ABS

  • Euro ABS/MBS turns

    After two weeks of insulation from broader market volatility the positive tone in the European ABS/MBS secondary market has turned.

    "It's become challenging, to put it mildly, now that macro volatility is impacting our space and drying up liquidity," says one trader. "The last two sessions have been risk off and I don't see that changing today with most investors .......

    SCIWire 21 January 2016

  • ILS portfolio manager tapped

    Butch Agnew has been brought in by Tokio Solution Management as vp, ILS portfolio management. He moves from Dyna Management Services, where he was also vp, and has previously held other senior roles at AQR RE Management, Aon Risk Solutions and ATB Financial.

    .......

    Job Swaps 20 January 2016

  • ILS market hits milestone

    The ILS market reached a new height for issuance in 2015, hitting US$70bn and exceeding the previous record of US$65bn in 2014. The figures come from a new report by Willis Capital Markets & Advisory (WCMA), which says that reinsurer interest and investor confidence continued to grow last year as new products and perils were brought to the table.

    In particular, .......

    News Round-up 20 January 2016

  • Euro secondary story unchanged

    Yesterday's improvement in broader markets did not change the story in the European securitisation secondary market and this morning's macro weakness is likely to keep it that way.

    "Yesterday things were a bit better overall and credit indices came in some way," says one trader. "However, little changed in our sector."

    Instead, recent trends continue, the trader says. "Senior prime .......

    SCIWire 20 January 2016

  • Prime auto LTV losses compared

    Pools of prime US auto loans with high LTV ratios perform more than three times worse on a cumulative net loss (CNL) basis than those with low LTVs, Moody's reports. Average LTVs in auto loan ABS deals issued since 2010 have been generally low too, but losses could rise as competition in the auto lending industry increases and props up the .......

    News Round-up 19 January 2016

  • Alignment of interest

    Marketplace lending regulatory scrutiny discussed

    Representatives from Kaye Scholer, Fundation Group and PeerIQ recently discussed the impact of heightened regulatory scrutiny on the US marketplace lending industry during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the fall-out from the Madden versus Midland Funding ruling and the US Treasury's .......

    Talking Point 19 January 2016

  • Swaps allow for higher ratings

    Cross-currency swaps that mitigate the effect of foreign exchange controls have enabled Moody's to assign ratings above the applicable foreign currency bond ceilings to foreign currency-denominated securitisation transactions, says the rating agency. Without these features such ratings would not be attainable.

    "To mitigate the transferability and convertibility restrictions, an offshore swap counterparty typically receives local currency payments from an onshore .......

    News Round-up 19 January 2016

  • UK card performance 'strong'

    The collateral performance of transactions in S&P's UK credit card ABS index remained strong on the back of economic growth in 3Q15, says the rating agency. The UK economy's growth exceeded any of the G7 or large European economies' growth over the past two years.

    Charge-offs increased from 2.9% in 2Q15 to 3.1% in 3Q15, which S&P attributes to a .......

    News Round-up 19 January 2016

  • Euro secondary hesitant

    It was an unsurprisingly quiet day yesterday in the European securitisation secondary market as participants appear hesitant to return to the fray.

    As a result of the US holiday and continuing broader market volatility it was a quiet session yesterday even for a Monday. Many investors remained sidelined and appear to be waiting for some signs of broader credit stability .......

    SCIWire 19 January 2016

  • Euro secondary resilient

    The European securitisation secondary market remained resilient into Friday's close despite broader market volatility.

    That volatility continues to ensure that activity is patchy, however. Nevertheless, the last session of the week was reasonably busy for a Friday as technicals, notably lack of supply, continue to support spreads and fuel buying interest.

    The major beneficiaries are still ECB-eligible peripherals, CMBS and .......

    SCIWire 18 January 2016

  • Finalised FRTB 'still punitive'

    The Basel Committee has released the final version of its fundamental review of the trading book (FRTB). While the final ruling remains punitive for securitisation, it is not as harsh as earlier drafts suggested it might be.

    The final version has lower capital requirements than earlier versions recommended. However, the proposed requirements are still higher than the current SSFA standard.

    News 15 January 2016

  • Soccer deal debuts

    XXIII Capital has launched its inaugural securitisation - a US$72.9m ABS backed by nine receivable purchases and loans tied to European football clubs. Kroll Bond Rating Agency has assigned a single-A rating to the US$64.2m of class A notes in XXIII Capital Financing I.

    The remaining US$8.8m of class B notes in the transaction are unrated, with the maturity date for both classes .......

    News Round-up 15 January 2016

  • Green bond RFC issued

    Moody's has issued a request for comment on its proposed approach and methodology for evaluating an issuer's management, administration and reporting on environment projects financed through green bonds. The rating agency's green bonds assessment will apply to fixed income securities that raise capital for use in projects or activities with specific climate or environmental sustainability purposes.

    This would include debt .......

    News Round-up 15 January 2016

  • Debut receivables deal hits China

    Country Garden has brought a new ABS transaction to the market that packages part of its contract receivable rights, a deal that the Chinese property developer claims to be the first of its kind in the industry. The CNY2.95bn deal was issued via Zengcheng Country Garden and was approved by the Shanghai Stock Exchange on 25 December.

    The deal includes certain contract .......

    News Round-up 15 January 2016

  • Client services bolstered

    Rockstead has recruited Andrew Salter to act in the newly created role of director of client services. He previously served in Investec Bank's credit trading and investment unit, but before that was head of structured finance and head of funding at Kensington.

    Additional recent hires at Rockstead include Liz Wade, who joined as head of operations, while Karen de Luca .......

    Job Swaps 15 January 2016

  • Euro secondary steady

    The European securitisation secondary market continues to see steady activity and pricing levels are for the most part stable.

    Once again, yesterday's activity was driven primarily by BWICs and flows off the back of those auctions. The main interest surrounded autos following the Renault raid with a few sellers emerging after the news broke, but by the close buying interest had .......

    SCIWire 15 January 2016

  • AXA IM boosts SF team

    AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in Paris and report to co-head of securitised and structured assets Alexandre Martin-Min.

    Nguyen will be responsible for managing multi-asset class portfolios within AXA IM's structured finance team. He was most recently at Natixis and has also worked at Société Générale.

    .......

    Job Swaps 14 January 2016

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • African off-grid solar deal debuts

    Oikocredit and solar energy provider BBOXX have teamed up to produce the first securitisation for off-grid solar in Africa. The firms will fund the distribution and financing of solar technology for low income households in Kenya.

    The structure was created by setting up an SPV called BBOXX DEARs. The SPV bundles the contracts of BBOXX customers who have bought solar .......

    News Round-up 13 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • Fund offers core assets access

    AXA Investment Managers has launched a fund offering investors access to the core lending activity of major European commercial banks. The AXA IM Partner Capital Solutions fund raised €230m last year.

    As banks increase lending to their core professional clients, regulatory requirements to provide more upfront capital provide an opportunity for capital relief trades where the fund identifies suitable lending portfolios .......

    Job Swaps 12 January 2016
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