ABS

  • 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

  • Lebanese auto deal debuts

    Bemo Securitisation has launched and co-placed with Fransa Invest Bank an auto loan ABS issuance for Century Motor Company (CMC). CMC Automotive SIF is the first securitisation transaction for CMC and the first securitisation for a Korean brand automobile dealer in the Lebanese market.

    The transaction consists of a portfolio of auto loans valued at US$8.6m granted by CMC to .......

    News Round-up 28 January 2015

  • Euro secondary activity up

    The European secondary markets are seeing increased activity across jurisdictions and securitisation asset classes.

    "There have been good two-way flows over the past two days," confirms one trader. "Most price levels are up in ABS, CLOs and MBS."

    Dutch prime paper continues lead the way hitting record lows again yesterday. For example, a five-year DOLPH senior covered at around 25 .......

    SCIWire 28 January 2015

  • Analytics partnership agreed

    SCI's PriceABS secondary market price service is now available on the Thetica Systems platform. Common licensees can view SCI's daily trade colour and prices via the Thetica Trader Tools analytics. The Thetica platform offers a high-speed analytics module capable of running multiple bonds simultaneously under various scenarios, to allow for precise forecasting and analysis.

    .......

    Job Swaps 28 January 2015

  • CPS in subprime auto probe

    Consumer Portfolio Services has disclosed in a regulatory filing that it has received a civil investigative subpoena from the US Department of Justice, pursuant to the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The subpoena directs the firm to produce documents relating to its subprime auto finance and related securitisation activities. Santander and GM were issued with similar .......

    Job Swaps 26 January 2015

  • Greek RMBS soften

    Broader market pessimism over the Greek election result and subsequent coalition formation is reflected in the European RMBS market this morning.

    Although no significant trade flow has yet been seen today dealers' offers have been reduced on Greek RMBS. For example GRIF 1A finished last week at 75 and is currently being quoted around two points lower.

    Other peripheral ABS/MBS markets .......

    SCIWire 26 January 2015

  • SLABS amortisation highlighted

    Moody's reports in its latest ABS Spotlight that the College Loan Corporation Trust I Series 2007-2 class A1 Libor-based notes are behind their amortisation schedule and are at risk of failing to fully amortise by their final maturity date in 2024. The notes should have paid off in 2010, but the transaction administrator has not made any principal payments to .......

    News Round-up 23 January 2015

  • Hertz waiver 'credit positive'

    Holders of rental car term ABS notes issued by Hertz Vehicle Financing (HVF) have extended through 31 August their waiver of a lease EOD related to Hertz's failure to timely furnish its financial statements (SCI passim). Moody's notes in its latest ABS Spotlight publication that the move is credit positive for the notes because it lifts the immediate threat of .......

    News Round-up 23 January 2015

  • Euro ABS up and running

    The European ABS market has begun to pick up steam over the last week and will be further boosted by yesterday's highly anticipated QE announcement from the ECB. However, the immediate ABS spread reaction to the QE announcement has been limited, as the market started pricing it in well in advance.

    "It was a pretty slow start to the year .......

    Market Reports 23 January 2015

  • Euro ABS/MBS slips into gear

    After a brief pause to digest the ECB's QE announcement yesterday, the European ABS/MBS has slipped back into gear.

    The wholesale buying activity seen in broader markets has not been seen in ABS/MBS, but two-way flows were evident across asset classes from mid- to late-afternoon yesterday and the tone remains positive this morning. Peripherals in particular benefitted from increased activity .......

    SCIWire 23 January 2015

  • Euro ABS/MBS unmoved

    The ECB's QE announcement earlier has found favour elsewhere, but the European ABS/MBS market is unmoved.

    "There has been no ABS market reaction to the news, literally nothing," says one trader. QE was to an extent already priced into the market but there could even be an eventual adverse reaction, the trader suggests. "Obviously the fear is now that the .......

    SCIWire 22 January 2015

  • Solar ABS ready to shine

    The US rooftop solar industry has achieved the scale and maturity to tap the securitisation markets as a distinct asset class, says Moody's. The agency believes the declining cost of solar technology, along with regulatory and policy support for solar power has made securitisation viable and attracted institutional investors.

    Solar ABS are backed by pools of rooftop solar photovoltaic systems .......

    News Round-up 22 January 2015

  • Safe harbour clarifications proposed

    The FDIC has proposed a rule that would revise certain provisions of its securitisation safe harbour rule, in order to clarify requirements as to the retention of an economic interest in the credit risk of securitised financial assets upon and following the effective date of the credit risk retention regulations adopted under Section 15G of the Securities Exchange Act. A .......

    News Round-up 22 January 2015

  • Euro ABS/MBS settles down

    The European ABS/MBS secondary market saw a brief hiccup yesterday before settling down to wait on the ECB this afternoon.

    Prices softened yesterday morning before reports appeared speculating that today's announcement would see higher than expected QE buying volumes. Bids immediately strengthened and core paper ended the day unchanged.

    Since then, trading has been has been even quieter, albeit across .......

    SCIWire 22 January 2015

  • Follow by example

    Italy in the NPL spotlight

    Italian NPL disposals have been disappointing so far, despite significant growth of the assets within the country's banking system. Panellists at SCI's annual London conference last month discussed the challenges that face emerging NPL markets, as well as ways to support their evolution.

    Vittorio Savarese, head of credit risk transfer at Banca IMI, describes Italy as a "hot spot" for .......

    News Analysis 21 January 2015

  • Airline sector taking flight

    Kroll Bond Rating Agency reports that the airline sector is enjoying the benefits of lower fuel prices, but is also experiencing stress due to rising concerns about sovereign risk and the strength of the dollar. It adds that the overall credit quality of aircraft lessors will continue to strengthen in the year ahead, supported by improving credit profiles of airlines .......

    News Round-up 21 January 2015

  • Third tariff defecit ABS closed

    StormHarbour has acted as sole placement agent, arranger and lead manager on a €229m sale of electricity receivables owned by EDP Distribuição - Energia to the TAGUS vehicle. The purchase of the receivables was financed through a private placement of pass-through notes in December.

    The deal is the third tariff deficit transaction for which StormHarbour has acted as arranger and .......

    News Round-up 21 January 2015

  • Sukuk set for solid year

    S&P believes that the global sukuk market is primed for another solid year in 2015, even though some emerging headwinds could slow its progress compared to 2014. Sukuk issuance reached US$116.4bn last year, compared with US$111.3bn in 2013, and the agency expects volumes to cross the US$100bn mark again this year.

    Supporting sukuk issuance is the still-positive economic performance of .......

    News Round-up 21 January 2015

  • ABS BWICs bounce back

    US ABS bid-list activity was up yesterday as traders returned to their desks, with student loan and auto ABS paper driving supply. Total BWIC volume was around US$125m, with SCI's PriceABS data capturing 24 unique line items.

    In the student loan space, the COELT 2005-A B tranche was covered at high-82. It had only one previously .......

    Market Reports 21 January 2015

  • Headwinds for LatAm ABS

    Despite potential for growth in some of the smaller Latin American structured finance markets, issuance volumes and collateral performance across the region will face headwinds in 2015, according to S&P. Brazil once again led issuance volume in 2014, followed by Mexico and Argentina.

    Issuance in most of the region's structured finance markets decreased last year, except for Brazil and Colombia. .......

    News Round-up 21 January 2015

  • Positive implications for EMEA ratings

    Moody's has updated a number of its ABS and RMBS rating methodologies, as well as its approach to local currency country risk ceilings. The move is expected to have positive implications for ABS and RMBS ratings in a number of euro area countries, including Spain, Portugal, Italy and Ireland.

    The updated ABS and RMBS methodologies reflect changes to the minimum .......

    News Round-up 21 January 2015
×