ABS

  • ILS upgraded on sponsor action

    S&P has raised its credit ratings on Avondale Securities class A1 and A2 notes from double-B plus to triple-B minus, following a similar action taken on the support sponsor, the Bank of Ireland. The ratings on the two ILS bonds are weak-linked to the long-term rating on the Bank of Ireland due to a support agreement, which obligates it to .......

    News Round-up 19 August 2015

  • Portfolio manager steps up

    Robert Zable has been appointed as the lead portfolio manager of Blackstone/GSO's Senior Floating Rate Term Fund, Long-Short Credit Income Fund and Strategic Credit Fund. The appointment follows the retirement of the current lead portfolio manager of the three funds, Lee Shaiman.

    Zable is md at GSO Capital Partners and serves as the chairman of GSO Debt Fund Management's (DFM) investment committee. .......

    Job Swaps 19 August 2015

  • FFELP repacks examined further

    Fitch says it is evaluating a variety of proposals and alternative solutions from market participants to address the risk that certain FFELP student loan ABS tranches may extend beyond their legal final maturity dates (SCI passim). The proposals include repackaging tranches with heightened maturity risk into new transactions with significantly longer legal final maturity dates.

    In its simplest form, an existing .......

    News Round-up 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Hedge fund fraud settled

    Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they defrauded investors in two hedge funds that they claimed were safe, low-risk and suitable for traditional bond investors. The funds eventually collapsed during the financial crisis.

    The regulator's investigation found that the Citigroup affiliates made false and misleading representations to investors in .......

    Job Swaps 18 August 2015

  • Business development head hired

    Custom House Fund Services has appointed Richard Hale as director, business development UK. Based in the company's newly established London office, Hale will also be responsible for business development in Europe across alternative investments.

    He joins from Royal Bank of Canada, where he was most recently head of business development for the RBCIS global fund platform. Hale has also held roles at Citi, .......

    Job Swaps 18 August 2015

  • BDC acquisition approved

    PennantPark Floating Rate Capital (PFLT) and MCG Capital stockholders have voted to approve the merger agreement between the two firms (SCI 30 April). The merger is now expected to close on or about 18 August, despite HC2's previous intervention with its own rival bid for MCG (SCI 6 May).

    PFLT's stockholders approved the issuance of PFLT common stock in connection .......

    Job Swaps 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • Resolution protections suggested

    The EBA has issued an opinion which responds to the European Commission on how to define what arrangements should be protected in a partial property transfer of a bank in resolution. The opinion aims to ensure full protection of well-established sources of refinancing, such as secured debt - including securitisations - and means of risk mitigation.

    The Bank Recovery and Resolution Directive lists .......

    News Round-up 17 August 2015

  • ILS chief replaced

    Adam Szakmary has been appointed ceo and portfolio manager of Blue Capital Management. He replaces Bill Pollet, who has stepped down from his positions as ceo and president at the ILS investment manager.

    Szakmary was promoted from his role as portfolio manager for Blue Capital. Previously, he was both an underwriter of the US property treaty portfolio and vp of risk management .......

    Job Swaps 17 August 2015

  • SF head preps new firm

    Michael Millette is set to launch Hudson Structured Capital Management following his departure from Goldman Sachs. He will serve as managing partner for the new investment manager, as it looks to manage assets across multiple sectors, including reinsurance and transportation.

    Prior to his new venture, Millette was partner, md and global head of Goldman's structured finance group. He also served as co-chairman for the .......

    Job Swaps 17 August 2015

  • ILS unit revamped

    Munich Re has established a new unit within its special and financial risks division. Launched in July, Munich Re Capital Partners has taken over the firm's risk trading, ILS and catastrophe bond activities. It is led by August Probst, who previously headed Munich Re's corporate insurance partner unit.

    Munich Re says the move is an attempt to cater for an ever-increasing demand for .......

    Job Swaps 14 August 2015

  • Structured credit pro tapped

    Lloyds has bolstered its financial institutions business with the appointment of Thomas Sandberg as associate director. He will join the bank's relationship solutions team, which is responsible for delivering bespoke solutions to financial institutions, as well as providing strategic advice around navigating regulatory and economic change.

    Sandberg joins from Bank of America Merrill Lynch, where he was vp of the Nordic .......

    Job Swaps 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • Sirius sold off

    White Mountains Insurance Group has agreed to sell Sirius International Insurance to CM International, the investment arm of China Minsheng Investment. The amount of the purchase price will equal 127.3% of Sirius's closing date tangible common shareholder's equity, plus US$10m.

    Based on Sirius's tangible common shareholder's equity of nearly US$1.75bn at 31 December 2014, the price equates to over US$2.2bn. White Mountains .......

    Job Swaps 13 August 2015

  • Trade finance unit launched

    Vecron Lordstock Group has launched a new independent trade finance business. Vecron Exim is designed to provide companies with fast access to working capital for export, import and domestic trade by providing direct loans, including those aimed at structured trade finance.

    The firm will also will focus on providing loans related to pre-export/working capital finance, purchase order finance and factoring/accounts receivable .......

    Job Swaps 13 August 2015

  • Capacity gains

    ILW supply and demand picking up

    The ILS secondary market continues to see price volatility in non-peak risks, but certain peak catastrophe zones are witnessing some stabilisation. Insurance loss warranties (ILWs) are the latest product to be driven by a surge in demand as the US wind season kicks on.

    The past 18 months have seen approximately US$18bn of new capital entering the market through ILS .......

    News Analysis 13 August 2015

  • Euro secondary stays insulated

    The European securitisation secondary market remains quiet despite broader market volatility.

    "It's still pretty slow," says one trader. "We've remained insulated from the China news, but it's August so the market is illiquid."

    The latest THRONES deal remains the chief talking point. "Price talk on the new deal is weak and while that should have a knock-on impact in secondary .......

    SCIWire 13 August 2015

  • Greater supply, risks widen spreads

    New issue spreads for RMBS and CMBS deals are widening on either side of the Atlantic as supply remains higher than demand. It appears to be a trend that will last beyond the usual summer slump.

    "There is a very large pipeline of expected deals, but a shortage of investors lining up for them," says one European ABS trader. .......

    News 12 August 2015

  • FFELP fix?

    Market dialogue, transparency set to avert SLABS crisis

    Market participants appear confident that a fix for a significant portion of the US$36.8bn of FFELP student loan ABS bonds on review for downgrade by Moody's can be found during the comment period for its proposed criteria update, which closes on 7 September (SCI 10 July). At the same time, efforts are underway to increase transparency around the historically complex .......

    News Analysis 12 August 2015
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