ABS

  • Europe awaits ECB again

    European secondary spreads ground tighter into the end of last week amid positive sentiment and lighter volumes than of late. This week looks set to continue that direction and pattern of activity, especially given the US holiday today and anticipation of a QE announcement from the ECB on Thursday.

    The European BWIC schedule for today currently stands at two mixed .......

    SCIWire 19 January 2015

  • Euro ABS/MBS stays positive

    The European ABS/MBS secondary markets are staying positive in terms of both tone and price levels as the week draws to a close.

    Strong execution across yesterday's BWICs combined with increased buy-side participation off-BWIC has kept market sentiment positive and spreads have continued to tighten. The greatest beneficiaries continue to be autos, Dutch Prime RMBS and UK non-conforming RMBS.

    CMBS .......

    SCIWire 16 January 2015

  • Pamplona beefs up in credit trading

    Pamplona Capital Management has hired Yacine Amara and Florian Chapel as credit traders. They will trade bonds and derivatives in the Pamplona Credit Opportunities Fund, which invests in European corporate and structured credit.

    Amara and Chapel both arrive from Chenavari Capital Partners. Amara was part of the firm's trading and risk quantitative team, whereas Chapel worked as a senior credit analyst.

    .......

    Job Swaps 15 January 2015

  • Fuel prices to lift aircraft ABS

    Performance of outstanding aircraft securitisations may be buoyed if fuel prices remain at their current levels over the long term, according to Fitch. LTV ratios for existing enhanced equipment trust certificates (EETCs) that feature current-generation narrow-body aircraft could also see marginal improvement.

    Fitch says that lower jet fuel prices may allow the current generation of narrow-body aircraft, such as the .......

    News Round-up 15 January 2015

  • Back to business in European secondary

    The European ABS, CLO and MBS secondary markets have finally fully returned to normality on- and off-BWIC.

    "It's back to business as usual," confirms one trader. "Focus is away from any potential QE announcement next week and there is an acceptance that ABSPP is underwhelming and it's very difficult to trade with the ECB on that - so it's just .......

    SCIWire 15 January 2015

  • Coherence strengthens risk function

    Coherence Capital Partners has appointed John Lovisolo as member, coo and chief risk officer. He previously spent 10 years at Barclays, most recently as md and co-head of prime brokerage origination, but he also ran investment grade debt and structured credit products sales for the first half of his tenor. Prior to Barclays, Lovisolo was at Deutsche Bank and Bear .......

    Job Swaps 14 January 2015

  • Euro BWICs build but flow patchy

    The European ABS, MBS and CLO BWIC schedule is building up a head of steam this week, but flow trading is still intermittent.

    "We saw a few more BWICs yesterday and there was strong execution across deal types - not just prime RMBS, but also in UK non-conforming, CLOs and CMBS," says one trader. "There are more BWICs scheduled today, .......

    SCIWire 14 January 2015

  • Executive shuffle for trust company

    First Names Group has appointed Cengiz Somay as group ceo, replacing Morgan Jubb, who will assume the role of group executive chair. Current executive chair Declan Kenny will assume the role of group executive director, with a primary focus on the firm's expansion into Asia and its leisure division.

    Somay originally joined the firm in June 2014 as group md .......

    Job Swaps 13 January 2015

  • European ABS/MBS better supported

    As activity levels slowly increase in European ABS/MBS investor appetite appears to be holding up.

    "Activity levels are again a bit better today," says one trader. "There are a few BWICs scheduled for this afternoon and the pipeline is building, but secondary is active this morning and the market is a little bit better supported."

    Even previously dormant sectors are .......

    SCIWire 13 January 2015

  • ILS exec recruited

    StormHarbour Securities has named Jonathan Spry md and head of insurance solutions and advisory in London. Originating and executing ILS and securitisations are among his responsibilities in the new role.

    Spry was previously head of UK insurance coverage at RBS and before that was svp at Guy Carpenter and director, ILS at S&P. He began his career as an analyst .......

    Job Swaps 13 January 2015

  • Structured products co-head named

    Mitsubishi UFJ Securities has appointed Alex Pierre as international co-head of structured products in London. He was previously at UBS since June 2006, most recently as global product head, credit and financing structuring. He has also been head of structured credit, secured funding, repackaging and EM structuring and co-head of credit derivatives structuring at the bank. Before joining UBS, Pierre .......

    Job Swaps 13 January 2015

  • TwentyFour beefs up

    Dawn Kendall is set to join TwentyFour Asset Management as a partner on 1 July 2015, with a dual role covering both portfolio management and serving on the firm's management committee. She was previously senior bond strategist at Investec Wealth Investment and has also worked at Architas Multi Manager, IAM, Newton Investment Management, Codelouf Trust and SG Warburg.

    TwentyFour also .......

    Job Swaps 13 January 2015

  • ABSPP underwhelms again

    The ECB's latest ABSPP number is likely to underwhelm the market once again.

    The ECB has confirmed that the total outstanding amount under ABSPP at 9 January was €1,792m. Meaning that last week saw a net settled volume of €48m, which is likely to further shift traders' focus away from ABSPP and build further anticipation around broader QE and hoped .......

    SCIWire 12 January 2015

  • 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
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