ABS

  • ABCP appetite varied

    US money fund investments in ABCP conduits have been declining in line with outstanding supply in the market, according to Fitch. During the 12 months ending in January, US ABCP outstandings fell by US$22.5bn to a total of US$234.6bn, while money fund investments in ABCP shrank by US$1.8bn to a total of US$91bn - representing a 1.9% drop versus the .......

    News Round-up 2 March 2015

  • Euro auto ABS outperforming

    Fitch says that European consumer ABS remains one of the most stable structured finance asset classes. This is largely due to the favourable payment profile of the underlying assets, which are mostly amortising quickly, as well as the absence of a subprime market and a limited pre-crisis 'originate-to-distribute' model.

    As the European economy starts to recover, some of the most .......

    News Round-up 2 March 2015

  • Euro secondary quieter

    It's a quieter start to the week and month in European secondary markets today.

    February closed out quietly too after hectic activity earlier in the week, but Friday's UK non-conforming list was in the end joined by another and both traded well. There was patchy but strong trading elsewhere in other sectors including CLOs Italian RMBS and that overall positive .......

    SCIWire 2 March 2015

  • Euro secondary absorbs BWICs

    Yesterday's spike in European BWIC volume was absorbed comfortably, but today looks to be quieter.

    "The lists yesterday traded well though many bonds were in reasonably small size so it's difficult to read too much into it," Says one trader. "It's quieter today as it's a Friday, but the overall tone remains positive."

    There are only a few BWICs circulating .......

    SCIWire 27 February 2015

  • FTA 'credit negative' for auto ABS

    Moody's says that the lower prices for new Japanese cars sold in Australia, as a result of the Australia-Japan free trade agreement (FTA), are credit negative for Australian auto loan ABS. As the prices of new cars fall, so does the demand for used cars, in turn reducing the amount that can be recovered when cars are sold to repay .......

    News Round-up 26 February 2015

  • DOJ to take proactive ABS approach

    A speech this week by acting deputy US Attorney General Sally Yates has illuminated the approach the Department of Justice (DOJ) will take to US auto ABS. Yates stated that experience from mortgage lending and RMBS will form the template for the investigation into autos, as the DOJ seeks to both explore past incidents and actively head off potential threats.

    News Round-up 26 February 2015

  • European BWIC boom

    After a quieter day on the BWIC front yesterday European securitisation markets are set for a boom in auction activity today.

    While there were fewer BWICs yesterday than in previous days clearing levels remained strong and most recently popular sectors continue to be well-bid. However, UK non-conforming RMBS have softened a little on the back of increased primary activity.

    Today .......

    SCIWire 26 February 2015

  • Willis expands to Australia

    John Philipsz, md at Willis Capital Markets & Advisory (WCMA), has relocated from London to establish operations for the firm in Sydney, Australia. The new office will complement WCMA's existing presence in Hong Kong, led by Michael Guo, head of WCMA Asia.

    Prior to WCMA, Philipsz worked for Bank of America, where he was a director in the financial institutions .......

    Job Swaps 26 February 2015

  • Tourism boost for SME ABS

    With the weakness of the euro and prevailing low oil prices, tourism in Spain should continue on an upward performance trajectory in 2015. Moody's suggests that this could provide positive credit effects for SMEs and SME ABS transactions.

    "Any growth in tourism, which we do expect in 2015 following record numbers in 2014, will directly benefit SME and micro companies .......

    News Round-up 25 February 2015

  • ABS trader switches banks

    Marshall Insley has joined Credit Suisse to co-lead ABS trading for the bank with Ted Moran. Insley arrives from Bank of America Merrill Lynch and will begin working for the firm in May. Along with Moran, Insley will report to Bryan Chin, global head of securitised products for Credit Suisse.

    .......

    Job Swaps 25 February 2015

  • Euro ABS/MBS keeps active

    The European ABS/MBS secondary markets continue to be active across an increasing range of sectors.

    "Yesterday was busy again especially in prime, but we're seeing good two-way flows across a growing number of well-supported markets," says one trader. "That continues to involve Dutch and UK prime and Italian RMBS, but we're also seeing increased activity in UK non-conforming, where real .......

    SCIWire 25 February 2015

  • ABS syndicate head named

    Bank of America Merrill Lynch has hired Tristan Cheesman as head of ABS syndicate for EMEA. He will report to Greg Petrie, head of EMEA structured finance origination.

    Cheesman arrives from JPMorgan, where he was vp for its securitised products group syndicate. He has also worked in ABS syndicate and trading for Commerzbank, as well as holding roles at Dresdner .......

    Job Swaps 24 February 2015

  • Unconstrained bond fund launched

    T Rowe Price has launched a global unconstrained bond fund, which is designed to help long-term investors navigate fixed income markets. The fund will be managed by Arif Husain, head of international fixed income and co-manager for the firm's international bond fund and institutional international bond strategies.

    The fund seeks to offer some protection against rising rates, with a low .......

    News Round-up 24 February 2015

  • BWICs drive European secondary

    BWICs held sway once more in European secondary markets yesterday as spreads ground ever tighter and today looks set to be similar.

    "We saw seven lists yesterday afternoon and they all traded well," says one trader. "Greece continues to dominate the broader market, but ABS remains insulated from the volatility and the tone continues to be stable and strong on .......

    SCIWire 24 February 2015

  • Euro secondary stays strong

    European secondary securitisation markets continue to trade well despite the Greek rollercoaster impacting other markets.

    A flurry of BWICs added to the calendar on Friday took market attention, but further strong prints were seen across deal types and jurisdictions. There has even been an upswing for some Greek RMBS names - for example, dealer quotes for GRIF 1 A have .......

    SCIWire 23 February 2015

  • Euro secondary closes quietly

    European secondary securitisation markets continue to remain insulated from broader market volatility and after a busy week look set to close it out quietly.

    BWIC activity dominated across the board yesterday with bilateral trading taking a back seat. The majority of ABS, CLOs and MBS on lists saw strong execution once more.

    Today's European auction schedule is considerably quieter with only .......

    SCIWire 20 February 2015

  • CMU consultation underway

    The European Commission has launched its landmark Capital Markets Union (CMU) project, which aims to unlock funding for Europe's businesses and to boost growth in the EU's 28 Member States with the creation of a single market for capital (SCI 2 February). A complementary consultation on high-quality securitisation has also been launched as part of the initiative.

    The first stage .......

    News Round-up 18 February 2015

  • EMEA losses better US rate

    The estimated total losses from European securitisation bonds are small relative to those of the US, according to Fitch. Total losses on Fitch-rated EMEA securitisations issued from 2000 to 2014 are expected to be 0.7%, compared to 4% globally.

    Fitch says that a breakdown of the overall figures provides further evidence that securitisations have not performed as a homogenous investment .......

    News Round-up 18 February 2015

  • Euro secondary remains robust

    European secondary securitisation markets are staying robust despite continuing broader volatility around Greece.

    "The ABS/MBS market is strong," confirms one trader. "The core space continues to grind tighter and it's almost impossible to buy paper - the UK and euro is extremely well bid. At the same time, peripherals are unchanged to slightly better."

    Overall, ABS/MBS flows are increasing, albeit .......

    SCIWire 18 February 2015

  • Great divide

    ABS eligibility gap sparking investor rotation

    The ECB ABSPP-inspired rally has resulted in significant spread tiering between eligible and ineligible European ABS bonds. As investors are increasingly priced out of eligible assets, a trickle-down effect is spurring a dash for euro-denominated and ineligible bonds.

    A number of key moments occurred for European ABS spreads in 2H14, beginning with a 5bp tightening effect after ECB president Mario .......

    News Analysis 18 February 2015

  • Loss trends continue to improve

    Loss trends on pre-crisis global securitisations continue to improve, Fitch reports. The agency says this is due in large part to the recovery of the US housing market.

    Total losses on securitised bonds issued between 2000 and 2008 have dropped to 4.9% from 5% in last year's study. Total losses include both realised and expected future losses.

    "Loss performance on .......

    News Round-up 17 February 2015
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