ABS

  • 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

  • EBA outlines compliance progress

    The EBA has published a report identifying a number of recommended practices for market players to reach compliance within securitisation risk retention, due diligence and disclosure. The recommendations are based on the regulator's analysis of previous measures taken in 2014.

    The report finds that institutions are generally undertaking appropriate actions to comply with regulatory requirements. In total, only 10 cases of non-compliance with .......

    News Round-up 13 April 2016

  • Euro secondary selective

    Trading continues to be selective across the European securitisation secondary market.

    "Yesterday we saw some action in prime," says one trader. "On BWIC there was a reasonably large Dutch RMBS list that traded at very tight levels - four-year STORM in the +25 area, for example. At the same time, UK prime saw two-way flows and having been under a .......

    SCIWire 13 April 2016

  • Hedging operation

    Debut oprisk ILS prepped

    Credit Suisse is prepping a unique Sfr700m ILS deal. Referred to as OperationalRe, it will utilise catastrophe bond and ILS technology to hedge a portion of the bank's operational risk and is believed to be the first transaction of its kind.

    Although Credit Suisse is reportedly seeking to close the deal by the end of the month, a number of .......

    News Analysis 12 April 2016

  • Appetite strong for marketplace loans

    A poll of 300 institutional investors suggests that appetite for marketplace loans remains strong. The second survey conducted by Richards Kibbe and Orbe, in partnership with Wharton Fintech, finds that a greater number of institutional investors are invested in the asset class than a year ago.

    The survey also highlights that optimism has grown among institutional investors, with 80% indicating .......

    News 12 April 2016

  • Firms form collateralised ILS fund

    Plenum is launching a new ILS fund to invest in collateralised reinsurance transactions to be sourced and underwritten by Sequant Re. The fund will complement Plenum's current ILS offering.

    The new fund will benefit from Plenum's management expertise and the efficiency and flexibility of Sequant Re's segregated cell structure, as well as Sequant Re's expertise in sourcing, underwriting and modelling .......

    News Round-up 12 April 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid but fairly quiet.

    Tone remains firm across the board though activity is still patchy. An uptick in flows and secondary supply in the middle of last week fizzled out by Friday and yesterday was no different with only very select pockets of activity, which is keeping spreads range-bound.

    Notably, Italian paper did manage .......

    SCIWire 12 April 2016

  • FCC auction 'positive' for tower ABS

    A current spectrum auction overseen by the US Federal Communications Commission (FCC) has positive credit implications for wireless tower ABS, according to Moody's in its latest Credit Outlook. The auction allows television broadcasters the opportunity to sell their unused 600-megahertz spectrum to the US government.

    Moody's notes that American Tower, Crown Castle International and SBA Communications will use the sale .......

    News Round-up 11 April 2016

  • Synthetic securitisation seminar planned

    The EBA and the European Investment Bank Group are set to jointly host a seminar on 31 May to discuss opportunities and challenges surrounding the role and potential use of credit guarantees and synthetic securitisation in the banking sector. The aim of the seminar, which will be held at the EBA premises, is to provide a forum for discussing the .......

    News Round-up 8 April 2016

  • Special forces

    ABS dealer tiering emerging via departures, specialisation

    Credit Suisse's recent decision to exit securitised trading in Europe highlights the reshaping of the ABS frontier that is underway across the region. Against the backdrop of regulatory pressures and capital constraints, many dealers are adopting a narrower, more specialised approach.

    In its announcement, Credit Suisse said the reason for ceasing its European ABS trading operations is due to a .......

    News Analysis 8 April 2016

  • China NPL rules mooted

    Chinese authorities are pushing to incorporate NPLs as a fully-fledged product within the country's growing securitisation market. The National Association of Financial Market Institutional Investors (NAFMII) is leading the initiative with a new set of guidelines for an NPL framework, which were opened for feedback last month.

    The rules reflect NAFMII's standard ABS guidelines and are split into two sections. .......

    News 7 April 2016

  • Capital markets unit adds DCM director

    Macquarie Capital has appointed Warrick Booth as md in its European debt capital markets team. He will be based in London and report to Sam Newman, head of European DCM, and Stephen Mehos, head of US DCM.

    Booth will lead the syndication of debt and structured equity. He has over two decades of experience in investment banking and has held .......

    Job Swaps 7 April 2016

  • Parametric pricing app launched

    Risk Management Solutions (RMS) has launched a new cloud-based app that provides the ability to assess and underwrite parametric contracts linked to ILS and reinsurance contracts. RMS Cat-in-a-Box gives a simplified means to assess namesake contracts, which provide cover for a particular type of catastrophe with a given geographical boundary.

    The niche nature of such contracts are often used by corporates .......

    News Round-up 7 April 2016

  • Mixed impact from 'step-in' proposals

    Basel Committee proposals could increase capital charges for banks with large asset management activities. Moody's says that the proposals on step-in risk are credit positive for senior bank creditors, but could also make asset management less attractive due to increased operational costs and capital requirements.

    As part of a broader regulatory push to tackle shadow banking risk, the Basel Committee .......

    News Round-up 7 April 2016

  • Euro secondary patchy

    There is something of a pick-up in the European securitisation secondary market but activity remains patchy.

    "It's getting more active, but we're not yet back to where we were before Easter," says one trader. "Trading is still selective rather than widespread."

    The trader continues: "We've seen a few trades in UK prime, which went wider last week but has come .......

    SCIWire 7 April 2016

  • 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
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