ABS

  • Law firm continues SF push

    Bryan Cave has appointed Rachel Kelly as a partner in its financial services group. She arrives from Macfarlanes, where she had been head of structured finance and capital markets, having previously been a partner in Clifford Chance's structured debt group.

    Kelly specialises in structured finance and debt capital markets, particularly CLOs. She advises clients on a number of areas, including real estate finance, infrastructure and .......

    Job Swaps 7 August 2015

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • Cairn majority stake sold

    Mediobanca has agreed to acquire RBS' 51% majority interest in Cairn Capital Group. The majority will be purchased from Cairn Capital's institutional shareholders, following which RBS will have no remaining interest.

    The acquisition is part of Mediobanca's strategy to continue developing its alternative asset management business through a number of strategic partnerships. As part of the transaction, Mediobanca will be providing .......

    Job Swaps 6 August 2015

  • Euro secondary improves

    Levels are improving in the European securitisation secondary market, but activity remains patchy and limited.

    "The market has generally got better in terms of spreads over the past couple of days," says one trader. "However, flows remain very thin - there's not a lot going on by way of BWICs, primary has slowed and the client side is very quiet, .......

    SCIWire 6 August 2015

  • Renewables deal prepped

    Hannon Armstrong Sustainable Infrastructure Capital (HASI) is marketing a US$125m securitisation that is backed by a pool of 80 contractual rights to payments associated with ground leases for utility scale projects. The contractual rights in HASI SYB Trust 2015-1's collateral pool include a mixture of variable and scheduled payments, 28.4% of which arise from wind projects and the remainder from solar projects.

    News Round-up 5 August 2015

  • SF practice adds another

    Chris McGarry has joined Ropes & Gray as a partner in the firm's finance practice. He will advise on structured finance transactions, with a focus on CLOs and securitisations for clients including arrangers, sponsors, originators and investors.

    Prior to joining, McGarry practiced at Weil, Gotshal & Manges and, previous to that, Clifford Chance. He also served as vp in RBS' .......

    Job Swaps 5 August 2015

  • Euro secondary keeps it light

    With light flows and a light BWIC calendar summer is taking its toll on the European securitisation secondary market.

    "With primary active last week and now that we're into August there's very little going on in secondary," says one trader. "The BWIC calendar is pretty light as well."

    Overall, the trader describes secondary spreads as mixed with light flows ensuring .......

    SCIWire 5 August 2015

  • Student loan resistance?

    The strong recent selling bias in the US student loan ABS secondary market driven by rating agency downgrades caused by extension risk may be seeing some resistance at last.

    "Student loan ABS has easily been the most active sector in securitisation secondary of late," says one trader. "We've seen a lot of lists, albeit with a lot of DNTs, and .......

    SCIWire 4 August 2015

  • Demonstrating prudence

    Prudent valuation practices discussed

    Representatives from PricewaterhouseCoopers and Prytania Solutions recently discussed how IPV and prudent valuation practices are adjusting to new European regulatory requirements during a live webinar hosted by SCI (view the webinar here). Topics included the definition of a prudent valuation and investment bank key requirements, as well as the role of the risk management function. This Q&A article .......

    Talking Point 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • EXOR wins PartnerRe battle

    EXOR has agreed to acquire PartnerRe at approximately US$6.9bn, ending a long-standing bidding war with AXIS Capital in pursuit of the firm (SCI passim). The agreement involves EXOR purchasing all PartnerRe outstanding common shares for US$137.5 per share in cash plus a US$3 per share special dividend, for a total consideration of US$140.5 per share.

    PartnerRe preferred shareholders will also .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015

  • Card delinquencies at record low

    Prime US credit card ABS delinquencies fell to record-low levels in July for a second straight month, according to Fitch's latest index results for the sector. The positive trend comes on the back of jobless claims and personal bankruptcies falling to new lows.

    The US Department of Labor's initial jobless claims for the week of 18 July fell to 255,000, reaching .......

    News Round-up 3 August 2015

  • Alpha alternative

    Indus Valley Partners co-founder Bijesh Amin answers SCI's questions

    Q: How and when did Indus Valley Partners become involved in the securitisation market?
    A: I co-founded Indus Valley Partners in 2000 to provide a specialist solutions firm focused exclusively on the alternative asset management industry. We are now the largest firm specialising in this field.

    We currently have 380 professionals, working across four time-zones, covering the US, India and Europe, .......

    Provider Profile 3 August 2015

  • Insurance risk project set up

    Vanbridge holdings has made a capital investment in Atlas General Holdings as part of a new partnership between the firms. Vanbridge will hold a seat on the Atlas board of managers, but other terms of the transaction have not been disclosed.

    The partnership is part of an attempt by the firms to pursue a range of projects that involve origination .......

    Job Swaps 3 August 2015

  • Reinsurer taps into Asia

    TigerRisk Partners has established its first presence in Asia by opening an office in Hong Kong. Subsidiary TigerRisk China Partners will lead the effort, with a team that will be headed by Houqin Zhu. The team will also include Michael Fung and Raymond Chen.

    Before TigerRisk, Zhu was a reinsurance broker for Willis Re, where he led its China operation. .......

    Job Swaps 3 August 2015

  • Euro secondary stays strong

    European securitisation secondary market spreads are holding on to recent stronger levels amid low volumes.

    As anticipated, flows were very light across the board on Friday, which left spreads for the most part unchanged. However, the day's previously mentioned CLO BWIC did trade well.

    There are currently no BWICs on the European calendar for today.

    .......

    SCIWire 3 August 2015

  • Montpelier purchase approved

    Endurance Specialty Holdings says it has received all regulatory approvals required in connection with its previously announced acquisition of Montpelier Re Holdings (SCI 1 April). The acquisition was made for a consideration of 0.472 shares of Endurance and US$9.89 in cash for each Montpelier common share, representing US$40.24 per Montpelier common share, or US$1.83bn in aggregate at the closing price.

    The cash .......

    Job Swaps 31 July 2015

  • ABCP maturity cap impact gauged

    Fitch believes that the EBA-proposed one-year maturity cap for underlying exposures in ABCP securitisations (SCI 29 June) will prevent existing European ABCP programmes from achieving qualifying securitisation eligiblity and the associated lower capital charges. As at May, the agency's data reveals that 54% of funded assets have medium- and longer-term maturities and would leave the programmes ineligible.

    All 12 programmes rated by .......

    News Round-up 31 July 2015

  • Auto issuers cleaning up

    US auto ABS issuers are calling more deals on time, with 18 out of 22 issuers demonstrating a perfect call record between December 2012 and May 2015. This performance is positive for investors and supports confidence, and is expected to continue to improve.

    The 82% on-time call rate compares to a rate of 72% for September 2011 to November 2012. .......

    News 31 July 2015
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