ABS

  • SIV lawsuit concluded

    The California Public Employees' Retirement System has settled its case against Moody's for a record US$130m. The lawsuit alleged that Moody's assigned erroneous Aaa ratings to SIVs prior to the financial crisis.

    CalPERS sued Moody's and other rating agencies in 2009 after its pension fund sustained losses from investments in three SIVs that relied on the liquidity of assets that .......

    Job Swaps 10 March 2016

  • Increased appetite

    European direct lenders moving towards US model

    Direct lenders tend to focus on assets that aren't mainstream securitisation candidates and in that sense can be complementary to banks. However, panellists at SCI's inaugural Marketplace, Direct Lending & Securitisation Seminar last month expected European direct lenders to gain more market share as the sector transitions towards the US model.

    Richard Green, partner at Venn Partners, anticipates the European .......

    Talking Point 10 March 2016

  • Euro secondary stable

    The European securitisation secondary market remains stable despite signs of an uptick in volume.

    "Yesterday the market was more or less stable despite an increased number of lists," says one trader. "Notably, the large prime RMBS list traded quite well with most of the 24 bonds involved going through in line with recent levels."

    At the same time, the trader .......

    SCIWire 10 March 2016

  • Auto comparison tool offered

    Moody's has launched a global auto ABS market comparison tool, designed to facilitate a comprehensive comparison across the sector. The offering includes over 60 qualitative features - such as securitised products, transaction parties, market history and legal risks - that can be compared across 14 countries, as well as the functionality to analyse transaction performance data across 11 countries and .......

    News Round-up 9 March 2016

  • Promotion due at Och-Ziff

    Nim Sivakumaran is set to replace Donald La Vigne as head of European structured credit strategies at Och-Ziff Capital Management Group's London office after the latter's departure in June. Sivakumaran is currently an md and analyst in the firm's European structured credit investment team.

    .......

    Job Swaps 9 March 2016

  • Energy boost

    Renovate America capital markets md Craig Braun and capital...

    Q: How and when did Renovate America become involved in the securitisation market?
    Braun:     We started originating PACE loans in 2012 and we securitised our first HERO bonds in 2014. PACE provides a financing alternative for homeowners when they need to replace aging heating or air conditioning units or make other energy efficiency or renewable energy upgrades.

    PACE allows homeowners to .......

    Provider Profile 9 March 2016

  • Euro secondary pick-up?

    After a very slow start to the week yesterday European securitisation secondary market activity looks set to pick up today.

    A volatile day in wider markets kept most participants on the sidelines once more and meant flows were extremely light again yesterday, nor were there any BWICs. Consequently, secondary spreads were unchanged across the board.

    Nevertheless, market sentiment remains positive. .......

    SCIWire 8 March 2016

  • Securis launches ILS fund

    Securis Investment Partners is launching a fund which will enable investors to participate directly in pure catastrophe event risk. Securis Catastrophe Bond Fund is a sub-fund of Northill Global Funds ICAV and is Securis' first UCITS-compliant fund. The fund will invest in a portfolio of cat bonds, diversified across a range of securities which are exposed to risk in different .......

    News Round-up 7 March 2016

  • Prudent valuation views sought

    The EBA has launched a public consultation on the inclusion of prudent valuation into COREP, the reporting framework through which EU banks report supervisory information. The consultation will run until 30 March.

    The EBA's proposed changes would allow the inclusion of the new requirements for reporting information on prudent valuation, as well as some supplementary requirements for reporting credit risk .......

    News Round-up 7 March 2016

  • PREPA progress reviewed

    The extended deadline for PREPA to submit a new rate plan to Puerto Rico's new energy commission (SCI 2 March) suggests that the utility and its creditors are making progress towards an organised debt restructuring, according to Moody's. This development follows the recent enactment of securitisation legislation that will help facilitate a subsequent PREPA debt restructuring.

    The submission of a .......

    News Round-up 7 March 2016

  • AnaCap increases Italian NPL holdings

    AnaCap Financial Partners has purchased two Italian NPL portfolios with a face value of more than €2bn. The portfolios were acquired by AnaCap Credit Opportunities III from SPVs whose securities were majority owned by GE Capital Real Estate and RBS.

    The portfolios each have a gross book value of around €1bn and include secured and unsecured SME loans, with the .......

    News Round-up 4 March 2016

  • Negative rate impact weighed

    Dramatically low negative interest rates in Europe are credit negative for issuers whose structured finance deals do not accommodate to these rates, according to Moody's. However, the agency expects this trend to revert by 2017.

    "Available buffers are sharply diminishing on swaps which do not accommodate for negative rates," says Sebastian Schranz, a Moody's avp and analyst. "Negative rates erode .......

    News Round-up 4 March 2016

  • Calm advised over Madden

    Brian Korn of Manatt Phelps & Phillips has suggested that the marketplace lending industry has "nothing to fear but fear itself" in relation to the Madden vs Midland case. In a recent industry comment, he says that while there is concern that the outcome of the case will have a significant and negative impact on marketplace lending platforms and therefore .......

    News Round-up 3 March 2016

  • Fourth Gleacher payout confirmed

    Gleacher & Company's board has decided to make a fourth liquidating distribution to the firm's stockholders in the amount of US$1.82 per share of its common stock - approximately US$11.3m in aggregate. The previous distribution was announced last September (SCI 29 September 2015).

    The record date for the latest distribution is 15 March, while the anticipated payment date is one .......

    Job Swaps 3 March 2016

  • Mid-market fund closes

    EFA Group has made its first close of an asset-based direct lending vehicle that provides structured senior secured loans to mid-market companies operating within the real economy. EFA Real Economy Trust (EFA RET) targets net total returns to investors in excess of 10% per annum, which will be distributed semi-annually.

    The firm's general mandate involves the provision of short-term revolving trade finance .......

    News Round-up 3 March 2016

  • Associations confirm STS support

    AFME, the European Fund and Asset Management Association (EFAMA), the International Capital Market Association (ICMA) and Insurance Europe have issued a joint paper backing EU efforts to develop a robust and successful STS framework. The associations believe that STS and the associated CMU could play a pivotal role in enabling non-bank funding alternatives across the region.

    The joint paper affirms .......

    News Round-up 3 March 2016

  • Early redemption for TMNF ILS

    An early redemption notice has been posted for the Kizuna Re II series 2015-1 catastrophe bond, indicating that the notes will be redeemed on 1 April. S&P expects the issuer to pay the unpaid principal and all interest due on this date, with no prepayment penalty.

    The transaction provides for six early redemption events. The cedent, Tokio Marine & Nichido .......

    News Round-up 3 March 2016

  • Euro secondary slows

    This week's recovery in the European securitisation secondary market slowed yesterday.

    Despite increasingly positive market sentiment the anticipated continued uptick failed to materialise yesterday and flows thinned once more. Nevertheless, the wider market story was sufficient to keep most secondary spreads flat to slightly tighter.

    While a few buyers are in evidence sellers are now more elusive and BWICs are largely absent .......

    SCIWire 3 March 2016

  • Risky business?

    Risk-sharing deal opportunities grow

    Capital relief trade opportunities are increasing as more jurisdictions open up. However, with this expansion comes increasing calls for market standardisation.

    Bradley Golding, md at Christofferson Robb & Co, notes that his firm is driven more by its clients' requirements than by any dogmatic approach to particular asset classes. He says: "Our approach [to capital relief trades] is entirely based .......

    News Analysis 2 March 2016

  • UK ILS consultation opens

    HM Treasury has opened a consultation on its proposal for a new regulatory and tax framework for ILS in the UK. The proposal covers a range of issues, including the necessity for a Solvency 2-equivalent framework and the authorisation of insurance SPVs.

    The Treasury's paper explains that the proposals are part of an "initial" outline and could be tailored further down .......

    News 2 March 2016

  • Analytics enhancements offered

    Moody's Analytics has added transaction-specific performance data to its CreditView service, allowing customers to compare performance of securitisations globally across a variety of metrics. The firm has also added a new liability management tool to its ABS System, which is designed to enable users to quickly model and reverse-engineer transactions without using complex scripting languages.

    With the enhancement to Moody's .......

    News Round-up 2 March 2016
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