ABS

  • 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

  • Payment holiday 'credit positive'

    The Italian Banking Association's two-year renewal of its payment holiday scheme will support both Italian companies and individuals whose liquidity position is stretched amid the sluggish economy, according to Moody's. The agency says that the new moratorium is credit positive for SME, ABS and RMBS transactions, as it will reduce payments on loans and thus lower borrowers' propensity to default.

    News Round-up 11 June 2015

  • Duo hired for SF push

    Watson Farley & Williams (WFW) has hired Rob McBride and Sian Withey to help establish and lead a new debt securities and structured finance practice for the firm. Both partners arrive from Fried, Frank, Harris, Shriver & Jacobson, where they were part of the firm's global capital markets and finance practice.

    In accordance with establishing a new practice, McBride and .......

    Job Swaps 11 June 2015

  • Euro ABS/MBS drifts

    The European ABS/MBS secondary market is continuing to drift without volume or direction.

    "The combination of Greek headlines and the run up to Barcelona is making for a difficult environment," says one trader. "Liquidity continues to be exceptionally poor with a lot of investors sitting on the sidelines. There are still quite a few BWICs but we're only seeing very limited .......

    SCIWire 11 June 2015

  • Lift off?

    Institutional investors boost marketplace lending securitisation

    The marketplace lending securitisation sector appears set for take-off, fuelled by the proliferation of online lending platforms and an influx of institutional investor capital. However, increased visibility around credit criteria and better representations and warranties are necessary for the asset class to become mainstream.

    An estimated 100 platforms are already active in the marketplace lending space, including the biggest brands .......

    News Analysis 10 June 2015

  • ABS fund manager named

    Amundi Asset Management has recruited Francois Morin as senior portfolio manager of the Amundi ABS Fund. He arrives from Natixis, where he was head of European ABS and CLO trading. Morin has also held various positions in CDC Ixis Capital Markets' credit risk department.

    .......

    Job Swaps 10 June 2015

  • Auto ABS sets 'poor benchmark'

    An international rating - assigned by Moody's - for the Rongteng Individual Auto Mortgage Backed Securitization 2015-1 transaction has set a global precedent, according to Fitch, as the deal does not have an initial liquidity facility available to protect against any payment disruption nor back-up servicing arrangements in place. Liquidity facilities or reserve funds that are available or pre-funded at closing are .......

    News Round-up 10 June 2015

  • Euro ABS/MBS hindered

    The risk-off attitude across the European ABS/MBS secondary market is continuing to hinder activity.

    "Liquidity is pretty terrible at the moment," says one trader. "The tone of the market is generally weak with concerns about Greece hampering broader markets and ABS specific issues around the disappointment over the ABSPP."

    BWICs continue to be churned out however and are going through .......

    SCIWire 10 June 2015

  • Spanish legal exceptions highlighted

    Scope believes that the new Spanish corporate finance promotion law (Ley 5/2015 de fomento de financiación empresarial) governing changes to corporate financing allows for more flexible financing of Spanish SMEs and, in certain cases, may positively affect their creditworthiness. The main purpose of the new law is to promote financing of Spanish SMEs by making it both more accessible and .......

    News Round-up 9 June 2015

  • ABS, RMBS principal losses drop

    Moody's expects the resilience of senior European ABS and RMBS tranches to deterioration in collateral performance and counterparty risk to continue this year. None of the European ABS and RMBS bonds that the agency has rated triple-A have incurred principal losses to date.

    "On the back of macroeconomic re-balancing, we expect the number of notes that are likely to incur .......

    News Round-up 9 June 2015

  • Euro secondary stabilises

    After a week of softening and amid continued broader market volatility the non-peripheral European securitisation secondary markets stabilised yesterday and have opened unchanged this morning.

    "It was a bit more active yesterday and the market appears to have stabilised," says one trader. "We saw two-way flows in quite a few sectors, though mainly in prime paper - from autos, to .......

    SCIWire 9 June 2015

  • Euro ABS/MBS mixed

    Despite wider market volatility and an overall weakening tone European ABS/MBS secondary market sectors continue to see mixed fortunes.

    The latter half of last week saw an upswing in BWIC supply, but was not met with sufficient demand as many line items did not trade. Overall market tone softened on the back of Greek concerns and broader credit weakness, but some sectors .......

    SCIWire 8 June 2015

  • Auto ABS recoveries divided

    Moody's assumes that European auto ABS presents higher recovery rates in its core markets compared to those markets in the periphery. A key determinant in the agency's recovery rate assumptions is the security interest in the underlying vehicle that vests with the issuer, which happens to vary in European markets.

    In the main auto ABS markets, such as Germany, the UK and France, .......

    News Round-up 4 June 2015

  • Asset finance pro rejoins bank

    Credit Suisse has rehired Vaibhav Piplapure as md to run its European asset finance business. He joins the bank after working in asset management for KKR. Prior to this, Piplapure was head of structured and illiquid credit at Avoca Capital, as well as head of global credit solutions and European asset finance for Credit Suisse in his first stint at the .......

    Job Swaps 3 June 2015

  • Rewriting the rules

    Spanish law change boosts securitisation

    Spanish legislators have adopted a new securitisation law, bringing the market more in line with the rest of Europe (SCI 28 April). While the changes are positive and should boost the Spanish ABS market, change on a broader level is also required.

    "The new law 5/2015, published on 28 April 2015, explicitly acknowledges the key role in funding that the .......

    News Analysis 3 June 2015

  • ABSPP purchases revealed

    The ECB yesterday (1 June) published for the first time a detailed breakdown of the ABS holdings under the ABSPP, showing the amount purchased in the primary and secondary markets for each month. Such additional information has been welcomed for bringing the level of disclosure to that the CBPP3, although Barclays Capital European securitisation analysts note that it remains below .......

    News 2 June 2015

  • ETD debt burden lightens

    Moody's reports that new Spanish electricity tariff deficit (ETD) debt for year-end 2014 fell to a 10-year low, at €465m. The agency says this drop could mark a turning point in the Spanish electricity sector's tariff deficit trajectory, helping it to achieve sustainability in the medium term.

    "This figure is merely one-tenth of the yearly deficit levels in preceding years, considering the .......

    News Round-up 2 June 2015

  • Alamo Re upgraded on reset

    Fitch has removed from rating watch positive and upgraded, with a stable outlook, the US$400m Alamo Re series 2014-1 class A notes to single-B plus from single-B. The move follows the resetting of the catastrophe bond's modelled attachment probability to 2.09% from its initial annual attachment probability of 3.80%. The crossover point between single-B and single-B plus on Fitch's insurance-linked .......

    News Round-up 2 June 2015

  • Nordstrom card ABS affirmed

    Nordstrom's recent agreement to sell its existing US Visa and private-label consumer credit card portfolio to TD Bank Group has no immediate impact on the rating of notes issued by the Nordstrom Credit Card Master Note Trust II, according to Moody's. The portfolio currently totals approximately US$2.2bn in receivables.

    Under the agreement, TD Bank USA will become the exclusive US .......

    News Round-up 2 June 2015

  • Elian extends SF footprint

    Elian has opened a new office in New York in an attempt to grow its corporate services, which include corporate structuring, structured finance and asset finance. The firm has hired John Wallace to run the office as md and be responsible for developing a network of clients and intermediaries in the Americas.

    Wallace arrives as a founding member of Guardian Director .......

    Job Swaps 2 June 2015

  • TRACE reporting underway

    Yesterday (1 June) marked the first day of ABS transaction data reporting via TRACE, which saw 213 trades with total volume of at least US$614m (original face) being reported, according to Bank of America Merrill Lynch figures. These trades consisted of 151 separate securities with an aggregate original face of at least US$412m and current face of at least US$367m.

    News 2 June 2015

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