ABS

  • Madden uncertainty to continue

    The US Supreme Court has denied certiorari in the Madden vs Midland Funding case, electing not to review a Second Circuit decision that found state usury laws applied to debt that had been purchased from a national bank (SCI passim). The decision is expected to prolong the legal uncertainty related to the marketplace lending and securitisation industries.

    Other circuits are .......

    News Round-up 28 June 2016

  • Euro secondary sidelined

    Most participants are waiting on the sidelines in the European securitisation secondary market amid broad market volatility.

    Two sessions on from the Brexit vote and liquidity remains thin across the board, but there is yet to be any sign of the tailspin seen in wider markets. Dealers in every sector widened their bids on Friday but other than some opportunistic .......

    SCIWire 28 June 2016

  • False alarm?

    Basel CRT warning played down

    The Basel Committee caused somewhat of a stir earlier this month when it warned banks against increasing their use of capital relief trades (CRTs). However, portfolio risk-sharing transactions are not expected to be affected.

    The Committee's statement specifically warned that CRTs would receive "careful supervisory scrutiny" going forward (SCI 3 June). It also indicated that its response was due in .......

    News Analysis 27 June 2016

  • Brexit effects

    The immediate financial market reaction to the UK's decision to leave the EU has been pronounced, with spreads on senior financials and subordinated CDS indices higher by around 30bp and 70bp respectively. In the European securitisation secondary market, dealer bids were wider across the board at the open, but little trading was seen in the first few hours.

    In the .......

    News 24 June 2016

  • MPL conference line-up confirmed

    Panellists have been confirmed for SCI's Second Annual Marketplace Lending Securitisation Seminar, which is being held on 28 June in New York. The event is being held at Kaye Scholer's offices at 250 West 55 Street.

    The conference programme consists of a series of panel debates focusing on issues affecting the marketplace lending sector. Panel sessions include financing, platform differentiation .......

    News Round-up 24 June 2016

  • Agency recruits trio

    Morningstar Credit Ratings has made a trio of new hires in New York, including Lea Overby as md, leading structured finance research. This position is a newly created role for the agency, which will see Overby head up structured finance initiatives and support its analytical team in MBS, ABS and CLOs.

    Prior to moving, her most recent role was as executive .......

    Job Swaps 24 June 2016

  • PACE, solar deals come to fore

    The US solar and PACE ABS market has been busy this week, led by Spruce Finance bringing the largest deal so far to encompass unsecured residential energy efficiency loans and retail instalment contracts. The US$83.78m dual-tranche Spruce ABS Trust 2016-E1 received investment grade ratings from Kroll Bond Rating Agency.

    The class A notes were assigned a single-A rating by the agency. The .......

    News Round-up 23 June 2016

  • Euro secondary settles down

    After a flurry of activity over the past two sessions the European securitisation secondary market has settled down today to await news from the UK EU referendum.

    Following a quiet Monday volumes picked over the next two days sparked by the increase in BWIC activity noted on Tuesday and continuing improvement in wider markets. Flows were relatively healthy yesterday too .......

    SCIWire 23 June 2016

  • Sufficient scrutiny?

    MPL verification enhancements sought

    The resignation of Lending Club ceo Renaud Laplanche and the subsequent disclosure of 'control deficiencies' at the platform shocked the marketplace lending sector. Investors have pulled back and getting them onside again is dependent on demonstrating that the market can be open and transparent.

    Lending Club has been a pioneer in marketplace lending ABS and was the first platform to .......

    News Analysis 22 June 2016

  • Stepping up

    Double boost for FFELP SLABS market

    Industry efforts to address the FFELP student loan ABS maturity issue have stepped up a gear with the launch of Nelnet's investor forum via the DealVector platform (SCI 17 June). The market received a further boost last week when Moody's released its updated FFELP student loan ABS methodology (SCI 15 June).

    DealVector now has the top two sponsors of FFELP .......

    News Analysis 22 June 2016

  • MPL webinar scheduled

    SCI is hosting a complimentary webinar exploring how the marketplace lending sector is responding to recent developments. The event is being held at 7pm UK time on 23 June, but will also be available to download from the SCI website afterwards.

    The webinar will cover questions raised by Lending Club's recent difficulties, not least the importance of thorough .......

    News Round-up 21 June 2016

  • Atrato boosts research expertise

    Atrato Advisors has hired Andy Vantine to lead its credit and event-driven strategy research, reporting to the company's director of research, Michael Boensch. Vantine had previously been co-director of research at Chi-Rho Financial.

    Alongside Vantine's appointment, Atrato head of operational due diligence, Danny Santos, has assumed the additional role of chief compliance officer. Further, analyst Maria Razaq will move into .......

    Job Swaps 21 June 2016

  • Pillarstone brings in trio

    Pillarstone has made three new hires as part of its continued European push. The appointments are Jonathan Conway and Pablo Crespo as partners, and Michele Sabatini as director.

    Conway joins following his role for Barclays as EMEA head of restructuring and EMEA head of CRE and debt for equity. Meanwhile, Crespo arrives as a former director for AnaCap, while Sabatini .......

    Job Swaps 21 June 2016

  • ABL role for British Steel purchase

    Funds advised by Greybull Capital have completed the acquisition of British Steel's long products business from Tata Steel. AlixPartners Corporate Finance managed the debt raising process, in which a £150m multi-asset asset-based lending (ABL) facility was provided by PNC Business Credit.

    .......

    News Round-up 21 June 2016

  • Asset finance targeted

    The British Business Bank has opened its enterprise finance guarantee (EFG) accreditation process for new lenders, including asset finance providers. The programme aims to increase the number and diversity of lenders offering EFG-supported borrowing facilities to smaller businesses.

    The re-opening of EFG lender accreditation is in response to one of the recommendations from the Enterprise Finance Guarantee Strategic and Operational .......

    News Round-up 21 June 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid ahead of Thursday's UK EU referendum.

    Thanks to negligible activity due to the Barcelona conference all sectors were insulated against wider market volatility driven by Brexit fears last week. Improving broader sentiment on Friday and yesterday has left ABS/MBS secondary spreads largely unchanged on the previous week albeit on the back of very .......

    SCIWire 21 June 2016

  • Trading head switches to rival

    Mehdi Kasani has joined BNP Paribas to head its European ABS trading team, based in London. He joins from RBC Capital Markets, where he was European head of ABS and structured credit trading. He has also held senior roles at Citi and Lloyds, trading ABS and RMBS for both banks.

    .......

    Job Swaps 20 June 2016

  • State Street risk tool updated

    State Street has teamed up with Northfield Information Services and Morningstar to enhance its truView risk management tool. The multi-asset, online platform will integrate Northfield's risk factor tools, including its risk factor decomposition offering.

    The truView platform will specifically incorporate the 'Everything Everywhere' model and 'optimiser' risk analysis and portfolio allocation tool. The former calculates risk measures across all asset classes, .......

    News Round-up 20 June 2016

  • Securitisation SPC prepped

    China Bank Capital Corporation is set to establish a special purpose corporation known as CBC Assets One (SPC). The vehicle will hold the assets of China Bank Capital securitisations, including property developer 8990 Holdings' forthcoming PHP5bn contract-to-sell receivables deal (SCI 25 April). The bank says the addition of this new subsidiary will "round out its offerings and help improve its .......

    News Round-up 20 June 2016

  • 'Transformative' changes for Indian ABS

    The introduction of three significant regulatory changes over the past two months could have transformative implications for India's structured finance market, according to Moody's. A new tax regime is expected to lift post-tax investment returns from securitisation trusts, changes with regard to foreign portfolio investors (FPIs) should encourage foreign investment and changes to deal structures, while a new bankruptcy code .......

    News Round-up 20 June 2016

  • Muted sentiment revealed

    Delegates at this year's IMN Global ABS conference were more pessimistic about publicly-placed European structured finance issuance volumes compared to last year, according to a survey undertaken by Fitch. Of those polled, 34% expected 2016 issuance volumes to beat last year's levels, significantly down from the 59% who predicted a year-on-year rise in 2015.

    Overall, 34% of respondents expected a .......

    News Round-up 17 June 2016
×