ABS

  • Call for market 'restart'

    A healthy securitisation market can confer important financial benefits and revitalising this source of financing has emerged as a key area of focus for policymakers, IMF economists observe in the institution's latest Survey Magazine. In its analysis, the IMF offers a comprehensive suite of measures targeting both supply- and demand-side reforms to strengthen securitisation and mitigate risk.

    "Restarting and expanding .......

    News Round-up 5 February 2015

  • Greek RMBS hit again

    Volatility in broader markets has fed through into Greek RMBS this morning, but elsewhere in European ABS/MBS spreads are steady.

    Sellers are outnumbering buyers in Greek RMBS this morning on the back of the ECB implementing further funding restrictions to the country's banks. GRIF 1 A is currently quoted at 65 bid - down over two points today and a .......

    SCIWire 5 February 2015

  • Record ratings settlement agreed

    The US Department of Justice and 19 states and the District of Columbia have entered into a US$1.375bn settlement agreement with S&P along with its parent McGraw Hill Financial. The agreement resolves allegations that S&P had engaged in a scheme to defraud investors in RMBS and CDOs.

    Each of the lawsuits allege that investors incurred substantial losses on RMBS and .......

    Job Swaps 4 February 2015

  • Sales team beefed up

    Bryan Bushnell has joined TwentyFour Asset Management to help develop its sales capabilities with discretionary wealth managers and multi-managers. He arrives from Jupiter, where he was business development manager for wealth management. Kimberley Cuthbertson is also set to join TwentyFour in a sales support role later this month.

    .......

    Job Swaps 4 February 2015

  • Structured finance group poached

    Alston & Bird has expanded its finance practice with the hiring of four new partners and four additional attorneys in Dallas. The group brings with it considerable real estate and structured finance experience.

    The new partners are Mark Harris, Charles Marshall, Peter McKee and Patrick Sargent. Also joining the firm are three counsel - Michael Jewesson, Jonathan Rini and Karen .......

    Job Swaps 4 February 2015

  • BPF undertakings transferred

    The partnership between Banque PSA Finance (BPF) and Santander Consumer Finance (SCF) is expected to have no impact on the ratings of the five French BPF transactions rated by Fitch. France and the UK are the first countries to implement the global cooperation between BPF and SCF, with all the administrative and regulatory tasks and consents finalised yesterday (2 February). .......

    News Round-up 3 February 2015

  • CRA technical advice prepped

    ESMA has released a call for evidence as part of the development of technical advice for the European Commission on the functioning of the credit rating industry and the evolution of the markets for structured finance instruments, as required by the regulation on credit rating agencies (CRAs). The authority is seeking evidence about how the regulation is achieving the objectives .......

    News Round-up 3 February 2015

  • Euro ABS/MBS keeps steady

    The European ABS/MBS secondary markets maintained their steady head of steam through yesterday and into today.

    While spreads continue to hold in across the board, two areas were involved in notable price action - UK non-conforming RMBS, which saw a further increase in activity and traded strongly off- and on-BWIC yesterday, and CMBS deal INFIN SOPR.

    "There was a drop in valuation .......

    SCIWire 3 February 2015

  • Record lows for auto arrears

    Fitch reports that European auto ABS performance continued to improve in 2014 as arrears reached record lows. The agency's 30-plus and 60-plus delinquency indices fell to 0.9% and 0.4% respectively, from 1.4% and 0.6% at the end of 2013, while its annualised loss index decreased slightly to 0.3% from 0.4% in the same period.

    Macroeconomic factors also showed signs of .......

    News Round-up 2 February 2015

  • HQS boost for Europe

    The European Commission last week began a project to create a capital markets union (CMU) for all 28 EU Member States with a first orientation debate at the College of Commissioners. The CMU is one of the Commission's flagship projects and ties in with efforts to boost jobs and growth in the EU.

    "It is designed to help businesses to .......

    News Round-up 2 February 2015

  • Origen ABS acquired

    HAS Capital has acquired interests in select ABS structured financings and manufactured housing-related assets from affiliates of Origen Financial. The assets primarily consist of equity trust certificates issued in conjunction with seven rated securitisation trusts with a current underlying asset value of US$412m.

    HAS says it co-invested in the deal with a credit-oriented investment manager that holds a majority stake .......

    Job Swaps 2 February 2015

  • Positive tone continues in European ABS/MBS

    The European ABS/MBS secondary markets held onto their positive tone into the end of last week and the start of this.

    As expected, European secondary volumes were low on Friday due to a combination of month-end and continued broader market concerns over Greece and oil prices keeping many investors on the sidelines. However, ABS/MBS spreads were either unchanged or slightly .......

    SCIWire 2 February 2015

  • Auto performance to slow?

    The shift away from smaller, more fuel-efficient vehicles could result in lower wholesale vehicle prices and marginally slow the asset performance of US auto ABS in 2015, Fitch suggests. Sales of trucks and SUVs reached the highest level in over three years through end-2014, while sales of cars have been declining since 2012.

    Fitch expects used vehicle supply to rise .......

    News Round-up 30 January 2015

  • 'Banner year' for BSX

    Bermuda has been the domicile of choice for 57% of ILS issued during 2014, according to the Bermuda Stock Exchange (BSX), with a record nearly US$16bn listed in the jurisdiction. However, the exchange notes that it is facing strong competition in the catastrophe bond sector from newcomers - such as Malta, Gibraltar and Puerto Rico - as well as the .......

    Job Swaps 30 January 2015

  • Euro secondary stays firm

    Despite broader market volatility European secondary spreads held firm throughout yesterday and into today.

    The large volume of BWICs dominated the market yesterday, but all traded at or above talk. Off the back of the lists and in secondary more broadly there was healthy activity notably again in UK non-conforming and buy-to-let RMBS as well as increased, but patchy, trading around .......

    SCIWire 30 January 2015

  • Marketplace lending deal debuts

    The inaugural rated securitisation of consumer instalment loans originated on the Prosper Funding P2P platform has hit the market. The US$345.85m Consumer Credit Origination Loan Trust 2015-1 (CCOLT 2015-1) is an SPE created by BlackRock Financial Management on behalf of funds and accounts under management.

    Prosper Funding has partnered with WebBank, a Utah state-chartered industrial bank, to originate consumer instalment .......

    News Round-up 30 January 2015

  • Savings provide 'buffer' for Chinese ABS

    Moody's says that China's high household savings rate is credit positive for the country's fledging CNY249bn securitisation market because it provides a buffer against potential defaults for loans backing securitised transactions. The underlying assets of these transactions include retail loans and credit extended by banks and non-bank financial companies for the purchase of vehicles, houses and other consumer loans.

    However, .......

    News Round-up 29 January 2015

  • Auto ABS names abound

    SCI's PriceABS data captured 26 unique US ABS tranches yesterday as bid-list supply surged, after weather concerns had curtailed Tuesday's activity. Total BWIC volume was comfortably above US$360m.

    A considerable number of tranches on Wednesday's BWICs came from auto ABS. Among these was Ally's AFIN 2013-2 A3, which was covered at 44.

    A US$5m piece of .......

    Market Reports 29 January 2015

  • Pillar 3 standard finalised

    The Basel Committee has issued its final standard for the revised Pillar 3 disclosure requirements, which aim to enable market participants to compare banks' disclosures of risk-weighted assets. The revisions focus on improving the transparency of the internal model-based approaches that banks use to calculate minimum regulatory capital requirements.

    The revised requirements will take effect from end-2016 and supersede the .......

    News Round-up 29 January 2015

  • Euro ABS/MBS scope broadens

    ECB-eligible ABS/MBS are mostly continuing their rise but non-eligible bonds are also finding buyers.

    Yesterday and this morning has seen further strengthening across most European ABS/MBS with the exceptions of Greek RMBS, which continues to drift wider, and Portuguese paper that retraced some of the gains made over previous sessions. Dutch bonds continue to lead the way grinding ever tighter, .......

    SCIWire 29 January 2015

  • Different strokes

    HQS consultations reflect divergent approach

    The HQS consultations being undertaken by the EBA and the Basel Committee/IOSCO joint taskforce appear to reflect the different motivations of European and US policymakers. Indeed, the former consultation could potentially be instrumental in shaping a 'Basel-lite' approach for the European securitisation market.

    Peter Nowell, head of ABS trading at BNP Paribas, notes that the ECB has long been trying .......

    News Analysis 29 January 2015
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