ABS

  • ILS capacity platform unveiled

    Willis Capital Markets & Advisory has established Resilience Re, a new platform designed to simplify client access to catastrophe bond capacity. Clients are expected to benefit from cost efficiencies and expedited timelines to secure capacity.

    Resilience aims to achieve these benefits in part from simplified processes and documentation for qualifying risks. The platform will provide access to dedicated reinsurance transformers .......

    News Round-up 28 October 2014

  • CMBS A4s dominate

    CMBS was the only sector to see much secondary supply yesterday stateside, with many participants focused on the US$4.6bn legacy non-agency RMBS bid-list scheduled to trade today (28 October). BWIC volume reached around US$183m, up from the prior session, and was dominated by A4 securities.

    Among the legacy A4 bonds out for the bid during the session was COMM 2006-C8 .......

    Market Reports 28 October 2014

  • Second workshop added to SCI agenda

    Only a few tickets remain for SCI's 7th Annual Securitisation Pricing, Investment & Risk Seminar. Over 200 attendees have registered for the event, which is being held tomorrow (29 October) at Bank of America's offices at 250 Vesey Street (formerly Four World Financial Center).

    A further workshop has been added to the agenda, focusing on CLO valuations. The conference programme .......

    News Round-up 28 October 2014

  • Investment platform broadens

    ClearVest has expanded the number of managers approved by its investment committee. The additions include funds managed by Arden Asset Management, Coherence Capital Partners, DUNN Capital Management and Wasserstein Debt Opportunities. Through the ClearVest platform, institutional investors, qualified purchasers and wealth managers will now be able to access over 27 carefully selected alternative investment managers.

    Investments are available through direct .......

    Job Swaps 28 October 2014

  • Vendor acquired

    Moody's has acquired Lewtan Technologies. The firm will become part of Moody's Analytics' structured analytics and valuations business, which provides an extensive data and analytics library for securitised assets.

    Lewtan's products cover more than 200,000 bonds and 20,000 securitised deals, serving over 300 financial institutions worldwide. For its fiscal year ending 30 September, the firm generated annual revenue of approximately .......

    Job Swaps 28 October 2014

  • QRM provides 'meaningful incentives'

    The final QRM standards provide meaningful incentives for banks to maintain quality underwriting and avoid certain riskier mortgage products, Fitch says. The agency believes that the rule should curb many practices that led to severe bank pressures during and after the financial crisis.

    Nevertheless, the final QRM avoids minimum down payment standards originally proposed by regulators in 2011, thus providing .......

    News Round-up 27 October 2014

  • Large list to dominate

    Tuesday's large liquidation BWIC is set to dominate traders' attention across asset classes either side of the Atlantic in the short-term. Longer term the picture is less clear.

    The previously mentioned list, possibly from a Scandinavian bad bank, amounts to 647 lines and just under 7.5bn of current face when US assets and CDOs/CLOs are included. "This type of legacy .......

    SCIWire 24 October 2014

  • LCP acquisition confirmed

    Amlin has signed definitive legal agreements to increase its existing interest in Leadenhall Capital Partners (LCP) to 75%. The move follows a non-binding agreement that was reached back in July (SCI 7 July).

    Under the terms of the agreement, Amlin will increase its interest in the business via a partial acquisition of each individual partner's stake. The final consideration amount .......

    Job Swaps 24 October 2014

  • Euro ABS/MBS stay steady

    European ABS/MBS spreads held steady yesterday albeit in relatively quiet markets. More of the same is expected today, but all eyes are on a large liquidation BWIC on Tuesday.

    Currently buyers just edge it over sellers in both core and peripheral ABS/MBS bonds across secondary, with UK RMBS and Italian names seeing the most interest. However, there has been less .......

    SCIWire 24 October 2014

  • 'Minimal' risk for ECB

    The ECB is taking only minimal credit risk with the ABSPP, according to Fitch. This assessment is based on the programme's conservative eligibility criteria, especially the focus on senior bonds.

    As a hypothetical example, Fitch applied the same eligibility criteria to all Fitch-rated bonds that were outstanding at the onset of the credit crisis, based on a cut-off date of .......

    News Round-up 24 October 2014

  • FIG reshuffled

    Barclays' financial institutions group (FIG) has undergone a revamp, following the departure of former md Allen Appen to Lloyds earlier this month (SCI 15 October). Ben Davey will now solely head FIG in EMEA, having previously been co-head with Richard Boath. Boath has been appointed chairman for FIG in the same region, in an attempt to utilise his experience in .......

    Job Swaps 23 October 2014

  • Chinese auto ABS issuance to double

    Fitch expects Chinese auto loan ABS issuance to more than double to over CNY35bn in the next 12 months, due to funding needs driven by a rapidly expanding car sales market and the increasing penetration of captive auto finance companies. In particular, the agency believes that auto ABS will become entrenched in the funding profile of China-based foreign-owned auto finance .......

    News Round-up 23 October 2014

  • Rating restrictions

    Sovereign caps impact investor options

    Recent rating agency criteria changes have re-focused attention on the European peripheral ABS markets. While all investors - including the ECB - will be affected, the importance attached to ratings varies.

    Fitch updated its Irish residential mortgage assumptions last month, paving the way for Irish RMBS to be rated at triple-A (SCI 22 September), while S&P updated its methodology for .......

    News Analysis 22 October 2014

  • Liquid credit fund rolled out

    Alliance Bernstein has launched a new liquid credit mutual fund as part of a broadening of its US retail offering. The Credit Long/Short Fund seeks capital preservation and low correlation to traditional asset classes, with the goal of achieving strong relative returns in a rising rate environment and a relatively modest draw-down experience in more challenged markets.

    The fund will .......

    News Round-up 21 October 2014

  • Consistency for impairment definition

    Moody's has realigned its definition of impairment for structured finance securities in Japan with that which it applies in all other geographical locations. Under the agency's international definition, structured finance securities are considered impaired whenever poor collateral performance or failure by any transaction party to perform under its obligations causes previously scheduled interest or dividend payments to be suspended, even .......

    News Round-up 21 October 2014

  • Agency beefs up

    Scope Ratings has recruited six industry professionals to its team, less than two months after the appointment of Torston Hinrichs as ceo (SCI 1 September). The move also marks the agency's expansion into covered bonds.

    Karlo Fuchs arrives as Scope's new head of covered bonds and is responsible for the analysis of pfandbriefe. He has 15 years of experience and .......

    Job Swaps 21 October 2014

  • Monday sees ABS mix on BWICs

    US ABS secondary market supply yesterday was fairly evenly split between auto, credit card and student loan ABS. SCI's PriceABS data captured a number of tranches out for the bid, with BWIC supply focused on post-crisis paper.

    In the auto space there was one tranche from a deal issued this year. That was the CCART 2014-BA .......

    Market Reports 21 October 2014

  • Accola adds senior advisor

    Accola Capital has added Dennis Buckley as a senior advisor. He will work on European and MENA debt solutions and placement.

    Buckley arrives with over forty years of credit and banking experience in the debt markets under various roles. He remains director of Victoria Concordia and Credit Mediation.

    .......

    Job Swaps 21 October 2014

  • Bridging the gaps

    ARC Ratings continues to build out its methodologies and criteria for structured finance (SCI 23 September), following the rating agency's launch at the beginning of the year (SCI 16 January). Emma-Jane Fulcher has been appointed head of structured finance, having previously worked for Fitch and built the structured finance division for GCR.

    While ARC's strength has traditionally been in emerging .......

    News 21 October 2014

  • Quiet start for European ABS/MBS

    It's been a quiet start to the week this morning for European ABS/MBS with many players focusing on the first day of CBPP3 in an effort to get some insight in to how ABSPP might work.

    However, there has been some patchy off-BWIC trading in both CMBS and RMBS. Activity has been seen in both core and peripheral bonds.

    So .......

    SCIWire 20 October 2014

  • ILS manager opens in Gibraltar

    Horseshoe Group has expanded its operations with the establishment of Horseshoe Management Gibraltar (HSG). The move follows months of work alongside government officials, representatives of the FSC (Gibraltar's insurance regulator), local service providers and most notably a working group of leading ILS bankers, service providers, investors and sponsors put together by Horshoe ceo Andre Perez in conjunction with HM Government .......

    Job Swaps 20 October 2014
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