ABS

  • ABL team recruited

    Texas Capital Bank has recruited Chris Capriotti, Jeff Tompkins and Olivia Pipitone to take on responsibility for expanding its asset-based lending (ABL) practice. Capriotti will lead the group, succeeding Ed Franco, who retired last month.

    The team was formerly with JPMorgan. Capriotti and Tompkins spent 20 years and 16 years respectively with the firm, focusing on ABL.

    .......

    Job Swaps 27 July 2016

  • Benchmark beginnings

    Positive reception for debut device payment ABS

    Verizon's debut securitisation of device payment plan agreements (DPPAs) earlier this month marked the successful launch of a new asset class, which has the potential to become an on-the-run benchmark consumer ABS sector. Heavy oversubscription of the US$1.69bn transaction - dubbed Verizon Owner Trust 2016-1 - and a tight print, together with rising handset receivables volumes, are expected to entice .......

    News Analysis 27 July 2016

  • Green bonds surging

    Global green bond issuance rose in 2Q16 to a new quarterly high of US$20.3bn, US$3.4bn more than the 1Q16 figure of US$16.9bn. Moody's says that green bond issuance stood at US$37.2bn for the first six months of 2016, an 89% increase from the same period in 2015.

    "The global green bond market is now poised to reach US$75bn in total volume for .......

    News Round-up 26 July 2016

  • AIR to model pandemic ILS

    AIR Worldwide has been chosen by the World Bank Group to model its Pandemic Emergency Financing Facility (PEF). The launch of the mechanism was announced two months ago with the aim of using ILS to protect against future pandemics (SCI 23 May).

    The PEF initiative seeks to help initiate the first-ever insurance market for pandemic risk, combining funding from both .......

    News Round-up 26 July 2016

  • Auditing issues

    Subordinate assumptions, transparency examined

    Auditing the accuracy of a client's most complex fair value measurements is no mean feat. There are several factors that make the process more challenging, however. Top of the list is the ability to gain sufficient transparency into the assumptions used by firms that provide prices on subordinated and equity positions.

    Methodologies for pricing structured finance securities tend to rely .......

    News Analysis 26 July 2016

  • Commercial PACE financing boost

    CleanFund has entered into an agreement with Soligent entity Solar Engine to finance the purchase and installation of solar panel systems for commercial, multifamily, non-profit and other non-residential buildings in the US. Dealers and installers who are members of the Soligent network can now access CleanFund's SolarPACE financing programmes.

    CleanFund's new SolarPACE programme was designed specifically for solar project financing .......

    Job Swaps 26 July 2016

  • Euro secondary slow

    The summer slowdown is manifesting itself across the bulk of the European securitisation secondary market.

    "It's been very quiet in the past few days with flows down significantly and BWIC volumes subdued," says one trader. "That's all thanks to the lack of volatility and the start of the summer lull."

    However, the trader adds: "We have seen some enquiries in UK .......

    SCIWire 26 July 2016

  • Capital markets pro tapped

    LeaderOne Financial has hired Todd Leddon as svp of capital markets. In the role, he will focus on interest rate risk management, securitisation, loan pricing/best execution, margin management, financial modelling and negotiations.

    Leddon joins the mortgage lender from Skyline Financial, where he was vp in capital markets. He has also held senior roles at CS Financial, Bank of America and Countrywide.

    .......

    Job Swaps 25 July 2016

  • NPL policy options offered

    The EBA says that the revival of the EU market for securitisation may widen the range of options that banks could consider for addressing their non-performing loans. In a new report on recent trends in asset quality across the region's banking sector, the authority stresses the need for supervisory guidance in tackling NPLs, particularly in collateral valuation and arrears management.

    News Round-up 25 July 2016

  • Maynard team poached

    Bradley Arant Boult Cummings has brought in Julia Bernstein as one of five new recruits to the law firm. She joins as partner, working within the real estate and banking and financial services teams.

    Bernstein will focus on all aspects of the representation of lenders and borrowers in secured and unsecured transactions, as well as structured finance and multi-state transactions. .......

    Job Swaps 25 July 2016

  • Structured products team moves

    K&L Gates has opened a new office in Munich and appointed a team from King & Wood Mallesons to staff it. The team will be led by Hilger von Livonius and also includes Philipp Riedle and Michael Harris. Von Livonius has around 20 years of experience and concentrates his practice on banking, capital markets, asset management and regulatory matters, with .......

    Job Swaps 22 July 2016

  • ILS spreads hit new high

    ILS issuance slowed in 2Q16 from the record-breaking first quarter, with only US$800m in catastrophe bonds hitting the primary market, according to Aon Securities' latest report on the sector. Spreads also reached a four-year high at 8.4%, corresponding to a weighted average expected loss of 5.05%.

    Aon says that the contraction in issuance can be attributed to competition from traditional .......

    News Round-up 22 July 2016

  • ILS lawyer to lead expansion

    Berkshire Hathaway Specialty Insurance (BHSI) has expanded into transactional liability insurance in the US and Canada. In connection with the move, the firm has named Robert Underhill as svp, head of transactional liability based in New York. It has also appointed Dan Crosby as vp, transactional liability, and Amy Bowman and Michael Brooks as avps.

    BHSI will underwrite representations and .......

    Job Swaps 22 July 2016

  • Placed issuance up

    €74.5bn of securitised product was issued in Europe in 2Q16, according to AFME's latest data snapshot. This represents an increase of 30.9% from 1Q16 (€56.9bn) and an increase of 49.3% from 2Q15 (€49.9bn).

    Of this volume, €29.1bn was publicly placed (representing 39.1%), compared to €14.3bn placed in 1Q16 (representing 25.1% of that quarter's total) and €28.4bn placed in 2Q15 (56.9%). .......

    News Round-up 22 July 2016

  • Ratings status clarified

    PREPA has disclosed that it has not yet initiated the formal rating process for its new securitisation bonds, clarifying that none of the rating agencies have denied or rejected any request for a rating of such bonds. The move is in response to recent media reports that suggest rating agencies have declined to assign the restructuring bonds a high credit .......

    News Round-up 22 July 2016

  • Negative coupon impact examined

    About 190 rated European RMBS and ABS tranches had coupons at negative levels, as of 1Q16, Moody's reports. Almost half of these tranches are concentrated in Spain, while RMBS accounts for 80% of them.

    Moody's estimates that by year-end, the number of rated RMBS and ABS tranches with negative coupons may increase to about 550 tranches. "The immediate impact has .......

    News Round-up 21 July 2016

  • PACE insurance gets green light

    The US FHA says it will now insure mortgages on certain properties that are subject to PACE assessments. The move is a boon to this growing sector of the US ABS market, which has already hit the billion dollar mark through a number of new deals this year (SCI passim).

    Under new guidelines, the FHA has agreed to approve purchase and .......

    News Round-up 21 July 2016

  • Volume growing

    ABS issuance heading up Down Under

    Australian primary ABS issuance has climbed steadily since 2008 - with a brief dip in 2012, when banks favoured covered bond issuance - and despite a slow start to 2016, this year is also expected to yield a healthy total. Full-year volume is predicted to reach A$20bn, with even more issuance likely in the future as the regulatory environment settles .......

    News Analysis 21 July 2016

  • Euro secondary firm

    Spreads across the European securitisation secondary market are remaining firm.

    Wider market positivity is feeding in to European ABS/MBS and generating improving market sentiment. While activity remains sporadic with volumes varying significantly from session to session spreads are flat to slightly tighter across the board this week so far.

    In CLOs, limited supply is continuing to support spreads across the .......

    SCIWire 21 July 2016

  • ILS lawyer joins Chicago office

    Drinker Biddle & Reath has appointed a new member to its corporate and securities group. The law firm has added structured insurance specialist Jay Kallas to its Chicago office.

    Kallas has more than 15 years of experience and was most recently corporate counsel for Allstate in its investments and business transactions department. While at Allstate, one of his key areas .......

    Job Swaps 20 July 2016

  • Commercial ABS team boosted

    KBRA has hired Xilun Chen to the role of senior director within its commercial ABS group, reporting to Anthony Nocera, md and head of Commercial ABS. Chen's focus will include contributions to the rating of whole business securitisations, aviation, container, PACE, solar and other transportation leasing assets. 

    Chen joins from S&P, where he focused on various esoteric ABS assets. Prior .......

    Job Swaps 20 July 2016
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