ABS

  • Healthcare loan ABS touted

    New research by MIT Sloan professor Andrew Lo, Dana-Farber Cancer Institute's David Weinstock and MIT post-doctoral fellow Vahid Montazerhodjat puts forward securitised consumer healthcare loans (HCLs) as a way to help patients manage the often prohibitive costs of breakthrough therapies. Published in 'Science Translational Medicine', the paper says that HCLs could spread the cost of drugs and curative therapies over .......

    News Round-up 25 February 2016

  • Antares recruits for SF push

    Antares Capital has brought in Vivek Mathew as md, head of structured products. He joins from JPMorgan, where he served as md and head of the bank's global primary CLO business. Prior to that, he was vp, structured finance at Deutsche Bank.

    "Vivek's experience in working with investors and ratings agencies will be important as our business considers the use .......

    Job Swaps 25 February 2016

  • Euro ABS/MBS softens

    Weaker wider markets have softened the tone across the European ABS/MBS secondary market.

    Broader market volatility continues to keep liquidity thin and investors for the most part are only appearing as sellers. Consequently, secondary tone weakened again yesterday. Nevertheless, light flows and selective buying from the Street, albeit in very low volume, was enough to keep most secondary spreads unchanged.

    SCIWire 25 February 2016

  • Alternative capital pro added

    XL Catlin has appointed Daniel Brookman as alternative capital svp. He will report to Craig Wenzel, head of alternative capital, and will coordinate the firm's alternative capital activities in Bermuda. His initial responsibility will be to assist the continued build-out of New Ocean Capital Management's investment opportunities.

    Brookman was previously head of capital markets at Montpelier Re. He has also .......

    Job Swaps 24 February 2016

  • Drifting out

    High-beta spread dislocation continues

    As markets sell off and become increasingly volatile, European high-beta securitised paper has widened considerably. This has been driven by several factors - not least regulation - and has concerning implications for liquidity and the future health of the market.

    Bank of America Merrill Lynch European ABS analysts note that the €888m Driver Espana Three auto ABS, which priced earlier .......

    News Analysis 24 February 2016

  • Marketplace data firm builds team

    Marketplace lending analytics provider PeerIQ has hired Brian Roncoroni as head of sales. He is the firm's first sales executive appointment and will be based in New York.

    Roncoroni was previously a senior sales executive handling key accounts at CoreLogic, SunGard and FactSet. He has also worked in Chicago at Franklin Templeton Investments and at Legg Mason.

    .......

    Job Swaps 24 February 2016

  • Lending harmony?

    CMU set to transform SME investment landscape

    Funding Circle is optimistic about the finalisation of the Capital Markets Union (CMU) and the possibility of a harmonised European regulatory framework to facilitate cross-border lending and investment. In particular, the firm believes that the regulatory package has the potential to transform the ability of investors on a global level to both invest in SME loans and securitise them.

    After .......

    Talking Point 24 February 2016

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes.

    "Liquidity remains very thin overall," says one trader. "However, there is still demand in the prime area, particularly in Dutch paper and yesterday we also saw some for Italian bonds."

    At the same time, the trader adds: "Sterling sellers have started coming in. There wasn't a big incidence in UK .......

    SCIWire 24 February 2016

  • Australian marketplace lender boosted

    DirectMoney has partnered with Macquarie Bank in a deal where the bank will purchase A$5m of loans originated through the platform. As part of the partnership, the bank has also been appointed an adviser to the platform, with a view to assisting in building infrastructure to facilitate access to a wider range of capital markets investors.

    One route to providing .......

    Job Swaps 23 February 2016

  • Negative Euribor risks highlighted

    A continued decline of Euribor rates poses a number of risks to euro-denominated Australian RMBS and ABS, says Moody's. Deals that could be impacted are those that have no mitigants in place to withstand a negative interest rate scenario.

    "As Euribor rates move further into negative territory - beyond the buffer provided by the note margins - such deals will need .......

    News Round-up 23 February 2016

  • Euro secondary starts slowly

    It was a slow start to the week for the European securitisation secondary market, but today looks likely to see something of a pick-up.

    "Yesterday was for the most part pretty slow," says one trader. "Primarily there was a just a lot of chatter around Brexit and its broader implications including the potential for people to step away from sterling .......

    SCIWire 23 February 2016

  • Belgian SME deals 'strong performers'

    Deals that are backed by loans to Belgian small businesses should emerge as one of the strongest performers in the European ABS market, says Moody's. This is due to both growth and deleveraging of such entities, which has improved their profit margins.

    "Better financing conditions are helping business investment," explains Monica Curti, a Moody's vp and senior credit officer. "It's .......

    News Round-up 22 February 2016

  • UK risk over-represented

    Some €6.5bn of European ABS paper has traded off BWICs in the last nine months, according to JPMorgan figures, implying healthy secondary trading across the region. An analysis undertaken by European securitisation analysts at the bank shows that traded ratios remained above 70% for all bonds offered by sellers, with UK risk significantly over-represented in terms of collateral appearing on .......

    News 22 February 2016

  • Demica beefs up

    Demica has appointed Jen Collet, Giovanni Lazzeri and Karel Krejci as coo, director, origination and director, supply chain finance origination respectively.

    In her new role, Collet will play a pivotal part in Demica's expansion, working closely with ceo Matt Wreford to support future corporate development. She will also lead the operational aspects of the business, ensuring optimum client service, building .......

    Job Swaps 22 February 2016

  • Euro secondary solid

    The European securitisation secondary market remained solid on Friday despite broader market weakness.

    Volumes remained generally low as the week closed out, but tone remained firm and most spreads ended the session unchanged. Off-BWIC activity once again revolved around prime assets and eligible peripherals. Meanwhile, BWICs generated a flurry of activity in the afternoon and the bulk of line items .......

    SCIWire 22 February 2016

  • Russian bankruptcy law gauged

    A new Russian bankruptcy law that came into effect in October 2015 will only impact a limited number of ABS and RMBS in the country, Moody's reports. The law introduces a legal mechanism for individual debt restructuring and encourages lenders to devise repayment plans rather than sell the assets in the event of a borrower's bankruptcy.

    Moody's notes that the new law .......

    News Round-up 19 February 2016

  • Euro secondary fades

    Levels and activity are fading in the European securitisation secondary market as the broader market rally runs out of steam.

    Activity remained patchy across the board yesterday, with prime assets once again leading the way, albeit in lower volumes than in previous sessions. Meanwhile, the appetite for Portuguese paper of recent days has faded somewhat and kept spreads slightly off .......

    SCIWire 19 February 2016

  • Risk management pro promoted

    NXT Capital has promoted Stacia Kopplin to md of risk management. She will be responsible for all risk management activities, including loan review, operational risk management, risk rating implementation and monitoring, data governance and portfolio management. She was previously a director in risk management.

    Before joining NXT, Kopplin worked at Merrill Lynch Capital until 2008. She also spent 14 years .......

    Job Swaps 18 February 2016

  • CMU package progresses

    The European Parliament is today expected to begin discussing the EU's securitisation initiative, comprising the new securitisation regulation and the amendment to the CRR. Approval by the parliament is the last major step towards implementation of the rules and follows the European Council's approval of the package in December (SCI passim).

    Following the first exchange of views today, the presentation .......

    News Round-up 18 February 2016

  • Euro ABS/MBS split

    There continues to be a strong split in where activity is taking place in the European ABS/MBS secondary market.

    "Tone over the past few days has been much more positive in line with the macro trend," says one trader. "However, there is still a marked divergence over where activity is centred."

    The trader continues: "Most focus continues to surround prime .......

    SCIWire 18 February 2016

  • Italian NPL losses to be recognised?

    The Italian government's guarantee of senior notes under its NPL securitisation proposal (SCI passim) is expected to facilitate increased lending by Italian banks. However, banks may also have to recognise losses if sales to SPVs are made at a discount, Moody's notes.

    The proposal will allow banks to securitise their non-performing loans, subject to certain conditions. The structure must be .......

    News Round-up 17 February 2016
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