ABS

  • Catlin acquisition agreed

    XL Group has agreed to acquire all of the capital stock of Catlin Group to form a combined business that is expected to have a leading presence in the global specialty insurance and reinsurance markets (SCI 19 December 2014). Under the terms of the transaction, XL will acquire all of Catlin's common shares for a consideration of 388 pence in .......

    Job Swaps 12 January 2015

  • Mid-market capabilities strengthened

    The York Street Capital Partners team, including co-heads and co-founders Robert Golding and Christopher Layden, have joined Star Mountain Capital. The move is expected to further Star Mountain's capabilities as a value-added investor in SBIC funds, as well as other small- and medium-sized business-focused fund managers.

    Golding and Layden have sourced and underwritten over US$750m of investments over the past .......

    Job Swaps 12 January 2015

  • European ABS/MBS stays firm

    Despite a volatile end to the week in broader markets, European ABS/MBS is staying firm into this morning.

    Activity levels across secondary are continuing to edge higher albeit with a little to see on the BWIC schedule for now. The main focus remains on UK and Dutch prime, where spreads have tightened over the last week, as well as UK .......

    SCIWire 12 January 2015

  • Securitisation pros promoted

    Weil, Gotshal & Manges has announced a number of promotions in the securitisation, derivatives, restructuring and litigation areas.

    Brian Maher and Ariel Kronman have been named partners in the firm's structured finance and derivatives practice in London and New York respectively. Maher has advised on a wide range of securitisations, covered bonds, restructurings/refinancings and portfolio acquisitions, while Kronman has worked .......

    Job Swaps 9 January 2015

  • Retention compliance dates set

    The final US credit risk retention rule was published in the Federal Register on 24 December. Compliance with respect to ABS collateralised by residential mortgages is therefore required beginning on 24 December 2015, while compliance with regard to all other classes of ABS is required beginning on 24 December 2016.

    The final rule was adopted by the FDIC, Fed, FHFA, .......

    News Round-up 9 January 2015

  • Looking for levels

    European ABS/MBS secondary market activity continues to increase slowly but participants are still trying to determine clearing levels, particularly around Greek bonds.

    "Activity continued to pick up a bit yesterday and into today," says one trader. "However, competing factors are at work - expectations over QE and the Greek elections. There is less conviction about direction in the broader space, .......

    SCIWire 9 January 2015

  • Euro retention activity approved

    The EBA last month published an opinion on how to improve the functioning of the securitisation market, based on its assessment of compliance by competent authorities with securitisation risk retention, due diligence and disclosure requirements. While expressing support for the provisions laid down in the Capital Requirements Regulation (CRR), the opinion puts forward recommendations to ensure increased transparency, legal certainty .......

    News Round-up 9 January 2015

  • Swiss cat bond debuts

    GC Securities has closed what is believed to be the first-ever Swiss franc-denominated catastrophe bond. Dubbed Gurten and sponsored by Gebäudeversicherung Bern (GVB), the Sfr70m private deal was structured using the Kaith Re vehicle.

    The protection provided via the cat bond is positioned alongside traditional reinsurance on each layer of GVB's traditional reinsurance programme. It provides one year of annual .......

    News Round-up 8 January 2015

  • Counterparty risk rating mulled

    Moody's is proposing to change its global approach to rating structured finance (SF) securities in light of proposed changes to its global bank rating methodology, including the introduction of a new bank counterparty risk (CR) rating. If adopted, the CR rating would represent the agency's opinion on the probability of default on certain senior bank obligations and other contractual commitments.

    News Round-up 8 January 2015

  • Credit co-heads appointed

    Mehdi Kashani and Matthew Davies have been appointed interim co-heads of European credit at RBC, replacing Ian Pearce, who is believed to be leaving the bank. Kashani was previously European head of ABS and structured credit trading at RBC, while Davies was head of Europe credit sales.

    .......

    Job Swaps 8 January 2015

  • GCM backs new investment manager

    A new global structured products investment management firm, Hollis Park Partners, has launched with significant investment capital from GCM Grosvenor and other institutional investors. Hollis Park was founded by cio and managing partner Troy Dixon.

    "We believe today's environment presents attractive and rapidly changing opportunities across a wide spectrum of structured products, including agency and non-agency mortgage-backed securities, CLOs, CMBS .......

    Job Swaps 8 January 2015

  • Secondary ABS starts year strongly

    The US ABS secondary market is back up and running this week as BWIC volume yesterday reached more than US$150m. Supply was only a little lower than that on Monday and was even higher on Tuesday.

    Wednesday's supply was dominated by auto and credit card names. There was also a single student loan tranche - PHEAA 2013-3A A - picked .......

    Market Reports 8 January 2015

  • Euro ABS/MBS activity continues to rise

    Trading activity in the European ABS/MBS secondary market is slowly but surely increasing as the week continues.

    "Today looks to be a bit better again," says one trader. "We're seeing more prices and more enquiries, but the market is slow to come back."

    Yesterday's positive tone has continued into this morning on the back of improved macro sentiment. RMBS remains .......

    SCIWire 8 January 2015

  • Cat bond fluctuations highlighted

    Lane Financial's 4Q14 statistical review of the ILS market highlights the price fluctuations of two catastrophe bonds during the quarter.

    First, the firm notes that price indications for the MultiCat Mexico series 2012-I class C notes were marked down to around 52 in Q4 on speculation that Hurricane Odile had triggered the parameters of the bond by its coastal landing .......

    News Round-up 7 January 2015

  • Corporate trust head hired

    Helena Nathanson has joined Bryan Cave as partner, head of corporate trust in London. She was previously a partner in structured finance at Reed Smith.

    .......

    Job Swaps 7 January 2015

  • ILS partnership realigned

    Third Point Reinsurance has realigned its partnership with Hiscox Insurance Company (Bermuda) in the catastrophe reinsurance fund management business. The firm intends to contribute certain resources of Third Point Reinsurance Investment Management to Hiscox's Kiskadee ILS platform while winding down any remaining exposure in its Third Point Reinsurance Opportunities Fund.

    Specifically, Third Point Re intends to make an investment in .......

    Job Swaps 7 January 2015

  • Fitch bolsters risk management

    Fitch Group has named John Olert group chief risk officer in an effort to pursue a more integrated approach to how it manages various types of risk. His team is responsible for reviewing, monitoring and addressing the risks that could impact the firm's performance and reputation.

    Olert was previously chief credit officer for Fitch Ratings, responsible for credit ratings and .......

    Job Swaps 7 January 2015

  • Euro ABS/MBS picks up positively

    Activity in the European ABS/MBS secondary market is finally beginning to pick up with a slightly positive tone emerging today.

    "It's been relatively quiet since the New Year, but it was a little busier yesterday," says one trader. "We've been somewhat insulated from the broader market volatility over the last few days, but ABS spreads have been softer."

    That looks .......

    SCIWire 7 January 2015

  • Hiring logjam?

    Waiting game leaves recruitment on hold

    Recruitment in the structured finance space remains somewhat stagnant. While market players await regulatory clarity in the US, positive sentiment in Europe is yet to translate into increased hiring activity.

    The European securitisation market has provided a mixture of both disappointment and rational caution in terms of hiring trends, according to one London-based headhunter. "The market may not have picked .......

    News Analysis 24 December 2014

  • Call for clarity

    Transparency at the forefront of CRA debate

    Panellists at SCI's recent London conference discussed the implications of credit rating agency (CRA) regulation in Europe. While they welcomed the increased competition and transparency brought by CRA 3, some issues remain outstanding.

    Andrew Currie, md of structured finance at Fitch, believes that CRA regulation has not been the biggest driver of the way rating agencies are managed. "The financial .......

    Talking Point 23 December 2014

  • SLABS defaults, delinquencies drop

    US private student loan (PSL) defaults dropped below 2.5% for the first time since 2006 and will remain at pre-recession levels, according to Moody's. The default index fell to 2.4% in 3Q14 - continuing a two and a half year decline - while the 90-plus delinquency rate index remained at its historic low of 1.9%.

    "The loans backing 2010-14 securitisations .......

    News Round-up 23 December 2014
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