ABS

  • 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

  • Euro secondary unmoved

    The European securitisation secondary markets have been unmoved by recent broader market volatility.

    Tone continues to be positive across the board and secondary spreads were generally insulated from last week's wider market sell-off. Whereas, boosted by the stronger macro sentiment seen yesterday afternoon widespread tightening looked set to resume at this morning's open.

    Shortage of primary supply continues to be the .......

    SCIWire 13 September 2016

  • UK ILS bill set for 2017

    The London Market Group (LMG) has welcomed a letter from HM Treasury that outlines early 2017 as the target for implementing an ILS framework within the UK. The letter, signed by Economic Secretary to the Treasury Simon Kirby, notes that the next phase involves drafting the regulations for consultation later this Autumn prior to putting legislation before Parliament.

    Nicolas Aubert, chairman of .......

    News Round-up 12 September 2016

  • Green bond grading assigned

    Moody's has assigned a green bond assessment (GBA) of GB1 to US$320.24m of HERO Funding 2016-3 class A1 and class A2 notes, marking the first time a PACE securitisation has been assigned such a grading. The green bonds will fund energy efficiency, renewable energy and water conservation improvements on residential properties in California.

    The PACE bond issuers are Western Riverside .......

    News Round-up 12 September 2016

  • Babson merges firms

    Babson has completed the integration of four Massachusetts Mutual Life Insurance affiliates. Babson Capital Management, Cornerstone Real Estate Advisers, Wood Creek Capital Management and Baring Asset Management are now operating as a unified company with over US$275bn AUM under the Barings name.

    The combination of the four firms results in a presence in 17 countries. Leadership roles will include Russ .......

    Job Swaps 12 September 2016

  • ILS firm boosts expertise

    Michael Watson has joined Vario Partners in a non-executive capacity. He officially begins at the ILS firm on 1 October 2016.

    Watson is known for leading the management buy-out of Canopius, which was then sold to Sompo Japan Nipponkoa Insurance in 2013. He remains chairman of Sompo Canopius and is also a member of the Council of Lloyd's and a .......

    Job Swaps 12 September 2016

  • Armenian ABS debuts

    Cardno has provided technical assistance to the US Agency for International Development in connection with Armenia's first-ever securitised bond. The transaction raised US$5m in new funding for five non-bank credit institutions and introduced a new ABS to the Armenian market using a mixed portfolio of microbusiness and consumer loans.

    Under USAID's Finance for Economic Development (FED) programme, Cardno introduced the .......

    News Round-up 12 September 2016

  • KBRA makes more moves

    Kroll Bond Rating Agency has appointed Ira Powell as chief of staff, following the hire of Mauricio Noe to head its European efforts (SCI 9 September). Powell was previously chief credit officer for KBRA, but now takes on a broader management and operating role. He will continue to report to Jim Nadler, president and coo at KBRA.

    .......

    Job Swaps 12 September 2016

  • Agency hires for Europe push

    Kroll Bond Rating Agency has brought in Mauricio Noe as head of Europe, with plans for the US agency to eventually establish a full securitisation rating service on the continent. Noe joins from Themis Investment Management, where he was a director and senior advisor. He has also held senior roles at Deutsche Bank, RBS, ABN Amro and Freshfields.

    .......

    Job Swaps 9 September 2016

  • Cat bond issuance declining

    Catastrophe bond issuance averaged two deals a month in the 12 months to 30 June 2016, notes Aon Securities in its annual report on the sector. Despite an increase in alternative capital in reinsurance, less is being allocated to cat bonds.

    There were 24 cat bonds closed during the period, with a total limit of US$5.2bn, which represents a drop .......

    News Round-up 9 September 2016

  • Canadian SF market 'strong'

    The Canadian securitisation market has remained healthy and balanced throughout 2016, according to DBRS. The rating agency maintains its positive outlook for Canadian structured finance despite challenges to the country's economy such as a fall in oil prices.

    New issuance in ABS and ABCP from January to end-August has been strong at C$27.0bn, spurred by consumer spending, with 84% of .......

    News Round-up 8 September 2016

  • Lender seeks asset-backed future

    Fintech consumer lender Uberima has appointed Richard Bartlett as cfo to help drive the shift to an asset-backed funding model. Bartlett is a member of the board for Prime Collateralised Securities and was previously at RBS, where he held various roles in securitisation and debt capital markets and rose to head of coverage and debt capital markets.

    Uberima intends to .......

    Job Swaps 8 September 2016

  • Structured products pro recruited

    JLT Re has hired Matthew Carter as a partner in its London market and international division, which is led by Bill Bennett. Carter is tasked with leading all structured and non-traditional reinsurance for the UK and Europe, as well as working with JLT Re's structured products team in North America. He joins from Guy Carpenter, where he was svp for structured .......

    Job Swaps 8 September 2016

  • Chinese lease ABS listed

    Shanghai Renren Finance Leasing Co has launched Leasing Asset-Backed Securitization Plan II, which will be traded on the Shanghai Stock Exchange. Rated by United Ratings, the RMB510.6m ABS is collateralised by finance leasing contracts for used cars and will be administered by Founder Fubon Asset Management.

    The priority class A tranche, which accounts for over 70% of the transaction, has .......

    News Round-up 7 September 2016

  • UCITS fund takes off

    Angel Oak Capital Advisors reports that its MontLake Angel Oak Multi-Strategy Income UCITS Fund has surpassed US$150m in assets under management and returned 7.12%, as of 31 August, since its inception on 4 December 2015. The firm says its decision to bring its mortgage and structured credit expertise to the European UCITS marketplace was predicated on years of robust demand .......

    News Round-up 7 September 2016

  • 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
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