ABS

  • 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

  • Duke pursues rate reduction bond

    The Florida Public Service Commission has selected Saber Partners to advise it on financing a new securitisation bond that has been authorised for issuance following a new Florida law. The Commission is permitted by the state law to allow Florida investor-owned utilities to issue rate reduction bonds to recover costs associated with closing nuclear power plants.

    Duke Energy became the first utility to apply to .......

    News Round-up 31 July 2015

  • Card payments hit historic highs

    Fitch reports that average US credit card monthly payment rates reached all-time historical levels during 2Q15 as consumers kept payment obligations in check. Borrower credit profiles have remained stellar as a result, allowing the sector's improvements to continue on from the previous quarter.

    Late payments continued to ease, also hovering at historical low levels, leaving charge-off rates steady and delinquency .......

    News Round-up 31 July 2015

  • Euro secondary dries up

    Yesterday saw another very quiet day in the European securitisation secondary market and today looks to be little different as liquidity appears to have dried up into month-end and potentially the rest of the summer.

    Even flows in prime assets faded away yesterday as ABS/MBS was becalmed across the board. CLOs too saw only a handful of trades, but the .......

    SCIWire 31 July 2015

  • IDR data points to payment

    Navient has released historical income-driven repayment (IDR) data for some of its FFELP student loan ABS pools currently on review for downgrade due to heightened maturity risk. The data - which was released as a new line item in the firm's historical trust performance data spreadsheets - provides much-needed transparency into the performance of the pools affected by Moody's and .......

    News 30 July 2015

  • Euro secondary slows again

    The European securitisation secondary market has slowed down again.

    "We had a relatively busy start to the week, but yesterday was a bit slower and today looks to be the same," says one trader. "It's typical for high summer except we're still in July!"

    The trader continues: "We're once again mainly seeing activity round prime assets - particularly autos and .......

    SCIWire 30 July 2015

  • Solar tax partnership prepped

    SolarCity is in the market with its fourth residential distributed generation solar ABS. The US$123.5m SolarCity LMC Series IV Series 2015-1 is the firm's inaugural securitisation structured as a tax partnership.

    The transaction is secured by distributions to the managing members of the related financing funds - Blue Skies Solar I, Solar Integrated Fund I and II, and Visigoth Solar .......

    News Round-up 29 July 2015

  • Cyber-catastrophe linked securities mooted

    A new Z/Yen Group report explores how a public-private cyber-catastrophe reinsurance scheme could help secure information and communication technology (ICT) prosperity in the UK by creating cyber-catastrophe linked securities. Such a scheme would provide cover to a group of insurers above a catastrophic loss threshold; in effect, creating a pool funded by the insurance industry.

    Z/Yen Group says that in .......

    News Round-up 29 July 2015

  • Macro trader tapped

    Marinus Capital Advisors has hired Aaron Garvey as a senior macro trader. Garvey will focus particularly on structured products portfolios for the firm's investment team, reporting to Marinus cio and managing partner Najib Canaan.

    Garvey was formerly a senior portfolio manager and partner at MKP Capital Management. Following his time at MKP, he was a senior portfolio manager at Brevan .......

    Job Swaps 29 July 2015

  • Credit risk pro moves east

    Moody's Analytics has appointed David Hamilton as md, stress testing and credit risk analytics for the Asia Pacific region. Based in Singapore, Hamilton will be responsible for business development across the region, providing insight into solving the practical challenges of credit risk measurement and management.

    Prior to his new role, Hamilton worked as md for Moody's Analytics' capital markets research .......

    Job Swaps 29 July 2015

  • Synthetic sale agreed

    Raiffeisen Bank International (RBI) has agreed to sell part of a €705m loan portfolio composed predominately of seasoned CRE loans and select corporate loans to Mariner Investment Group. The International Infrastructure Finance Company Fund, managed by Mariner, has agreed to purchase notes corresponding to the junior credit risk in the RBI portfolio as part of the agreed synthetic risk transfer.

    RBI says .......

    News Round-up 29 July 2015

  • Euro ABS/MBS mixed

    The European ABS/MBS secondary market continues to see a mixed tone and levels of trading activity.

    Yesterday saw a continuation of the patchy activity seen of late with Dutch prime seeing some signs of softness for once. Peripherals continue to garner increasing interest and consequently spreads closed flat to very slightly tighter. However, liquidity remains extremely thin across the board .......

    SCIWire 29 July 2015

  • Hiking cycle history considered

    As the likely Fed rate hike date draws nearer, Barclays ABS analysts have examined the performance of securitised products during previous hiking periods. The effect on securitised product credit sectors has previously generally been benign.

    The Barclays analysts paid particular attention to agency RMBS both before and during previous hiking cycles. A typical hiking cycle lasts a year and a .......

    News 28 July 2015

  • CLO consultant tapped

    Eric Bothwell has joined Ashurst as a senior consultant within its CLO practice. He arrives as md from UBS, where he was most recently involved in the sale and unwinding of non-core asset portfolios.

    Bothwell was also one of the founding members of Goldman Sachs' new issue CLO team, responsible for all aspects of transaction structuring, execution and marketing. His .......

    Job Swaps 28 July 2015

  • Euro secondary shows caution

    It's been a cautious start to the week for the European securitisation secondary markets, but BWIC volume is increasing.

    "Overall, market tone is reasonably cautious both because of macro issues, especially China, and also because of the time of year," says one trader. "However we continue to see decent client interest in non-conforming and select peripherals."

    Meanwhile, with month-end approaching .......

    SCIWire 28 July 2015

  • Credit firm merger agreed

    Ares Management and Kayne Anderson Capital Advisors have agreed to merge and form Ares Kayne Management. The firm will provide a combined US$113bn of AUM, with the transaction expected to close on or around 1 January 2016.

    The new business will focus on tradable credit, direct lending, energy, private equity and real estate. Upon closing of the merger, Kayne Anderson .......

    Job Swaps 27 July 2015

  • Euro secondary holds up

    The European securitisation secondary market is continuing to hold up despite thin liquidity.

    Buy-side activity remains patchy with volumes overall still very light away from prime. What flows there are are mainly two-way though a selling bias in autos has emerged as investors seek to make room for new issues in the sector among a reasonably strong primary pipeline overall.

    SCIWire 27 July 2015

  • Multi-state PACE deal debuts

    Ygrene Energy Fund has completed the first property-assessed clean energy (PACE) securitisation that combines both residential and commercial assets. The US$150m private transaction is also the first PACE deal to combine projects in multiple states, including California and Florida, and to include both special taxes and assessments in a single securitisation.

    The class A notes have been rated double-A by Kroll .......

    News Round-up 24 July 2015

  • Euro secondary stays firm

    Tone and spreads in the European securitisation secondary market are staying firm.

    Yesterday saw another solid day in secondary market activity across the board. The usual hotspots continued with prime assets seeing most flows once more, although Italian paper is receiving increasing attention.

    BWIC activity remained reasonably healthy yesterday with most line items going through at or around expected levels .......

    SCIWire 24 July 2015

  • ILS team reinforced

    SCOR Investment Partners has recruited Sidney Rostan and Pierre Mouilhade as portfolio managers for its ILS team. Both will report to Vincent Prabis, who heads the ILS team.

    Rostan will focus on collateralised reinsurance and private transactions for SCOR. He joins after being head of Natixis' ILS business, where he worked on origination, structuring and placement of catastrophe bonds and .......

    Job Swaps 24 July 2015

  • ABS syndicate head appointed

    Lloyds Bank Commercial Banking has promoted Kristan Gochee to head of North America ABS syndicate. She will report to Wesley Fallan, director of US bond syndicate in the US, and Bob Patterson, md and head of ABS syndicate in the UK.

    Gochee joined Lloyds last year (SCI 11 April 2014) and will be replaced as credit trading svp by Thomas Oh, who will .......

    Job Swaps 23 July 2015
×