ABS

  • Euro secondary positive

    The European securitisation secondary market continues to stay positive in line with sentiment in wider markets.

    "Market tone is pretty constructive after a few stable sessions in broader markets," says one trader. "Consequently we're seeing a few people now looking to add."

    However, the trader continues: "Liquidity remains pretty thin and we're not seeing many BWICs. What action there is .......

    SCIWire 1 March 2016

  • Malta gets first RSPV

    USA Risk launched the first reinsurance SPV in Malta last week as the jurisdiction seeks its debut ILS deal. Exchange Re will allow ILS managers and investors to undertake private collateralised reinsurance transactions within the jurisdiction and uses a cell-based approach.

    Malta adopted legislation on securitisation cell companies back in 2014 for the purpose of governing future ILS (SCI 8 December .......

    News Round-up 29 February 2016

  • Investment banking head hired

    ClearlySo has recruited Matthew Vickerstaff as head of investment banking. In this role, he will assume overall responsibility for the firm's investment banking and capital raising activities, including equity and debt placement. Vickerstaff joins from Societe Generale, where he was responsible for managing the global structured finance teams. He has also worked at Hambros Bank.

    .......

    Job Swaps 29 February 2016

  • Chinese revolvers 'add risks'

    Revolving structures are expected to become more widely used for short-tenor collateral in the Chinese Credit Asset Securitisation market, having emerged in 2H15 in a number of consumer ABS transactions. However, Fitch warns that the use of revolving periods introduces a number of risks for investors that are not present in static transactions. For a revolving transaction to achieve a .......

    News Round-up 29 February 2016

  • Marketplace origination addressed

    Lending Club has introduced changes to its loan origination model to address the legal concerns created by the Madden vs. Midland Funding decision in the Second Circuit US Court of Appeals. Moody's notes that these adjustments reduce, but do not eliminate, the risks of a marketplace lender's loans being subject to state usury laws.

    As part of Lending Club's changes, .......

    News Round-up 29 February 2016

  • Euro secondary flurry

    The European securitisation secondary market saw a flurry of activity on Friday.

    After declining volumes throughout the week the final session saw an uptick thanks to impending month-end and anticipation of a quiet week ahead. The sectors that saw most activity were the usual suspects - prime assets and higher quality peripherals - with trades going through both on- and .......

    SCIWire 29 February 2016

  • Supply and demand

    Capital relief trade pricing, liquidity discussed

    Demand for capital relief trades has outweighed supply in recent years, driving prices lower, according to panellists at SCI's inaugural capital relief trades conference in December. Liquidity remains thin, however, and the spectre of volatility is appearing on the horizon.

    Juan Grana, md of structured solutions at Nomura, says that demand for capital relief trades has outweighed supply, which has .......

    News Analysis 26 February 2016

  • Italian SME data differs

    Significant differences exist between static vintage default data and empirical default rates used to validate internal rating models for Italian SME borrowers, says Fitch. The rating agency notes that vintage data typically understates default figures.

    Fitch noticed this trend recently when rating Multi Lease AS, Siena Lease 2016-2 and Claris SME 2015. The first is a securitisation of lease receivables .......

    News Round-up 26 February 2016

  • Puerto Rico counter offer criticised

    A number of mutual funds that hold over US$10bn invested in Puerto Rico and its public corporations have warned against a counter offer made to the commonwealth's debt restructuring plan. In a letter to Puerto Rican House Representative Rafael Hernandez, OppenheimerFunds, Franklin Advisers and First Puerto Rico Family of Funds urge the commonwealth's legislature to maintain its current COFINA payment structure, which securitises .......

    News 26 February 2016

  • Subprime auto delinquencies near peak

    US subprime auto ABS delinquencies hit a six-year high last month, according to Fitch. The rise has been driven by underperforming loans from 2013 to 2015 pools and has elevated losses in the sector.

    The 60-day delinquency rate reached 4.98% in January, the highest since it reached the marginally lower level of 4.97% in September 2009. Lower credit quality within recent vintages .......

    News Round-up 26 February 2016

  • Euro secondary slips

    Activity and pricing levels have slipped further in the European securitisation secondary market.

    Yesterday saw further weakness in Portuguese paper as the aftermath of the BCP tender pushed bonds out further during the session after they had opened wider on the previous day's close. Also in peripherals, yesterday's Spanish seniors BWIC only partially traded.

    Meanwhile in core assets spreads are .......

    SCIWire 26 February 2016

  • Solar effect

    BBOXX ceo and co-founder Mansoor Hamayun answers SCI's questions

    Q: How and when did BBOXX become involved in the securitisation market?
    A: You need to look at the core of our business first, which is around designing, distributing and financing solar systems to improve access to energy across Africa and other parts of the developing world. Since 2010, we've sold 55,000 solar kits and impacted .......

    Provider Profile 26 February 2016

  • Downgrade possible

    Marketplace ABS ratings review sparks concerns

    Moody's has placed the subordinated notes of three marketplace lending securitisations on review for possible downgrade, less than a year after the deals priced. The move has sparked concerns about the rating process for and collateral performance of the asset class.

    The affected notes are the Citi Held For Asset Issuance 2015-PM1, 2015-PM2 and 2015-PM3 class C tranches, which Moody's .......

    News Analysis 25 February 2016

  • Transportation pro hired

    Pillsbury has recruited transportation and structured finance lawyer Jonathan Goldstein as partner in its New York office. Goldstein moves from Katten Muchin Rosenman, where he was also partner. He has additionally held roles at Shearman & Sterling as head of transportation finance and Milbank as senior associate.

    Goldstein's practice focuses on a broad spectrum of international financial and corporate transactions .......

    Job Swaps 25 February 2016

  • Brexit implications weighed

    The UK will hold a referendum on 23 June to decide whether to stay within the EU. Uncertainty about a potential 'Brexit' is expected to cause technical weakness in UK securitisation markets in the meantime.

    JPMorgan European ABS analysts expect investors to demand increased risk premia to hold UK risk between now and June. Benchmark anchor markets are already pricing .......

    News 25 February 2016

  • 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
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