ABS

  • ESMA consults on CRAs

    ESMA has published a discussion paper on the validation and review of credit rating agency (CRA) methodologies. The paper provides background on validation practices in the credit rating industry and shares good practice observed by ESMA in its recent supervisory investigation.

    The paper also seeks stakeholders' views on the validation and review of CRA methodologies. It particularly requests views on how .......

    News Round-up 18 November 2015

  • Purchase progress?

    ABSPP prospects assessed one year on

    The ECB's ABSPP entered into force on 19 November 2014 (SCI passim) and has dominated European ABS proceedings since. A recent ECB commitment to QE2 has buoyed the market, but the lackluster performance of the purchase programme a year since its inception may temper expectations.

    What role ABSPP could have in QE2 is not yet known, but the purchase programme's limited success .......

    News Analysis 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • STS changes proposed

    Insurance Europe has released a paper which makes a number of proposals regarding alignment of the draft regulation for a European STS framework with Solvency 2. Among its suggestions, the paper says that capital charges for STS deals should be aligned to those for corporate bonds.

    The paper also says that the scope of all tranches - junior and senior - in STS transactions .......

    News Round-up 17 November 2015

  • Aircraft ABS set to grow

    The aircraft ABS sector should continue to grow next year, with more deals and more leasing entrants, says Fitch. The agency counts 11 aircraft securitisations completed since the start of 2014.

    Some recent deals have included increased concentrations in older aircraft, while regional jets and turbo-prop aircraft are also being included more frequently in collateral pools. Outstanding ABS performance has .......

    News Round-up 17 November 2015

  • Madden scenarios played out

    The ongoing litigation surrounding Madden vs. Midland Funding poses risks to marketplace lenders and related ABS, suggests Moody's. The agency says that it throws into doubt the presumed legal benefits that come with marketplace lenders using third-party partner banks to originate loans.

    The US Second Circuit Court of Appeals back in May held that non-bank debt collectors that purchased written-off .......

    News Round-up 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • Insurance merger progresses

    Willis Group has urged its shareholders and shareholders of Towers Watson to vote in favour of the proposed merger between the two firms (SCI 30 June). Both boards have already unanimously agreed on the transaction.

    The proposed deal will enable Willis shareholders to benefit from a significant economic opportunity generated by the combination, while Towers Watson investors would benefit through .......

    Job Swaps 16 November 2015

  • OneMain merger approved

    Springleaf has reached a settlement with the US Department of Justice and the Attorneys General of seven states that will allow the company to proceed with closing its acquisition of OneMain Financial Services. An announcement on the acquisition was released earlier this year, with an original expectation for it to close in 3Q15 (SCI 9 March).

    Springleaf says that details of .......

    Job Swaps 16 November 2015

  • VW credit risks vary

    The credit quality of ABS sponsored by Volkswagen is being negatively affected by the heightened risks to the earnings and reputation of the car manufacturer, says Moody's. The agency currently rates 34 VW ABS transactions globally, including 20 in Europe, six in the US, six in Asia and two in Latin America.

    Moody's downgraded the long-term senior unsecured ratings of .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • Duo step up to lead ILS firm

    Tokio Solution Management has appointed Susan Lane and Tsuyoshi Harigai as co-ceos, effective from 1 January 2016. They will take over from Kathleen Faries, who will become head of the Bermuda branch of Tokio Millennium Re.

    Lane and Harigai will have joint responsibility for the day-to-day management of Tokio Solution. Lane is currently svp and head of business development and .......

    Job Swaps 13 November 2015

  • Marketplace platform bolstered

    Marketplace loan securitisation platform Ldger has appointed James Alexander as cio. He will open an office in San Francisco to build relationships with leading technology-based originators.

    Alexander has been involved in marketplace lending since 2010. He previously held roles at Prosper and Lending Club, where he facilitated access to institutional capital. In a previous role for Colchis Capital he developed .......

    Job Swaps 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • PCC unveiled for ILS push

    The Government of Gibraltar has announced legislation that provides a new form of protective cell company (PCC), designed specifically for ILS. The new PCC regime will be regulated under Gibraltar's Insurance Companies (SPV) Regulations 2009.

    "When the SPV legislation was introduced in 2009, it permitted SPVs to be established but not for multiple transactions," says Michael Ashton, senior executive at .......

    News 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • Chinese disclosure rules weighed

    The recent announcement of new disclosure rules for consumer credit ABS in China will improve transparency and contribute to the development of the market, says Fitch. The disclosure rules were presented by the National Association of Financial Market Investors and are the fourth to be released by the regulatory organisation (SCI 22 October).

    Fitch warns that the disclosures still stop short .......

    News Round-up 12 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Direct lender beefs up

    Comvest has recruited Colleen Gurda as vp, responsible for originating, structuring and managing investments for the firm's direct lending fund, Comvest Capital. She was previously a vp at Alcentra Capital Corporation, with responsibility for origination, transaction execution, due diligence and the monitoring of portfolio companies. Before that, Gurda was in the healthcare investment banking group at Barclays, where she worked .......

    Job Swaps 12 November 2015
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