ABS

  • 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

  • Rating agency targets expansion

    A partnership has been formed between Kroll Bond Rating Agency, the Kroll family and Wharf Street, effective immediately. It will provide permanent capital for the rating agency to grow.

    Kroll Bond Rating Agency says it will use the additional capital to develop other sectors beyond the structured finance, public finance and financial institution spaces. It will particularly look to accelerate .......

    Job Swaps 4 November 2015

  • Euro secondary strengthens

    The positive tone in the European securitisation secondary market continues to build.

    "Overall, we're strengthening, but still lagging the positive tone in broader markets," says one trader. "We're seeing something of a pick-up and flows are better especially in some of the recently quiet sectors."

    The trader continues: "We're not seeing much in prime, but Portuguese RMBS and UK non-conforming .......

    SCIWire 4 November 2015

  • Regulation threatens market viability

    Banks' market making ability in securitised products is set to be severely affected by the Basel Committee's proposed Fundamental Review of the Trading Book (FRTB). JPMorgan ABS analysts have joined a growing chorus (SCI 15 June) in warning that FRTB would make secondary trading in securitised products unprofitable.

    The final FRTB ruling is expected to be published next month, before .......

    News 3 November 2015

  • Euro secondary refocuses

    After a couple of quiet sessions the European securitisation secondary market looks set to refocus in the days ahead.

    "After a very busy week last week on our side at least it was pretty quiet yesterday and one or two data points were enough to distract the market," says one trader. "However, there are a couple of big BWICs today, .......

    SCIWire 3 November 2015

  • Deutsche re-allocates trading resources

    Deutsche Bank's management board has approved a five-year plan to revamp its strategy in the hope of achieving a number of newly set financial objectives. In a large cost-cutting scheme, the bank will exit uncleared CDS market-making and agency RMBS trading, along with higher risk-weight securitised trading.

    The cuts are part of Deutsche's goal to reduce costs to below €22bn in .......

    Job Swaps 2 November 2015

  • Smaller portfolios catered for

    Finacity Corporation has established Finacity Capital Management (FCM), a new business designed to facilitate efficient processing of trade receivables and access to the securitisation markets for companies with smaller portfolios of receivables. Magnetar Capital has provided strategic capital to FCM, which is initially capitalised with US$50m.

    The business will fund transactions in the range of US$5m to US$25m using a .......

    Job Swaps 2 November 2015

  • Euro secondary rolls on

    The bulk of the European securitisation secondary market took month end in its stride and continues to roll on at a solid if unremarkable pace.

    Friday was quieter than earlier in the week, but saw relatively healthy flows for month-end. Overall, tone remained positive and spreads were little moved.

    The main area of buying focus was once again UK prime .......

    SCIWire 2 November 2015

  • SF team bolstered

    Ashurst has recruited partners Scott Pierpont and Lee Ann Anderson to its structured finance team, based in New York and Washington, DC respectively. In a separate move, Eric Bothwell has been appointed partner in New York and Cameron Saylor has been appointed partner in the London office.

    Pierpont joins the firm from Jones Day and has experience in structured finance, .......

    Job Swaps 30 October 2015

  • Law firm expands in California

    Baker Botts is opening an office in San Francisco. It will be the firm's second office in California and it is expected to work closely with the team already established in Palo Alto.

    Patricia Stanton, chair of the firm's real estate practice, will move from its Dallas office to take the role of partner-in-charge in San Francisco. The firm expects to grow .......

    Job Swaps 30 October 2015

  • APAC ratings 'stable'

    Fitch affirmed a total of 133 APAC structured finance tranches in 3Q15. No ratings were upgraded, downgraded or withdrawn during the quarter.

    Of the affirmed tranches, 53 were prime and non-conforming RMBS bonds backed by Australian or New Zealand properties, while 47 were CMBS backed by Japanese properties and 14 were ABS backed by loans in New Zealand. The remaining affirmations include: .......

    News Round-up 30 October 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes, though tone continues to improve overall and some sectors are getting ever-more active.

    UK non-conforming continues to lead the way with healthy activity on- and off-BWIC yesterday. Flows are strong in both directions, so spreads for now remain broadly unchanged.

    The pick-up in peripherals is continuing with trades going through .......

    SCIWire 30 October 2015

  • Marketplace ABS approach outlined

    KBRA has set out its methodology for rating securitisations of consumer marketplace loans in a new report.

    The rating agency's approach to the asset class is based on the methodology it uses to rate typical ABS, but it says it is aware that marketplace lending is a new and rapidly changing industry. Any rating of a marketplace lending securitisation would .......

    News Round-up 29 October 2015

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • 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
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