ABS

  • Fitch finalising SLABS update

    Fitch is in the final phase of updating its criteria for US FFELP student loan ABS. The rating agency expects to publish the new criteria within 60 days.

    The final phase of the criteria review includes transaction testing and model validation. Revisions have been made to reflect changing payment behaviour and loan status trends in FFELP collateral, with slower payment .......

    News Round-up 10 June 2016

  • Auto ABS ratings RFC issued

    Scope Ratings has issued a request for comment on its proposed auto ABS rating methodology. The publication of the methodology will not impact any outstanding ratings.

    The proposed auto ABS methodology applies to securitisations of auto loans or leases that finance new or used vehicles, including transactions exposed to residual value and voluntary termination risks. The methodology complements the rating .......

    News Round-up 10 June 2016

  • Business development exec hired

    Monica Blocker has joined Houlihan Capital as a vp of business development, joining Michael Norton. Blocker will be responsible for building and maintaining client relationships throughout the US. She joins Houlihan from Geneva Advisors, where she was part of the institutional sales team.

    .......

    Job Swaps 9 June 2016

  • Rapporteurs push for tougher stance

    The European Parliament's ECON Committee rapporteurs have published their first drafts for resolutions on the proposed new European securitisation regulations. The tone of the documents suggests a preference for a tougher regulatory stance on securitisation.

    "We note these drafts are early versions of the regulations and mainly reflect the opinion of the rapporteurs themselves," Rabobank credit analysts observe. "In our .......

    News 9 June 2016

  • Euro secondary stable

    The European securitisation secondary market continues to show stability.

    Secondary spreads across the board are flat to slightly tighter this week as the vast majority of securitisation sectors remain insulated from headline volatility surrounding Brexit and US rates. CLOs continue to lead the way in terms of demand across the capital structure, while ABS/MBS is seeing more two-way flows.

    However, overall .......

    SCIWire 9 June 2016

  • Euro secondary liquidity 'healthy'

    Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remains healthy, according to TwentyFour Asset Management. The asset manager notes that €9.9bn worth of bonds has hit the BWIC market since June 2015, with an additional €5bn when European CLO bonds are included.

    TwentyFour says that misconceptions about the liquidity of .......

    News 8 June 2016

  • Fund misuse settlement agreed

    A UK-based investment adviser and its cio have agreed to settle US SEC charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with prior disclosures. James Caird Asset Management (JCAM) and Timothy Leslie will pay more than US$2.5m to settle the charges.

    JCAM and Leslie told the board and investors of the JCAM .......

    Job Swaps 8 June 2016

  • AMG buys stake in five firms

    Affiliated Managers Group (AMG) has agreed to purchase 100% of a minority stake in five firms owned by a Goldman Sachs-managed investment vehicle. Petershill Fund I will sell its combined US$800m in equity interests in Capula Investment Management, CapeView Capital, Winston Capital Group, Partner Fund Management and Mount Lucas Management.

    Upon completion of the deal, AMG's AUM is expected to .......

    Job Swaps 8 June 2016

  • Commingling risk concerns rating agency

    EMEA ABS is showing increasing credit exposure to the seller/servicer through commingling risk and other risks contingent on the financial quality of the seller/servicer, says Fitch. The rating agency believes this is accounted for in Fitch-rated transactions, but is not being sufficiently addressed in the wider market.

    Counterparty and seller/servicer ratings have drifted downwards over the past several years, with .......

    News Round-up 8 June 2016

  • Russian regs choking issuance

    S&P expects Russian structured finance issuance to dampen for the rest of the year due to recent regulatory changes. Financial market turbulence, a decrease in origination of underlying loan assets, asset deterioration and diminishing state support for investor demand have already hit issuance in the country this year.

    As of 1 January, the Central Bank of Russia increased the risk .......

    News Round-up 8 June 2016

  • Brazilian trustees feeling squeeze

    Smaller trustees will have to exit the Brazilian securitisation market or merge with larger competitors, says Fitch. This is because of markedly decreased issuance, high operating costs and low profitability.

    Smaller, lower-capitalised companies which rely on non-recurring structuring fees to cover ongoing operating expenses are expected to feel the most pressure. The rating agency notes that companies which only act .......

    News Round-up 8 June 2016

  • Leadership appointments unveiled

    IHS and Markit have announced senior executive leadership appointments for IHS Markit, following the consummation of their merger of equals (SCI 21 March). The appointments will be effective upon completion of the merger, which is expected to close in 2H16.

    Jerre Stead, IHS chairman and ceo, will assume the same role for IHS Markit. Lance Uggla, chairman and ceo of .......

    Job Swaps 8 June 2016

  • Malaysian MTN programme readied

    Amanah Saham Nasional Berhad (ASNB) is prepping the first issuance under its new RM10bn Perpetual Nominal Value MTN Amanah Saham Bumiputera (ASB) securitisation programme. Dubbed Westeros Capital, the deal is the first rated Malaysian ABS involving personal loans secured against ASB investments.

    The Series 2016-1 transaction is expected to comprise RM970m class A and RM30m subordinate MTN notes, preliminarily rated .......

    News Round-up 7 June 2016

  • Apollo reshuffles

    Apollo Investment has appointed Howard Widra as president, following on from his most recent role as co-head of direct origination for Apollo Global Management. Widra replaces Edward Goldthorpe, who resigned the post along with his role as cio of Apollo Investment Management (AIM).

    The company has also made further moves with AIM's deputy cio Tanner Powell named as the unit's .......

    Job Swaps 7 June 2016

  • Index research head named

    Markit has appointed Aram Flores as md and head of index research and development, based in New York. Part of his remit is to explore new index opportunities within US fixed income and expand into cross-asset products.

    Flores previously spent 13 years at Deutsche Bank, where he co-headed index and ETF research and development. He had overall responsibility for the .......

    Job Swaps 7 June 2016

  • REIT pro snapped up

    Hunton & Williams has hired Robert Smith as a partner to its real estate capital markets practice. His practice focuses on REITs, with a focus on the mortgage REIT space, including publicly traded mortgage REITs on securities offerings and corporate and securities law reporting matters.

    The law firm adds that Smith's experience will include significant contributions to securitisation. Prior to .......

    Job Swaps 7 June 2016

  • Navient extends three more deals

    Navient has extended a further US$1.1bn in FFELP student loan ABS. The amendments include the extension of the legal final maturity dates for the A7 and B tranches of SLM Trust 2003-14 to 2065.

    SLM Trust 2004-3's A6 and B tranches have also been extended to 2064, while the maturity date on the subordinate tranche of SLM Trust 2014-1 has .......

    News Round-up 7 June 2016

  • PACE deal sets landmark

    Renovate America has priced the largest PACE ABS to date, a US$305.3m designated green bond. HERO Funding Trust 2016-2 is the seventh deal from Renovate, pushing the programme's total issuance to US$1.35bn.

    The transaction comprises a single tranche of class A notes, rated double-A by Kroll Bond Rating Agency. The notes are secured by 13,432 PACE assessments levied on residential properties across California. The .......

    News Round-up 7 June 2016

  • Euro ABS/MBS defies concerns

    Steady primary supply and a firm European ABS/MBS secondary market are providing cause for optimism.

    "Despite the perceived increase in likelihood of a vote for Brexit, the market feels pretty firm. Those referendum concerns were shrugged off pretty quickly yesterday and prices are continuing to go up with spreads grinding down," says one trader.

    He adds: "There have been a .......

    SCIWire 7 June 2016

  • Firm launches third credit fund

    AnaCap Financial Partners has closed its third credit fund after initially upsizing it on investor oversubscription. The AnaCap Credit Opportunities III fund holds a €595m mandate to target performing, semi-performing or non-performing credit assets that primarily comprise consumer, SME and mortgage debt across Europe.

    The fund is approximately 30% larger than its predecessor vehicles and was upsized from an original .......

    News Round-up 6 June 2016

  • Euro SF risk overestimated?

    The amended external ratings based approach (EBRA) for calculating regulatory capital changes in European structured finance (SF) transactions has come under scrutiny in a recent report from Scope Ratings. Entitled 'External Rating Based Approach: One-size-fits-all limits banks' lending capacity', the study analyses the 11 European SF transactions rated by the agency and questions whether the EBRA amendments may result in .......

    News 6 June 2016
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