ABS

  • Euro secondary starts slowly

    The quarter has begun slowly in the European securitisation secondary market.

    "It's been a slow start to the week so far," says one trader. "Tone has remained positive despite the weaker macro backdrop, but clients remain on the sidelines with many still assessing the implications of the Granite Towd deal and the potential lack of future Warwick supply."

    The trader .......

    SCIWire 6 April 2016

  • STS alarm bells ring

    A list of potential pitfalls in the European Commission's STS framework has been published in a letter by 32 signatories, including some of the EU's largest banks. The signatories argue that the STS framework would not, in its current form, provide the solution for the securitisation market that it is intended to.

    The joint-letter seeks to address 10 key points .......

    News 5 April 2016

  • Structured credit head recruited

    JLL has expanded its specialist investment services capabilities with the appointment of Ben Roger-Smith as head of structured products for the EMEA region. Based in London, he will report to Chris Holmes, lead director for EMEA debt advisory at the firm.

    In this newly created role, Roger-Smith will be responsible for developing JLL's comprehensive structured credit platform. He will work .......

    Job Swaps 4 April 2016

  • ABS platform to host loan auction

    Securitisation platform Ldger is set to host the first live auction of marketplace loans on 6 April. The auction will comprise of several Prosper whole loans with a total value of under US$500,000.

    Ldger believes that the marketplace lending industry currently suffers from a lack of liquidity, which is something it seeks to correct through initiatives like this auction and .......

    News 4 April 2016

  • Reckless driving?

    Cracks appearing in subprime auto ABS

    Concern is mounting over rising US subprime auto ABS delinquencies. However, issuance in the sector remains vibrant and ratings are generally expected to remain stable to positive this year.

    Subprime auto ABS delinquencies hit their highest level since 1996 in February, according to Fitch, increasing 11.63% year-over-year and 3.63% month-over-month. The figures surpassed 2009 recessionary levels, with 60 plus days .......

    News Analysis 4 April 2016

  • Debt purchaser expands

    Arrow Global Group has agreed terms for the acquisition of InVesting, a consumer debt purchaser and collections provider with operations in the Netherlands and Belgium, for a total consideration of around £78.5m. The firm says that Benelux is an attractive, established market, with regular portfolio sales by creditors offering good origination visibility.

    InVesting provides servicing for €3.7bn of credit assets, .......

    Job Swaps 1 April 2016

  • SME instrument introduced

    The European Commission, European Investment Fund (EIF) and European Investment Bank (EIB) have launched a new securitisation instrument that is designed to facilitate lending to SMEs under favourable pricing conditions. The framework for the mechanism - dubbed the SME Initiative Securitisation Instrument (SISI) - was created by amending the InnovFin and COSME Delegation Agreements.

    SISI is available to financial institutions .......

    News Round-up 1 April 2016

  • Rating agency adds sales chief

    Scope Ratings has appointed Sven Janssen to the newly-created role of chief sales and marketing officer, effective from today (1 April). He was previously head of debt capital markets at Oddo Seydler Bank and has also worked at Macquarie, Bank Metzler, Bank Sal Oppenheim and Hawkpoint Partners.

    .......

    Job Swaps 1 April 2016

  • Data firms diversify

    Orchard has revealed that it has applied for a broker-dealer license, indicating a change of tack for the data and analytics firm. The company believes it is the next natural step in its role as a neutral facilitator of marketplace lending investment.

    In terms of what may have prompted this move, Orchard owner and ceo David Snitkof states: "Orchard sees .......

    News 1 April 2016

  • Business litigation team boosted

    Morrison Cohen has hired Jason Gottlieb as partner in its business litigation department. He joins following his role as counsel for the litigation group at Curtis, Mallet-Prevost, Colt & Mosle.

    Gottlieb's practice focuses on business litigation and arbitration involving securities, financial products, financial markets, real estate and intellectual property. His experience includes litigation and regulatory work in structured finance.

    .......

    Job Swaps 31 March 2016

  • ILS lawyer added in NY

    Winston & Strawn has appointed Keith Andruschak to its corporate practice in New York as a partner. He has over 20 years of experience in complex transactions involving the insurance industry, including ILS.

    As well as structured finance, Andruschak advises clients on mergers and acquisitions, dispositions and joint ventures. He also advises the industry on unique insurance and annuity product .......

    Job Swaps 31 March 2016

  • Green bond evaluation service starts

    Moody's has launched a new green bond assessment (GBA) evaluation and research service. The GBA service is intended to promote further disclosure and transparency and to set a standard for green bond issuances across sectors and geographies.

    The rating agency notes that green bonds are an increasingly popular source of capital and issuance should increase for years to come. It .......

    News Round-up 31 March 2016

  • Everest names risk head

    Everest Re Group has tapped Michael Kerner as its new evp and head of strategy and risk management. He arrives from Zurich Insurance Group, where he most recently held the position of ceo - general insurance.

    Kerner's experience with Zurich also spanned various actuarial, reinsurance, underwriting and strategy roles. This included roles as ceo of global corporate in North America, global .......

    Job Swaps 31 March 2016

  • CHAI print points to value

    In its latest monthly update, PeerIQ suggests that the recent CHAI 2016-PM1 print illustrates the thawing that has occurred in the US securitisation market over the last month. Spreads across the transaction's capital structure are almost double those of the CHAI 2015-PM3 deal from December (see SCI's new issue database), but this is said to be reflective of increased .......

    News 31 March 2016

  • Euro secondary stifled

    Sentiment continues to be strong across the European securitisation market but technicals are stifling activity.

    Buying interest remained apparent throughout ABS/MBS yesterday with the exception of UK RMBS, which is seeing some investors hold back over Brexit uncertainty. However, flows overall were still light and there were significant DNTs on BWIC as the gap in buyer and seller expectations for .......

    SCIWire 31 March 2016

  • GACS debutant in the pipeline

    Banca Popolare di Bari is set to become the first bank to launch a non-performing loan (NPL) securitisation via the Italian government's GACS guarantee scheme. The bank reportedly plans to sell up to €1bn worth of NPLs, with JPMorgan, PWC and Prelios understood to be advising on the deal.

    The GACS scheme was introduced by the Italian government earlier this year .......

    News Round-up 30 March 2016

  • Artex makes another acquisition

    Artex Risk Solutions has strengthened its ILS capabilities further by acquiring Hexagon Insurance and its subsidiaries from Robus Group. This follows Artex's decision already this month to also purchase Kane's insurance management operations (SCI 22 March).

    Hexagon exclusively provides PCC facilities to the ILS industry. Its three subsidiaries are Axe Insurance, Septagon Insurance and Hexagon ICC.

    The sale of Hexagon .......

    Job Swaps 30 March 2016

  • Euro secondary returns

    After a quiet few sessions surrounding the long weekend the European securitisation secondary market looks to be returning to life.

    Yesterday once again saw light activity but tone remains overwhelming positive across most European ABS/MBS sectors and spreads remain well supported as more and more participants return post-Easter. Meanwhile, CLOs continued to lead the way in terms of both activity .......

    SCIWire 30 March 2016

  • Auto ABS ratings 'stable'

    Fitch says that growing credit enhancement and robust loss protection should help US auto lease ABS ratings remain stable in 2016. This is in spite of a continued decline in used vehicle residual values (RV) due to increased leasing penetration and a higher supply of off-lease vehicles.

    RV gains fell in 2015 as a result of high new car sales, .......

    News Round-up 29 March 2016

  • PartnerRe names chairman, ceo

    John Elkann has been appointed as chairman of PartnerRe's board of directors, while Emmanuel Clarke has been announced as president and ceo. The board movements follow the approval late last year by PartnerRe shareholders to allow EXOR to finally purchase the company (SCI 20 November 2015) after months of debate and negotiation surrounding the future of the company.

    Elkann's appointment adds to his current .......

    Job Swaps 29 March 2016

  • GE balloon risk ups volatility

    Significant exposure to balloon loans across GE small-business loan ABS deals is unique among major sponsors in the sector. Balloon payments representing 38% of the current pool balances in transactions rated by Moody's are coming due, mainly within the next seven years.

    Performance volatility is increasing as a result of occasional balloon loan defaults at loan maturity. Balloon loan exposure .......

    News Round-up 29 March 2016
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