ABS

  • 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

  • Treasury successor named

    John Frishkopf is set to retire from NewStar Financial next month, but will remain involved with the firm as an external advisor to provide decision support to the management committee and to advise the board's risk committee on strategic funding matters. He was a founding member of the firm and has served as treasurer and head of its asset management .......

    Job Swaps 12 August 2016

  • Bermudan ILS players 'optimistic'

    Bermudan ILS participants are 'optimistic' that the market will continue to grow and diversify, according to a recent survey by the Bermuda Business Development Agency (BDA). Respondents averaged a mark of four out of five in confidence for the market going forwards and pinpoint new products as the best opportunity.

    These potential products include securitising new 'short-tail' lines other than property .......

    News Round-up 11 August 2016

  • Optimistic outlook

    Investors bullish on MPL, but changes needed

    Many interesting topics were raised about the current state and potential future of marketplace lending at SCI's Marketplace Lending and Securitisation Seminar in New York in June. During a panel on investor perspectives, several matters that concern buyers of marketplace loans were discussed.

    The turmoil at Lending Club was initially touched upon during the panel, as well as the subsequent .......

    Talking Point 11 August 2016

  • ABS syndicate head poached

    Mick Wiedrick is set to join BNP Paribas in October as head of ABS syndicate in New York. In the new role, he will help the bank build its client relationships in areas that include auto, equipment and fleet lease ABS.

    Wiedrick joins from JPMorgan, where he was an executive director on the bank's ABS and CMBS syndicate desk. Prior to .......

    Job Swaps 11 August 2016

  • Money market tranches touted

    The basis between money market ABS tranches (MMABS) and corporate CP appears to be widening ahead of the implementation of money market reforms in the US in October. Against this backdrop, Wells Fargo structured product strategists believe that MMABS offers good relative value for the credit risk taken.

    MMABS yields have historically been closely aligned with three-month Libor, which has .......

    News 11 August 2016

  • Broker hires for Americas team

    RFIB Group has appointed Glenn Jackson as md of RFIB Americas. He will be based in the firm's Tampa office, reporting to Nick Foden-Pattinson.

    Jackson joins from Beach Re, where he served as svp, providing expertise in ILS. Specifically, he advised capital market participants, as well as insurance and reinsurance companies in structuring, modelling and executions of alternative reinsurance transactions.

    .......

    Job Swaps 9 August 2016

  • VW settlement to boost prepays?

    Volkswagen's offer to buy back or terminate the leases on US vehicles affected by its emissions violations could boost prepayments for outstanding VW US auto loan and lease ABS, which Moody's believes would be credit positive for the deals. However, a number of uncertainties mean that it is difficult to assess the overall credit effect on VW's ABS from the .......

    News Round-up 9 August 2016

  • Japan stimulus to boost SMEs

    A new ¥28trn stimulus package introduced by the Japanese government is credit positive for SME structured finance deals, says Moody's in its latest Credit Outlook. The package includes measures to help ease SME refinancing and provide them with greater flexibility for borrowing.

    According to Moody's, diversification and funding alternatives will help a variety of SME deals, including CLOs and ABS .......

    News Round-up 8 August 2016

  • MBS hedge funds rebounding

    Preqin's 2Q16 Hedge Fund Survey shows that hedge funds in the credit strategy category experienced four consecutive quarters of outflows since the beginning of 2015, with about US$17bn of outflows in 2016 alone, mostly concentrated in Q1. A Wells Fargo analysis of the data suggests that amid this outflow, ABS-focused hedge funds saw declines in AUM in 4Q15 (by 6%) .......

    News 5 August 2016

  • ILS pro takes new role

    The former head of international capital markets at Aon Securities has moved on to RenaissanceRe, where he has become an md in the Ventures unit. Based in Bermuda, Chris Parry started in the new role this month.

    Parry spent seven years at Aon and previously worked at Dresdner Kleinwort, Citi and BDO. He has deep experience in structured finance and .......

    Job Swaps 5 August 2016

  • NPL renaissance

    €9bn Italian ABS provides fresh impetus

    Banca Monte dei Paschi di Siena (MPS) announced last week that it plans to offload its entire portfolio of sofferenze (bad debt) loans into a securitisation vehicle. The move is a significant landmark in the recovery of the Italian non-performing loan ABS market, which the national government has worked hard to revive.

    Banca d'Italia figures put total Italian NPL volume .......

    News Analysis 5 August 2016

  • MPL securitisations 'worth risks'

    Marketplace lending continues to grow, but so too do delinquencies and losses. Morgan Stanley notes that marketplace lending securitisations can provide important structural protections to investors in the context of performance deterioration.

    There has been a run of negative headlines for the marketplace lending industry and four securitisations have seen deterioration sufficient to breach triggers. While Morgan Stanley finds that .......

    News Round-up 3 August 2016

  • PACE acceptance is 'ABS positive'

    The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) are to being to insure mortgages on homes encumbered by PACE obligations that meet certain requirements. Moody's believes the FHA's acceptance of PACE is credit positive for PACE ABS and will have mixed effects on RMBS.

    This is the first time that federal agencies involved in the US mortgage .......

    News Round-up 3 August 2016

  • Condominium price surge 'positive'

    Moody's says that rising condominium prices is positive for Japanese RMBS as it will increase recovery rates on transactions backed by investment loans. The average price of studio type condominiums in the Tokyo metropolitan area has increased to the highest level since 1995.

    These properties in the Japanese capital comprise between 60% to 70% of the collateral backing condominium loan RMBS in .......

    News Round-up 3 August 2016

  • Aussie metrics approach crisis levels

    Delinquencies for Australian auto loan ABS and prime RMBS have risen steadily over the five months to May 2016, as well as year-on-year, notes Moody's. The auto loan delinquency rate is now similar to levels seen in 2009 and is edging towards its 2010 peak.

    For auto loan ABS, 30-plus day delinquencies worsened from 1.35% in January to 1.66% in .......

    News Round-up 3 August 2016

  • Colombian ABS risk highlighted

    The liquidation of non-bank financial institution (NBFI) Estraval and the losses related to privately sold pools of payroll deductible loans (PDL) with recourse to Estraval highlight risks risks potentially facing the Colombian consumer ABS market, says Fitch. The rating agency believes these risks include the limited regulation of Colombian NBFIs and risks to underlying PDLs, such as borrower unemployment, life .......

    News Round-up 3 August 2016

  • US ABS issuance booms

    Variability in US ABS new issue volume over the last 12 months has reached its highest level in the post-crisis period, after over US$3bn of new deals priced last week. As US$21.8bn of issuance, July was the busiest month since 2009, when TALF was still in effect.

    Year-to-date issuance is now up to US$110.6bn, according to Wells Fargo figures, gradually .......

    News Round-up 2 August 2016

  • Spanish crowdfunding gets green light

    The official registration of the first equity crowdfunding platforms in Spain last week presented further regulatory inroads for marketplace lending in Europe and could also be an additional boost for Spanish SME ABS. According to Moody's latest Credit Outlook, a further 10 platforms are also believed to have obtained registration at the end of July following the announcement on Wednesday.

    Spain's .......

    News Round-up 1 August 2016

  • Card ABS metrics normalising

    US credit card ABS performance is beginning to normalise from historical lows following a gradual shift up in metrics, says Fitch. Modest performance deterioration had been anticipated and remains within expectations, while overall borrower credit profiles are continuing to improve, leaving any imminent impact to outstanding ratings a very remote possibility.

    A combination of rising consumer revolving debt and a .......

    News Round-up 29 July 2016

  • 'Watershed' securitisation facility closed

    Sun Life Assurance Company of Canada, Securcor and Blue Bridge Finance have closed a private securitisation facility for US$40m between Blue Bridge SPV Funding I and Securcor. The facility will be funded by Sun Life.

    The securitisation facility will allow Blue Bridge to expand market share and represents a watershed event for the firm as it allows it to migrate .......

    News Round-up 28 July 2016
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