ABS

  • Structured credit platform bolstered

    Fifth Street Asset Management has hired David Heilbrunn as md and a member of its management committee. He will be responsible for expanding the firm's growing structured credit products platform, developing its institutional client relationships and optimising its various financing arrangements.

    Heilbrunn arrives from The Carlyle Group, where he was md. Prior to that, he was a senior md and .......

    Job Swaps 8 May 2015

  • Transport pro to head new team

    Bill Bowers has joined Winston & Strawn as chair of transportation structured finance. In this newly created team, he will represent underwriters, placement agents, issuers, lessors, lenders and liquidity providers in a variety of structured finance and securitisation transactions.

    The team will focus on transactions on a full range of transportation assets, including aircraft, aircraft engines, ships, railroad rolling stock .......

    Job Swaps 8 May 2015

  • Agency banks credit officer

    Kroll Bond Rating Agency (KBRA) has appointed Ira Powell as chief credit officer. He will report to Jim Nadler, president and coo of KBRA.

    Powell joins from Goldman Sachs, where he was vp and head of money market origination within the investment banking division. Prior to Goldman Sachs, he was vp at Merrill Lynch.

    Powell has also held roles at .......

    Job Swaps 8 May 2015

  • ECAI consultation underway

    The EBA has launched a consultation regarding draft implementing technical standards (ITS) on the mapping of external credit assessment institutions' (ECAIs) credit assessments for securitisation positions. The ITS will become part of the Single Rulebook in banking aimed at enhancing regulatory harmonisation across the EU and will allow the credit ratings of all registered credit rating agencies to be used .......

    News Round-up 8 May 2015

  • Euro ABS/MBS stays stable

    In the face of heightened broader credit market volatility yesterday the European ABS/MBS secondary market remained relatively stable with spreads unchanged to slightly softer.

    However, volumes remained low with many investors opting to wait it out for now. Consequently, BWICs saw an increase in DNTs and bid-offers continued the week's widening trend. Little is expected to change today with sentiment .......

    SCIWire 8 May 2015

  • Euro secondary mixed

    European secondary securitisation markets are seeing a mixed tone amid continuing low volumes.

    Volumes were light again yesterday though a few more BWICs joined the schedule as the day wore on and there is a considerable increase in lists circulating for trade today. Prime assets remain the strongest ABS/MBS sector across autos and UK and Dutch RMBS, while CLOs continue .......

    SCIWire 7 May 2015

  • Marketplace lending risks surveyed

    Investors in the nascent marketplace lending sector are exposed to certain increased risks than if they were investing in securitisations from traditional lenders, says Moody's. However, mitigating these risks is the large amount of data that marketplace lenders provide to investors, which differentiates them from their traditional counterparts.

    The risks particular to marketplace lending ABS include the securitisations' limited performance .......

    News Round-up 6 May 2015

  • Record solar loan facility secured

    SolarCity has closed a US$500m financing aggregation facility with Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank, which is expected to be the largest of its kind for distributed generation solar projects. Once deployed, the facility will finance more than 500 MW of solar power systems for homeowners, businesses and government organisations.

    The facility will be secured by .......

    News Round-up 6 May 2015

  • Euro liquidity hampered

    Broader market volatility combined with a holiday shortened week continues to hamper liquidity across European secondary securitisation markets.

    Yesterday saw another quiet day in European secondary with low volumes on- and off-BWIC. However, yesterday's Italian BWIC did trade reasonably well.

    Overall, spreads remained unchanged to slightly wider as market sentiment continued to soften on macro news. CLO paper remains the .......

    SCIWire 6 May 2015

  • Project Fi to have mixed impact

    Google's entry into wireless services with its Project Fi will have positive and negative credit effects on wireless tower ABS, according to Moody's. While efforts by Google to expand its usage-based Wi-Fi service throughout the US will increase mobile data traffic on wireless towers, it could also pave the way for low-cost carriers to enter the space, increasing competition and .......

    News Round-up 5 May 2015

  • Rating agency adds director

    Morningstar has hired Peter Danna as director of business development for ABS ratings. He will be responsible for managing all relationships with ABS issuers and investors, and ensuring awareness and understanding of the agency's ABS ratings business and methodologies.

    Before joining Morningstar, Danna was svp of risk management for Radian Asset Assurance. He has also worked for Munich Re America, .......

    Job Swaps 5 May 2015

  • DOT rule to dent railcar ABS?

    The US Department of Transportation last week issued its final rule for tank car safety improvements. The more stringent standards are generally seen as negative for railcar ABS, given that retrofitting costs are paid from securitisation cashflows at the top of the waterfall.

    The rule requires new tank cars constructed after 1 October 2015 to meet enhanced specifications, including thicker .......

    News 5 May 2015

  • SPV end-user exception clarified

    The US CFTC has published a letter clarifying that a securitisation SPV that is wholly-owned by, and consolidated with, an entity described in Section 2(h)(7)(C)(iii) of the Commodity Exchange Act (CEA) qualifies as a captive finance company. Consequently, the SPV is eligible to elect the end-user exception from a clearing requirement determination issued by the Commission under Section 2(h) of .......

    News Round-up 5 May 2015

  • Uptick for European secondary

    With the UK public holiday the European secondary securitisation markets remained extremely quiet yesterday, but activity should see an uptick today.

    With the Greece story still rumbling on in the background, focus is, for now, on the two BWICs scheduled for trade today so far. One is the previously mentioned re-scheduled CLO list due at 14:30 London time; the other .......

    SCIWire 5 May 2015

  • Euro secondary on hold

    The European secondary securitisation markets are now effectively on hold until Tuesday.

    With European and/or UK public holidays today and Monday and another EU-Greece meeting tomorrow, unsurprisingly yesterday saw no major change in the patterns seen in recent days and looks set to remain the same today. Flows were again light yesterday, but spreads held up with the exception of .......

    SCIWire 1 May 2015

  • Challenger card risks examined

    The credit card pools of UK non-high street bank lenders - also known as challenger banks - entail additional risks than those of established originators, says Moody's. As a result, challenger entrants' transactions usually require additional mitigants to achieve the agency's Aaa rating.

    "We undertake a closer analysis of certain risks for the pools of new entrants, or issuers with .......

    News Round-up 30 April 2015

  • Euro ABS/MBS unsettled

    The European ABS/MBS secondary market has become unsettled as broader market volatility spikes, but for now spreads are holding firm.

    A mix of the sell-off in Bunds and month- and week-end for most of Europe limited flow trading activity across European ABS/MBS yesterday. BWICs generally traded in line with expectations though some Spanish names took a hit. Overall, spreads held .......

    SCIWire 30 April 2015

  • Euro secondary takes back seat

    Activity is on the rise in European securitisation secondary markets this week so far, but the primary market is still traders' main focus.

    "BWICs picked up a bit yesterday and flows were reasonable," says one trader. "ABS/MBS Secondary is still taking a little bit of a back seat to primary where the Warwick print was the main talking point yesterday .......

    SCIWire 29 April 2015

  • 'Green' securitisation supported

    The European Commission's Directorate-General on Climate Action has released a policy paper, entitled 'Shifting Private Finance Towards Climate-Friendly Investments', which considers using securitisation as a financing tool for green investments. The report focuses on mobilising institutional investors to provide capital for such investments.

    The study examines current demand for climate-friendly investment; current channels of supply for climate-friendly investment; barriers to .......

    News Round-up 28 April 2015

  • China SME securitisation 'credit positive'

    Moody's says that securitisation of Chinese SME and micro loans, a sector traditionally underserved by Chinese banks, is credit positive. Securitisation could diversify funding channels to SME and micro enterprises and pave the way for internet finance providers to grow into privately-owned commercial banks in China.

    Ant Micro Loan, an affiliate of Alibaba, in December 2014 became one of the .......

    News Round-up 28 April 2015

  • Spanish law boosts ABS

    Spain's new securitisation law will provide a more flexible framework for transactions, observes Moody's. The agency believes that this will be beneficial for new Spanish issuance across the ABS and covered bond markets.

    "The new law seeks to consolidate existing securitisation regulation, bring the Spanish legal system in line with its European counterparts and bolster transparency and investor protection," says .......

    News Round-up 28 April 2015
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