ABS

  • Blade sale affirmed

    The proposed sale of one aircraft engine from the Blade Engine Securitization transaction is unlikely to impact the ratings on the ABS, says Fitch. The issuer intends to sell a CF6-80C2A5 out of the trust to a third party.

    The proposed sale price of the engine is below the note target price, as defined by the transaction documents. But Fitch .......

    News Round-up 3 July 2015

  • Greek sovereign ceiling lowered

    Fitch has downgraded 18 tranches across seven Greek RMBS, one ABS tranche and four covered bond programmes issued by Alpha Bank, National Bank of Greece and Piraeus Bank. The move follows the downgrade of Greece's IDR to double-C and the revision of the country ceiling to triple-C, as well as the downgrade of Greek banks.

    The RMBS tranches have been .......

    News Round-up 3 July 2015

  • Risk chief recruited

    Mariner Investment Group has appointed Dmitry Green as chief risk officer, responsible for monitoring investment risk across all of the firm's businesses. Previously md and cro at Saba Capital, he will be a member of Mariner's investment and risk committees, reporting directly into the firm's operating committee.

    Prior to Saba, Green was head of risk management at BlueMountain Capital. Before .......

    Job Swaps 3 July 2015

  • Spanish structured covered bonds eyed

    Changes introduced by the new Spanish Law 5/2015 will provide increased flexibility in creating securitisations and should foster the issuance of transactions beyond RMBS, which has been the predominant transaction type in the Spanish market, according to Scope Ratings. In particular, the possibility of issuing structured covered bonds may become a widely used tool that results in significant competition for .......

    News Round-up 3 July 2015

  • Euro secondary holds up

    European securitisation secondary market spreads are holding up as the wait for the Greek referendum continues to keep most participants sidelined.

    Flows remained light yesterday and are expected to stay the same today especially given the US public holiday. Prime assets again saw the most activity though it was still very patchy and market sentiment has slightly improved in peripherals .......

    SCIWire 3 July 2015

  • Auto ABS gains in LatAm

    Brazil and Mexico have become the two largest markets in Latin America for the automotive industry over the past 15 years. Demand for automobiles and their financing products is rooted in the growing stability of the countries' middle class population, S&P suggests.

    "The securitisation of auto finance assets in Mexico and Brazil seems to have been related to the total .......

    News Round-up 2 July 2015

  • Rater moves to sell-side

    Brad Sohl has joined Bank of America Merrill Lynch's ABS banking team as vp. He was previously a senior director in Fitch's ABS group, having joined the agency in 2004.

    .......

    Job Swaps 2 July 2015

  • Structured credit vet recruited

    Natixis has named Matthew Zola as head of fixed income Americas. Zola assumes the role previously held by Kevin Alexander, who has been appointed head of global markets Americas. He reports locally to Alexander and globally to Alain Gallois, global head of fixed income.

    Zola joins Natixis CIB Americas from UBS, where he had been head - FICC Americas and .......

    Job Swaps 2 July 2015

  • Euro secondary seeks clarity

    The European securitisation secondary markets continue to suffer poor liquidity and lack of supply as participants await further news on Greece.

    "It's still very quiet with everyone sitting on the sidelines," says one trader. "We got through quarter-end OK and had hoped things would then pick up but it looks like no one is willing to do anything until we .......

    SCIWire 2 July 2015

  • EXOR modifications dismissed

    PartnerRe says that the limited modifications to EXOR's revised offer do not address the "fundamental risks and uncertainties" of the proposal (SCI passim). The firm notes that the only material modification to EXOR's offer is that it will now assume responsibility, should one of its shell subsidiaries breach the contract.

    PartnerRe adds that it had identified this as a significant .......

    Job Swaps 1 July 2015

  • Euro secondary stable

    The European securitisation secondary market remained stable yesterday amid the varying Greece headlines and is holding firm for now ahead of further news from the ECB later today.

    Yesterday once again saw very light flows as the majority of both buyers and sellers remain content to sit out the wider market volatility. Consequently, spreads were broadly unchanged on the day.

    SCIWire 1 July 2015

  • Capital markets partner named

    TigerRisk Partners has appointed Jarad Madea as partner with TigerRisk Capital Markets & Advisory in New York. In his new position, he will advise insurers and reinsurers on mergers and acquisitions and capital markets products, reporting to TigerRisk president Tony Ursano.

    Madea began his career in Banc of America Securities' financial institutions investment banking group, where he executed a wide .......

    Job Swaps 1 July 2015

  • Insurance merger agreed

    Willis Group and Towers Watson have signed a definitive merger agreement under which the companies will combine in an all-stock merger of equals transaction, with the new company named Willis Towers Watson. Based on the closing prices of Willis and Towers Watson common stock on 29 June, the implied equity value of the transaction is approximately US$18bn.

    Upon completion of .......

    Job Swaps 30 June 2015

  • SF vet appointed

    Oppenheimer has appointed John Tonelli as md and head of debt capital markets and syndication. He brings over 20 years of fixed income experience, especially in structured credit and secured financings, first as an attorney at Cadwalader, Wickersham & Taft and later as senior md and head of international structured finance at Bear Stearns and JPMorgan.

    Tonelli most recently served .......

    Job Swaps 30 June 2015

  • Euro secondary stays calm

    Tone continues to be weak across European securitisation secondary, but the market has remained calm.

    "Not much happened yesterday - as broader markets headed down volumes in ABS/MBS were very thin," says one trader. "Peripherals were better offered in the Street, but there was no panic selling from customers."

    Indeed, the trader adds: "There was very little customer activity at .......

    SCIWire 30 June 2015

  • QS recommendations weighed

    The EBA has adequately addressed most of the valid concerns raised by parties interested in the prudentially sound revival of the European securitisation market, according to Bank of America Merrill Lynch research analysts. In its qualifying securitisation recommendations, the Authority calls for the risk weight floor for senior tranches to be lowered from 15% to 10% under the IRB and .......

    News 29 June 2015

  • FFELP SLABS under review

    Fitch has placed 57 tranches from 23 US FFELP student loan ABS on rating watch negative, affecting approximately US$8bn of securities. The action is based on analysis conducted by the agency that identified trusts with tranches that have heightened risk of missing legal final maturity dates based on principal repayment to date.

    The transactions identified will be subject to additional .......

    News Round-up 29 June 2015

  • Euro secondary hesitates

    The European securitisation secondary markets are making a hesitant start following the weekend's events surrounding Greece.

    For now at least, participants are holding off any real trading activity until there is a clearer idea of where pricing levels should now be. While the market tries to find a firmer footing few prices are being shown.

    Those that are unsurprisingly reflect .......

    SCIWire 29 June 2015

  • SLABS purchase flexibility highlighted

    Navient has bought receivables from nine student loan ABS amounting to US$421.38m since it amended the servicing agreements for 17 trusts last year (SCI 27 April), two-thirds (US$284.44m) of which occurred in May, according to Citi figures. Navient has also called two transactions so far this month - SLMA 2002-4 and 2002-5 - committing US$82.61m of proceeds to redeem them.

    News Round-up 26 June 2015

  • Railcar rules impact outlined

    New regulations for railcars transporting crude oil and other hazardous material will be costly for railcar manufacturers and lessors, given their short implementation timeframes, Fitch says. Since all mandatory expenses are paid at the top of securitisation waterfalls, certain outstanding railcar ABS transactions could see decreased available funds for interest and principal, depending on their respective levels of tanker concentrations .......

    News Round-up 26 June 2015

  • RRL disclosures adopted

    Fitch is set to adopt disclosures highlighting rating agency removal language (RRL) in its rating communications for new covered bond (CVB) programmes and structured finance (SF) transactions, following a recent request for market feedback (SCI 14 April). The disclosures will show where RRL is present and what its implications could be for contractual obligations, credit protection and ratings, if exercised.

    News Round-up 26 June 2015

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