ABS

  • 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

  • Chinese NPL trio prepped

    Three Chinese issuers are in the market with NPL securitisations (see SCI pipeline). One of them - China Construction Bank - only made its debut in the asset class last week.

    China Construction Bank is joined by China Merchants Bank and the Industrial and Commercial Bank of China (ICBC). China Construction Bank's next offering is sized at CNY1.56bn. The ICBC .......

    News Round-up 26 September 2016

  • Biggest PACE deal issued

    Renovate America is in the market with its eighth securitisation of PACE bonds. Dubbed HERO Funding 2016-3, the US$320.3m deal is the largest such green bond deal completed to date by any issuer.

    Both Kroll Bond Rating Agency and DBRS have assigned ratings of double-A to the class A1 and A2 notes. Moody's has also assigned its highest Green Bond .......

    News Round-up 23 September 2016

  • Bank shuffles SF pros

    Credit Suisse has made a series of changes to its asset finance team, with a number of structured finance pros changing roles. Among the changes, Jay Kim has been promoted to global head of structured products.

    Kim's promotion follows the appointment of Brian Chan, former co-head of credit and securitised products, to the firm's board with the new role of .......

    Job Swaps 23 September 2016

  • Autos see credit deterioration

    US auto loan and lease credit performance is likely to continue to deteriorate in 2H16 and into 2017, according to Fitch. The rating agency says that year-over-year credit performance deteriorated for auto lenders in 1H16, despite improved loss rates in 1H16 relative to 2H16, which the agency attributes to seasonality.

    Despite this credit deterioration, Fitch adds that its rated auto .......

    News Round-up 22 September 2016

  • Delinquencies down for Italian SME ABS

    Total delinquencies of Italian SME ABS have decreased from April 2016 to July 2016, from 6.2% to 5.1%, Moody's says. However, the 60-90 day delinquency rate has increased slightly over the same period, from 0.3% to 0.6%.

    The rating agency notes that constant prepayment rates increased from 4.5% to 6.1% between April 2016 and July 2016. As of July 2016, .......

    News Round-up 21 September 2016

  • Rated UK MPL ABS prepped

    Zopa is in the market with its inaugural rated consumer loan securitisation, which is the first rated securitisation of UK marketplace consumer loans. The £138m deal, dubbed Marketplace Originated Consumer Assets 2016-1, is backed by unsecured consumer loans originated via Zopa's marketplace lending platform.

    Moody's has assigned provisional ratings of Aa3 to the £114m class A notes, A2 to the .......

    News Round-up 21 September 2016

  • Bumper week for ABS issuance

    Last week brought the highest number and dollar total of new ABS for any week for the past three years. It also brought the 2016 year-to-date total ahead of 2015 supply over the same period.

    JPMorgan puts the total at 21 ABS for US$12.8bn. The average over the past three years has been six transactions and less than US$4bn per week.

    News Round-up 20 September 2016

  • Many Navient rating actions taken

    Moody's has upgraded 15 classes of notes and downgraded 14 classes in securitisations sponsored or administered by Navient. It has also confirmed the ratings of 14 classes of notes. All the ABS - totalling US$7.7bn over 31 securitisations - are backed by FFELP student loans.

    The downgrades are the result of Moody's analysis that indicates that the tranches will not .......

    News Round-up 19 September 2016

  • Horizontal interest

    Sponsors assess horizontal risk retention benefits

    An increasing number of US sponsors are expected to retain a horizontal rather than a vertical risk slice in upcoming securitisations, despite complexities around valuation and disclosure of the residual interests. Several recent transactions have successfully employed the horizontal risk retention method and its economic efficiencies may convince other sponsors to follow suit.

    Later this year, all classes of US .......

    News Analysis 16 September 2016

  • Weather prediction

    JLT's weather ILS the first of many?

    The first weather catastrophe bond for 17 years has hit the market. It is hoped that the deal will kick-start an expansion of weather-linked bonds in the ILS market, but their take-up rests on greater education around the topic.

    Jardine Lloyd Thompson Capital Markets closed Market Re 2016-5 this month, providing US$30.75m in coverage for extreme European winter temperatures. Allianz .......

    News Analysis 15 September 2016

  • Online lender secures funding

    Online lender InterNex has secured a US$100m funding line from 400 Capital. It will help the lender continue to provide secured SME loans through its online platform, ranging from US$250,000 to US$5m.

    Chris Hentemann, managing partner and cio of 400 Capital, says: "We believe this partnership creates great risk-reward attributes and potential for borrowers and investors alike. We look forward .......

    Job Swaps 15 September 2016

  • Hire supports new service

    Bishopsfield Capital Partners has hired Neil Fitzgerald to support the launch of its new Project Agent service. It is an independent service in response to demands from borrowing and investing clients.

    Project Agent will monitor covenant compliance, project progress, manage consents and waivers, and facilitate investor reporting with a focus on infrastructure, real estate and large capital expenditure debt financing.

    Iain .......

    Job Swaps 15 September 2016

  • End of the road?

    ABSPP volumes down, success of programme questioned

    The ECB's ABSPP is entering its third year in November and since inception has been joined by three other asset purchase schemes. While the entire ECB purchase programme is set to expire in May 2017, the effectiveness of the ABSPP in particular continues to be a topic of debate.

    ABSPP volumes have been decreasing and, as of August 2016, the .......

    News Analysis 15 September 2016

  • CRT conference line-up confirmed

    Panellists have been confirmed for SCI's Capital Relief Trades Seminar, which is being held tomorrow (15 September) in New York. The event is being hosted by Clifford Chance at its offices at 31 West 52nd Street.

    The conference programme consists of a series of panel debates focusing on issues affecting capital relief trades. The sessions comprise the regulatory backdrop, originators .......

    News Round-up 14 September 2016

  • Carlyle hires credit head

    The Carlyle Group has brought in Mark Jenkins for the newly created role of head of global credit in New York, where he will lead the growth of its credit platform. Carlyle's platform includes loans and structured credit, as well as private, energy and distressed credit.

    Jenkins, who will also be md and member of each credit fund investment committee at .......

    Job Swaps 14 September 2016

  • Nine FFELP deals extended

    Nelnet has extended the final maturity date on nine FFELP student loan ABS deals following investor consent. The firm expects to add five-year maturity extensions over the next week on the following transactions: NSLT 2014-4 A1, 2014-4 A2, 2014-4 B, 2011-1 A, 2010-1 A, 2015-3 A3, 2015-3 A2, 2015-3 B, 2015-1 A, 2015-1 B, 2015-2 A2, 2015-2 B, 2014-6 A, 2014-6 .......

    News Round-up 14 September 2016

  • TigerRisk adds London pro

    TigerRisk Capital Markets & Advisory has appointed Leo Beckham as md. He will be based in London and take responsibility for building the business in the UK and Europe, reporting to Tony Ursano, TigerRisk Partners president and TigerRisk Capital Markets & Advisory ceo.

    Beckham's appointment becomes effective at the start of November. He joins from Willis Capital Markets & Advisory .......

    Job Swaps 14 September 2016

  • ABS expertise enhanced

    Capital One has expanded its financial institutions group (FIG) by appointing four senior figures. These include Mahesh Rajagopalan and Dave Donofrio as mds, and Dan Tsacoumangos and Daniel Strong as directors.

    Donofrio has assumed the role of a relationship manager for the group. Before joining Capital One, he served as a director of the asset-backed finance division of HSBC. His .......

    Job Swaps 13 September 2016

  • Radian regains SF pro

    Peter Danna has returned to Radian for a second stint, serving as svp in structured products. He joins from Morningstar, where he was director of business development, focusing on the agency's ABS client relationships. Prior to that, he was at Radian in his first stretch at the insurer, where he focused on originating, analysing and structuring deals across the structured finance spectrum.

    .......

    Job Swaps 13 September 2016

  • Chinese issuance gains momentum

    China's structured finance market will continue expanding in both scope and scale, with increased asset class diversification, says Fitch. A total of CNY193.4bn of Chinese structured finance transactions were issued in 2Q16, representing a 96% year-over-year increase.

    In its latest quarterly publication on Chinese structured finance, the rating agency says the increase in issuance was principally driven by 242% growth .......

    News Round-up 13 September 2016
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