ABS

  • Dutch prime outperforms

    The European ABS/MBS markets are remaining quiet with Dutch prime the only highlight.

    "Client activity is close to zero and that may be it for the year," says one trader. "There are a few sellers here and there and consequently some BWICs, but volumes and liquidity are quite low."

    Except for ECB-eligible assets prices are weaker across deal types, with .......

    SCIWire 10 December 2014

  • Economy bolsters SLABS outlook

    The improving economy will bolster the credit quality and performance of US private student loan (PSL) and FFELP ABS, according to Moody's 2015 outlook. Default rates on PSL pools should continue to decline, with rates at pre-recession levels, while Moody's PSL default rate index dropped below 2.5% for the first time since 2006 in 3Q14.

    "Defaults will fall further because .......

    News Round-up 9 December 2014

  • European ABS/MBS bolstered

    European ABS/MBS markets have been bolstered by signs of ECB buying.

    Despite yesterday's disappointing ABSPP number, euro ABS/MBS spreads have stayed firm into this morning on the back of talk of ECB buying picking up this week. "We hear some Italian RMBS has been bought," says one trader. "We're not going much tighter as a result, but it seems a .......

    SCIWire 9 December 2014

  • Longevity basis risk tackled

    The Institute and Faculty of Actuaries (IFoA) and Life and Longevity Markets Association (LLMA) have released a readily-applicable methodology allowing insurers and pension schemes to assess longevity basis risk. The jointly-commissioned research project - which was undertaken by a joint research team from Hymans Robertson and Cass Business School - aims to enable the use of simpler, more standardised and .......

    News Round-up 9 December 2014

  • Reg AB 2 in review

    Shelf-eligibility and data disclosure discussed

    Representatives from Lewtan and Dentons recently discussed the considerations for implementing Regulation AB 2 in a live webinar hosted by SCI (view the webinar here). Topics included privacy concerns, data requirements and practical implications going forward.

    Q: What is the background to Regulation AB 2?
    A:     Ned Myers, svp, Lewtan: Reg AB 2 rules were initially proposed back in 2010 .......

    Talking Point 9 December 2014

  • Report calls for higher mezz charges

    A new report from the BIS states that a simple and transparent asset pool does not translate into mezzanine tranches that are simple to assess. The report sets out the view of policymakers that mezzanine securitisation tranches therefore require substantial safeguards, which should be proportionately much larger than those for the underlying assets.

    The Basel Committee is expected to disclose .......

    News 8 December 2014

  • Basel implementation assessed

    The Basel Committee has published a report assessing, under its regulatory consistency assessment programme (RCAP), the implementation of the Basel capital framework in the US and Europe. A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework.

    For the US, the assessment .......

    News Round-up 8 December 2014

  • Euro ABS/MBS BWICs quiet pre ABSPP number

    There's little to distract the European ABS/MBS market as it awaits this afternoon's ABSPP volume update with only two BWICs currently circulating.

    There is a £6m line of GRAN 2004-1 3A due at 12:00 London and at 15:00 a three line mixed list consisting of: €32.3m of AYTPI I A, €5m of MESDG DELT A and £11m of RMAC 2003-NS4X .......

    SCIWire 8 December 2014

  • Renewables financing firm launched

    A team of renewable energy and finance industry executives has launched Generate Capital. The firm will focus on funding small-scale, resource-efficient infrastructure, offering multiple types of financial services products, including short-term asset-based financing, equipment leasing and project finance.

    Generate's co-founders include president Jigar Shah, ceo Scott Jacobs and cio Matan Friedman. The firm has appointed Jason Fish as chairman.

    Typical .......

    Job Swaps 5 December 2014

  • European ABS/MBS hold steady

    Spreads are still holding steady in European ABS/MBS this morning, albeit on continued low volume levels.

    "It's another quiet day today and we've only got a few BWICs due," says one trader. Of those he highlights a four line €58m Spanish seniors list due at 14:30, which consists of: TDA 16 A1, TDA 19 A, TDAC 7 A3 and TDAI .......

    SCIWire 5 December 2014

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 8th Annual Securitisation Pricing, Investment and Risk Seminar, which is taking place on 12 December in London. The event is being held at Reed Smith's offices at Broadgate Tower, 20 Primrose Street, EC2A 2RS.

    This conference will focus on relative value in light of ongoing regulatory challenges and the ECB's ABSPP. The .......

    News Round-up 5 December 2014

  • RFC issued on RV approach

    Moody's is seeking comments from market participants on its proposed rating approach for assessing residual value (RV) risk in auto lease transactions in EMEA and on its proposal to adopt the EMEA approach also for rating transactions in the Asia Pacific region. The proposed approach includes three key changes: introducing a Aaa haircut for RV transactions that incorporates the benefit .......

    News Round-up 4 December 2014

  • ILS pro joins AQR

    Greg Habay has joined AQR as a vp in the firm's business development group. He moves from JLT Re, where he was svp and a senior broker. Habay, who will be based in AQR's Greenwich, Connecticut headquarters, will focus on raising capital for existing and future reinsurance funds.

    .......

    Job Swaps 4 December 2014

  • Euro ABS/MBS slow further

    Activity in European ABS/MBS secondary markets has continued to slow throughout this week.

    "We did see some decent customer flows at the start of the week, but it's got quieter since - yesterday was very, very quiet," says one trader. "Today isn't much better, but there are some BWICs here and there."

    ABSPP-eligible ABS/MBS are for now at least holding .......

    SCIWire 4 December 2014

  • Stable investment

    Low-risk option attracting investors

    The overlap between stable value (SV) funds and securitisation is increasing, given that high grade ABS offers the benefits of low risk and steady, predictable returns. However, SV strategies remain somewhat constrained by the conservative nature of their financial objectives.

    SV funds are capital preservation investment options available in 401(k) and other types of savings plans. Douglas Trevallion, md at .......

    News Analysis 4 December 2014

  • China auto ABS performance reviewed

    Moody's has released its first-ever performance review of the burgeoning Chinese auto loan ABS market, published in its latest Structured Thinking: Asia Pacific newsletter. The report finds that delinquency and default rates were low in 2014, alongside record issuance.

    The agency says that China's auto loan ABS market has scaled new heights in 2014, with record levels of issuance achieved. .......

    News Round-up 3 December 2014

  • FLS extended further

    The Bank of England and HM Treasury have extended the Funding for Lending Scheme (FLS) by one year. The extension is designed to provide lenders with continued certainty over the availability of cheap funding to support lending to SMEs during 2015, even in the event of stress in bank funding markets.

    The FLS extension complements other longer-term initiatives to improve .......

    News Round-up 3 December 2014

  • Updated registration to 'simplify issuance'

    The China Banking Regulatory Commission (CBRC) last month unveiled a new registration system for credit asset securitisation. Moody's notes in its latest Structured Thinking: Asia Pacific publication that the move is positive for the development of China's securitisation market because it will simplify issuance.

    Under the new registration system, qualified issuers are only required to register transactions before they are .......

    News Round-up 3 December 2014

  • Flooding the market

    New challenges driving cat bonds forward

    Disappointing financial markets and the search for yield mean that catastrophe bonds are an increasingly appealing source of investment. As new perils and jurisdictions continue to be tapped, the ILS market is expected to remain on the upswing as it rolls into 2015.

    Catastrophe bonds are expected to keep hitting the market up until year-end. Issuance volumes continue to rise, .......

    News Analysis 3 December 2014

  • SF team boosted

    Clifford Chance has recruited a team of five lawyers from Bingham McCutchen, led by partners Robert Gross and William Cejudo, to its office in Washington, DC. The move brings additional expertise to the firm's US structured finance and real estate finance practices, with Gross contributing to the corporate practice and Cejudo expanding the tax, pensions and employment team.

    Gross advises .......

    Job Swaps 2 December 2014

  • Investment teams realigned

    AXA Investment Managers has reorganised its fixed income and structured finance teams with the creation of a new department. Reporting to John Porter, global head of fixed income and structured finance, the new arrangement will facilitate the integration of structured finance assets into traditional fixed income so that AXA IM can address changing client needs across the credit spectrum.

    The .......

    Job Swaps 2 December 2014
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