ABS

  • STC clarification underway

    Plans are underway for European policymakers to homogenise the various European securitisation acronyms to the simple, transparent and comparable (STC) framework, according to the Bank of England's executive director of prudential policy David Rule. In the second keynote address at IMN's Global ABS conference on Wednesday, Rule outlined the plan to bring together a single set of criteria to European .......

    News 19 June 2015

  • Marketplace lending line-up revealed

    Panellists have been announced for SCI's Marketplace Lending Securitization Seminar, which is taking place on 25 June in New York. The event is being held at Kaye Scholer's offices at 250 West 55 Street.

    The seminar will provide an in-depth examination of the sector, with overviews of transaction structuring/credit considerations and the biggest platforms involved, as well as panel discussions .......

    News Round-up 19 June 2015

  • Setting priorities

    Structured finance recruitment takes backseat to regulatory push

    The recruitment outlook for the structured finance sector continues to suffer from regulatory uncertainty. This state of ambivalence has dampened positivity in the European market, while resources in the US are being diverted towards other pressing needs.

    Despite relatively strong activity in broader European financial recruitment, one London-based headhunter suggests the trend has not been replicated in the structured finance .......

    News Analysis 19 June 2015

  • Diverse distinction

    Aircraft ABS strengths, weaknesses weighed

    The US$1.21bn ECAF I deal, which priced this week, is notable for being the first on-the-run aircraft ABS to print since the crisis. The diversity of the transaction's lessee and country profile is one of its strengths, but replacement programmes are being introduced in the coming years for much of the collateral.

    "We've seen other aircraft deals launch since the .......

    News Analysis 19 June 2015

  • Aviation ABS lawyer added

    Milbank, Tweed, Hadley & McCloy has boosted its transportation and space group with the addition of London-based partner Nick Swinburne. He has extensive ABS experience and focuses on aviation, shipping and other transportation deals.

    Swinburne will lead Milbank's London practice alongside James Cameron, who is also a partner at the firm. He joins from Clifford Chance, where he has spent .......

    Job Swaps 18 June 2015

  • Private debt hedge fund launched

    Rob Allard and Jonathan Egol, both former mds at Goldman Sachs, have launched a dedicated private debt hedge fund named Firebreak Capital. The firm aims to be an alternative balance sheet in the illiquid lending and investment sector, leveraging the emerging trends in consumer and commercial direct lending, as well as providing private credit, asset-backed and structured finance solutions predominantly .......

    Job Swaps 17 June 2015

  • New dawn

    Trustees continue to address ongoing issues in the European...

    The European securitisation market continues to develop and the trustee's role is evolving as it does so. While certain perennial challenges remain, new opportunities have also presented themselves.

    Although the trustee's role is essentially the same as it has always been, lessons have been learnt and adaptations made. Trustees' experiences during and after the crisis have provided a significant level .......

    News Analysis 16 June 2015

  • Solutions director recruited

    Aidan McKeown has bolstered Lloyds' financial institutions relationship solutions team by joining as a director. He joins from StormHarbour Securities, where he was md and a founding member of the firm's structuring & advisory team, with a specific focus on bespoke market-driven solutions to assist financial institutions with their regulatory capital and funding requirements. McKeown has also previously held roles with .......

    Job Swaps 16 June 2015

  • Structuring vet returns

    Paul Levy has rejoined GreensLedge as md. He arrives from Hayfin Capital Management, where he worked in structured credit investment.

    Before Levy's previous stint at GreensLedge, he was European co-head of FICC structuring at UBS. He has also held senior roles at Prytania Investment Advisers, Bank of America Merrill Lynch and Deutsche Bank.

    .......

    Job Swaps 16 June 2015

  • Successful ED project 'requires support'

    While the European DataWarehouse (ED) has continued to make strides over the last 12 months, data shortcomings in the market which are beyond the ED's power to address threaten to derail further progress. For this reason, it may be necessary for the ED's mandate to be expanded.

    The ED tracks loan-level data for 890 deals, backed by more than 40 .......

    News 16 June 2015

  • Euro secondary quiet

    With the Barcelona conference getting fully underway today it is expected to be very quiet in the European securitisation secondary markets over the next couple of days.

    The participants that remain at their desks are likely to maintain the risk-off stance of the past week as Greece and broader credit market volatility continue to dominate attention. However, there is one .......

    SCIWire 16 June 2015

  • Counterparty risk approach released

    Scope Ratings has published its rating methodology for counterparty risk in structured finance transactions and is requesting comments on the proposal by 31 July. The proposed methodology describes how the agency analyses the credit risk introduced into a structured finance transaction by financial or operational counterparty exposures.

    Scope says that financial institution counterparties with credit quality of BBB/S-2 or higher, .......

    News Round-up 15 June 2015

  • Corporate trust team bolstered

    BNY Mellon has appointed Adam Gelder as head of financial institutions for its EMEA corporate trust team. Gelder will be responsible for the growth and development of the company's financial institutions business in EMEA, reporting to Robert Wagstaff, head of UK sales and relationship management at BNY Mellon. Gelder has worked at Deutsche Bank for the last 18 years in .......

    Job Swaps 15 June 2015

  • CFPB oversight extended

    The US Consumer Financial Protection Bureau has published a rule that will allow the agency to supervise larger non-bank auto finance companies for the first time. The agency also released the examination procedures that examiners will use to ensure that auto finance companies are following the law.

    Currently, the CFPB supervises auto financing at the largest banks and credit unions. The .......

    News Round-up 15 June 2015

  • European regulatory barriers discussed

    The European securitisation market's regulatory capital costs are a barrier to demand and liquidity, according to a recent Moody's roundtable discussion. The agency reports that investors do not believe the capital treatment of European structured finance instruments reflects their associated risks.

    Investors noted in the discussion that if the current levels of regulatory capital associated with structured finance instruments remain the .......

    News Round-up 15 June 2015

  • Agency grabs Europe head

    DBRS has hired Detlef Scholz as group md, head of Europe. In the newly created position, Scholz will be responsible for overseeing all of the agency's day-to-day operations in the EMEA region, focusing on the strategic development of its rating business and senior outreach activities. He will report to ceo Dan Curry.

    Prior to joining DBRS, Scholz held a range of positions at Moody's, .......

    Job Swaps 15 June 2015

  • Securitisation head tapped

    Richard Burke has joined Mizuho as head of securitisation. He replaces Shinichi Nochiide, who is relocating to Japan for the bank.

    Burke arrives from HSBC, where was md and head of asset-backed finance for the Americas. He has additionally held senior roles at JPMorgan and Merrill Lynch.

    .......

    Job Swaps 15 June 2015

  • Liquidity squeeze

    Osmo Timonen, an expert in bank regulation at management and...

    Since 2012, the Basel Committee on Banking Supervision has been working on a major overhaul of market risk capital requirements for banks´ trading-book positions. The regulatory initiative - entitled the Fundamental Review of the Trading Book (FRTB) - will increase regulatory capital requirements and, as a result, drive up the cost of trading. The secondary market for securitised products is .......

    Talking Point 15 June 2015

  • More of the same for European ABS/MBS?

    Last week's weaker tone in the European ABS/MBS secondary market looks set to continue.

    Last week saw overall ABS/MBS spread widening on the back of negative market sentiment, poor liquidity and broader rates volatility. This week is likely to see even more of the same with continuing Greek concerns and most market participants away from their desks in Barcelona.

    There .......

    SCIWire 15 June 2015

  • Toro investments underway

    Chenavari affiliate Toro Limited has closed its first primary investment under its private asset-backed finance portfolio strategy. The move comes after the company last month raised net proceeds of approximately €330m in a share placement on the LSE in connection with the voluntary liquidation of the Toro Capital I ABS fund.

    In its first investment, Toro has acquired €26.5m in .......

    Job Swaps 12 June 2015

  • Euro ABS/MBS struggles on

    The European ABS/MBS secondary markets continue to struggle with poor liquidity and broader market volatility.

    Market tone continued to be weak on light volumes yesterday and looks unlikely to change today in the penultimate gasp before Barcelona amid further Greek concerns. Prime assets continue to attract what activity there is and spreads there are holding up reasonably well, while peripheral .......

    SCIWire 12 June 2015
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