ABS

  • Private debt pro moves

    Eiffel Investment Group has hired Mathias Choussy as part of its credit team. He arrives from Federis Gestion d'Actif, where he was responsible for private placements activity, particularly with co-managing investments in private credit instruments issued by European mid-caps.

    Choussy has also held a number of senior roles that encompassed portfolio management and research in the investment grade, high yield and securitisation markets. The firms .......

    Job Swaps 22 May 2015

  • Euro BWICs ease

    The BWIC-led week in European securitisation secondary markets is easing to a close today.

    BWICs dominated ABS/MBS secondary trading once again yesterday and the bonds that traded did so in line with expectations. Flow trading was patchy once more, but broadly spreads remained unchanged though Italian and Portuguese paper continued to weaken.

    At the same time, European CLO secondary activity .......

    SCIWire 22 May 2015

  • SSFA guidance released

    The US Fed has issued guidance indicating when a banking organisation that determines its risk-based capital using the advanced approaches may apply the simplified supervisory approach (SSFA) rather than the supervisory formula approach (SFA) when determining the risk weight of a securitisation exposure. The guidance modifies the previous 2013 guidance and sets forth more general guidelines as to when the .......

    News Round-up 21 May 2015

  • Euro ABS/MBS holds up

    European ABS/MBS secondary spreads are mostly holding up despite a heavy BWIC calendar and a general risk-off attitude.

    "There were a lot of BWICs yesterday and nearly all line items traded well," says one trader. "The calendar is quieter today, but overall volume in BWICs significantly up."

    This contrasts with the rest of the secondary market, the trader adds. "Elsewhere .......

    SCIWire 21 May 2015

  • Dubai SF platform set up

    SG has strengthened its presence in the Middle East by launching a new structured finance platform in Dubai. Charles Emmanuel de Beauregard will assist in spearheading the group as director of structured finance and will be responsible for export, infrastructure and asset-based finance.

    Additionally, Karim El Zein has been appointed vp for debt capital markets. He joins from Credit Suisse, .......

    Job Swaps 20 May 2015

  • Timeshare delinquencies 'stable'

    US timeshare ABS delinquencies were stable in 1Q15 and remain within historically normal levels, according to Fitch's latest index results for the sector. Total delinquencies were 2.9% for the quarter, consistent with 2.89% in 4Q14 but below the 3.19% observed in 1Q14.

    Fitch says there was a slight increase in defaults in 1Q15, due to typical winter performance. Defaults stood .......

    News Round-up 20 May 2015

  • Euro ABS/MBS BWIC spike

    After another relatively quiet day yesterday, the European ABS/MBS secondary market looks set for a busy day today with a spike in BWIC volumes.

    For the most part secondary spreads remained range-bound yesterday on light activity. Although one trader notes: "Market tone is a little bit weaker away from core product - peripherals and mezz 2.0 CMBS have edged out, .......

    SCIWire 20 May 2015

  • ABS survey signals stability

    ABS investors remain comfortable with performance in the market, according to JPMorgan's mid-year ABS investor survey. This will likely be reflected in continued participation in the sectors that the investors currently invest in.

    JPMorgan ABS analysts expect ABS supply to reach US$200bn by year-end 2015, which would supplant the US$190bn of primary issuance in 2014. Survey respondents concurred, with 45% of .......

    News Round-up 19 May 2015

  • Euro ABS/MBS builds up steam

    The European ABS/MBS secondary market looks to be building up a head of steam.

    Yesterday was, as expected, a quiet day with caution prevailing. However, there was patchy trading in the usual sectors plus an increase in interest in specific Spanish names. BWICs traded in line with expectations and overall spreads remained range-bound.

    With broader credit improving, today is likely .......

    SCIWire 19 May 2015

  • Euro ABS/MBS shows caution

    Some signs of caution are entering the European ABS/MBS secondary market, but it may not last.

    The quiet end to last week, which saw ABS/MBS spreads close unchanged has morphed into an even more cautious tone today with some signs of softening as broader credit edged wider on Greek concerns this morning. However, it is hoped that the building BWIC .......

    SCIWire 18 May 2015

  • Finding solutions

    Slowing SLABS payments prompts intervention

    Slower borrower pay-downs have increased the risk of default for a number of FFELP student loan ABS transactions. Bonds with shorter maturity dates are most vulnerable, prompting proposals to rescue these deals by re-accelerating payments.

    The percentage of US borrowers making any payments on their student loans declined to an average of 46% during the period between 2007 and 2014, .......

    News Analysis 18 May 2015

  • Revolving structures evaluated

    Despite revolving structures not yet emerging in the growing Chinese securitisation market, Fitch believes they are both necessary and desirable. This is particularly true for ABS transactions, where the underlying assets have a short tenor.

    The agency says that without the use of revolving structures - which would allow issuers to reinvest repaid receivables into purchasing new receivables - an ABS transaction that securitises short-term .......

    News Round-up 18 May 2015

  • Prudent valuations practices examined

    SCI is hosting a complimentary webinar exploring how IPV and prudent valuations practices are adjusting to new European regulatory requirements. The event is being held at 12pm UK time on 21 May, but will also be available to download from the SCI website afterwards.

    The webinar will attempt to define what constitutes a prudent valuation under the EBA .......

    News Round-up 15 May 2015

  • Euro ABS/MBS looks ahead

    With a quiet end to the week likely the European ABS/MBS secondary market is looking ahead.

    As anticipated yesterday was a much quieter day in European secondary though a few more trades went through than first thought to be likely. On-BWIC the bonds that did trade did so broadly in line with recent levels and off-BWIC flows were constrained to .......

    SCIWire 15 May 2015

  • Marketplace lending event unveiled

    SCI is holding a marketplace lending securitisation seminar on 25 June in New York. The event will be hosted by Kaye Scholer, located at 250 West 55 Street.

    SCI's Marketplace Lending Securitization Seminar will provide an in-depth examination of the nascent marketplace lending securitisation landscape. Together with overviews of transaction structuring/credit considerations and the biggest platforms involved, panel discussions will .......

    News Round-up 14 May 2015

  • Euro ABS/MBS ebbs

    The recent flow of secondary market activity is likely to ebb away today because of the Ascension Day holiday.

    "Secondary has picked up over the past couple of days and a couple of primary deals have priced at the tight end of guidance, so there's still a good amount of demand for assets," says one trader. "However, I expect it .......

    SCIWire 14 May 2015

  • CMU, HQS responses released

    AFME has published its responses to the European Commission's Green Paper on Building a Capital Markets Union (CMU) and to its consultations on high quality securitisation. The responses provide guidance as to what AFME's members view as immediate objectives and overarching priorities.

    The association says that the consultation is a clear indication that the Commission recognises the positive benefits of .......

    News Round-up 13 May 2015

  • Spotlight on P2B lending

    Moody's says that European market participants and policymakers are increasing the spotlight on peer-to-business (P2B) lending to help fund SMEs where traditional bank lending has been declining. The agency expects securitisation to positively affect the development of P2B lending, which relies on online platforms that match businesses with lenders.

    "The development of non-bank funding alternatives such as P2B and securitisation .......

    News Round-up 13 May 2015

  • Euro secondary liquidity on the rise

    European securitisation secondary market liquidity is continuing its rise this week.

    "There's more activity this week than last overall," says one trader. "With more and more trades getting done off-BWIC."

    While market tone remains broadly positive, some areas are softer than others. "There is some weakness in peripherals," notes the trader. "That's particularly true in Portuguese names, where, for example, .......

    SCIWire 13 May 2015

  • SPV loss case concluded

    The English High Court's ruling in the 'Fondazione Enasarco v (1) Lehman Brothers Finance S.A. and (2) Anthracite Rated Investments (Cayman) Limited [2015] EWHC 1307 (CH)' case yesterday has repercussions for the structured products and derivatives markets. Among the judge's findings is that a structured product SPV can calculate its loss by reference to the cost of a replacement transaction .......

    News Round-up 13 May 2015

  • Law firm taps CMBS vet

    Ropes & Gray has appointed Partha Pal to its finance group. He will focus on structured finance transactions and related restructurings, regulation and dispute resolution, with particular emphasis on matters that involve CRE assets with real estate lending and CMBS transactions.

    Prior to joining Ropes & Gray, Pal was a partner at Chadbourne & Parke. He has also held roles .......

    Job Swaps 12 May 2015
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