ABS

  • Divergent HQS approach highlighted

    The Basel Committee yesterday released a consultative document on capital treatment for 'simple, transparent and comparable' (STC) securitisations, which builds on the criteria issued in July (SCI 23 July). However, given the European Commission's recent 'simple, transparent and standardised' (STS) proposals, it seems that regulators continue to pursue different approaches towards high-quality securitisations (SCI 21 August) and therefore exacerbate regulatory .......

    News 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • Structured syndicate strengthened

    Santander has made a number of appointments to boost its loan origination, syndicate and sales team in the UK and Europe. Among the hires is Sujoy Roy, who joins the firm's structured finance syndicate as an associate. Previously an analyst at HSBC, he reports to Mariano Hernandez, head of structured finance syndicate for EMEA.

    Another of the appointments is Peter .......

    Job Swaps 10 November 2015

  • New FFELP plan evaluated

    The US Department of Education's latest student debt repayment plan could raise prepayment rates for FFELP student loan ABS, says Fitch. The REPAYE plan is available to Direct Loan (DL) programme borrowers who received loans prior to 2010 and will be available in December.

    FFELP borrowers can become eligible for the new programme by consolidating their existing FFELP loans into .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • Alternative debt head hired

    BNP Paribas Investment Partners has hired Laurent Gueunier as head of alternative debt management, reporting to Dominick DeAlto, cio of institutional fixed income. Based in Paris, he joins a team that is currently involved in the management of funds that invest in European securitisations, mini bonds and multi-strategy credit.

    Prior to his move, Gueunier was most recently head of structured .......

    Job Swaps 9 November 2015

  • Corporate team makes addition

    Mark Graham has joined Lloyds' corporate solutions team within capital markets, reporting to corporate securitisation head Ben Green. He will work on secured deals, comprising corporates and infrastructure. Graham has previously held a number of senior roles, including co-head of securitised products at Deutsche Bank.

    .......

    Job Swaps 9 November 2015

  • Premier strengthens ILS issuer ties

    Premier Diversified Holdings has acquired 158,000 common shares of Sequant Re Holdings for US$316,000. The acquisition is for investment purposes and to maintain Premier's current equity position in the firm.

    Premier held 3,010,000 common shares of Sequant Re before the purchase and now holds around 34.1% of all common shares. It maintains the right to appoint three directors to Sequant .......

    Job Swaps 9 November 2015

  • Timeshare delinquencies push up

    Fitch reports that US timeshare ABS delinquencies moderately increased in 3Q15, rising to 2.96% from 2.66% in the previous quarter. The number is also a slight jump from the 2.79% delinquency rate in 3Q14, making it the first year-over-year increase since 2013.

    Defaults also increased last quarter at 0.59%, which is up slightly from 0.57% in 2Q15 and 0.53% observed .......

    News Round-up 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Trigger event for cat bond?

    The class C notes of MultiCat Mexico Series 2012-I have been downgraded from single-B minus to triple-C minus by S&P. The rating agency had placed the ratings on credit watch on 28 October.

    The ILS bond remains on credit watch with negative implications. They were placed on credit watch because of concerns that a trigger event may have occurred when .......

    News Round-up 6 November 2015

  • PREPA agreement formalised

    The Puerto Rico Electric Power Authority (PREPA) has entered into a restructuring support agreement with an Ad Hoc Group of PREPA bondholders, comprising traditional municipal bond investors and hedge funds, its fuel line lenders and the Government Development Bank for Puerto Rico. The agreement formalises the economic terms agreed between PREPA, the Ad Hoc Group and the fuel line lenders .......

    News Round-up 6 November 2015

  • Marketplace pricing partnership agreed

    Thomson Reuters has launched an evaluated pricing service for marketplace lending, partnering with MountainView. The service aims to provide fixed income investors and investment managers with third-party, fair market valuation and price verification for hard-to-value loans.

    Originations on marketplace lending platforms have doubled each year since 2010, reaching approximately US$12bn in 2014 and exceeding US$16bn for the first six months .......

    News Round-up 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • PILOT deal pulled

    Fitch has withdrawn its expected ratings for the Porsche Innovative Lease Owner Trust 2015-2 deal. The agency reports that Porsche has chosen to withdraw the deal from the market, with the decision coming in light of a second round of emission violations regarding Volkswagen-linked vehicles.

    Owned by Volkswagen, Porsche was recently accused by the US Environmental Protection Agency in a letter that claims the car .......

    News Round-up 5 November 2015

  • Allowing lawsuits 'adds ABS risk'

    The CFPB's intention to remove a hurdle to class-action lawsuits would create risks for consumer lenders and related ABS, says Moody's. However, it could also bolster the credit quality of some borrowers.

    The CFPB is considering a ban on clauses in financial contracts that prevent consumers from taking part in class-action lawsuits. It may also require companies that include arbitration .......

    News Round-up 5 November 2015

  • Euro secondary improves

    Yesterday saw further improvement in the European securitisation secondary market, but it is still yet to take off.

    "We've got what we wanted at last - stability in broader markets - but our space isn't picking up massively," says one trader. "Tone is generally better and we are seeing a pick-up in high beta paper in particular."

    The trader continues: "CMBS .......

    SCIWire 5 November 2015

  • SLABS tiering switch

    Tiering in the US student loan ABS secondary market continues to be a major issue.

    "Tiering between FFELP and non-FFELP deals has been in evidence since the extension risk issue began having an impact in July," says one trader. "The related rating agency downgrades then caused further divergence with downgraded bonds prices falling far further than non-downgraded paper."

    However, the .......

    SCIWire 4 November 2015

  • Marketplace ABS compared

    Peer IQ has launched a marketplace lending securitisation tracker, with the aim of improving transparency and liquidity in the sector. In its inaugural report, the firm finds that marketplace lending securitisations do not differ significantly from more traditional securitisations in terms of structure and collateral pools. However, it suggests that differences in investor perception may be driving the higher coupons .......

    News Round-up 4 November 2015

  • ABS benchmark offered

    JPMorgan has launched an ABS index that it describes as a comprehensive benchmark, which captures 70% of the US ABS market. The aim is to offer increased transparency through its extensive coverage of the ABS market, with robust third-party pricing on the underlying constituents and rigorous management of the index portfolio.

    As of 30 October 2015, the aggregate index contains .......

    News Round-up 4 November 2015

  • Cautious acceptance

    UK marketplace securitisation perspectives assessed

    Funding Circle is tipped to become the first marketplace lender to securitise in the UK, paving the way for other platforms to tap the market. Investors appear to view the development with caution, however.

    The launch in September of Funding Circle's listed SME Income Fund is believed to be a precursor to the firm's inaugural securitisation. The transaction is expected .......

    News Analysis 4 November 2015
×