ABS

  • Solvency 2 to boost ILS?

    The size of the collateralised protection market is expected to increase from US$70bn to US$160bn by 2020, according to a new Clear Path Analysis report. Its latest Insurance-Linked Securities for Institutional Investors report predicts that new solvency regulation in Europe will increase insurer appetite for insurance-linked securities and collateralised reinsurance, so as to minimise credit risk charges.

    Capital markets now .......

    News Round-up 20 May 2016

  • ILS methodology RFC issued

    AM Best has issued a request for comment on its draft Best's Insurance-Linked Securities and Structures Methodology (BILSM). Comments are requested no later than 16 June as the new methodology is expected to be implemented in 3Q16.

    The BILSM provides an outline and summarisation of the methodology AM Best uses to rate ILS. It offers a forum for discussion with .......

    News Round-up 20 May 2016

  • BNP cut-back planned

    BNP Paribas is set to cut half of its 35-person London securitisation team under plans to implement broader cut-backs to its investment banking operations. The cuts will reportedly see 233 investment bank jobs in total given the axe. However, a number of the roles in the securitisation department are expected to be redeployed into other areas of the bank.

    .......

    Job Swaps 20 May 2016

  • Groundbreaking SLABS hits

    SoFi's second ABS of the year has hit the market, making it the ninth rated term ABS the online lender has completed. Dubbed SoFi Professional Loan Program 2016-B, the US$379.7m marketplace transaction is backed by refinanced student loans and incorporates a number of new features.

    Provisionally rated by DBRS and Moody's, the ABS comprises US$101.38m AAA/Aaa rated class A1 notes, .......

    News 19 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • Tobacco ratings withdrawn

    Fitch says that it is withdrawing any outstanding ratings on US tobacco ABS. The agency notes that its confidence in the current ratings have eroded as a result of a number of individual, customised modifications to calculations that were originally made in the Master Settlement Agreement (MSA).

    Fitch explains that it can no longer guarantee that its ratings are maintained for the tobacco .......

    News Round-up 17 May 2016

  • Securitisation teams to merge

    Schroders is set to take on Brookfield Investment Management's securitised products investment management team. The Brookfield team will combine with Schroders' existing ABS group in New York, which will oversee more than US$8bn in combined assets under management.

    The Brookfield team is led by md Michelle Russell-Dowe and will have access to Schroders' asset management platform, economists, research and risk .......

    Job Swaps 17 May 2016

  • Euro secondary slumbers again

    Yesterday saw another sleepy start to the week for the European securitisation secondary market.

    After a flurry of activity on Friday, the public holiday in Europe yesterday saw the whole market revert to the quieter pattern seen at the start of last week. Indeed, with many investors absent a CLO equity BWIC was postponed until Wednesday and flows across the .......

    SCIWire 17 May 2016

  • Call for clarity

    Valuation uncertainty adds to liquidity debate

    Banks' diminished market-making capacities and shrinking inventories are taking their toll on liquidity, particularly in the ABS and structured credit markets. However, a lack of clarity over valuations may also have a role to play in the liquidity debate.

    "Ultimately what the industry has to figure out - both for the good of the buy- and sell-side - is to .......

    News Analysis 16 May 2016

  • Everglades loss risk up slightly

    S&P has affirmed its double-B rating on Everglades Re II Series 2015-1. The probability of attachment and expected loss increased slightly for the risk period beginning 1 June 2016, but remains well within the permitted range.

    The ILS transaction's documents allow for a variable reset so long as the expected loss ranges between 1.21% and 1.41%. The initial attachment probability .......

    News Round-up 16 May 2016

  • Class-action proposal scrutinised

    The Consumer Financial Protection Bureau has released a proposal to end the use of clauses in US financial-product contracts that prevent consumers from taking part in class-action lawsuits. Moody's suggests that the rule would create new risks for financial services companies and US ABS tied to consumer loans.

    "The fact that the proposed rule would not affect contracts outstanding before .......

    News Round-up 16 May 2016

  • PREPA deadline passes

    PREPA last week announced that it is continuing 'productive discussions' with its creditors after the Thursday deadline passed without a renewal of terms regarding its bond purchase agreement. The news follows an offer that was set out by the PREPA Bondholder Group to pre-fund the purchase price of the 2016 bonds from the utility (SCI 11 May).

    After the deadline passed, PREPA .......

    News Round-up 16 May 2016

  • Value to be had in card ABS

    The first euro-denominated credit card ABS of the year priced this week, helping to chip away at the dearth of primary supply. European credit card ABS distributed issuance is just €550m year-to-date, the second-lowest tally since 2011, so investors are increasingly focusing on secondary market opportunities.

    Just one UK credit card ABS - Penarth 2016-1 - had priced prior to .......

    News 12 May 2016

  • ILS pro takes full reins

    Rafal Walkiewicz has been appointed as the sole ceo of Willis Capital Markets & Advisory (WCMA). The move comes over a year after the ILS veteran was made co-ceo with Michael Guo, who has now stepped down from this role. As part of this reshuffle, WCMA's Vincent Lien in Hong Kong and John Philipsz in Australia will take on joint responsibility .......

    Job Swaps 12 May 2016

  • VW ABS ramping up

    Volkswagen Financial Services' (VWFS) ramping up of its ABS programme in Europe has seen it issue €6bn in transactions since the emergence of the 'default device' scandal back in September 2015. Moody's says that the pace of the car manufacturer's ABS issuance is making it a more important tool within its overall funding mix.

    VWFS' securitisation debt steadily grew to .......

    News Round-up 12 May 2016

  • Treasury paper released

    The US Treasury has released a white paper on marketplace lending, which continues the work initiated by last year's request for information (RFI). It reviews over 100 responses from a range of key industry figures and makes recommendations for the continued safe growth of the industry.

    The report provides an overview of the evolving industry, reviews stakeholder opinions and provides .......

    News 12 May 2016

  • Euro secondary still sluggish

    Activity continues to be sluggish in the European securitisation secondary market despite the tone remaining firm across the board.

    In ABS/MBS, Tuesday saw a flurry of BWICs that traded well, but yesterday auction activity slowed once more. Flows continue to be generally light even though sentiment is positive with prime RMBS and autos, along with select peripheral names attracting the .......

    SCIWire 12 May 2016

  • Italian insolvency laws praised

    Fitch says that changes made to Italy's insolvency laws since mid-2015 are positive, as they should shorten the time that creditors must wait before settling claims. However, it warns that due to the early stages of the process, the laws must be put into practicality before a full judgement can be made.

    The agency suggests that the most significant change .......

    News Round-up 11 May 2016

  • Swiss Re promotes ILS leaders

    Swiss Re has named Judy Klugman and Jean-Louis Monnier as co-heads of its global ILS business. Klugman will also remain as Swiss Re's global head of ILS distribution and lead the ILS team in New York. Monnier will take on responsibility for ILS structuring and lead the ILS team in London, while also remaining head of the property and casualty .......

    Job Swaps 11 May 2016
×