ABS

  • Canada chief appointed

    DBRS has appointed Douglas Turnbull as vice chairman and country head, Canada. He reports to Dan Curry, the company's ceo.

    In this newly created leadership position, Turnbull will be responsible for overseeing all of the rating agency's day-to-day operations in Canada. As part of the global management team, he will also focus on the strategic development of DBRS's rating business .......

    Job Swaps 6 January 2016

  • Marketplace lender beefs up

    CommonBond has bolstered its capital markets team by hiring Beth Starr as vp and head of capital markets. The marketplace lender has also secured a warehousing line of funding totalling US$275m from Barclays, Macquarie Capital and others. This takes CommonBond's total funding to date to US$625m, including both equity and lending capital.

    Starr was previously md at Jeffries and Lehman .......

    Job Swaps 6 January 2016

  • First-loss investments revealed

    Chenavari Investment Managers has disclosed recent direct investments made by two of its funds - Chenavari Capital Solutions and Toro. Senior finance for the investments was provided by a leading global bank and financial services firm.

    Chenavari Capital Solutions has invested €4m in junior instruments in a short-term loan warehousing transaction backed by a portfolio of diversified leveraged corporate loans. .......

    Job Swaps 6 January 2016

  • Special counsel named

    Schulte Roth & Zabel has promoted Jay Williams to special counsel in the New York office, where his practice focuses on securitisations and other structured finance transactions, as well as derivatives. He represents issuers, underwriters and investment managers in the structuring and negotiation of a wide variety of structured finance transactions, including CLOs, warehouse facilities and repackagings.

    Williams has extensive .......

    Job Swaps 6 January 2016

  • Euro secondary constructive

    A constructive tone is generating a good start to the year for the European securitisation secondary market.

    "The past few days have been relatively constructive, especially given weaker broader markets," says one trader. "We've seen quite a bit of activity across the board with investors coming back in to the market, especially real money."

    Buying interest has emerged in most .......

    SCIWire 6 January 2016

  • Bank sheds large NPL portfolio

    Banca Monte dei Paschi di Siena (BMPS) has sold a non-performing loan portfolio to Epicuro SPV, a securitisation vehicle financed by affiliates of Deutsche Bank. The portfolio is composed of just under 18,000 borrowers, with a total book value of around €1bn.

    The loans are mainly unsecured and related to corporate counterparties, with the majority having become non-performing before 2009. .......

    News Round-up 5 January 2016

  • Direct lender launches UK fund

    Beechbrook Capital has completed the first close of its inaugural UK SME Credit Fund with commitments of more than £100m. A second close is expected to be held in 2Q16, with a target fund size of up to £200m.

    Institutional investors that made commitments to the fund include the British Business Bank and European Investment Fund. The fund will provide .......

    News Round-up 5 January 2016

  • Euro secondary eases in

    The European securitisation secondary market is easing in to the New Year despite broader market volatility.

    The first trading day of 2016 saw thin liquidity but strong market tone as securitisation asset classes remained insulated from the weakening in wider credit yesterday. Secondary spreads held up across the board as levels echoed those seen at the end of December and there .......

    SCIWire 5 January 2016

  • ED hires for growth

    The European DataWarehouse (ED) has appointed Christian Thun as coo and deputy ceo, effective from the start of this year. He takes responsibility for key operational areas such as data management, customer account management and research.

    Thun previously spent 14 years at Moody's Analytics while he has also worked at Baetge & Partner and was also involved in structured finance .......

    Job Swaps 4 January 2016

  • Rating agencies making progress

    The US SEC has issued its two annual staff reports on credit rating agencies registered as nationally recognised statistical rating organisations (NRSROs). The reports show the NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

    The SEC says that its reports show that all NRSROs have enhanced their understanding of their obligations as regulated entities and .......

    News Round-up 4 January 2016

  • SF lawyer appointed in London

    Lisa Cargill has joined the structured transactions team at Morgan Lewis. She brings extensive structured finance experience across numerous jurisdictions and asset classes.

    Cargill will be based in London but will also partner with the firm's US team to help clients there with their European business dealings. She was previously at Sidley Austin.

    .......

    Job Swaps 4 January 2016

  • BNP adds to ABS expertise

    BNP Paribas has brought in Alex Nixon as vp in investment banking, focusing on non-flow ABS. He joins the bank from KGS-Alpha Capital Markets. Nixon has also held a number of roles at Ascent Biomedical Venutres and Ernst & Young.

    .......

    Job Swaps 24 December 2015

  • PREPA deal reached

    PREPA has finally reached an agreement with bond insurance subsidiaries of Assured Guaranty over a financial restructuring plan. The agreement will provide a framework for resolving the treatment of holders of insured PREPA revenue bonds, as well as supplying bridge financing for PREPA's interest payment on 1 January 2016.

    Assured Guaranty's proportionate share of the PREPA bridge financing is approximately US$15m. .......

    News Round-up 24 December 2015

  • P2P deal expands asset class

    A second OnDeck Capital securitisation is in the market, but this time the online lender is acting as servicer, not sponsor. That role is being taken by Jefferies Asset Funding, which is sponsoring a rated marketplace lending ABS for the first time.

    The US$143.646m MarketPlace Loan Trust Series 2015-OD4 comprises a US$128.525m A class and a US$15.121m B class. The class A .......

    News Round-up 23 December 2015

  • Recruitment shift

    SF hiring zoning in on peripheral space

    The recruitment outlook in structured finance remains subdued as regulation maintains its stranglehold in Europe and the US. However, peripheral players are keeping the market ticking over by testing the securitisation waters.

    "There has been some activity going on in the traditional structure finance space; for example, on the rating agency side," says one London-based headhunter. "Some agencies have been .......

    News Analysis 23 December 2015

  • Guggenheim adds origination vet

    Guggenheim Securities has appointed Diane Rinnovatore as a senior md in its structured products origination business. She reunites with Cory Wishengrad, head of structured products and former colleague at both Lehman Brothers and Barclays.

    Rinnovatore joins Guggenheim from Star Mountain Capital. She was previously co-head of securitised products origination for the Americas and head of US bank DCM at Barclays, as .......

    Job Swaps 23 December 2015

  • Alarm bells

    Fund liquidations bring echoes of 2007

    With year-end rapidly approaching, high yield credit was thrown into a loop by a quick-fire succession of announcements from Lucidus Capital Partners, Third Avenue Management and Stone Lion Capital Partners. Redemption suspensions and portfolio liquidations at the funds are sparking fears of a 2007 re-run.

    Lucidus announced last week that it had liquidated its entire portfolio, with the intention of .......

    News Analysis 23 December 2015

  • Utility tariff criteria updated

    Fitch has updated the asset-backed sector of its criteria for rating US utility tariff bonds, outlining the unique features of a tariff bond relative to a traditional ABS. Most notably, tariff bonds are compared by the agency for their characteristics as intangible, future-flow regulatory assets. The criteria also references the special protections available to holders of tariff bonds that qualify for achievement of .......

    News Round-up 22 December 2015

  • RMBS, CLO fraud admitted

    A former co-head of US ABS, RMBS and CMBS trading at RBS Securities has waived his right to indictment and pleaded guilty to participating in a multimillion dollar securities fraud scheme. Adam Siegel admitted that he and colleagues conspired to increase RBS's profits on CLO and RMBS trades at the expense of customers.

    Siegel held the role at RBS from .......

    Job Swaps 22 December 2015

  • Student movement

    SLABS market diverging with innovation, uncertainty

    The US student loan ABS sector remains mired in uncertainty surrounding potential downgrades that could be inflicted on a number of FFELP transactions. In contrast, private SLABS sponsors continue to innovate in terms of collateral and new structures.

    One trail blazer in the student loan ABS segment is Social Finance (SoFi), which debuted at end-2013 with its SoFi Professional Loan .......

    News Analysis 22 December 2015

  • EBA makes synthetic STS suggestion

    The EBA supports the limited extension of the prudential treatment granted to simple, transparent and standardised (STS) securitisations to banks that originate and retain certain SME balance sheet synthetic securitisation positions. The authority has published criteria to determine transaction eligibility.

    The EBA has examined the synthetic securitisation market and, based on its findings, supports the extension of STS capital requirements .......

    News Round-up 21 December 2015
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