ABS

  • ASF adds policy pro

    Robert Gallimore is set to join the Australian Securitisation Forum in the role of policy executive. His responsibilities will include working with ASF members on developing policy positions, as well as other member engagement matters.

    Most recently, Gallimore was a director - primary markets at RBS, and before that held the role of senior corporate counsel at ABN AMRO. He .......

    Job Swaps 6 October 2016

  • Valuations exec recruited

    CBIZ Valuation Group has recruited Karl D'Cunha as md - portfolio valuation. His practice will include performing valuations of portfolios of illiquid securities, as well as working with asset management companies on other valuation and transaction advisory matters.

    D'Cunha has over 19 years of experience in managing a wide range of financial advisory projects, including complex valuation engagements, M&A advisory .......

    Job Swaps 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • Diversifying strategies unit enhanced

    Sara Rejal has been promoted to head of liquid alternatives and Karen Dolenec to head of real assets at Willis Towers Watson within its diversifying strategies department. Rejal will oversee hedge funds, alternative beta, reinsurance and multi-asset strategies, with Dolenec managing real estate, infrastructure and natural resources.

    Prior to Willis Towers Watson, Rejal was at HSBC for seven years as .......

    Job Swaps 5 October 2016

  • Trading pro tapped

    Cairn Capital has hired Asif Godall as its new deputy cio. He will report to cio Andrew Jackson and be responsible for portfolio management within multi-asset credit.

    Godall was previously at HSBC for 17 years, where he most recently held the position of global head of traded credit. He has also set up a number of businesses with HSBC, including .......

    Job Swaps 4 October 2016

  • Asset managers merge

    Henderson Group and Janus Capital Group have agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors.

    The combination of the two businesses is expected to create a leading global active asset manager, with significant scale, diverse products and investment strategies, as well as depth and breadth in global distribution. The merger is .......

    Job Swaps 4 October 2016

  • Cabela's acquisition boost

    Capital One is set to acquire Cabela's credit card operations, including US$5.2bn in receivables and US$5bn in associated funding liabilities. The move has been welcomed for helping resolve the uncertainty in the securitisation market regarding the disposition of the CABMT credit card ABS trust.

    Capital One will acquire the operations for par value of the credit card receivables, less the .......

    News Round-up 4 October 2016

  • ILS pro promoted

    Aon Securities has promoted Danny Bailey to its new head of capital markets. He will be based at the firm's London office.

    Bailey has held several senior roles at the company and was previously director of ILS management EMEA, dealing with insurance management of the ILS, catastrophe bond and collateralised reinsurance market. In his new role, he will be responsible .......

    Job Swaps 3 October 2016

  • Firm opens US office

    Leadenhall Capital Partners has set up a US operation, to be led by new hire Brian Weatherholtz. He takes on the role of md and will report to partner and head of business development, Lorenzo Volpi.

    Weatherholtz has several years' experience in ILS, having previously worked in senior positions for GE Capital and Swiss Re. The new US operation will .......

    Job Swaps 3 October 2016

  • Auto ABS losses jump

    US prime and subprime auto loan ABS losses continued to increase last month, according to Fitch. The agency expects losses across the two sectors to increase for the rest of 2016.

    Subprime auto ABS losses were 27% higher in August on an annual basis, far more than the 8% Fitch had originally predicted. The agency suggests that subprime losses will break .......

    News Round-up 3 October 2016

  • Credit platform aligned

    AXA Investment Managers has merged its alternative solutions and structured finance teams to create a single global alternative credit platform under the leadership of Deborah Shire, head of structured finance. The move is designed to create a simpler and more agile structure to the benefit of the firm's clients.

    The merger will provide the platform with a presence in Paris, .......

    Job Swaps 3 October 2016

  • Container ABS performance hit

    S&P has lowered its ratings on GCA2014 Holdings' class C and D notes (by three notches), as well as Global Container Assets 2014's class A1, A2 and B notes (one notch). The downgrades reflect the agency's view that both transactions are unable to withstand the stresses corresponding to the previously assigned rating levels.

    S&P notes that the performance of Global .......

    News Round-up 3 October 2016

  • FI team boosts securitisation expertise

    Mizuho has hired Subhathra Pavan to its fixed income sales team to help expand the firm's distribution capabilities in a number of securitised product areas. Pavan will also lead all domestic bank and GSE sales coverage for the US fixed income business.

    Pavan brings nearly 25 years of fixed income product experience and prior to Mizuho was md at Deutsche .......

    Job Swaps 30 September 2016

  • Top marks

    SLABS extension success exceeds expectations

    The final maturity dates on nine FFELP student loan ABS deals were extended earlier this month (SCI 14 September), as the industry continues to get to grips with the recent maturity crisis. Nelnet was able to extend all nine of the trusts that it sought to, largely through making use of DealVector's bondholder communication platform (SCI 22 June).

    "It would .......

    News Analysis 29 September 2016

  • ILS duo recruited

    AXA Investment Managers has hired Marc Belbenoit-Avich and Robin Chiche to its ILS team. Belbenoit-Avich will join as a senior portfolio manager and Chiche as a quantitative analyst, with both based in Paris, reporting to ILS head Francois Divet.

    Belbenoit-Avich was previously at Swiss Re, where he worked for nine years as a property treaty underwriter. He will join AXA .......

    Job Swaps 29 September 2016

  • Reporting service launched

    Moody's Analytics has launched Regulatory Reporter, a web-based tool designed to enable auto loan and lease ABS issuers comply with new asset-level reporting regulations under Reg AB 2. The solution generates a transaction report in the XML file format required by the US SEC and automatically reconciles key fields between loan level and pool level data. It also includes workflow .......

    News Round-up 29 September 2016

  • Euro ABS/MBS keeps steady

    It continues to be a steady week in the European ABS/MBS secondary market.

    The run in to month end continues to be a steady if unspectacular one in terms of volumes on- and off-BWIC. Nevertheless, ever-improving macro sentiment this week and a growing new issue pipeline continue to ensure secondary spreads remain firm across the board.

    There are currently three .......

    SCIWire 29 September 2016

  • Product development head hired

    US Bank has hired James Ferguson to lead global strategies and product development for its securities services division, based in New York. In his new role, Ferguson is tasked with building product and service offerings more broadly - including the bank's European offerings - to deliver a more unified client experience.

    Most recently, Ferguson was the executive director and global .......

    Job Swaps 28 September 2016

  • Airbag recall raises loss risk

    Auto lease ABS have meaningful exposures to the recall of faulty Takata-manufactured airbags, notes Moody's. Auto loan ABS have only minimal exposure, but the lease sector is particularly affected due to the timing of when the leases backing outstanding transactions will mature, compared with when vehicle fixes occur and replacement parts are available.

    "The timing of vehicle fixes versus the .......

    News Round-up 27 September 2016

  • RFC issued on tobacco ABS

    Moody's has issued a request for comment on proposed changes to its rating methodology for tobacco settlement revenue securitisations. The proposals take into account an October 2015 settlement between New York state, certain tobacco companies and the pace of arbitration proceedings involving other US states and territories.

    The agency highlights that the October 2015 New York settlement resolved the NPM .......

    News Round-up 27 September 2016

  • Euro ABS/MBS starts slowly

    The European ABS/MBS secondary market has started the week slowly.

    Softer broader markets meant a dip in activity across ABS/MBS sectors yesterday. However, they remain insulated from the weaker sentiment elsewhere and secondary spreads generally held firm.

    In contrast, the previous few sessions saw robust activity boosted by a positive response to comments from the Fed. Decent two-way flows, with .......

    SCIWire 27 September 2016
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