ABS

  • Start-up adds ABS pro

    Financial technology start-up ZestFinance has appointed Steven Fernald as head of capital markets. He reports to ceo Douglas Merrill and will oversee new and existing capital markets relationships.

    Fernald was previously part of the student loan ABS group at Morgan Stanley. He has also worked at UBS.

    .......

    Job Swaps 28 April 2016

  • IMF warns China over NPLs

    The IMF has praised Chinese attempts to tackle its debt problem through new schemes that introduce NPLs to the market, but warns that a lack of careful design could prompt the rise of 'zombie' firms. The organisation therefore lays out a number of recommendations, including the need for a diversified pool of NPLs within any proposed securitisations.

    The response comes after recent moves .......

    News Round-up 27 April 2016

  • Accounting factor

    Fair value, MOA lead retention options

    Many US securitisation market participants are becoming bogged down in the numerous accounting considerations associated with the Dodd-Frank risk retention requirements. With less than eight months until the rules come into force, sponsors are weighing up the best options for consolidating the retained interest.

    RMBS risk retention rules became effective in the US in December 2015, but the remaining asset .......

    News Analysis 27 April 2016

  • Yirendai completes ABS issuance

    Chinese online consumer finance marketplace Yirendai has completed a CNY250m ABS issuance. Yirendai announced last month that it had facilitated a trust to securitise consumer loan products, with the first ABS expected to be listed for trading on the Shenzhen Stock Exchange within four weeks.

    "We are pleased to see the substantial progress of the ABS products issuance," says Ning Tang, .......

    News Round-up 27 April 2016

  • SFI website likely delayed

    ESMA says it has encountered a number of issues in its preparations for developing a website on the disclosure of structured finance instruments (SFI). The absence of a legal basis for its funding is one key barrier, which has left the regulator admitting that the website will not be ready for entities to start reporting by the 1 January 2017 deadline.

    The European Commission .......

    News Round-up 27 April 2016

  • Blade ABS hits rough patch

    Moody's has downgraded Blade Engine Securitization Series 2006-1 due to revised future income expectations. The A1 and A2 notes have both been downgraded from Ba3 to B3, while the B notes have been downgraded from B2 to Caa3.

    The rating agency has reduced its expectations for future income from the engine portfolio for several reasons, not least the fact that .......

    News Round-up 27 April 2016

  • London touted as cyber ILS hub

    The London ILS market is "perfectly positioned to become the global centre for cyber risk insurance", says BNY Mellon in a new report. The report recommends new laws to allow the incorporation of SPVs onshore within the London market to offer ILS sponsors and investors more choice and potentially allow new and emerging risks to be transferred to the capital .......

    News Round-up 27 April 2016

  • Euro secondary picks up

    The European securitisation secondary market saw an increase in activity yesterday to go with the improving tone of recent sessions.

    "After being quiet for the past few days flows picked up across the board yesterday," says one trader. "Volumes are still not huge, but we're now seeing a lot of enquiries from investors looking for paper."

    Notably, the trader adds: "That .......

    SCIWire 27 April 2016

  • Liquidity tops investor concerns

    While investor fears over China-related uncertainty have subsided, concerns regarding liquidity and central bank policies have grown, according to Morgan Stanley's latest global securitised products investor quarterly survey. Liquidity is the top concern for 21% of respondents.

    Central bank policies cause the most concern for 18% of investors while disappointing US economic growth is now the third greatest concern, at .......

    News 26 April 2016

  • South Korean issuance up again

    South Korean ABS issuance was up by 16.8% in 1Q16 from 1Q15, according to the country's Financial Supervisory Service. Issuance totalled Won13.4trn, which is a Won1.9trn increase from the Won11.5trn issuance figure a year earlier.

    A majority of the growth came from Won8.7trn in MBS issued by the Korea Housing Finance Corporation (KHFC). The increase was mostly because newly-issued MBS backed .......

    News Round-up 26 April 2016

  • Euro secondary steady

    The European securitisation secondary market continues to move steadily ahead.

    Tone continued to be positive across the board at the end of last week and into the start of this. However, lack of supply is still an issue and is causing sessions to be steady rather than spectacular.

    Nevertheless, many of the line items in for the bid are continuing .......

    SCIWire 26 April 2016

  • Warehouse financing weighed

    Smaller lenders, non-bank entities and challenger entrants are increasingly opting for securitised ABS and RMBS warehouse financing facilities to access greater flexibility relative to traditional securitisations or unsecured funding sources, says Moody's. Although warehousing has been in use since the 1990s, the extent to which such facilities are being used is more varied by jurisdiction and investor appetite.

    "In Europe, .......

    News Round-up 25 April 2016

  • Record Philippines deal prepped

    8990 Holdings has mandated China Bank Capital to arrange and underwrite a PHP5bn securitisation, which will make it the largest-ever deal from the Philippines. The deal will securitise receivables from 8990's property development subsidiaries.

    The transaction will also be the first purely private sector securitisation in the country. Under the proposal, 8990 will sell up to PHP5bn in contract-to-sell receivables through .......

    News Round-up 25 April 2016

  • Argentine deals upgraded

    Moody's recent decision to upgrade Argentina's sovereign rating has prompted it to consequently raise the ratings of a number of securitisations. Among those upgrades are several consumer loan, lease loan and vehicle loan deals, due in part to the reduced systemic risks for all local credits.

    The affected deals are: Ames V, Pvcred Serie XXII, Lucaioli XIV, Lucaioli XV, Supervielle Créditos 81, Bancor .......

    News Round-up 25 April 2016

  • Green Aussie ABS debuts

    FlexiGroup has brought the first ABS to the Australian market to include a green bond tranche. The A$260m Flexi ABS Trust 2016-1 deal is backed by a pool of Australian unsecured retail payments plans - described as 'no interest ever'.

    The transaction comprises eight tranches, with the senior class A1 notes taking up the largest chunk at A$91m. The green .......

    News Round-up 25 April 2016

  • China hurdles laid out

    Moody's says that the Chinese securitisation market could gain valuable traction once a number of hurdles are cleared. Barriers to the market's growth were at the centre of recent discussions between the agency and market players at the China Securitisation Forum in Beijing earlier this month.

    "China's economy is gradually transforming into one that is driven by consumption rather than exports," .......

    News Round-up 22 April 2016

  • APAC solutions unit formed

    Natixis has appointed Fabrice Guesde as head of global structured credit & solutions (GSCS), Asia Pacific, to lead the newly-created unit. Based in Hong Kong, he reports to GSCS global head Emmanuel Lefort and locally to APAC fixed income head Viet-Linh Ha Thuc.

    Guesde has been with Natixis since 2006, latterly in Paris as head of credit & insurance solutions. .......

    Job Swaps 22 April 2016

  • SLABS downgraded after correction

    In a move impacting approximately US$1.2bn of securities, Moody's has affirmed six tranches and downgraded 11 across six private student loan ABS sponsored by Navient Solutions. The notes were placed on review on 19 January to reflect the correction of an error in the calculation of net losses on the outstanding collateral pools that were used to run Aaa and .......

    News Round-up 22 April 2016

  • Green shoots

    Renewables ABS on the EU agenda

    A combination of private placements and the banking market should be able to meet the European renewables sector's financing needs in the short term, according to a new SCI/Renovate America research report entitled 'Green securitisation: harnessing institutional investment to tackle climate change'. However, there is growing recognition that the ABS market could take a lead role in raising the €200bn .......

    News Analysis 21 April 2016

  • Ashurst promotes SF pro

    Ashurst has promoted Paul Jenkins to managing partner, which will see him join the firm's board. This adds to his role as co-head of Ashurst's global finance division.

    Jenkins will also lead the law firm's executive committee, of which he is already a member. He has particular expertise in corporate finance, debt capital markets and securitisation.

    Jenkins will remain located .......

    Job Swaps 21 April 2016

  • Cat bond issuance hits record

    Catastrophe bond issuance set new records for issuance in 1Q16, according to Aon Benfield's quarterly report on the sector. The ILS sector witnessed issuance of US$2.22bn across 10 transactions, an increase of more than 30% on the previous record set in 1Q15.

    In addition, cat bond outstandings also reached unprecedented heights, standing at US$25bn for the quarter. Bonds covering US named .......

    News 21 April 2016
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