ABS

  • Pubco performance 'under-appreciated'

    While S&P has affirmed Punch Taverns' ratings and revised its liquidity outlook from less than adequate up to adequate, the rating agency's use of its corporate methodology rather than corporate securitisation remains wrong, suggests Barclays credit analysts. With further non-core disposals expected, there is value to be found in Punch's bonds.

    S&P affirmed the ratings and revised its outlook as .......

    News 28 October 2015

  • Data firm inks rating partnership

    Silverfinch is teaming up with Fitch Solutions to provide its insurer clients with access to Fitch's credit ratings. Fitch says that the credit ratings will help allow insurers to comply with Solvency 2 regulatory reporting and risk management capital requirements for their investment portfolios.

    Fitch's 34,000 global credit ratings will now be included in Silverfinch's Solvency 2 look-through service. Asset managers who .......

    Job Swaps 28 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • Navient lays out FFELP recommendations

    Navient has released repayment data on FFELP student loans, as well as a comment letter to Moody's regarding its ratings on ABS backed by such assets. The letter includes a number of recommendations, including Navient's belief that voluntary prepayments will continue to increase due to improving economic conditions, refinancing activity and the ultimate launch of the RePAYE programme.

    The data .......

    News 27 October 2015

  • ICE set to buy data giant

    ICE is set to acquire Interactive Data Corporation in a US$5.2bn deal from Silver Lake and Warburg Pincus. The deal will include a payment of US$3.65bn in cash and US$1.55bn in ICE common stock, as ICE seeks to expand its service to markets by adding technology platforms and increasing new data and valuation services.

    With the acquisition, ICE will obtain .......

    Job Swaps 27 October 2015

  • Safe harbour rule finalised

    The US FDIC's board has approved a final rule regarding the treatment of financial assets transferred in connection with a securitisation. Certain provisions adopted by the criteria for a securitisation safe harbour are set under the final rule.

    A recent Chapman and Cutler memo notes that the rule clarifies requirements with respect to the retention of an economic interest in securitised .......

    News Round-up 27 October 2015

  • Underwriting duo poached

    Kirk Meyers and Randy Newman have joined Wells Fargo's securitisation underwriting team. Both are working on ABS and MBS transactions, arriving from Hilltop Holdings.

    Meyers has held a number of senior roles where he has worked in ABS, including at Southwest Securities and Banc of America Securities. Newman's previous roles have included a number of positions at Bank of America .......

    Job Swaps 27 October 2015

  • Moody's taps MBS reporter

    Moody's has hired Jody Shenn as an analyst for its RMBS and ABS services. He was most recently a mortgage bond reporter at Bloomberg. Shenn's reporting roles have also included stints at American Banker and The Wall Street Journal.

    .......

    Job Swaps 27 October 2015

  • Russian arrears could 'accelerate'

    Moody's reports that the rate of arrears in Russian structured mortgage deals could accelerate if a further drop in oil prices exerts downward pressure on the country's economy. The agency says that Russia's struggling economy has already pushed up arrears in RMBS and ABS from the jurisdiction.

    Delinquencies of 60 days and above increased by 10% or more in 1H15 .......

    News Round-up 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • ABS analyst brought in

    Craig Branca has joined CoreLogic as vp, strategic accounts. The securitisation data analyst moves from Bloomberg, where he worked on mortgage products. He has also been involved in producing and managing ABS and RMBS data products for Lewtan.

    .......

    Job Swaps 26 October 2015

  • SF head restored

    William Moretti has been appointed md and head of MetLife's structured finance group for the second time. His role includes monitoring ABS/CMBS structures, opening new asset classes for investment and acquiring/selling public and private securities across all ABS sub-sectors, CMBS and CLOs.

    Moretti most recently led a team of technical derivatives specialists/quantitative analysts after his first stint as structured finance .......

    Job Swaps 26 October 2015

  • Paloma adds portfolio manager

    Sam Choi has joined Paloma Partners as a portfolio manager. He was previously md at Citadel and has also held senior roles at JPMorgan, Bear Stearns, Visible Markets and Lehman Brothers. His experience encompasses ABS and MBS management, as well as derivatives trading.

    .......

    Job Swaps 26 October 2015

  • Asian deal analysis set out

    The analysis of securitisation transactions in emerging Asian economies requires thorough examination of various qualitative and quantitative factors, says Moody's. Credit considerations for developing Asian markets include legal and regulatory factors, as well as the quality of underlying assets.

    On the legal front, Moody's says that there should be consideration of whether transactions have sufficient bankruptcy-remoteness protection. This includes the establishment .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Actuary head added

    Horseshoe Group has appointed Kathy Garrigan as svp and head of actuarial services, responsible for pricing and reserving activities for the ILS firm. She is the primary contact for Horeshoe Group's portfolio of clients and participates in consulting activities that include pricing and underwriting reviews, and enterprise risk management functions.

    Prior to joining Horseshoe Group, Garrigan was a principal consultant at .......

    Job Swaps 23 October 2015

  • China prompts container concern

    The recent economic slowdown in China could have negative implications for US container ABS transactions, says Fitch. A continued decline in China's manufacturing sector accompanied by the country entering a longer-term recessionary environment with slow GDP growth could put container utilisation and lease rates in outstanding transactions under pressure.

    China's GDP growth already decreased to 6.9% in 3Q15, moving below .......

    News Round-up 23 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015

  • Margin requirement finalised

    The US Fed, FDIC, OCC, Farm Credit Administration and the FHFA have approved a joint final rule establishing margin requirements for swaps that are not cleared through a clearinghouse. The rule was developed in consultation with the CFTC and the SEC.

    The final rule sets forth requirements for covered swap entities to post and collect initial and variation margin for .......

    News Round-up 23 October 2015

  • Data service expanded

    SunGard has expanded its pricing and data services solution to include the entirety of Markit's fixed income pricing data. The offering aims to provide third-party administrators and asset managers with a customised and scalable price validation solution that gives clients the freedom to focus on value-added practices, such as oversight analysis rather than data scrubbing. It also helps customers improve .......

    Job Swaps 23 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015
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