ABS

  • 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

  • Euro secondary struggles

    The European securitisation secondary market continues to struggle amid wider market volatility, but there are still some exceptions.

    "Yesterday was once again quite weak overall," says one trader. "There was hope of some improvement thanks to better things in broader credit, but it will take more than that for us to recover more fully."

    However, the trader adds: "We continue to see .......

    SCIWire 10 February 2016

  • Customer services boosted

    Assenagon has bolstered its customer services capability by appointing Ilona Wachter as md for institutional customers, based in the firm's Frankfurt office. She has over 25 years of experience in asset management and corporate finance.

    Wachter was previously head of business development at Spängler IQAM Invest, focusing on institutional customers. Before that, she held management positions at Muzinich & Co, .......

    Job Swaps 9 February 2016

  • Euro secondary sidelined

    The European securitisation secondary market remains quiet as participants continue sit out wider market volatility.

    "It's understandably very quiet as everyone watches what's going on in banks and financials, which is brutal to say the least," says one trader. "The majority of investors we speak to are planning on staying on the sidelines - everyone is in risk-off mode."

    However, .......

    SCIWire 9 February 2016

  • Commingling concerns addressed

    S&P has decided that no action will be taken as a result of its failure to correctly apply its criteria for unrated servicers when rating three auto ABS. Porsche Financial Auto Securitization Trust 2014-1, Porsche Innovative Lease Owner Trust 2014-1 and Porsche Innovative Lease Owner Trust 2015-1 are all serviced by Porsche Financial Services (PFS).

    The fact that the documentation .......

    News Round-up 8 February 2016

  • Mobile phone ABS comparability assessed

    The credit performance of US mobile phone financing depends on many of the same factors as other types of consumer lending and therefore ABS tied to the debt would carry similar risks as other ABS, says Moody's. However, there are also some unique risks and strengths to consider.

    Use of financing is growing rapidly as carriers change their business models. .......

    News Round-up 8 February 2016

  • Euro secondary lacklustre

    Friday saw another lacklustre session in the European securitisation secondary market.

    Macro market weakness once again kept investors stuck on the sidelines. Consequently, flows were light and spreads were broadly range-bound.

    Prime assets were once again the positive area with two-way flows albeit at low volumes focused at the front end of the curve. Meanwhile, non-eligible peripheral bonds remain the .......

    SCIWire 8 February 2016

  • Goldman credit team formed

    Goldman Sachs is creating a new credit group that will combine its structured and leveraged finance businesses, as well as integrate its financial and strategic advice in these areas. Americas Credit Finance Group will be led by co-heads Christina Minnis and Vivek Bantwal, following the retirement of Craig Packer, who was co-head of the bank's leveraged finance unit in the Americas.

    Minnis was the .......

    Job Swaps 5 February 2016

  • Euro secondary varies

    Volumes continue to be light in the European securitisation secondary market with performance still varying sector by sector.

    CMBS continues to be one of the strongest sectors. Prices remain well-supported and yesterday's €45m BWIC traded well.

    Prime assets are still seeing two-way flows albeit at much lower volumes than previous weeks. Buying interest in short-dated paper remains the dominant theme, though .......

    SCIWire 5 February 2016

  • RV risk reconsidered

    When mitigating features are in place, some auto lease ABS with low residual value (RV) risk exposure only have moderately higher credit risks than traditional auto loan ABS, says Moody's. Auto lease ABS with low RV risk exposure could qualify as simple, transparent and standard (STS) securitisations, based on the STS criteria from European policymakers.

    The agency says that in .......

    News Round-up 4 February 2016

  • Gracechurch link to base rate 'positive'

    From the start of this month, Barclays is linking the interest rates it charges UK credit card customers to the Bank of England's base rate. The current low interest rate environment means such a move will support excess spread levels in the Gracechurch credit card ABS trust and reduce potential asset-liability interest rate mismatches between the receivables and note liabilities.

    "If .......

    News Round-up 4 February 2016

  • Fitch adjusts tobacco ratings

    Fitch has finally concluded its review of all non-New York tobacco settlement ABS, affirming 60 bonds and downgrading a further 56. The downgrades are a result of the agency's revised tobacco settlement ABS criteria, which it issued in an RFC last year (SCI 23 June 2015).

    An additional 15 transactions, comprising 83 bonds, securitise MSA payments received by the State of New York. .......

    News Round-up 4 February 2016

  • STS expected losses highlighted

    Preferential capital treatment for simple, transparent and standardised (STS) securitisations would be consistent with the superior performance of STS-compliant tranches, says Fitch. However, the proposed capital charges are still significantly higher than expected losses.

    Fitch expects losses of 1% for STS-compliant deals and 4.3% for non-STS deals. "This suggests that lower capital charges for STS tranches than for non-STS tranches .......

    News Round-up 4 February 2016

  • Euro secondary difficult

    Wider market weakness continues to make life difficult in the European securitisation secondary market.

    "Yesterday conditions were once again difficult thanks to the global meltdown," says one trader. "As a result, flows and liquidity in our space were very thin."

    However, the trader adds: "We are still seeing some pockets of activity - particularly in short-term bonds across a range .......

    SCIWire 4 February 2016

  • Creval offloads NPLs

    Creval Group has agreed to sell a €314m securitisation of secured and unsecured NPLs to Credito Dondiario. The sale of the Cerere portfolio is the first significant shifting of NPLs off Creval's books as part of its medium-term NPL management plan.

    The portfolio's loans are broken down into 44% secured and 56% unsecured assets and are equal to approximately 11% .......

    News Round-up 3 February 2016

  • Regulatory partner named

    Azad Ali has joined Fieldfisher's financial services regulatory practice as a partner. He was previously counsel in the financial institutions advisory & financial regulatory group at Shearman & Sterling, having been at the firm since 2005.

    Ali specialises in advising clients on UK and EU regulatory matters across a wide range of regulated sectors. He has significant experience in bank .......

    Job Swaps 3 February 2016

  • Business development leader added

    ZAIS Group has appointed Gregory Barrett as head of client relations and business development. He reports to ceo Michael Szymanski and is based in Red Bank, New Jersey.

    Barrett will work with the firm's client relations team, portfolio managers and cio to lead and create distribution strategies for ZAIS. He will also be responsible for client service for investors.

    Barrett .......

    Job Swaps 3 February 2016

  • Euro ABS/MBS stifled

    The European ABS/MBS secondary market continues to be stifled by wider market weakness.

    Activity was once again limited both on- and off-BWIC yesterday as macro volatility kept many investors on the sidelines. The low beta ABS/MBS sectors continue to do well, however.

    Autos and Dutch RMBS in particular are garnering some buying interest and spreads there continue to outperform; while .......

    SCIWire 3 February 2016

  • Italian valuation gap highlighted

    A decree formalising the Italian treasury's €200bn NPL plan (SCI 28 January) is expected shortly. Moody's suggests in its latest Credit Outlook publication that the proposed state guarantee will improve the rating and liquidity of the senior tranches, facilitating both the placement of the senior tranches with investors and the deconsolidation of bad loans from the books of Italian banks. .......

    News Round-up 2 February 2016

  • Capital markets group beefs up

    Cadwalader, Wickersham & Taft has added to its capital markets group in New York with the addition of Chris Gavin as partner. His practice focuses on US and international structured finance transactions covering consumer and corporate debt, including residential mortgage loans.

    Gavin is expected to help develop the firm's global ABS bench, as well as serving clients on the non-agency RMBS .......

    Job Swaps 2 February 2016

  • Credit card comparison tool launched

    Fitch has launched Credit Card Compare, an Excel tool providing access to its surveillance and index data on North American credit card ABS transactions. Users can review the performance of US and Canadian credit card ABS transactions in comparison with Fitch's benchmark indices and macroeconomic indicators.

    The tool allows the comparison of transactions using performance measures such as delinquencies, charge-offs, .......

    News Round-up 2 February 2016
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