ABS

  • Multifamily debt mounts

    Outstanding US multifamily mortgage debt now exceeds US$1trn and is growing at almost 10% a year, according to the Mortgage Bankers Association. The level increased by US$38.5bn in 2Q15, a 1.4% increase over the last quarter, as three of the four major investor groups increased their holdings.

    The four major investor groups are: bank and thrift; CMBS, CDO and other .......

    News Round-up 23 September 2015

  • Mezz purchases on the cards

    The ECB has clarified its intention to buy mezzanine tranches of European securitisations with a third-party guarantee under the ABSPP. The update effectively allows the central bank to purchase guaranteed mezzanine tranches - defined as tranches between the senior-most and first-loss tranches on the basis of post-enforcement or post-acceleration priority of payment - providing the guarantor is subject to at .......

    News 23 September 2015

  • Euro secondary picks up

    The European securitisation secondary market is seeing a pick-up in activity.

    Amid a spike in broader market volatility and the evolving Volkswagen story, secondary activity and client enquiries grew significantly from recent levels yesterday. Inevitably attention was focused around auto ABS with a flurry of bonds across European jurisdictions offered for sale, most traded but transparency on pricing levels was .......

    SCIWire 23 September 2015

  • Navient forum launched

    Navient last week launched an online investor forum designed to facilitate communication with FFELP student loan ABS bondholders. The forum is provided by Navient through DealVector.

    Through the new online investor forum, ABS investors can register to receive notifications regarding their bonds and can also communicate with Navient and directly with other bondholders through identity-protected messages. "As the largest issuer .......

    Job Swaps 22 September 2015

  • SME payment delays to improve

    SME loan payments in Italy and Spain lag behind those of the UK and the Netherlands, but could improve on the back of the economic recovery, says Moody's. Data compiled by the agency show that the jurisdictions display the largest gap between contractual and actual payment timing in the business-to-business and public sectors.

    Moody's expects payment delays to improve in .......

    News Round-up 22 September 2015

  • Marketplace lender beefs up

    James Paris has joined Avant as evp in capital markets and corporate development. In this role, he will focus on optimising debt and equity capital structured and strategic acquisition strategy, as well as contributing to potential securitisation transactions. Avant completed its first securitisation last month and has hinted at further deals in the pipeline (SCI 21 August). 

    Paris arrives from BMO Capital Markets, where he was .......

    Job Swaps 22 September 2015

  • ILS legal pro recruited

    Michael Halsband has joined Drinker Biddle & Reath as part of its insurance transactional and regulatory team. His transactional work includes complex structured reinsurance transactions, products and entities, and ILS.

    Before joining Drinker Biddle, Halsband was the founding senior executive and president of the capital markets and ILS convergence initiative at Sirius Group, where he was responsible for the development and .......

    Job Swaps 22 September 2015

  • Euro secondary solid

    The European securitisation secondary market is staying solid despite distractions from elsewhere.

    Broader market volatility thanks to the Volkswagen story failed to feed through into the ABS market as autos for the most part held firm yesterday. VCL bonds edged wider by only a couple of points while spreads across the remainder of the auto sector were unchanged with buyers .......

    SCIWire 22 September 2015

  • Ford debuts Reg AB 2 compliance

    Ford Motor Credit last week priced the first Reg AB 2-compliant ABS - the US$1.05bn Ford Credit Auto Owner Trust 2015-C prime auto loan transaction. New data disclosures under the filing include weighted average LTV, subvented receivables and commercial use percentages, delinquencies, losses and prepayment charts, according to JPMorgan ABS analysts.

    Further, a required process for 'asset representation review' was .......

    News 21 September 2015

  • German auto loans to 'remain strong'

    Moody's expects the credit quality of German auto loans to "remain very strong". The agency notes that German consumers have avoided excessive loan-funded spending, despite the lure of low interest rates and positive economic sentiment.

    "Higher consumer loan volumes have not been accompanied by a deterioration in credit quality. Data show that the current economic environment has not triggered excessive .......

    News Round-up 21 September 2015

  • Loan stats enhanced

    The ECB has published new statistical series on loans adjusted for sales and securitisation, based on an enhanced adjustment method. The new method provides for a more comprehensive view of developments in loans originated by euro-area banks by taking into account, on an ongoing basis, stocks and repayments of loans that are no longer recorded on bank balance sheets as .......

    News Round-up 21 September 2015

  • Strategic partnership formed

    OppenheimerFunds has formed a strategic partnership in which Apollo Credit Management will serve as sub-sub-advisor to the Oppenheimer Global Strategic Income Fund (GSIF). The agreement will provide OppenheimerFunds investors with access to Apollo's liquid alternative credit solution, offering yield advantages and diversification to the individual investor.

    GSIF provides current income from diversified sources of fixed income investments while maintaining low .......

    Job Swaps 21 September 2015

  • Euro secondary mixed

    The European securitisation secondary market continues to experience mixed fortunes amid thin liquidity.

    It was another mixed day on Friday with some ABS/MBS sectors, notably Portugal, ending the week softer as broader market tone weakened, while CLOs continued to lack direction. However, relatively strong flows were seen in UK prime and Greek RMBS benefitted from pre-election interest. This morning's open .......

    SCIWire 21 September 2015

  • Mexican upgrades outweigh downgrades

    S&P reports that last year there were more upgrades than downgrades among its national-scale ratings on Mexican structured finance securities, for the first time since 2007. The downgrade rate fell from 13.8% in 2013 to 8.6% in 2014 - the lowest rate in seven years - while the upgrade rate increased to 17.3% from 10.9% over the same period. In addition, .......

    News Round-up 18 September 2015

  • Russian control agent 'aids performance'

    The presence of a control agent will reinforce independent performance and asset eligibility monitoring for future Russian ABS deals, says Moody's. The independent entity will reduce dependency on the originator and servicer and lessen the link between those parties and loan collateral performance.

    A note trustee can also improve the ways in which an ABS can adapt to operational challenges, .......

    News Round-up 18 September 2015

  • Euro secondary keeps quiet

    The European securitisation secondary market was once again quiet yesterday and looks likely to stay the same today.

    Secondary spreads remained fairly stable yesterday, though some softening of tone continues in the peripheral space. Volumes remained low in both flow and BWIC trading across the board in advance of the Fed announcement. On a Friday amid slightly weaker broader markets .......

    SCIWire 18 September 2015

  • Structuring head recruited

    Peter Nowell has joined SCOR as global head of structuring - financial solutions. He is tasked with structuring life reinsurance transactions, which includes ILS deals.

    Nowell joins from BNP Paribas, where he was head of ABS and ILS trading. Prior to that, he was a director at RBS, covering principal investment and ABS exotics trading. Nowell has also held senior roles at Nordea Bank, .......

    Job Swaps 17 September 2015

  • Iberian SF expert poached

    StormHarbour has appointed Yago Valderrama as md to work alongside Gonzalo Chocano in its Madrid office, focusing on coverage of Spanish institutional clients. Alejandro Gonzalez-Ruiz, md in structuring and client solutions, has also relocated from the firm's London office to Madrid to build on its structuring capabilities.

    Valderrama joins StormHarbour from SG, where he headed the Iberian institutional cross assets .......

    Job Swaps 17 September 2015

  • MMF ratings requirement removed

    The US SEC has adopted amendments to remove credit rating references in the principal rule governing money market funds and the form that they use to report on their portfolio holdings. The SEC has also adopted amendments that would subject additional securities to issuer diversification provisions in the money market fund rule.

    The amendments remove credit ratings from one of .......

    News Round-up 17 September 2015

  • Non-bank lending risks noted

    Moody's says that non-banks can aid European policymaker initiatives to fund small businesses by packaging their loans into structured deals. However, the agency warns that information asymmetry can expose such deals to a potential misalignment of interest between investors and portfolio managers.

    In light of recent efforts by European policymakers' efforts to grow the non-bank lending market, Moody's expects securitisation .......

    News Round-up 17 September 2015

  • US auto concerns flagged

    A reduction in the easing of US auto loan lending underwriting terms has not averted concerns over underperforming new loan vintages in US auto ABS, reports Fitch. The agency says that a quarterly drop in eased underwriting from 1Q15 to 2Q15 is positive, but the persistent relaxation of terms may eventually prompt asset quality to revert to historical averages over the medium term.

    Nonetheless, .......

    News Round-up 17 September 2015
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