ABS

  • 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

  • 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
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