ABS

  • 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

  • Euro secondary accelerates

    The pick-up in activity and pricing levels in the European securitisation secondary market is accelerating.

    Yesterday saw a further improvement in sentiment on the back of the same in broader markets. As a result, flows increased, though liquidity is still very patchy, and spreads were broadly flat to slightly tighter. Prime spreads, including autos, continue to hold firm, but it .......

    SCIWire 7 October 2015

  • Offshore liquidity risk eyed

    TMMCB 10 - a Mexican securitisation backed by offshore vessels - remains highly levered and is increasingly exposed to liquidity risk, according to Fitch. The agency says that the oil sector downturn could exacerbate these risks as asset values and day rates have declined and re-contracting of charter agreements mostly depends on a single off-taker.

    TMMCB 10 is currently rated .......

    News Round-up 7 October 2015

  • BPF Spain, Santander partnership affirmed

    Fitch says that the partnership between Banque PSA Finance and Santander Consumer Finance has no impact on the ratings of Auto ABS 2012-3. The transaction is secured by Spanish assets originated by BPF Spain.

    Spain has now implemented the global cooperation between BPF and SCF, following France and the UK (SCI 3 February). The partnership has been structured through the .......

    News Round-up 6 October 2015

  • SF specialist recruited

    Voisin Law recruited Howard O'Toole as an associate in its commercial department. He has over 15 years of experience in all areas of offshore capital markets and structured finance transactions, specialising in MTN and CP programmes. O'Toole was previously a consultant in Hatstone Lawyers' capital markets and structured finance practice.

    .......

    Job Swaps 6 October 2015

  • Bank lines up Five Arrows purchase

    Paragon Bank is set to acquire Five Arrows Leasing Group as part of its strategy to enter into the UK SME asset finance market. The challenger bank will acquire the total share capital of Five Arrows for £117m, with the transaction expected to complete by 3 November.

    Five Arrows provides asset finance products through its subsidiary brands to UK SMEs, .......

    Job Swaps 6 October 2015

  • Euro secondary slowly improves

    Tone and activity are slowly picking up in the European securitisation secondary market.

    Bolstered by stronger broader markets sentiment in most secondary sectors has improved, which is helping to stabilise spreads and encourage participants to return, but liquidity remains generally thin. In prime, autos led the way yesterday notably in VW assets, whereas in peripherals Portuguese bonds saw the biggest .......

    SCIWire 6 October 2015
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