ABS

  • 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

  • Servicer continuity highlighted

    The market was taken by surprise when about 40 ABS bonds became ineligible under the ECB's collateral framework on 7 October and then again when 19 of them were reinstated on 15 October. The bonds are understood to have been removed from the list of eligible securities because of inadequate servicer continuity provisions.

    Citi European securitised product analysts note that .......

    News 17 October 2014

  • Cautious optimism in European ABS/MBS

    Some cautions optimism has returned to the European ABS/MBS market since late yesterday and into this morning.

    Yesterday saw spreads widening across the board throughout most of the day before they pulled all the way back following stronger than expected US economic news and ECB comments suggesting ABSPP buying by December. However, liquidity was poor as investors showed caution as .......

    SCIWire 17 October 2014

  • Spajic moves east

    PIMCO has appointed evp and portfolio manager Luke Spajic to head its emerging markets Asia portfolio management unit in Singapore. He will report to Michael Gomez, md and head of EM portfolio management, and join the Asia-Pacific portfolio committee. Spajic is currently a senior credit portfolio manager based in Newport Beach and has also held previous positions at PIMCO as .......

    Job Swaps 17 October 2014

  • New bond fund for Bowie

    TwentyFour Asset Management is set to launch an open-ended UCITS bond fund in early December, run by former Ignis head of credit Chris Bowie, who joined the firm last month. Bowie's move appears to be a signal of intent by the firm to begin branching out into the corporate bond market, based on his successful track record managing the Ignis .......

    Job Swaps 17 October 2014

  • Risk retention vote due

    The US Fed has scheduled an open meeting on 22 October to vote on the adoption of a final credit risk retention rule under Section 941 of the Dodd-Frank Act. Section 941 requires the US SEC, FDIC, Federal Reserve, OCC, FHFA and HUD to jointly implement rules requiring an economic interest to be retained in a material portion of the .......

    News Round-up 16 October 2014

  • Knock-on impact felt

    European ABS, CLO and MBS secondary markets are continuing to feel some knock-on impact from the current broad market volatility.

    Trading was patchy yesterday with most sectors trading wider as buyers continued to be harder to find. Hardest hit were non-ABSPP eligible bonds and UK non-conforming paper.

    Dutch RMBS also continued its recent decline on the back of high volumes of .......

    SCIWire 16 October 2014

  • German auto credit quality eyed

    Signs of increasing risk appetite among German auto loan and lease originators have emerged gradually in recent months, Fitch reports. The agency says that they are relatively minor so far and have not reached the point where they would weaken the credit quality of German auto ABS deals.

    Two notable trends in the last 12-24 months are an increase in .......

    News Round-up 15 October 2014
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