ABS

  • 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

  • ABS disclosure rules released

    The National Association of Financial Market Institutional Investors (NAFMII) has published a new set of rules on the issuance of ABS backed by consumer loans in China. The rules are the fourth set released by the regulatory organisation, following guidelines for auto ABS, RMBS and loans for urban redevelopment.

    The new rules set a number of disclosure requirements required by .......

    News 22 October 2015

  • Conservatism aids Chinese auto ABS

    China's auto finance and related securitisation sector will face new tests as macroeconomic uncertainty increases and new vehicle sales growth slows, says S&P. However, the industry's strong regulatory framework and the simplicity of its ABS structures should contain the risks.

    "The market development and regulatory oversight have helped to shape credit risk profiles in China's auto finance and auto loan securitisation .......

    News Round-up 22 October 2015

  • Trading book capital charges scrutinised

    Bank capital charges attached to market risk in the trading book could increase by 2.2 times for those involved in securitisation, according to a joint report by ISDA, the Global Financial Markets Association and the Institute for International Finance. The report analyses impact studies submitted by 28 banks to the Basel Committee regarding the regulator's framework for the fundamental review of the trading book.

    News Round-up 22 October 2015

  • Euro secondary still strong

    The European securitisation secondary market is continuing to see a strong BWIC calendar and market tone, but little overall price movement as liquidity remains thin.

    Despite the continuing positive tone and yesterday's BWICs trading well, secondary spreads are broadly unchanged. Away from lists flows remain light with peripherals notably quiet ahead of today's ECB meeting.

    The UK non-conforming space continues .......

    SCIWire 22 October 2015

  • Exposed VW deals revealed

    Up to €2.6bn worth in loans and leases packaged into Volkswagen auto ABS transactions have exposure to the EA189 EU5 engines that were supposedly built with emissions-cheating software, according to documents disclosed by the car manufacturer. In total, the documents reveal 15 deals with exposure, including eight German transactions.

    The German deals are: VCL 18, 19, 20 and 21; and Driver ten, .......

    News Round-up 21 October 2015

  • Euro secondary retains BWIC focus

    BWICs are continuing to dominate the European securitisation secondary market.

    Thanks in part to a relatively quiet primary market, secondary auctions saw increased interest yesterday. Most bonds in for the bid traded in line with expectations and tone across most sectors firmed a little. The notable exception is CLOs where any potential rally is being hampered by strong primary and secondary supply.

    SCIWire 21 October 2015

  • DOJ lawyer moves on

    Geoffrey Graber has joined Cohen Milstein Sellers & Toll as a partner. He will be part of the firm's consumer protection and product safety practice group, and will contribute to other practice areas, including whistleblower/false claims, securities fraud and public clients.

    Prior to joining the firm, Graber served as a deputy associate attorney general and director of the RMBS Working .......

    Job Swaps 20 October 2015

  • Euro secondary picking up?

    After a quiet start to the week, the European securitisation secondary market looks to be picking up.

    "Yesterday was very quiet both on- and off-BWIC," says one trader. "The highlight was probably the deep mezz UK non-conforming auction, which on the face of it was pretty interesting and saw strong client interest. But as is the case with many BWICs .......

    SCIWire 20 October 2015

  • NPL provisioning guidance welcomed

    Brazil's capital markets regulator Comissão de Valores Mobiliários (CVM) recently released guidance to trustees and auditors of fundos de investimentos em direitos creditórios (FIDCs) on procedures to determine non-performing loan (NPL) provisioning levels. Moody's notes in its latest Credit Outlook publication that the move is credit positive for senior tranches of securitisations because it will divert more collateral cashflow to .......

    News Round-up 19 October 2015

  • Asian aircraft ABS debuts

    BOC Aviation has sold a portfolio of 24 aircraft to Shenton Aircraft Investment I, in what is believed to be the first aircraft lease ABS from an Asian-based sponsor. SHNTN 2015-1 has issued two tranches of notes to finance a portion of the purchase.

    The tranches comprise US$747.4m of 4.75% series A notes and US$60.5m of 5.75% series B notes. S&P and Fitch .......

    News Round-up 19 October 2015

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains patchy.

    Friday saw a slight dip in volumes and liquidity remains thin overall. Activity continues to be patchy across sectors and selective within them. However, spreads remained broadly stable amid broader market positivity.

    Prime assets and UK non-conforming continue to attract the most attention and look strongest. Meanwhile, peripherals and CLOs are .......

    SCIWire 19 October 2015

  • UK ILS hurdles surveyed

    The success of a UK-domiciled ILS market hinges on it passing 'considerable hurdles', according to a report by Grant Thornton. The firm says that a proposal to form a new competitive corporate and tax structure (SCI 25 September) to accommodate the development of a UK ILS hub will centre on the size of the opportunity, the required changes and the likelihood of success.

    The report claims .......

    News Round-up 16 October 2015

  • Auto ABS approach updated

    S&P has published a new approach for rating European auto loan ABS and assessing the obligor default analysis for auto lease ABS. The criteria supersedes the agency's previous broad approach for rating European consumer finance deals.

    The new criteria also replaces S&P's rating approach for leasing securitisations in Italy. This is in relation to obligor default risk analysis when rating Italian .......

    News Round-up 16 October 2015

  • Tariff deficits near sustainability

    Fitch reports that Spain and Portugal are within sight of restoring financial sustainability to their electricity systems as measures to cut costs and increase revenues bear fruit. However, the agency believes that adverse macroeconomic trends and legal intervention are the main risks to sustainability.

    Electricity system tariff deficits (TD) are expected to reach the sustainability threshold of 100% of annual .......

    News Round-up 16 October 2015

  • Peripheral calls to gain pace?

    The THEME 2 RMBS (with a mortgage factor of 7%) was called and the final distribution received this week, following last month's UCI 5 and 6 clean-up calls. Deutsche Bank European securitisation analysts note that the move underlines their view that peripheral RMBS calls are likely to gain pace.

    Although reserve fund size, the cleanness of the pool and the .......

    News Round-up 16 October 2015

  • Supply chain finance team added

    Mitsubishi UFJ Financial Group has recruited four new members to its investment banking & markets team - Mona Ghazzaoui, Thomas Educate, Gina Camaiani and Sheryl Broca. The move is part of the firm's ongoing effort to organically grow with diversified investment banking and markets products in the Americas.

    Ghazzaoui joins MUFG as md of North American supply chain finance, reporting .......

    Job Swaps 15 October 2015

  • ILS pro promoted

    Adam Beatty has been promoted to md of Nephila Advisors UK, in recognition of what the firm describes as his "outstanding contributions" since joining in January 2013. Based in London, he was initially recruited as business development director, with a multi-faceted role that included responsibility for administrating Nephila's Lloyd's syndicate platform. In January 2014, he assumed the role of active .......

    Job Swaps 15 October 2015

  • Euro secondary unchanged

    The European securitisation secondary market continues to see light flows and only pockets of activity.

    Yesterday saw another day of broadly directionless trading and limited activity away from BWICs. Consequently, spreads across the board were unchanged at the close.

    Once again, UK non-conforming was one of the few sectors to see above average activity on the day and pricing levels .......

    SCIWire 15 October 2015

  • Longevity swaps consultant hired

    Murray Blake has joined Lane Clark & Peacock as a consultant and member of its pension de-risking practice. He specialises in advising trustees and companies in understanding and implementing risk-reduction strategies through the use of buy-ins, buy-outs and longevity swaps.

    Blake arrives from Pacific Life, where he worked in structuring and commercial negotiations for new longevity swap contracts, treaty implementations .......

    Job Swaps 14 October 2015
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