ABS

  • 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

  • Final STC criteria published

    The Basel Committee and IOSCO have released their final criteria for identifying simple, transparent and comparable securitisations, following the proposals they set out last year (SCI 11 December). The organisations have amended certain aspects to the proposals that were considered overly prescriptive and have clarified other issues that raised doubts about interpretation or implementation.

    The two organisations note that criteria .......

    News Round-up 23 July 2015

  • Credit enhancement upped for marketplace ABS

    Citi is in the market with a US$376.7m marketplace lending securitisation, dubbed Citi Held for Asset Issuance 2015-PM1 (CHAI 2015-PM1). Moody's has assigned a preliminary rating to the senior tranche that is three notches higher than that of the inaugural public marketplace lending deal - Consumer Credit Origination Loan Trust 2015-1 (CCOLT 2015-1) - from February.

    CHAI 2015-PM1 comprises three .......

    News Round-up 23 July 2015

  • Capital markets vet hired

    Patrick Beranek has joined Mischler Financial Group's capital markets division as md, structured products. In this newly-created role, he will oversee structured products primary market activities and report to Robert Karr, Mischler's head of capital markets.

    Beranek moves from RBS, where he was head of asset-backed trading. He has also run asset-backed trading and syndicate for Mizuho and Bank of .......

    Job Swaps 23 July 2015

  • Euro secondary improves again

    The European securitisation secondary market volume again saw a little improvement yesterday as spreads remain firm.

    Secondary trading activity continues to improve across the board with each session. Yesterday saw continuing investor interest in the prime segment and 1.0 CLOs. UK non-conforming had a better day than of late, but the primary market continues to weigh heavily on the sector, .......

    SCIWire 23 July 2015

  • Italian ABS legal risks identified

    Fitch says that Italian ABS issuers are exposed to legal risks when the securitised pools contain loans that finance insurance policies in addition to the product purchased with the loan agreement. An example scenario could be a theft and fire protection contract combined with the purchase of a car.

    The agency explains that the insurance premiums are typically paid upfront by the .......

    News Round-up 22 July 2015

  • Business development pro poached

    Mt Logan RE has hired Chris Caponigro as head of business development. He joins from Platinum Underwriters, where he served as head of North American catastrophe lines, prior to its acquisition by Renaissance Re. Previous to this, Caponigro was involved in a number of roles at St Paul Re, covering property, specialty and structured underwriting.

    .......

    Job Swaps 22 July 2015

  • PartnerRe opens EXOR talks

    PartnerRe has responded to a revised proposal from EXOR offering a special dividend of US$3 per common share (SCI 21 July). The offer is the sixth revised proposal by EXOR in its attempt to outbid AXIS for the acquisition of PartnerRe (SCI passim).

    In response to the offer, the PartnerRe board has determined that the proposal would reasonably be likely .......

    Job Swaps 22 July 2015

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015

  • EXOR offer increased again

    EXOR is offering PartnerRe common shareholders a pre-closing dividend of US$3 per share in addition to its confirmed US$137.5 per share all-cash offer in relation to a potential deal to purchase PartnerRe. The offer is in response to AXIS' enhancements to its rival offer for the firm (SCI 20 July) and brings EXOR's total consideration to US$140.5 per share.

    EXOR says it has added the US$3 .......

    Job Swaps 21 July 2015

  • SLABS rating corrections made

    Moody's recently placed on review for downgrade one US FFELP student loan ABS tranche and corrected erroneous review actions on three other tranches, affecting in total approximately US$1.1bn of securities. The agency's amendments reflect the correction of an error in assessing the risk that the tranches will not fully pay-down by their respective final maturity dates.

    Moody's says that it used .......

    News Round-up 21 July 2015

  • CPUK note exchange due

    A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition of the Center Parcs group by an affiliate of Brookfield Asset Management. The move is considered a change of control under the class B note issuer/borrower loan agreement and, following the acquisition, the borrowing group is required to offer to repurchase the class .......

    News Round-up 21 July 2015

  • Hertz acceleration avoided

    Hertz has filed its 2014 10-K, including restated financials for 2012-2013 and some restated financial information for 2011. In addition, the company filed its 1Q15 financials and is now up-to-date on all filings with the US SEC.

    The filings cure Hertz's filing deficiency notice from the NYSE and bring the company back into compliance with NYSE listing requirements (SCI 7 .......

    News Round-up 21 July 2015

  • Madden ruling fuels ABS doubt

    A recent federal appeals court decision in Madden v. Midland Funding could have negative implications for ABS backed by bank-originated marketplace lending loans, reports Moody's. If interpreted broadly, interest rates on some loans backing marketplace lending transactions could be reduced, or the loans themselves made void.

    The US Court of Appeals for the Second Circuit ruled in the case in .......

    News Round-up 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Axis amends PartnerRe terms

    AXIS Capital and PartnerRe have agreed to enhanced merger terms, providing common shareholders with an increased special dividend of US$17.5 per common share prior to the closing of their potential amalgamation agreement. The response follows EXOR's own recent enhancements to its rival bid for PartnerRe (SCI 8 July).

    PartnerRe and AXIS have also agreed to match the terms contemplated by EXOR's .......

    Job Swaps 20 July 2015

  • Survey suggests bearish stance

    The results of JPMorgan's latest international ABS survey - which gauges both investor and issuer attitudes towards the European and Australian securitisation markets - suggests an overall marginally bearish stance from respondents. The most significant change between the previous 1H15 and the latest 2H15 surveys appears to be the large proportion of respondents who believe that conditions are merely neutral .......

    News Round-up 20 July 2015

  • Energy pro brought in

    Khalil Qasimi has joined Empower Energies as senior director, structured finance. Working with Empower cfo John Clapp, Qasimi manages the company's corporate capital initiatives, as well as mergers and acquisitions. He will also take a lead role in the development and deployment of Empower's integrated finance facilities.

    Qasimi most recently served as principal in corporate development at Exelon, where he .......

    Job Swaps 20 July 2015

  • Redemption to avoid EOD

    Access Group says it intends to redeem the US$89.1m ACCSS 2004-2 A2 bond in full at its legal final maturity (25 January 2016) via a deposit of additional funds into the trust. Slow payment rates and insufficient cashflow would otherwise have resulted in a technical default on the tranche. The deal's offering memorandum allows defeasance of the notes at maturity, .......

    News Round-up 20 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • RFC issued on SF approach

    Scope has issued a request for comment on proposed updates to its structured finance rating methodology, emphasising fundamental analysis of underlying assets in a European context and forward-looking views on economic cycles. The proposals also include no sovereign rating cap and a post-crisis counterparty risk approach.

    Scope generally uses a fundamental bottom-up analysis to capture the rating impact of different .......

    News Round-up 17 July 2015
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