ABS

  • 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

  • SIV extension sought

    Harrier Finance Funding is seeking to amend its transaction documents to allow its notes to be extended to July 2022 from July 2016. The proposal has been approved by the sole noteholder and Moody's has determined that the move will not impact the SIV's ratings to be reduced or withdrawn.

    .......

    News Round-up 21 April 2016

  • Euro secondary scrappy

    Activity continues to be scrappy in the European securitisation secondary market.

    Sentiment remains very positive across the vast majority of securitisation sectors in line with wider markets. However, lack of supply is still hampering any sizeable cohesive trading.

    The closest to that yesterday came in Italian paper. There, following strong prints on the 11:00 Italian RMBS BWIC there was an .......

    SCIWire 21 April 2016

  • Special situations analyst added

    TCW Group has appointed Steven Purdy to its fixed income credit research group as md and special situations analyst. He will take responsibility for analysing and identifying credit opportunities with companies in stressed and distressed situations.

    Purdy is based in Los Angeles and reports to Jamie Farnham, director of credit research. He was previously based in London with TPG Capital .......

    Job Swaps 20 April 2016

  • ABS platform goes fully green

    Renovate America's PACE programme is the first to be labelled a completely green ABS platform. The move means that Renovate's first four securitisations - completed in 2014 and 2015 - have been designated as green bonds, to add to their two most recent deals.  

    Sustainalytics provided a second opinion that the bonds adhere to the green bond principles, finding that the proceeds fund .......

    News Round-up 20 April 2016

  • Euro ABS/MBS picks up

    Tone and volumes are on the rise across the European ABS/MBS secondary market.

    "The market has been much stronger over the past few days," says one trader. "Now, at last, there is a bit more activity pretty much everywhere."

    The trader continues: "We're seeing buyers across every single sector except UK sterling, which remains a little difficult and Portuguese paper, but .......

    SCIWire 20 April 2016

  • Chasing ubiquity

    Marketplace lending sector prospects discussed

    Representatives from Prosper Marketplace, MountainView Capital and Credit Suisse recently discussed the growth of marketplace lending during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the impact of rising rates and the role of ABS in the sector. For a broader and more in-depth .......

    Talking Point 20 April 2016

  • Green securitisation webinar launches

    Renewables, or 'green', ABS instruments offer an attractive source of yield and fulfil socially responsible investment criteria. Meeting the goals agreed to at December's COP 21 Conference on Climate Change will require an investment of several trillions of dollars and so many are looking to securitisation to help finance this investment.

    An array of renewable energy projects and assets have .......

    News Round-up 19 April 2016

  • Bidding goodbye?

    BDCs face uncertain future as market turns

    BDCs and other listed vehicles are coming under increasing pressure - not least from their shareholders - to change the way they operate in the structured credit market. In some instances, they are being forced out of the sector altogether.

    A raft of firms have already either liquidated or cut their fees so as to better align themselves with investors. .......

    News Analysis 19 April 2016

  • Global ILS head poached

    TigerRisk Partners has recruited Philipp Kusche as partner and global head of ILS and capital solutions. In this role, he will develop and structure ILS and other insurance risk-to-capital products.

    Kusche arrives from Swiss Re Capital Markets, where he was head of ILS structuring and origination. He was responsible for creating and executing catastrophe bonds, sidecars, contingent capital structures and other alternative .......

    Job Swaps 19 April 2016

  • Navient extends more bonds

    Navient has extended the maturity date on an additional US$1.2bn of bonds backed by FFELP student loans. The amendments include the A3 and B tranches of SLM Student Loan Trust 2013-6, which were respectively pushed back to 2055 and 2083.

    SLM Student Loan Trust 2014-2 also had its A3 and B tranches' final maturities extended to 2055 and 2073 respectively. Further, .......

    News Round-up 19 April 2016

  • Euro secondary stable

    The European securitisation secondary market continues to be stable despite wider market vacillation yesterday.

    A buying bias across asset classes remains apparent, but limited secondary supply is keeping activity patchy. Bolstered by new issuance UK RMBS is seeing some action and spreads are holding up despite the evolving Brexit story. Selective trading in CMBS and some high profile prime names .......

    SCIWire 19 April 2016

  • SF traders among highest paid

    Structured credit and exotics traders are the highest paid in their profession in London, according to survey results from Emolument.com. The results - which cover traders at director level - reveal that they take away an average of £370,000 a year, split equally between their salary and bonus.

    In contrast, flow credit traders expect to take home less, at around £295,000 a .......

    News Round-up 18 April 2016

  • First UK marketplace ABS launches

    Funding Circle is in the market with its inaugural rated securitisation, the first ABS of marketplace loans originated in Europe. The £130m deal, dubbed Small Business Origination Loan Trust 2016-1 DAC, is backed by marketplace loans to UK SMEs.

    Moody's and S&P have assigned provisional ratings of Aa3/BBB to the £88.4m class A notes, A2/BBB to the £6.17m class B notes, .......

    News Round-up 15 April 2016

  • Counterparty risk revisions proposed

    Fitch has released an exposure draft that outlines proposed changes to assessing counterparty risk in structured finance transactions and covered bonds. Although largely unchanged, the agency is introducing derivative counterparty ratings (DCR), as well as considerations to counterparty eligibility.

    The introduction of DCRs would see them replace long-term issuer default ratings. This would work in accordance with Fitch's definition of .......

    News Round-up 15 April 2016

  • Italian policy changes welcomed

    The Italian government is proposing to create a €5bn fund capitalised by the strongest financial institutions in Italy, together with the government-owned entity Cassa Depositi e Prestiti. The move is part of new measures to support the banking market and legislation changes to enhance the underlying infrastructure.

    Dubbed Atlante, the fund is intended to backstop any required equity capital raising .......

    News 14 April 2016

  • ISDA directors elected

    ISDA has announced the election of 10 directors at its 31st Annual General Meeting in Tokyo. A further 14 directors are continuing on the board.

    Three new directors were elected: John Feeney, head of pricing and conduct coordination at NAB; Benjamin Jacquard, global head of credit at BNP Paribas; and Hideo Kitano, md, head of credit trading department, head of .......

    Job Swaps 14 April 2016

  • Bermuda law firm beefs up

    Harneys has recruited corporate and insurance lawyer Michael Skrbic as counsel in its Bermuda office. He joins from Kennedys, where he was partner.

    Skrbic's practice includes ILS, reinsurance, derivatives, regulatory compliance, ISDA documentation and credit restructuring. His experience ranges to Asian-based issues too and has seen him hold senior positions at ACE Group, Zurich Financial Services, Dresdner Kleinwort, Commerzbank and CMS Cameron .......

    Job Swaps 14 April 2016

  • Marketplace challenges weighed

    Expanded access to the ABS markets will be important to the industry's growth, according to a new survey of marketplace lending regulations compiled by Chapman and Cutler. The study also highlights several difficulties that are unique to marketplace loan ABS.

    The report suggests that while the first marketplace ABS only closed a few years ago, securitisation has quickly become an .......

    News 14 April 2016

  • Consolidation concerns

    M&A may compromise pricing vendor choice and innovation

    The consolidation of evaluated pricing firms poses a number of concerns for the securitisation and derivatives markets. A diminishing number of independent pricing points, the potential for higher service charges and a possible threat to innovation are at the top of the list.

    M&A activity within the evaluated pricing business is rife. Last month ICE bought from McGraw Hill Financial .......

    News Analysis 13 April 2016

  • Cat bond fund launched

    Lombard Odier IM has launched its first catastrophe bond fund, following its recruitment drive last year of Gregor Gawron, Simon Vuille and Marc Brogli to form an ILS team (SCI 10 August 2015). The LO Funds - CAT Bonds fund will target regions with a high concentration of insured wealth, including the US, Western Europe and Japan.

    Lombard Odier says that the .......

    News Round-up 13 April 2016
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