ABS

  • Europe shaking off its slumber?

    European secondary markets are attempting to shake off their pre-ABSPP slumber this morning with activity and interest being seen across asset classes.

    After a quiet couple of days, traders report increased investor buying interest in both core and peripheral CMBS and RMBS. "Everything feels a bit more pro-active today and we've moved a bit tighter as a result," says one.

    SCIWire 12 November 2014

  • Punch A bonds still offer value

    In light of Punch's latest results, Punch A bonds continue to offer better value than Punch B across the capital structure, say Barclays Capital analysts. While both Punch A and Punch B may be refinanced in a couple of years, Punch B seniors are pricing in some probability of refinance already.

    Punch's results suggest the core estate can continue to .......

    News 12 November 2014

  • Valuations pro adds training experience

    Karl D'Cunha, senior md at Madison Street Capital, has joined the New York Institute of Finance as a faculty member. The move will see him leverage his broad financial services experience as an investment banking and valuation professional to train participants in scenario-based education. Subjects will include M&A, hedge funds, valuation, capital markets, FINRA, emerging markets and corporate finance.

    .......

    Job Swaps 11 November 2014

  • A closer look at US credit risk retention rules

    Morrison & Foerster of counsel Melissa Beck, senior...

    In a flurry of regulatory actions on 21 and 22 October, the FDIC, the OCC, the Federal Reserve Board, the SEC, the FHFA and the Department of Housing and Urban Development each adopted a final rule implementing the credit risk retention requirements of section 941 of the Dodd-Frank Act for ABS. The section 941 requirements were intended to ensure that .......

    Talking Point 11 November 2014

  • Euro ABS/MBS unmoved

    The European ABS/MBS markets are so far unmoved by confirmation that next week will see the start of the ABSPP.

    In a speech late yesterday ECB board member Yves Mersch confirmed that the ECB will be ready to starting buying ABS next week. Market speculation is now that 19 November will see the first purchases.

    Spreads were unchanged on the .......

    SCIWire 11 November 2014

  • BWIC Board adds PriceABS

    SCI's PriceABS secondary market data has been made available via DealVector's BWIC Board. For the next 30 days, investors registered with the marketplace will have free access to current and historical talk and cover prices recorded in the PriceABS archive. Every time a bond comes out on BWIC, members will be shown available pricing history from SCI's comprehensive .......

    News Round-up 10 November 2014

  • Rating shopping persists

    Regulatory reforms have failed to end to the practice of rating shopping in the US securitisation markets since the financial crisis, according to Morningstar. Arrangers and issuers continue to control the selection of credit rating agencies and their hiring decisions are based primarily on which CRAs offer the highest ratings or demand the least stringent requirements for attaining a specified .......

    News Round-up 10 November 2014

  • No news is good news for euro ABS/MBS

    The European ABS/MBS has taken the lack of any further ABSPP details from the ECB yesterday in its stride.

    "Draghi mentioned ABS enough times to alleviate any concerns that the ABSPP would not happen at all," says one trader. "Even the optimists who expected a buying timeframe to be announced yesterday have taken their disappointment well."

    Consequently spreads have remained .......

    SCIWire 7 November 2014

  • Auto ABS sets groundwork

    Auto loan securitisation has established a foothold in China, with six transactions being rolled out between March and August 2014 (SCI 23 October). The new funding option has emerged amid increasing vehicle sales and financing needs, S&P says.

    Most of the auto loan receivables that have been securitised to date are of the vanilla variety, backed by passenger vehicles and .......

    News Round-up 6 November 2014

  • Corporate trust pro added

    Elian Global has added Gary Webb as an associate director for business development and international finance. Webb was most recently with BNP Paribas, where he held roles as global network manager for debt market services and global head of sales and relationship management for the bank's corporate trust services.

    .......

    Job Swaps 6 November 2014

  • Working capital optimisation in vogue

    Working capital optimisation will continue to be a high priority for corporate treasurers in 2015 as the global economy picks up, according to Demica's latest research study. In their drive for competitive advantage, treasurers are increasingly looking beyond the traditional forms of finance to explore a wider range of alternative funding options that support their working capital requirements, including supply .......

    News Round-up 6 November 2014

  • European ABS/MBS stay firm

    The European ABS/MBS markets are staying firm ahead of the ECB press conference this afternoon at 14:30 CET.

    Spreads have tightened a little across euro-denominated ABS/MBS deal types over the last few days and into this morning. At the same time, a buying bias in UK CMBS and RMBS emerged yesterday and today.

    The moves are primarily driven by the .......

    SCIWire 6 November 2014

  • Auto financing incentives to hit ABS?

    Contract terms are shortening and interest rates falling to support sales of new cars in Germany, according to a DBRS analysis of European DataWarehouse loan-level data. The net result of this could affect some securitisation structures by increasing payment rates and decreasing the cashflow cushion provided by interest rate spreads.

    As average contract terms of loans underlying German auto securitisations .......

    News Round-up 6 November 2014

  • Christiansen switches advisory firms

    Punter Southall has appointed Colette Christiansen as principal and head of de-risking solutions. Christiansen arrives from Towers Watson, where she led a number of large buyout and longevity swap transactions. Prior to that, she was responsible for longevity risk and de-risking solutions at Mercer's and has also been a partner at Pension Insurance Corporation.

    .......

    Job Swaps 5 November 2014

  • Advisory targets insurance risk gap

    A newly formed advisory firm, Vario Partners, is set to bring together portfolios of insurance risk and the capital markets through ILS. Led by former Lloyds head of research Quentin Moore, the firm will welcome former PwC insurance partners Bryan Joseph and James McPherson next year.

    The move comes as the traditional and alternative reinsurance markets continue to wrestle with .......

    Job Swaps 5 November 2014

  • Euro ABS/MBS waits on

    Amid light secondary flows this week into today European ABS/MBS spreads have stayed steady as the market awaits the start of the ABSPP. Meanwhile, a BWIC due to trade this afternoon should give the latest indication of the basis between eligible and non-eligible bonds.

    "The market is expecting the ABSPP to start in the next one to two weeks," says .......

    SCIWire 5 November 2014

  • Asset-based lender launched

    BlackRock Kelso and Gordon Brothers Group have formed Gordon Brothers Finance Company (GBFC). GBFC will be a majority-owned portfolio company of BlackRock Kelso, with Gordon Brothers Group owning a minority interest. As part of the transaction, GBFC acquired Gordon Brothers Group affiliate GB Credit Partners' asset-based lending business, as well as a US$269m portfolio comprising 23 loans to 20 different .......

    Job Swaps 4 November 2014

  • Eurozone deflation would have mixed impact

    A deflationary eurozone environment would have a moderate overall impact on EMEA structured finance, with weaker borrowers under earnings pressure and those facing refinancing risk most exposed, according to Fitch. CMBS could face the greatest downgrade pressure under deflation, with falling nominal rents combining with a spike in maturities in 2015/2016 under this scenario. However, accommodative monetary policy should mitigate .......

    News Round-up 4 November 2014

  • Rothauser rejoins DB

    Deutsche Bank has hired Armin Rothauser as md and head of transportation, infrastructure and energy finance. He will divide his time between Frankfurt, London and New York, reporting to Tom Cheung and Dan Pietrzak, co-heads of structured credit.

    Rothauser arrives after six years at Goldman Sachs, where he was most recently md and global head of hard asset trading, managing .......

    Job Swaps 3 November 2014

  • NSFR finalised

    The Basel Committee has issued the final standard for the net stable funding ratio (NSFR), which requires banks to maintain a stable funding profile in relation to their on- and off-balance sheet activities, including unfunded credit and liquidity commitments in securitisations. The NSFR will become a minimum standard by 1 January 2018, with disclosure standards expected to be published for .......

    News Round-up 3 November 2014

  • Risk retention to have mixed impact

    Risk retention regulations that were approved last week by US federal regulators (SCI 22 October) will be credit positive for non-agency RMBS, according to Moody's. The impact on CLOs, on the other hand, is expected to be credit neutral.

    The rules generally require sponsors to retain 5% of the risk in most types of securitisations for the life of the .......

    News Round-up 31 October 2014
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