ABS

  • 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

  • Japanese rating upgrades increase

    The upgrade rate for Japanese structured finance securities rose in 2015, notes S&P. S&P Japan raised 8.3% of its outstanding ratings on Japanese structured finance securities last year, up from 4.5% in 2014.

    The 2015 upgrade rate exceeded the downgrade rate of 4.5% and resulted in an upgrade-to-downgrade ratio of 186%, which also surpassed the 2014 ratio of 143%. Separately .......

    News Round-up 29 March 2016

  • Chinese ABS expansion 'to continue'

    China's securitisation market will continue to grow this year, albeit at a slower pace than in 2015, says Fitch. Issuance last year doubled to reach a record CNY600bn from more than 300 transactions.

    Market expansion will be driven by regulatory changes which have made it simpler and more efficient for financial institutions to issue structured finance securities. The rating agency .......

    News Round-up 29 March 2016

  • For-profit loan exposure eyed

    A pair of recent private student loan ABS - Navient Private Education Loan Trust 2015-B and 2016-A - include high concentrations of collateral tied to a single for-profit institution, according to Moody's. The agency says such exposure is credit negative for the transactions, due to the very high default rates of for-profit loans and the regulatory scrutiny facing for-profit institutions.

    News Round-up 24 March 2016

  • Credit Suisse exits European ABS

    Credit Suisse is pulling the plug on its European ABS presence as it revealed new details on its global restructuring plans. The bank confirmed that it will end operations in European securitised product trading, along with distressed credit and long-term illiquid funding.

    Capital allocation will also be reduced in a number of other areas, which it describes as 'not consistent' with its new strategy. .......

    Job Swaps 24 March 2016

  • Dutch covereds outstrip placed ABS

    A new study published by the Dutch central bank, DNB, shows that banks in the Netherlands had more covered bonds outstanding (at €61bn) than non-retained RMBS (€55bn) at end-2015. Further, non-retained securitisation volume has dropped from €94bn in 2007 to €55bn. In contrast, while covered bond supply has also declined, the amount of covered bonds outstanding has remained roughly stable.

    News Round-up 23 March 2016

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