ABS

  • Europe focuses on BWICs

    Quiet bilateral activity and consequently static spreads are increasing European secondary market focus on BWICs.

    "It's generally pretty static," says one trader. "Greek paper is still drifting downwards but that's pretty much it on light flows."

    The trader continues: "The primary market continues to be active, but it's not having any impact on secondary. A new issue premium is in .......

    SCIWire 22 April 2015

  • ABS franchise strengthened

    SG has hired Daniel McGarvey and a team of senior ABS bankers from RBS. McGarvey will manage an expanded team of ABS and CMBS professionals with the objective of building a US ABS franchise, both in mortgage and non-mortgage ABS segments.

    McGarvey most recently headed RBS's non-mortgage ABS business. Prior to this, he marketed, structured and executed term ABS distribution .......

    Job Swaps 21 April 2015

  • Auto ABS collateral weakening

    US prime auto ABS collateral has been marginally weakening in recent months, says Fitch. This is due, in part, to heightened competition among auto finance companies.

    Since 2011, credit quality of the underlying pools has declined marginally, but remains stronger than pre-recessionary levels. Fitch explains that competition and low loss levels are encouraging slightly riskier loan attributes for auto ABS. .......

    News Round-up 21 April 2015

  • Euro ABS/MBS holds up

    The European ABS/MBS secondary market was very quiet again yesterday and into this morning, but spreads are holding up.

    Activity varies by sector, according to one trader. "Most of the activity in prime over the last few days has been around small size BWICs, which have traded well including some Italian bonds."

    Away from BWICs, the trader adds: "We saw .......

    SCIWire 21 April 2015

  • Correlation trader reassigned

    HSBC has reassigned Billy Burke to its ABS trading desk. Burke is a vp in structured credit products and focuses on credit correlation trading. He reports to Mark Wirth, md at the bank.

    .......

    Job Swaps 20 April 2015

  • Euro ABS/MBS stays in range

    The European ABS/MBS secondary market stayed range-bound on Friday and opened little changed this morning.

    Broader market volatility meant that Friday saw a drop in ABS/MBS liquidity and bid-offer spreads move out. Both the Street and the buy-side were looking to sell peripheral paper weakening the tone there still further, but core assets remained firm.

    BWIC activity slowed on Friday, but .......

    SCIWire 20 April 2015

  • MBS sales pro tapped

    Joseph Bevilacqua has joined Robert Baird & Co as a director. He arrives from Stifel Financial, where he worked in institutional sales for fixed income securities, with a particular focus on RMBS. He has also held senior sales roles at firms such as Piper Jaffray, First Empire Securities and Cantor Fitzgerald.

    .......

    Job Swaps 17 April 2015

  • Slow pay-downs spur SLABS default risk

    Some FFELP student loan ABS are at risk of default because certain tranches are not amortising fast enough to pay off by their final maturity dates, Moody's reports. The slow pay-down speed is a result of loan repayment trends that began during the financial crisis and have been accelerated by newer programmes to ease burdens on borrowers.

    The percentage of .......

    News Round-up 17 April 2015

  • GE sales spark servicing concerns

    Moody's says that General Electric's divestiture of most of its GE Capital unit will impact ABS that the unit sponsors, due to the potential transfer of servicing in the transactions to other entities. The asset sales are expected to affect three ABS sectors, in particular - asset-based loans, floorplan loans and equipment loans/leasing.

    GE Capital has issued about US$4.8bn in .......

    News Round-up 17 April 2015

  • Structuring heads on the move

    Citi has hired Olivier Renault as head of financial institutions solutions for EMEA. He was formerly head of structuring and advisory at Stormharbour Securities and has been subsequently replaced in this role by Francesco Dissera.

    Before Stormharbour, Renault was a director in global structured credit products at Citi and was also previously associate director for S&P's risk solutions services.

    Dissera .......

    Job Swaps 17 April 2015

  • Euro peripherals weaken

    Concerns over Greece have finally fed into the European ABS/MBS secondary market.

    Amid a short spike in activity on- and off-BWIC yesterday the bulk of peripheral bonds saw a weaker tone. Greek assets inevitably led the way with GRIF 1 A dropping two points before recovering by a half to close in the 65 area.

    Portuguese and Spanish spreads have also .......

    SCIWire 17 April 2015

  • Corporate trust survey launched

    SCI's 2015 European Corporate Trust Survey is open for participation (click here to take part). The survey is an in-depth questionnaire that seeks to identify which corporate trust service providers offer the best-in-class services across a number of key delivery areas focused on the ABS market.

    The aim of this exercise is to enable clients of trustees to .......

    News Round-up 16 April 2015

  • ABSPP rethink proposed

    While the ECB's ABSPP has brought benefits to the market, it has also underwhelmed. Increasing transparency could do more to support the recovery of eurozone ABS and translate into improved credit flows to the real economy.

    ECB purchases after the first full quarter of ABSPP activity have been put at €4.89bn by JPMorgan analysts. As a proportion of the distributed .......

    News 16 April 2015

  • ILS pair named co-ceos

    Willis Group has promoted Rafal Walkiewicz and Michael Guo to co-ceos to lead Willis Capital Markets & Advisory. They will succeed Tony Ursano.

    Walkiewicz joined WCMA as md in 2014 from Goldman Sachs, where he served as md in the bank's financial institutions group. Guo joined the firm in 2013 as WCMA's head of Asia, having been a partner and .......

    Job Swaps 16 April 2015

  • Korean ratings window widened

    Moody's says that Korean cross-border structured finance transactions can now achieve triple-A ratings if they benefit from external enhancement mechanisms that cover currency transfer and convertibility risks. This follows the agency's raising of Korea's local currency country risk ceiling to triple-A, although Korea's foreign currency bond ceiling remains at Aa1.

    Moody's explains that Korean structured finance transactions will in general .......

    News Round-up 16 April 2015

  • Prime focus for European ABS/MBS

    The European ABS/MBS secondary market continues to be reasonably active with prime paper being the main focus.

    "Overall, the market remains quite positive and flows are picking up," says one trader. "They are still mainly concentrated in the prime segment where spreads are unchanged but there is plenty of activity with real money participating."

    In contrast, the trader says: "UK .......

    SCIWire 16 April 2015

  • Community lending initiative launched

    Lending Club and Citi are launching a new partnership with Varadero Capital to facilitate up to US$150m in loans designed to provide more affordable credit to underserved borrowers and communities. Renaud Laplanche, Lending Club ceo and founder, says the partnership will attempt to aid banks in enhancing community lending efforts for low- and moderate-income families.

    Citi Community Capital is the .......

    News Round-up 15 April 2015

  • EMEA auto ABS surveyed

    Fitch says that transactions across the most active auto ABS jurisdictions in the EMEA region share many key building blocks, such as asset characteristics and origination practises, and risk drivers in the form of obligor defaults and car market values. However, each country also has unique features that can influence transaction performance, including tax risks in Germany, voluntary termination risk .......

    News Round-up 15 April 2015

  • Rate hikes to trouble CMBS, RMBS

    Faster increases in interest rate rises by the US Fed and a corresponding shock to the economy would likely leave most US structured finance (SF) ratings untouched, according to Fitch. However, it could slow the refinancings that will be crucial to the CMBS market and could hurt some RMBS deals that include legacy adjustable-rate mortgages.

    Fitch expects the Fed's actual .......

    News Round-up 15 April 2015

  • Euro ABS/MBS ticks over

    Dynamics in the European ABS/MBS secondary market remain unchanged as it continues to tick over.

    "We've been pretty busy over the last few days with the usual dynamics in evidence," says one trader. "Tone seems OK, the ECB is chugging along albeit at a slow pace and a few BWICs are going through."

    Consequently, spreads remain range-bound. "A fair amount .......

    SCIWire 15 April 2015

  • Lending platform recruits risk chief

    CommonBond has hired Vinayak Gurjar as chief risk officer. He will be responsible for overseeing the firm's risk management strategy and underwriting guidelines.

    Prior to joining CommonBond, Gurjar was global head of governance in treasury capital markets at Citi, where he led authorisation for issuance of third-party debt, including securitisation. Previous to this, he was a director at S&P, rating .......

    Job Swaps 14 April 2015
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