ABS

  • Euro secondary winds down

    The European securitisation secondary markets continue to wind down as seasonal factors hold sway.

    "We're really in summer mode now with not a lot of flows," says one trader. "Activity is down to a minimum with little BWIC supply and no major credit news to stimulate trading."

    One piece of relevant news did however come from the similarly quiet primary .......

    SCIWire 11 August 2015

  • ILS team formed

    Lombard Odier Investment Managers (LOIM) has recruited an ILS team that includes Gregor Gawron, Simon Vuille and Marc Brogli. Based in Zurich, the team will report to LOIM cio Jan Straatman.

    The team will pursue a wide-ranging approach, targeting different risk types and regions. Straatman says that the team will target cat bonds due to their higher starting yield and floating rate coupon .......

    Job Swaps 10 August 2015

  • Alternative finance growth predicted

    European institutional investors predict that the alternative finance market will grow by 23% over the next two years, according to a new study by Amicus Finance. This could be driven by the demand for expansion finance by SMEs, which is already generating momentum with a number of recent financing initiatives (SCI passim).

    In total, just under three-quarters (73%) of institutional .......

    News Round-up 10 August 2015

  • Timeshare delinquencies at record low

    US timeshare ABS delinquencies fell again this past quarter to their lowest level in eight years, reports Fitch. Total delinquencies for 2Q15 were 2.66%, down from 2.79% in 1Q15 and 2.92% observed in 2Q14.

    The trend continues a consistent year-over-year improvement since 2012, as defaults also decreased to 0.57% in 2Q15. This figure is down from 0.67% in 1Q15 and 0.66% a .......

    News Round-up 10 August 2015

  • Euro secondary limited

    Activity in the European securitisation secondary market remains limited as seasonal illiquidity prevails.

    Nevertheless, Autos alongside Dutch and UK prime continue to see some signs of life. At the same time, there is selective demand for Italian, Portuguese and Spanish paper.

    Today, currently sees one BWIC on the schedule - at 14:30 London time there is a single €700k line .......

    SCIWire 10 August 2015

  • Small strides

    Non-bank lending key to SME securitisation?

    SMEs continue to be billed as the backbone of the European economy, as a number of initiatives seek to remedy the lack of traditional bank support for the sector. Securitisation is expected to play a key role in this process, but a number of obstacles must be overcome if it is to make a significant contribution.

    "Although direct lending has .......

    News Analysis 7 August 2015

  • Rating correlations analysed

    S&P has published four reports illustrating how ratings on European ABS, CMBS, RMBS and structured credit transactions may change over time. The agency's analysis includes sensitivity of ratings to underlying analytical assumptions, as well as a discussion of how various market developments that move parameters built into the rating analysis may influence credit ratings.

    S&P notes that its European structured finance .......

    News Round-up 7 August 2015

  • HQLA impact gauged

    Global capital requirements have the potential to become impediments to providing financing via securitised products, S&P notes. Of particular focus among market participants recently are various regulators' evaluations of what actually constitute high-quality liquid assets (HQLA) in order to calculate the Basel 3 liquidity coverage ratio (LCR) and associated market value haircuts.

    "Many regulators seem to have interpreted what high-quality .......

    News Round-up 7 August 2015

  • MSA payments move up

    Fitch has completed its annual review of US tobacco ABS ratings accounting for the amount of Master Settlement Agreement (MSA) payment received by each trust in 2015. The aggregate MSA payment was 0.36% higher this year than the amount in 2014.

    Fitch is placing 66 tranches on rating watch negative due to the pending outcome of the tobacco criteria revision. .......

    News Round-up 7 August 2015

  • Mortgage insurance cat bond closed

    AIG's mortgage insurance business United Guaranty Corp (UGC) has completed a novel ILS that funds US$298.9m of indemnity reinsurance for a portfolio of mortgage insurance (MI) policies issued from 2009 through 1Q13. Dubbed Bellemeade Re series 2015-1, the Bermuda-domiciled special purpose insurer issued three classes of 10-year notes.

    The US$140.17m class M1 notes priced at one-month Libor plus 250bp, the .......

    News Round-up 7 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • Compliance partner named

    Dentons has appointed Joshua Jordon as a partner in its capital markets practice. He joins from American Mortgage Consultants (AMC), where he was svp, general counsel and compliance officer. In his new role, Jordon will focus on mortgage banking and consumer finance regulatory matters as part of Dentons' regulatory compliance group.

    At AMC, he regularly advised on complex mortgage banking .......

    Job Swaps 7 August 2015

  • Structured products pair recruited

    Schulte Roth & Zabel has hired Boris Ziser and Thomas Weinberger as partners in the firm's structured products and derivatives group. Both arrive from Stroock & Stroock & Lavan.

    Ziser, who will co-head the group, has expertise in public and private ABS, warehouse facilities, secured financings and commercial paper conduits. His practice encompasses a variety of asset classes, including life settlements, equipment leases, .......

    Job Swaps 7 August 2015

  • 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
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