ABS

  • PartnerRe opens EXOR talks

    PartnerRe has responded to a revised proposal from EXOR offering a special dividend of US$3 per common share (SCI 21 July). The offer is the sixth revised proposal by EXOR in its attempt to outbid AXIS for the acquisition of PartnerRe (SCI passim).

    In response to the offer, the PartnerRe board has determined that the proposal would reasonably be likely .......

    Job Swaps 22 July 2015

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015

  • EXOR offer increased again

    EXOR is offering PartnerRe common shareholders a pre-closing dividend of US$3 per share in addition to its confirmed US$137.5 per share all-cash offer in relation to a potential deal to purchase PartnerRe. The offer is in response to AXIS' enhancements to its rival offer for the firm (SCI 20 July) and brings EXOR's total consideration to US$140.5 per share.

    EXOR says it has added the US$3 .......

    Job Swaps 21 July 2015

  • SLABS rating corrections made

    Moody's recently placed on review for downgrade one US FFELP student loan ABS tranche and corrected erroneous review actions on three other tranches, affecting in total approximately US$1.1bn of securities. The agency's amendments reflect the correction of an error in assessing the risk that the tranches will not fully pay-down by their respective final maturity dates.

    Moody's says that it used .......

    News Round-up 21 July 2015

  • CPUK note exchange due

    A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition of the Center Parcs group by an affiliate of Brookfield Asset Management. The move is considered a change of control under the class B note issuer/borrower loan agreement and, following the acquisition, the borrowing group is required to offer to repurchase the class .......

    News Round-up 21 July 2015

  • Hertz acceleration avoided

    Hertz has filed its 2014 10-K, including restated financials for 2012-2013 and some restated financial information for 2011. In addition, the company filed its 1Q15 financials and is now up-to-date on all filings with the US SEC.

    The filings cure Hertz's filing deficiency notice from the NYSE and bring the company back into compliance with NYSE listing requirements (SCI 7 .......

    News Round-up 21 July 2015

  • Madden ruling fuels ABS doubt

    A recent federal appeals court decision in Madden v. Midland Funding could have negative implications for ABS backed by bank-originated marketplace lending loans, reports Moody's. If interpreted broadly, interest rates on some loans backing marketplace lending transactions could be reduced, or the loans themselves made void.

    The US Court of Appeals for the Second Circuit ruled in the case in .......

    News Round-up 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Axis amends PartnerRe terms

    AXIS Capital and PartnerRe have agreed to enhanced merger terms, providing common shareholders with an increased special dividend of US$17.5 per common share prior to the closing of their potential amalgamation agreement. The response follows EXOR's own recent enhancements to its rival bid for PartnerRe (SCI 8 July).

    PartnerRe and AXIS have also agreed to match the terms contemplated by EXOR's .......

    Job Swaps 20 July 2015

  • Survey suggests bearish stance

    The results of JPMorgan's latest international ABS survey - which gauges both investor and issuer attitudes towards the European and Australian securitisation markets - suggests an overall marginally bearish stance from respondents. The most significant change between the previous 1H15 and the latest 2H15 surveys appears to be the large proportion of respondents who believe that conditions are merely neutral .......

    News Round-up 20 July 2015

  • Energy pro brought in

    Khalil Qasimi has joined Empower Energies as senior director, structured finance. Working with Empower cfo John Clapp, Qasimi manages the company's corporate capital initiatives, as well as mergers and acquisitions. He will also take a lead role in the development and deployment of Empower's integrated finance facilities.

    Qasimi most recently served as principal in corporate development at Exelon, where he .......

    Job Swaps 20 July 2015

  • Redemption to avoid EOD

    Access Group says it intends to redeem the US$89.1m ACCSS 2004-2 A2 bond in full at its legal final maturity (25 January 2016) via a deposit of additional funds into the trust. Slow payment rates and insufficient cashflow would otherwise have resulted in a technical default on the tranche. The deal's offering memorandum allows defeasance of the notes at maturity, .......

    News Round-up 20 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • RFC issued on SF approach

    Scope has issued a request for comment on proposed updates to its structured finance rating methodology, emphasising fundamental analysis of underlying assets in a European context and forward-looking views on economic cycles. The proposals also include no sovereign rating cap and a post-crisis counterparty risk approach.

    Scope generally uses a fundamental bottom-up analysis to capture the rating impact of different .......

    News Round-up 17 July 2015

  • FFELP repacks put forward

    The FFELP student loan ABS sector could yet fend off downgrades if refinancing solutions come forward, according to Citi consumer ABS analysts. Some novel ideas are already surfacing that expand the possible fixes beyond bondholder extensions or trust cash injections.

    Rating agencies Moody's and Fitch have collectively placed over 160 FFELP student loan ABS tranches on review for downgrade (SCI .......

    News 17 July 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday was another solid day with spreads holding form to edging tighter across the board. Buying interest off- and on-BWIC continues to increase, while auction activity is also growing.

    Yesterday's lists saw mixed results with most line items going through at or around talk, but a handful of mezz autos failed to .......

    SCIWire 17 July 2015

  • Maples forms Dutch footprint

    Maples Fiduciary, a division of MaplesFS, has opened a full-service office in Amsterdam. MaplesFS svp Jan Hendrik Siemssen will lead the Netherlands office. His experience includes a number of roles within Dutch trust companies, where he had responsibility for covering various operations and divisions that covered structured finance, securities lending, risk management and corporate trust.

    .......

    Job Swaps 16 July 2015

  • European head appointed

    Willis Group has appointed Brian Shea as head of Europe for Willis Capital Markets & Advisory. He will officially join in August and report to WCMA co-ceos Rafal Walkiewicz and Michael Guo. The pair also only recently joined the firm in their current roles (SCI 16 April).

    Shea joins WCMA from SCOR, where he was chief corporate strategy officer, reporting .......

    Job Swaps 16 July 2015

  • Santander names new chair

    Blythe Masters has been appointed non-executive chairman of the board for Santander Consumer USA (SCUSA). Currently ceo of the recent crypto start-up Digital Asset Holdings (SCI 12 March), she succeeds Stephen Ferriss, who remains on the SCUSA board.

    Prior to leading Digital Asset Holdings, Masters held senior executive roles at JPMorgan, serving most recently as head of its global commodities business. .......

    Job Swaps 16 July 2015

  • Euro ABS/MBS continues to pick up

    The European ABS/MBS secondary market is continuing to pick up.

    "Tone continues to improve now we've finally got some stability and clarity in broader markets," says one trader. "However, while there is more activity we're not seeing lots of volume, though that could also be to do with the time of year and people heading off on vacation."

    Peripherals in .......

    SCIWire 16 July 2015

  • Credit card charge-offs projected

    Revolving US credit card debt stood at US$901bn outstanding at the end of May, reports S&P. The agency has developed a regression equation to project future US securitised credit card charge-offs under a variety of economic scenarios and relative to a number of variables, such as the unemployment rate and revolving credit growth.

    "Our base-case projection, which calibrates the regression variables to .......

    News Round-up 15 July 2015
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