ABS

  • 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

  • ABS trader recruited

    Natixis has brought in Peter Cui as a director, trading ABS and CLOs. He moves from Jefferies, where he was svp and traded ABS and CDOs. Cui's previous experience also includes similar roles at Cohen & Co and UBS.

    .......

    Job Swaps 17 February 2016

  • SF pro switches law firm

    Colleen McDonald has moved to Sheppard, Mullin, Richter & Hampton as partner, following the same role at Reed Smith. Working in the firm's finance and bankruptcy practice group in San Francisco, she will focus on securitisation, structured finance, commercial finance transactions and complex financial products.

    McDonald advises financial institutions regarding the acquisition and sale of assets primarily involving newly originated, .......

    Job Swaps 17 February 2016

  • Euro secondary improves

    Tone in many European securitisation secondary market sectors continues to improve in line with broader markets.

    "Yesterday, tone was bit better overall in our space as credit in general continued to improve," says one trader. "But the biggest story was Portugal."

    The trader continues: "The tender announcement from BCP for MAGEL 2  and 3 combined with rising sovereign bonds and .......

    SCIWire 17 February 2016

  • Credit assessment proposals finalised

    The EBA has published its final draft implementing technical standards (ITS) for the mapping of external credit assessment institutions' (ECAIs) credit assessments for securitisation positions. The ITS will be part of the EU's Single Rulebook for banking and insurance, and will allow securitisation credit ratings to be used for the calculation of institutions' capital requirements.

    Specifically, the standards will map out .......

    News Round-up 16 February 2016

  • Markel names coo

    Markel CATCo Investment Management has appointed Mark Way as its first coo. The move follows the rebranding of the firm after Markel's acquisition of CATCo late last year (SCI 9 December 2015).

    In his new role, Way will be responsible for the firm's day-to-day operations and will report to ceo Tony Belisle. He has been with CATCo since its inception in 2011, following a .......

    Job Swaps 16 February 2016

  • Direct lending head hired

    Stuart Aronson has joined Whitehorse Capital in New York as direct lending group head. The unit provides customised financing solutions to sponsor and non-sponsor mid-market borrowers. Previously, he was president and ceo of GE Capital's sponsor finance unit from February 2003 to December 2015, and before that worked in the firm's structured finance and capital markets groups.

    .......

    Job Swaps 16 February 2016

  • Euro secondary stalemate

    With the US absent and continuing improvements in broader markets, it was stalemate in the European securitisation secondary market yesterday.

    "Market tone is generally OK," says one trader. "But with the US holiday not a lot went on yesterday."

    However, he adds: "We did see a couple of BWICs come out in the afternoon and all but one 1.0 CMBS .......

    SCIWire 16 February 2016

  • PACE 'green' bonds hit landmark

    The US PACE ABS market hit US$1bn in 'green' bonds last week after Renovate America closed its second deal of its kind. The US$217.5m HERO Funding Trust 2016-1 securitisation, which is secured by over 9,000 PACE assessments levied against residential properties in California, received double-A ratings on its class A notes from both Kroll and DBRS (see SCI's new issuance News Round-up 15 February 2016

  • P2P lender poaches ABS pro

    Dipesh Mehta has joined Funding Circle as a director in its capital markets team following a period of consulting for the P2P lender. In this role, he focuses on secured lending and serving institutional clients.  

    Mehta previously worked as an analyst in European ABS research strategy for Barclays. His core sector coverage was on consumer ABS, with a primary focus .......

    Job Swaps 15 February 2016

  • Timeshare delinquencies push up

    US timeshare ABS delinquencies hit a three-year high last quarter, according to Fitch's latest index results for the sector. In total, delinquencies moved up to 3.41% in 4Q15 from 2.96% the previous quarter.

    The percentage is the highest level that Fitch has observed since delinquencies reached 3.55% in 4Q12. The agency says that the increase was evident across all issuers .......

    News Round-up 15 February 2016

  • VW settlement foundation formed

    A Volkswagen Investor Settlement Foundation has been established to provide a non-litigation and no-cost vehicle for investors to recover damages incurred on VW securities in connection with the emissions scandal, pursuant to the Dutch Collective Settlement Act. The Act enables parties to resolve international disputes by allowing a Dutch foundation representing investors and VW to jointly petition the Amsterdam Court .......

    Job Swaps 15 February 2016

  • Second SME facility closed

    The British Business Bank (BBB) has partnered with the European Investment Fund (EIF) to provide £51m to LDF, a non-bank finance provider. The EIF will guarantee 50% of the facility to complete the second transaction under the BBB's ENABLE funding programme (SCI 1 December 2015).

    The £51m facility will fund a portfolio of newly originated small business asset finance receivables, .......

    News Round-up 15 February 2016

  • Euro secondary stronger

    After a relatively benign close to last week, today is opening with a stronger tone across the bulk of the European securitisation secondary market.

    Friday once again saw extremely thin liquidity across the board, but low beta paper continued to catch a bid and senior peripherals traded well on- and off-BWIC, especially Italian names, but even select Portuguese bonds tightened .......

    SCIWire 15 February 2016

  • DBRS chairman named

    Stephen Joynt has been appointed executive chairman of DBRS Group. Already a member of the board, he brings a wealth of experience in the global credit rating industry, having served as the president and ceo and board member of Fitch for ten years. During that time, he led the agency through growth initiatives and acquisitions, expanding its market presence and .......

    Job Swaps 12 February 2016

  • SF legal duo brought in

    Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard Goldwasser and Skanthan Vivekanada. Both arrive as partners from K&L Gates, with the former based in New York and the latter in Los Angeles. The pair will provide their CLO 2.0 expertise to Kaye Scholer's current CLO team. 

    Goldwasser's recent experience includes trade receivables financings .......

    Job Swaps 12 February 2016

  • NMS unveils risk management group

    NMS Capital Group has launched a new global risk management services group that will be headed by newly promoted ceo Marion Madden and president John Gill. Headquartered in London, NMS Global Risk Solutions will advise clients in a number of services, which cover securitisation and institutional insurance.

    The services include designing global commercial insurance strategies to drive organisational cost savings, providing .......

    Job Swaps 12 February 2016

  • Euro secondary slides

    Activity and pricing levels are sliding across the European securitisation secondary market.

    Prime autos and RMBS finally succumbed to broader market downward pressure and edged wider on very light volumes yesterday. 2.0 CMBS is still offering some resistance, but elsewhere tone remains weak and liquidity is thin across the board.

    Street buyers are occasionally being seen in select names in .......

    SCIWire 12 February 2016

  • Euro ABS/MBS switchback

    Yesterday was a better day in the European ABS/MBS secondary market, but today looks set to see a switch back to recent patterns.

    "There was a slight rebound in broader markets yesterday, which enticed people back into the market," says one trader. "Notably, we saw some selling of senior assets and they all went through in line with expectations."

    However, .......

    SCIWire 11 February 2016

  • Insurance solutions to target SMEs

    Newly formed managing general underwriter Ventus Risk Management and XL Catlin have formed a partnership to bring unique property insurance solutions to the catastrophe exposed SME market, using key distribution partners. The platform will be supported by collateralised catastrophe reinsurance funds and traditional reinsurance.

    Ventus ceo George Reeth comments: "We are initially targeting select classes of coastal commercial property risks, .......

    Job Swaps 10 February 2016

  • MultiCat Mexico triggered

    S&P says that its single-D rating on the MultiCat Mexico series 2012-I class C notes is unaffected following a triggering event. The agency received an event report for Hurricane Patricia from the calculation agent AIR Worldwide Corp, which confirms that a triggering event has occurred in relation to the catastrophe bond, resulting in a principal reduction of US$50m for the .......

    News Round-up 10 February 2016
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