledgling sector, says Moody's. The first such deal was issued by International Far Eastern Leasing Co in June and was backed by lease receivables.

    Asset-backed notes with a trust structure provide better asset ring-fencing protection for investors than was .......

    News Round-up 30 August 2016

  • Secondary education

    Liquidity, accurate valuations could stabilise sector

    The first half of 2016 brought several challenges for the marketplace lending industry in the US, with the Q2 results of many platforms confirming falling origination volumes and revenues, largely due to a pullback from investors. While this may raise wider concerns about the viability of the sector, some participants believe that the reason for the downturn is not a .......

    News Analysis 29 August 2016

  • Auto ABS methodology finalised

    Scope has published its final auto ABS rating methodology, confirming that it is largely unchanged from the proposals the agency set out last month. The approach relies on transaction-specific input assumptions to allow for larger rating and transaction differentiation, even when transactions have the same originator or are based in the same country.

    The agency adds that it applies a highly granular .......

    News Round-up 26 August 2016

  • BRAIS acquisition closed

    Bloomberg has completed its acquisition of Barclays Risk Analytics and Index Solutions (BRAIS) from Barclays (SCI 17 December 2015). The transaction includes the widely-used Barclays fixed income benchmark indices, BRAIS strategy indices and the intellectual property of the POINT portfolio analytics solution.

    The benchmark indices will be co-branded 'Bloomberg Barclays Indices' for an initial period of five years. Bloomberg will .......

    Job Swaps 25 August 2016

  • Call variability observed

    Most subprime auto ABS issuers have exercised clean-up calls in a relatively efficient manner, calling deals at the clean-up call threshold or within 1-3 months after, according to a recent Wells Fargo study. However, some variability among issuers has emerged since the ABS market normalised by end-2011 that may need to be accounted for when valuing bonds.

    Wells Fargo structured .......

    News 25 August 2016

  • Nordea completes synthetic deal

    Nordea Bank has sold a synthetic securitisation referencing €8.4bn in SME and corporate loans. Investors have taken notes linked to the junior credit risk of the portfolio.

    The synthetic structure means no assets will be derecognised from Nordea's balance sheet and Nordea will continue to service the loans. The risk-sharing structure does mean that the bank's CET1 ratio is enhanced, .......

    News 25 August 2016

  • Singular circumstances

    Regulatory changes fuelling rise of 'special situations'

    European banks are fundamentally changing the way they structure and sell securitisations. A rise in bilateral trades and capital relief trades - which, along with increasing non-core asset disposals, is leading some to apply the special situations moniker to the sector - is largely being driven by regulatory changes.

    One of the main trends in European ABS over the last .......

    News Analysis 25 August 2016
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