ABS

  • TRS programme debuts

    Goldman Sachs and Sumitomo Mitsui Trust Bank are marketing the first series of notes from an unusual total return swap (TRS) programme. The US$1bn SumitG Guaranteed Secured Obligation Issuer series 2015-1 has been assigned a preliminary double-A plus rating by S&P.

    SumitG is an SPE established in Ireland. At closing, it will issue the series 2015-1 notes and enter into .......

    News Round-up 14 October 2015

  • James Alpha taps fund managers

    John Brynjolfsson and Tim Alford have joined James Alpha Advisors, in order to continue serving as portfolio managers of the James Alpha Global Enhanced Real Return Fund (GRRIX). Their moves follow the winding down of Armored Wolf - the company founded by Brynjolfsson - which includes the transition of the corporate and operational aspects of the GRRIX fund to James Alpha. The .......

    Job Swaps 14 October 2015

  • Euro secondary consolidates

    Yesterday was primarily about consolidating recent gains in the European securitisation secondary market, though pockets of activity remain.

    "After a few days of market strength, yesterday saw some stabilisation," says one trader. "At the same time, away from BWICs flows reduced again."

    However, there continue to be strong pockets of activity. "We again saw activity in autos with DRVON bid .......

    SCIWire 14 October 2015

  • Rating agency expands in Italy

    Scope Ratings has hired Roberto De Santis to help build up its presence in Italy. As the agency's new official 'Representative for Italy', he will manage all client relationships across Scope's four rating segments: corporates, banks, structured finance and alternative investments.

    The agency's avoidance of US-centric perspectives is said to be of particular interest to Italian issuers, as it does .......

    Job Swaps 13 October 2015

  • Navient data welcomed

    Navient last week released a data package detailing the performance of its FFELP student loan portfolio, with the aim of providing more transparency on the performance trends for loans in deferment, forbearance and income-driven repayment (IDR) plans, as well as default and prepayment history. Barclays ABS analysts note that the data broadly shows that deferment and forbearance rates rose during .......

    News Round-up 13 October 2015

  • Euro ABS/MBS keeps impetus

    Despite a quiet day yesterday thanks to the US holiday, the European ABS/MBS secondary market is still heading in the right direction.

    "We're seeing more flows and there's generally more impetus to get things done," says one trader. "Stability in broader markets for the last six or seven days, though they have opened weaker this morning, is bringing people back .......

    SCIWire 13 October 2015

  • ILS team beefs up

    Hiscox Re's ILS operation, Kiskadee Investment Managers, has announced two senior appointments. Andrew Hughes will assume the role of ILS chief compliance officer and general counsel, while Matthew Swann has been appointed to the position of portfolio manager. Director of ILS - Michael Jedraszak - has also been named cio of Hiscox Re Insurance Linked Strategies.

    Hughes joins Kiskadee from .......

    Job Swaps 12 October 2015

  • ILS risk tool launched

    Huang & Associates Analytics has released a risk aggregation platform designed to assist ILS investors in making quick investment decisions. RAPID is built to allow ILS investors to actively monitor portfolio analytics while they participate in the market. The tool seeks to provide critical portfolio information in a robust, transparent and readily available manner, preventing investors from making crude assumptions based .......

    News Round-up 12 October 2015

  • International ABS issuance surging

    The international ABS markets have seen the highest issuance volumes in the first three quarters of this year than any post-crisis period, according to JPMorgan European securitisation analysts. Issuance hit €67.8bn at the close of 3Q15, approximately 18% higher than the average volume over the past five years.

    During 3Q15 only, €21.5bn in bonds were sold to investors, some 5% and 18% .......

    News 12 October 2015

  • Cross-asset conviction

    Renaud Champion, head of credit strategies for La Fran&#...

    Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
    A:
    LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......

    The Structured Credit Interview 12 October 2015

  • ILS fund gains manager

    Pioneer Investments has added Chin Liu as the fourth portfolio manager of its Pioneer Diversified High Income Trust, joining Andrew Feltus, Jonathan Sharkey and Charles Melchreit. Liu is vp for Pioneer, managing event-linked bonds and ILS across multiple fixed income portfolios. His duties in ILS include risk modelling, portfolio construction and security selection.

    Liu is also portfolio manager of the Pioneer ILS .......

    Job Swaps 12 October 2015

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • Private debt advantages outlined

    Benefit Street Partners (BSP) ceo Thomas Gahan and president Richard Byrne have issued an open letter to the stockholders of TICC Capital Corp regarding its agreement to acquire TICC Management. The letter reiterates the firm's "full commitment" to complete the transaction with TICC and shares information about its plans for delivering superior, sustainable and long-term returns to TICC stockholders. The .......

    Job Swaps 8 October 2015

  • ABS exec recruited

    Shirley Chen has joined Mogo Finance Technology in the newly created role of treasurer, based in the firm's Toronto office. She has over 15 years of financial management experience and has led or been directly involved in C$20bn of ABS deals.

    Mogo says that Chen's addition underscores its commitment to expand and diversify its sources of funding as it continues .......

    Job Swaps 8 October 2015

  • Swedish ILS manager expands

    ILS-specialist Entropics Asset Management has expanded its footprint by appointing Mika Mäkinen to represent the firm in Finland. He will work as a country representative through his company Helsingin Aktuaarikonsultointi.

    Mäkinen will strengthen relations with institutional investors in Finland. One of his priorities will be to inform institutions about how the asset class is treated in the upcoming implementation of .......

    Job Swaps 8 October 2015

  • Minority interest acquired

    Dyal Capital Partners has acquired a passive minority interest in the controlling company of Chenavari Investment Managers. Chenavari will continue to be led by ceo and co-cio Loic Fery and co-cio Frederic Couderc, who will retain complete control over the firm's operations and investment process.

    Dyal's strategic minority interest will be passive with no oversight of Chenavari's governance. The vast .......

    Job Swaps 8 October 2015

  • Institutional relationship agreed

    SME marketplace lender P2Binvestor has forged a relationship with HCG Fund Management. The partnership marks the first of several new institutional relationships for P2Binvestor.

    P2Binvestor says it spent the last few months in the due diligence process with HCG, retooling its investment product offering to address matters, such as the complicated tax requirements of foreign-domiciled funds. The result is a .......

    Job Swaps 8 October 2015

  • Euro secondary return continues

    Activity and prices in the European securitisation secondary market continue to return to normal, but liquidity is still below usual levels for this time of year.

    "We saw flows across all asset classes yesterday," says one trader. "Even UK non-conforming is taking off having been very quiet recently."

    Peripherals are continuing their rise of recent days. "Prices are up noticeably, .......

    SCIWire 8 October 2015

  • Growing options for European SMEs

    New debt market instruments which have been developed over recent years will increase funding flows to European SMEs and mid-caps, says Moody's. This will allow these firms to access more flexible, less expensive financing, potentially through securitisation.

    New funding options range from SME bond markets and private debt funds to peer-to-business lending. However, the rating agency notes that bank lending .......

    News Round-up 7 October 2015

  • ILS lawyer brought back in

    Cadwalader, Wickersham & Taft has appointed Matthew Feig to its capital markets group in New York, where he will focus on risk-linked securities and structured finance. He previously spent seven years with the firm, before leaving for Stroock & Stroock & Lavan.

    Feig returns to Cadwalader as special counsel to the ILS team, which is led by Malcolm Wattman and .......

    Job Swaps 7 October 2015


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