ABS

  • 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

  • Brazil ABS reporting falls short

    Recent changes by Brazil's securities market regulator Comissao de Valores Mobiliarios to ABS performance reporting standards still lack a number of important features, Fitch warns. The breakdown of payment data could result in users continuing to underestimating delinquencies and losses.

    The changes are designed to improve standards that were initially implemented in 2011 with CVM Instruction 489. The amendments have added minor details .......

    News Round-up 2 February 2016

  • True lender status tested

    A recent US District Court for the Eastern District of Pennsylvania decision has highlighted once again the regulatory risks that the 'true lender' doctrine can create for internet-based lenders that partner with banks to establish exemptions from state consumer protection laws (SCI passim). In the Commonwealth of Pennsylvania vs. Think Finance Inc case, the court declined to accept federal pre-emption .......

    News Round-up 2 February 2016

  • Euro secondary still slow

    It continues to be a slow start to the month for the European securitisation secondary market.

    "It was very quiet again yesterday," says one trader. "There was one Italian CMBS BWIC that traded well, but that aside very little happened in our market."

    The trader continues: "Today has started similarly quietly. It looks likely to be more of the recent .......

    SCIWire 2 February 2016

  • AIMA calls for non-bank support

    AIMA has called on the European Commission to support non-bank financing and deeper capital markets as part of its regulatory review. The organisation says any rules should allow greater asset manager participation in securitisations, which would subsequently support the supply of finance to SMEs.

    The comments are in response to the Commission's call for evidence surrounding the EU regulatory framework for .......

    News Round-up 1 February 2016

  • Distressed credit vet tapped

    Black Diamond Capital Management has appointed Todd Arden as senior md and co-chief credit officer. He will have responsibility for co-managing Black Diamond's underwriting processes and credit exposures, as well as sourcing stressed and distressed investment opportunities for the firm's funds.

    Arden will be based in Black Diamond's Greenwich, Connecticut office, and brings over 20 years of experience in the .......

    Job Swaps 1 February 2016

  • ILS manager promotes two

    Elementum Advisors has promoted Paul Barker and Chris Cebula as portfolio managers. Barker has also been made principal by the ILS firm, having previously held roles as a catastrophe modelling analyst and portfolio management associate, where he focused on portfolio construction, hedging and analysis of collateralised reinsurance investments.

    Meanwhile, Cebula also moves up from being a portfolio management associate. He was previously .......

    Job Swaps 1 February 2016

  • Euro secondary quiet

    Month-end made for a relatively quiet session on Friday for the European securitisation secondary market and today is starting out in similar fashion.

    Despite limited activity secondary market tone remains broadly positive in line with improving wider credit. Prime assets are once again leading the way and spreads in the sector continue to edge in.

    At the same time Italian .......

    SCIWire 1 February 2016

  • Refinance SLABS debuts

    Online lender Earnest Operations is in the market with its inaugural rated term securitisation. The US$212m transaction, dubbed Earnest Student Loan Program 2016-A, is backed by refinanced student loans.

    DBRS has assigned provisional ratings to the ABS, which comprises US$34.71m single-A rated class A1 notes, US$70.24m single-A class A2s and US$7.05m triple-B class Bs. The trust will also issue a .......

    News Round-up 29 January 2016

  • ECR appoints sales director

    Euro Credit Risk (ECR) has appointed Angus Passmore as sales and marketing director. His experience includes working with SME lending organisations, utilising ABS facilities as part of the funding platform.

    Passmore's previous roles include a stint as vp at Quadrant Risk Management, promoting the use of enterprise risk data in banks and Basel 2 risk capital assessment. He also undertook advisory tasks in .......

    Job Swaps 29 January 2016

  • Euro secondary sees more of the same

    It was a case of more of the same in the European securitisation secondary market yesterday.

    Flows dried up a little yesterday, but the market remained relatively stable and saw a continuation of recent trading patterns. Dutch RMBS spreads edged in a little further and buying interest continued to be seen in peripherals, especially Spanish bonds.

    At the same time, .......

    SCIWire 29 January 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • NPL guarantee hailed

    The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione Sofferenze (GACS), to facilitate the transfer of non-performing loans from the books of commercial banks to securitisation vehicles. The move has been welcomed as a positive step towards clearing the country's overhang of NPLs, but uncertainty remains over the transfer prices to be used.

    Under .......

    News 28 January 2016

  • Armenia deal debuts

    Armenia has seen the launch of its first securitisation, listed on the country's stock exchange NASDAQ OMX Armenia. The deal was issued through the SPV, Loan Portfolio Securitisation Fund I, which was established in August 2015 to securitise US$2m worth of microfinance loans originated by five universal credit organisations (UCOs).

    Two issues of the fund will be listed on the stock exchange, .......

    News Round-up 28 January 2016

  • CAA hits ILS ratings

    S&P has lowered its ratings on the class A and B notes issued by Vitality Re V Series 2014 and Vitality Re VI Series 2015 by two notches to triple-B minus and double-B minus respectively. The action reflects updated information received from Milliman and Aetna Life Insurance Co related to the recently-priced Vitality Re VII catastrophe bond.

    The Consolidated Appropriations .......

    News Round-up 28 January 2016

  • Asset manager adds SF expert

    EFA Group has appointed Jacques-Olivier Thomann as senior advisor. He will work with the management team to provide strategic counsel and insights on the business.

    Thomann was previously general manager of BNP Paribas' Swiss branch, responsible for structured finance. Earlier roles at the bank posted him in Geneva, Singapore and Paris and included a stint as global head of commodity .......

    Job Swaps 28 January 2016

  • Bibby ceo appointed

    Bibby Financial has appointed Steven Box as international ceo, expanding his role from European ceo. His operational responsibilities now extend to Canada, USA, India, Hong Kong, Singapore and Malaysia, in an attempt to aid Bibby's growth globally.

    Box joined the firm last year after working in numerous roles at HSBC, most recently as global head of receivables finance. His experience .......

    Job Swaps 28 January 2016

  • VW emissions effect yet to bite

    Buyer and dealer incentives put in place in the wake of Volkswagen's emissions violations have buoyed sales, despite a continuing stop-sale order on diesel models, says Moody's. However, the rating agency expects both sales and the performance of Volkswagen-sponsored ABS to weaken going forward.

    While Volkswagen securities performed well in October, there was some weakening seen in November. The car manufacturer .......

    News Round-up 28 January 2016

  • PREPA deal back on

    PREPA and its Ad Hoc Group of bondholders have reopened talks regarding the potential US$8bn restructuring transaction, a proposal that appeared to have fallen through after failing to reach the legislative deadline last week (SCI 25 January). An amended agreement is now edging closer, following talks between the parties over the weekend.

    Negotiations between the parties have dragged on for months over the deal, .......

    News Round-up 28 January 2016

  • Euro secondary keeps positive

    The European securitisation secondary market is holding on to the positive tone of the past few sessions.

    "Sentiment was a bit better again yesterday, flows in general are improving and prices are going higher on- and off-BWIC," says one trader. "With little primary activity technicals are supportive of secondary, so while global credit remains relatively stable that positive trend could .......

    SCIWire 28 January 2016

  • Structured credit vets branch out

    Dean Atkins and Ian Robinson have been named co-heads of 400 Capital Management Europe, the new London-based unit of 400 Capital Management. Their focus will be on managing European structured credit and securitised assets.

    The pair are former co-ceos of Kinson Capital, a fixed income advisory and asset management boutique, and have previously worked at ABN AMRO. Atkins was most .......

    Job Swaps 27 January 2016
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