ABS

  • Euro ABS/MBS firms up

    The European ABS/MBS secondary market is showing a firmer tone, but is not yet fully back up to speed.

    "Yesterday was very busy especially in peripherals with Spanish and Portuguese names the big movers," says one trader. "Overall, market tone is much better than we've seen for a while."

    However, the trader adds: "I'm not reading too much into it .......

    SCIWire 24 June 2015

  • Opportunity knocks

    ECB presence expanding ABS investor mandates

    The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on European securitisation spreads. Panellists noted an expanding mandate among many investors, with relative value opportunities shifting towards the UK non-conforming RMBS and European CLO sectors.

    Jefferies md Craig Tipping pointed to a shift in investor mandate when he admitted .......

    News Analysis 24 June 2015

  • Chinese expansion completed

    Intex Solutions has opened an office in Shanghai, which the firm hopes will further enhance its ability to support its worldwide client base and enable it to proactively meet the demands of the emerging Chinese securitisation market. Yunwen Zeng has been appointed general manager of the new location.

    She comments: "The recent surge in government support and market interest has .......

    Job Swaps 23 June 2015

  • EXOR 'material risks' outlined

    PartnerRe has made available additional shareholder information relating to what it describes as the "significant walk-away, regulatory and timing risks" posed by EXOR's unsolicited and "opportunistic" bid for the firm. PartnerRe claims that EXOR has refused to address such material risks inherent in its offer.

    "In addition to a wholly inadequate price, the EXOR offer presents an unacceptable level of .......

    Job Swaps 23 June 2015

  • RFC on tobacco ABS approach

    Fitch has published an exposure draft with respect to its criteria for rating US tobacco settlement ABS. The agency expects about 64 notes to be downgraded due to the proposed changes.

    The main proposals include: the application of the most recent MSA payment received as the starting point on Fitch's cashflow model; and revising the rating floor to triple-C from .......

    News Round-up 23 June 2015

  • Business development team bolstered

    Leadenhall Capital Partners has appointed Edward Johnson to its business development team, reporting to business development head Lorenzo Volpi. Johnson was previously at Aon Benfield in London, where he advised on and structured catastrophe bonds, collateralised reinsurance and sidecars. Before that, he worked at Lane, Clark & Peacock and JPMorgan.

    .......

    Job Swaps 23 June 2015

  • Default rate hits post-crisis low

    The default rate for global structured finance securities rated by S&P fell for the third successive year to 4.2% in 2014, the lowest level since 2008. The downgrade rate also declined to an eight-year low of 10% in 2014, while the upgrade rate increased to 8.4%.

    "Overall global structured finance credit quality declined again in 2014, with the number of .......

    News Round-up 23 June 2015

  • SLABS review expanded

    Moody's has placed on review for downgrade the ratings of 106 tranches across 57 FFELP student loan ABS transactions. The move impacts approximately US$34bn of securities.

    The reviews for downgrade are a result of the increased risk that the tranches will not fully pay down by their respective final maturity dates. Failure to repay a note on the final maturity .......

    News Round-up 23 June 2015

  • Euro secondary turns positive

    The European securitisation secondary markets are taking a positive turn albeit at a statelier pace than broader markets.

    "Sentiment is a little bit better though our markets are slower to come back than others," says one trader. "Spreads haven't moved much this week so far, but are slightly tighter since Barcelona and there's definitely more liquidity around."

    Activity remains patchy, .......

    SCIWire 23 June 2015

  • Regulatory capital rules finalised

    The US Fed, the FDIC and the OCC have finalised revisions to the regulatory capital rules adopted in July 2013. The final rule applies only to large internationally active banking organisations that determine their regulatory capital ratios under the advanced approaches rule.

    The agencies published changes to the rules affecting such organisations on 18 December 2014 and the final rule .......

    News Round-up 22 June 2015

  • QS hearing scheduled

    The EBA is set to hold a public hearing on its draft report on qualifying securitisation on 26 June at its premises in Canary Wharf. The objective of the hearing is to gather views from all concerned stakeholders on its recommendations on the matter.

    The EBA draft report on qualifying securitisation will inform EU policymakers in their legislative process and .......

    News Round-up 22 June 2015

  • Opportunities fund prepped

    Deer Park Road is set to launch the SBF Opportunities Fund, a long/short fixed income fund focused on investing in a variety of MBS and ABS. Sam Barron-Fox will act as leading portfolio manager for the fund, while Deer Park Road ceo Michael Craig-Scheckman and cio Scott Burg will provide risk oversight.

    The fund is intended to complement the firm's .......

    News Round-up 22 June 2015

  • Euro ABS/MBS slow return

    The European ABS/MBS secondary market is slowly returning to life following the Barcelona conference.

    Friday was slow with only a few trades going through and a handful of line items on BWIC. Today's open sees most ABS/MBS participants seemingly content to sit on the sidelines awaiting news on the Greece-EU meetings despite the emerging more positive tone in broader markets.

    SCIWire 22 June 2015

  • 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
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