ABS

  • 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

  • Standardisation, transparency promoted

    The CFA Institute says that policy recommendations contained in its new study on shadow banking are particularly relevant for the EU's Capital Markets Union project in terms of facilitating markets-based finance to revive the economy (SCI 18 February). Of note, the study suggests that securitisation policy initiatives should focus on increasing standardisation and simplification of issuance structures, as well as .......

    News Round-up 28 April 2015

  • Euro ABS/MBS picking up again?

    The European ABS/MBS secondary market continues to keep one eye on primary, but there are signs that activity is beginning to pick up again.

    "It was very quiet again yesterday, but activity looks to be picking up today helped by a few more BWICs coming out," says one trader. "That said, there's still a strong focus on primary with the .......

    SCIWire 28 April 2015

  • Euribor goes below zero

    Last week, three-month Euribor entered negative territory for the first time. As one-month Euribor was already negative, more than half of the available distributed European ABS market is now affected by negative interest reference rates.

    The three-month reference rate is now -0.002. One-month Euribor is -0.034, while six-month and 12-month both remain positive, at 0.066 and 0.173, respectively.

    As interest .......

    News 27 April 2015

  • APAC ratings remain stable

    Fitch reports that 243 Asia Pacific structured finance tranches were affirmed in 1Q15. Rating actions in Australia and New Zealand were once again supported by strong economic performance, with most ratings reviewed during the quarter being affirmed, contributing to 90% of the total affirmations in the region. In addition, nine Australian tranches were upgraded.

    In Japan, 11 ratings were affirmed, .......

    News Round-up 27 April 2015

  • SLABS EOD likelihood gauged

    Approximately US$7bn FFELP student loan ABS bonds tracked by JPMorgan ABS strategists have a legal final maturity date that is within the next five years. At current speeds, the strategists expect most of the outstanding bonds with final maturities that are within the next three years to pay off without triggering an EOD. Only one of the bonds in their .......

    News 27 April 2015

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015

  • SME issuance faces obstacles

    Public issuance of European SME CLOs is currently hindered by two main obstacles, says Scope Ratings. One of these is the regulatory framework surrounding capital charges and liquidity coverage ratios, which make SME CLOs less appealing to institutional real money investors than other products, such as covered bonds.

    In addition, the ECB eligibility rules under the repo collateral framework favour .......

    News Round-up 24 April 2015

  • Euro secondary staid but stable

    Yesterday was quieter in European secondary securitisation markets than previous days and spreads remained stable. Today looks set to be the same with a limited total volume on the BWIC calendar and the market opening flat this morning.

    Yesterday's quieter day was partly a result of very heavy focus on the previously mentioned 14:00 peripheral BWIC, for which the covers .......

    SCIWire 24 April 2015

  • Euro decline sparks SME benefits

    SMEs in the euro area are poised to reap greater potential gains from the falling value of the euro than previously thought, according to Moody's. The sectors that benefit the most could weigh up to about 10% of European SME ABS portfolios.

    "The overall effect of the euro's depreciation is limited on the euro area economy in general and subsequently .......

    News Round-up 23 April 2015

  • SF team strengthened

    TMF Group has appointed Michael Adams as global head of structured finance. He is promoted from regional md for the UK, Ireland and the Channel Islands.

    Prior to TMF Group, Adams was md and business manager for BNY Mellon's corporate trust EMEA structured finance business. He was responsible for the business development, strategy and growth of ABS, MBS and CMBS. .......

    Job Swaps 23 April 2015

  • ILS broker poached

    TigerRisk Partners has appointed Paul Karon as vice-chairman. In his new role, he will be a senior leader, dealmaker, mentor and strategic advisor to the Tiger leadership team. This is the second high-profile hiring by the firm in the last week, following the appointment of Tony Ursano as chairman (SCI 17 April).

    Karon joins from AQR Re, where he was .......

    Job Swaps 23 April 2015

  • Euro ABS/MBS BWICs trade well

    Yesterday saw another active day in European ABS/MBS BWICs with almost all line items trading well.

    "There were a lot of BWICs yesterday and everything traded well, with the big blocks of EPICP DRUM A and WINDM XIV-X B a particular highlight," one trader says. "At the same time, UK non-conforming is feeling softer but the BWIC execution levels of .......

    SCIWire 23 April 2015

  • 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
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