ABS

  • 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

  • Euro ABS/MBS static

    The European ABS/MBS secondary market remains quiet but well-supported.

    "Secondary ABS/MBS is still static and very quiet post-Easter," says one trader. "Levels are pretty much unchanged and despite the Street feeling long they appear well-supported."

    The primary market is also dragging attention away from secondary trading. "There is a lot of investor interest focused on new issues including the latest .......

    SCIWire 14 April 2015

  • Analytics effort strengthened

    Vichara Technologies has hired Keith Weintraub as md, based in its Hoboken office in New Jersey. Weintraub previously worked at Citi, where he was director of the derivatives research and analytics teams, as well as a trader on the bank's New York and London trading desks. He also developed risk management systems for prime brokerage at Deutsche Bank.

    .......

    Job Swaps 13 April 2015

  • ILS diversification predicted

    ILS market participants expect a further diversification away from traditional catastrophe bonds, with a particular focus on new perils in emerging markets and collateralised reinsurance, according to Clear Path Analysis' latest report on the sector. This prediction follows a record year for annual property cat bond issuance, with a total of US$8bn of limit placed.

    Total catastrophe bonds on-risk stood .......

    News Round-up 13 April 2015

  • Euro secondary stays slow

    The light BWIC volumes seen in European securitisation markets throughout the much of the Easter holidays look set to continue into today.

    It was a quiet day on- and off-BWIC on Friday with spreads for the most part unchanged and a similar pattern appears to be forming at today's open. CLOs, Dutch and UK prime continue to garner the most .......

    SCIWire 13 April 2015

  • Steady performance predicted for Japan

    In its baseline scenario, S&P assumes that Japan's economy will stage a soft recovery in 2015, with real GDP growing by 0.8% year-on-year. Against this backdrop, the agency believes that the assets underlying RMBS, ABS and CMBS are generally likely to show steady performance.

    Assets backing owner-occupied RMBS and condominium investment RMBS are expected to show steady performance in 2015 .......

    News Round-up 10 April 2015

  • Euro secondary flow holds sway

    The European secondary securitisation market is currently focused on flow trading.

    Securitisation markets are continuing to move independently of the rally in broader markets. Instead, spreads are being driven by technicals amid healthy if patchy flow trading.

    Autos, CLOs, CMBS, UK non-conforming, UK and Dutch prime are all either tighter or staying firm this week thanks to continued investor demand .......

    SCIWire 10 April 2015

  • Euro ABS/MBS ploughs its own furrow

    Amid the broader credit market rally the European ABS/MBS market is ploughing its own furrow as activity continues to build slowly this week.

    "Overall ABS/MBS secondary market tone is constructive, but on low volumes," says one trader. "There's a lot of activity in primary, which is distracting many players, but that new issue is slow coming through and we're not seeing .......

    SCIWire 9 April 2015

  • Euro secondary slowly picking up

    As expected yesterday was quiet in the European secondary securitisation markets, but there are signs that the market is slowly picking up.

    "Yesterday was very quiet with few flows or many BWICs to give any guidance," says one trader. "Hopefully it will pick up today and there are a few more BWICs circulating; but some people are still out so .......

    SCIWire 8 April 2015

  • Hertz deadline extended

    Hertz last month disclosed that it received a notice from the NYSE regarding its failure to timely file its 2014 annual report. The company now has until 17 September to file its 10-K, although the NYSE can extend this deadline for another six months at its discretion.

    With its ongoing accounting review, Hertz still expects that it will be unable .......

    News Round-up 7 April 2015

  • Chinese auto ABS performance varies

    Chinese auto loan ABS delinquency rates increased in 4Q14 compared with 3Q14, but remain low, explains Moody's. However, the performance of China's eight auto loan ABS transactions under review varied, based upon a number of factors.

    The 30-day plus delinquency rate for Chinese auto loan ABS increased to 0.21% in 4Q14, compared with 0.12% in 3Q14. The 60-day plus delinquency .......

    News Round-up 2 April 2015

  • Euro BWICs busy

    European secondary securitisation markets are closing out the holiday shortened week with a busy BWIC calendar.

    "The market is continues to be generally positive, though we've mostly traded sideways this week," says one trader. "Flows have primarily been from BWICs and today looks to be the same and a busy one going into the Easter break."

    Today's current BWIC schedule .......

    SCIWire 2 April 2015

  • Portuguese servicing partnership agreed

    Arrow Global Group and CarVal Partners have partnered to jointly originate and service Portuguese loan portfolios over a five-year period. The agreement includes the purchase of €565.6m in face value of portfolios for €37m by Arrow Global, of which 61% of the purchase price is underpinned by secured assets. The portfolio purchases principally comprise the acquisition of securitisation notes.

    In .......

    Job Swaps 1 April 2015

  • Greek sovereign ceiling lowered

    Fitch has downgraded 19 tranches from eight Greek structured finance (SF) transactions, covering one ABS and seven RMBS. The agency has assigned a negative outlook to all 18 RMBS tranches.

    In addition, Fitch downgraded five covered bond programmes and maintained their ratings on rating watch negative. These rating actions follow the agency's recent downgrade of Greece's issuer default ratings from .......

    News Round-up 1 April 2015

  • Montpelier Re acquired

    Endurance Specialty Holdings is set to acquire Montpelier Re Holdings for a consideration of 0.472 shares of Endurance and US$9.89 in cash for each Montpelier common share. This represents US$40.24 per Montpelier common share, or US$1.83bn in aggregate, based on Endurance`s closing price on 30 March.

    As a result of the transaction, Endurance expects to achieve meaningful transaction synergies through .......

    Job Swaps 1 April 2015

  • Senior sales pro recruited

    Vanessa Bradford has joined RBS as a senior sales person on asset-backed product (ABP) sales. She reports to Patricio Silva, head of ABP sales for EMEA.

    Bradford arrives from Cantor Fitzgerald, where she worked in fixed income sales, focusing on structured credit. Prior to this, she worked for Lehman Brothers as head of hedge fund sales for European structured products.

    .......

    Job Swaps 1 April 2015

  • Broadening the field

    Diverse issuance signals deepening primary market

    The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumped Q1 volumes up by nearly 50% over the same period last year and underlines the increasing depth of the sector.

    Notable recent transactions include Australian RMBS, UK buy-to-let RMBS, Dutch RMBS, Italian consumer ABS, Portuguese future flow ABS, European CLOs and the .......

    News Analysis 1 April 2015

  • Euro ABS/MBS sees pockets of activity

    Despite a generally quiet week the European ABS/MBS secondary market is continuing to see pockets of activity.

    "As you would expect for quarter-end, yesterday was quiet with most people busy with valuations and so on," says one trader. "However, we did see a couple of portfolio rebalancing BWICs from real money that mainly consisted of Dutch names and traded tight."

    SCIWire 1 April 2015

  • Corporate development head named

    Wells Fargo has appointed Julie Caperton as head of corporate development. Caperton will be responsible for supporting business leaders across the bank by managing its acquisition and divestiture process. She will report to Wells Fargo corporate treasurer Paul Ackerman.

    Caperton joins corporate finance after serving as head of wholesale banking's asset-backed finance and securitisation team at Wells Fargo Securities. In this role, she .......

    Job Swaps 1 April 2015

  • Non-traditional cat coverage enhanced

    BMS Capital Advisory has appointed Steve Korducki evp of BMS Intermediaries, serving as general securities representative. Korducki currently serves on the BMS Intermediaries US executive committee as the leader of its Florida strategy. In his new role, he will assist the firm in the expansion of non-traditional catastrophe coverage solutions for BMS' clients and new business prospects.

    .......

    Job Swaps 31 March 2015

  • CRA code of conduct revised

    IOSCO has published a final report on its code of conduct fundamentals for credit rating agencies (CRAs), which includes significant revisions and updates to the current code. The move follows the organisation's request for comment on proposed changes to the code (SCI 11 February 2014).

    The revisions to the code aim to enhance provisions protecting the integrity of the credit .......

    News Round-up 31 March 2015
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