ABS

  • 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

  • Zero floor inserted

    Santander has amended the transaction documents for Bilkreditt 6, its 2014 Norwegian auto loan ABS, to ensure that the interest payable to noteholders is subject to a zero floor. The firm says that as a result of negative Euribor rates, there is a risk that the interest rate on the notes could fall below zero. It adds, however, that the .......

    News Round-up 24 August 2016

  • Willis ceo announced

    Willis Re has appointed Chris McDowell as ceo of Willis Re Bermuda. On 1 January 2017, he will officially succeed Michael Harden, who is being made president of Willis Re Asia Pacific.

    McDowell joins from Aon Benfield, where he was ceo of global re-specialty in Bermuda. He will now report with his team to Willis Re Specialty.

    Harden was former .......

    Job Swaps 24 August 2016

  • ABS syndicate head replaced

    James Gray has been appointed head of ABS syndicate at Deutsche Bank. The promotion sees him move up from his role in the bank's ABS sales team, where he was covering, the UK, Netherlands and the Nordic countries. Gray replaces Bilal Husain, who moved to BNP Paribas last month (SCI 27 July).

    .......

    Job Swaps 23 August 2016

  • SF heads announced

    US Bank has hired Joe Nardi to lead its global structured finance group, providing services that support its MBS and ABS operations. He will oversee a staff of approximately 200 employees throughout six locations across the US.

    Nardi previously served as head of capital markets structured finance (CMSF) for Wilmington Trust. Prior to his work at Wilmington, he served as .......

    Job Swaps 23 August 2016

  • FFELP SLABS 'info lacking'

    Model risk remains high and collateral transparency remains limited in FFELP student loan ABS, say Wells Fargo structured product analysts. Inconsistency among the rating agencies leads the analysts to recommend investors wait for rating actions before anticipating relative value opportunities.

    "Recent rating agency actions and commentary in the FFELP student loan ABS sector have left us somewhat puzzled," say the .......

    News 23 August 2016

  • ECON amendments weighed

    The European Parliament's ECON committee recently published 526 amendments to the proposed new European securitisation regulations. While the additional amendments include proposals for further tightening of the rules, there are also many amendments that could take the regulation in a more positive direction.

    The latest suggested changes are in addition to the 153 amendments included in the two draft reports .......

    News 23 August 2016

  • JPMorgan shakes up syndicate

    JPMorgan has formed a new credit product development team, which will be headed by Ryan O'Grady and comprise members of the current credit markets team. Although currently co-head of the bank's global syndicate team, O'Grady's new role will require him to focus solely on the international syndicate business. He will report to his co-head counterpart, Bob LoBue.

    In addition, following .......

    Job Swaps 23 August 2016

  • FFELP notes upgraded

    Moody's has upgraded 14 classes of notes and affirmed eight additional tranches across 19 FFELP student loan ABS transactions sponsored by Nelnet after the agency reduced its expected loss projections. The actions come after Moody's originally placed a batch of the notes on review for downgrade in June, in line with its new rating approach for the asset class.

    The reduced loss .......

    News Round-up 22 August 2016

  • ILS approach finalised

    AM Best has finalised its methodology for rating insurance-linked securities and insurance-linked structures. The 'Best's insurance-linked securities& structures methodology' (BILSM) offers insight into information requirements, key rating considerations, risk modelling and surveillance activities that are generally applied by the agency to rate ILS transactions. Its idealised issue default matrix and idealised issuer default matrix are included within the BILSM.

    AM .......

    News Round-up 19 August 2016

  • Aon appoints Asia director

    Aon has appointed Les Collett as regional director for structured credit and political risk, based in Hong Kong. He was previously at Willis Towers Watson, where he was an executive director.

    Collett will report to Miles Johnstone, who is head of structured credit and political risk for Asia. Collett has previously worked at Standard Bank, Calyon, HSH Nordbank, Bankgesellschaft Berlin .......

    Job Swaps 18 August 2016

  • Syndicated loan team expands

    Muzinich has recruited an additional four names as it increases its European syndicated loans capabilities. The firm has hired portfolio managers Torben Ronberg, Stuart Fuller, Sam McGairl and Alex Woolrich, all of which have joined from Wells Fargo subsidiary, ECM Asset Management.

    They will provide the firm with a mixture of experience that has included structured finance, derivatives, emerging markets and high yield .......

    Job Swaps 18 August 2016

  • TFIF to tap 'favourable conditions'

    TwentyFour Income Fund (TFIF) intends to raise additional equity capital through the issue of new ordinary shares of 1p each. The move is in response to continued investor demand and favourable prevailing market conditions.

    TFIF invests in mezzanine ABS and the portfolio currently has a triple-B minus weighted average rating and a four-year weighted average life. The portfolio currently has .......

    News Round-up 17 August 2016

  • ABL team expands

    MB Business Capital has opened a new office in Vancouver, Washington and appointed Kevin Schrader to its middle-market asset-based lending (ABL) team as svp. He will source ABL opportunities for MB Business Capital in the Washington, Oregon and Idaho markets.

    Schrader brings nearly 25 years of banking experience to MB. Previously, he served as an md at GE Capital, where .......

    Job Swaps 17 August 2016

  • United Guaranty sale agreed

    Arch Capital Group is set to acquire United Guaranty Corporation and United Guaranty Insurance from AIG for US$3.4bn. The sale will see the firms combine their businesses to create the largest private mortgage insurer in the world, based on insurance in-force.

    Arch says that it expects to retain a significant presence in North Carolina, while maintaining its existing mortgage insurance operations .......

    Job Swaps 16 August 2016

  • Fixed income teams merged

    BNP Paribas continues to revamp its investment banking operations by combining its primary and credit markets into a new business. This will encompass the bank's asset finance and securitisation businesses, headed globally by Matt Salvner.

    Martin Egan and Benjamin Jacquard will stay in their positions as global head of primary markets and global head of credit respectively. Salvner reports jointly to .......

    Job Swaps 16 August 2016

  • Euro defaults hit post-crisis low

    Overall European structured finance credit quality increased in 2015, with the annual default rate falling to its lowest level since 2008, according to S&P's latest annual rating transitions study. Nevertheless, the number of rating downgrades exceeded the number of upgrades.

    S&P had more than 4,800 ratings outstanding on European structured finance securities at the beginning of 2015. Of these securities, .......

    News Round-up 15 August 2016

  • Japanese ratings surge

    S&P's rating of new Japanese securitisations rose by 34.2% year-on-year in 1H16 as negative interest rates spurred new RMBS issuance. The agency assigned ratings to roughly ¥1.33trn during the first half of the year, across 10 new transactions.

    A 43.3% jump in issuance of RMBS - the largest asset class in Japan - helped push up the total issuance figure. S&P says .......

    News Round-up 15 August 2016

  • High yield team expanded

    Royal London Asset Management (RLAM) has expanded its global high yield team with four new hires in preparation for the launch of its Multi Asset Credit Fund. The appointments are headed by Khuram Sharih as a fund manager, focusing on leveraged loans and alternative credit.

    The new fund will comprise a directly invested, globally diversified portfolio concentrating on the alternative credit universe. Asset .......

    Job Swaps 12 August 2016

  • NPL sales exceed 2015 levels

    Sales of European NPLs and non-core assets (NCAs) stand at €112bn of completed and ongoing deals at the end of 1H16, says Deloitte. This already exceeds the €104.3bn for all of 2015.

    Activity has been driven by increased loan sale transactions in continental Europe, particularly in Italy and central and eastern Europe. There has been €14.4bn in completed deals from .......

    News Round-up 12 August 2016

  • BPB deal rated

    Banca Popolare di Bari (BPB) has closed its much-anticipated NPL securitisation, becoming the first bank to make use of the Italian government's GACS guarantee scheme (SCI 30 March). The €150.54m Popolare Bari NPLs 2016 deal is backed by assets with a gross book value (GBV) of €471m and €8.8m of collections.

    Rated by Moody's, the transaction comprises €126.5m Baa1 rated .......

    News Round-up 12 August 2016
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