ABS

  • Euro ABS trader joins NY team

    One William Street Capital Management has added Chris Brown as a vp in New York to support the firm's European ABS trading business. He was most recently a European RMBS and ABS trading vp at Deutsche Bank and has also worked for Capital One.

    .......

    Job Swaps 24 June 2014

  • Peripheral possibilities

    Peripheral RMBS relative value explored

    The recently announced €1bn-plus Berica ABS 3 RMBS transaction has piqued investor interest in peripheral paper. Publically distributed Italian RMBS has been rare post-financial crisis, but it could offer compelling relative value.

    The peripheral European housing markets have emerged from the financial crisis in varying states of health. This is at least in part because of differing governmental approaches, but .......

    News Analysis 23 June 2014

  • Servicing pro appointed

    Krupali Mehta has joined Link Financial Group. She will lead the backup servicing team.

    Mehta specialises in the servicing and management of securitised transactions and most recently worked for Hatfield Philips, overseeing CMBS portfolios. She has also worked at Allied Irish Bank as a credit analyst.

    .......

    Job Swaps 23 June 2014

  • Tough times

    Recruitment quiet as markets squeezed

    The tone in structured finance recruitment on each side of the Atlantic is cautious at best. While hiring continues in both the US and Europe, it is limited and must be set against the backdrop of other large teams being closed down.

    Partially the issue is that markets are not providing the kind of opportunities that people had hoped for. .......

    News Analysis 20 June 2014

  • Nat cat bonds affirmed

    S&P has affirmed its ratings on 18 natural-peril catastrophe bonds issued by 10 different issuers, following the annual resets of the probability of attachment. In each case, the probability of attachment was reset to a percentage consistent with the transaction documents and the current rating. In addition, the agency reviewed the creditworthiness of each ceding company and the ratings on .......

    News Round-up 20 June 2014

  • Credit unions set to securitise

    The US National Credit Union Administration Board unanimously approved five items at its sixth scheduled open meeting of 2014, two of which are related to securitisation and another to mortgage modifications. The Board proposed rules that would allow qualified institutions to securitise loans they have originated and create safe-harbour protection for certain securitised assets.

    Under the proposal, qualified federal credit .......

    News Round-up 20 June 2014

  • Esoteric ABS pro recruited

    Guggenheim Securities has appointed Matt Bissonette as an md in its fixed income division in New York. He will work on structured products transactions with a focus on esoteric ABS.

    Bissonette specialises in telecommunications infrastructure securitisation. He was previously at Deutsche Bank, where he was co-head of the special situations sector within structured credit.

    .......

    Job Swaps 20 June 2014

  • Auto ABS ratings supported

    Steady historical performance and strong structural protections in auto loan ABS globally have supported credit quality and the resulting ratings upgrades of securities in the sector, Moody's reports. The agency says it rates most auto loan ABS in North America, Europe, Asia Pacific and South America investment grade or at the maximum achievable rating in the country.

    At issuance Moody's .......

    News Round-up 19 June 2014

  • Markit IPO upsized

    Markit has upsized and priced its IPO for 53,472,353 common shares at a price of US$24 per share. This constitutes an upsize of the IPO of 7,764,388 shares or 17%.

    All of the common shares are being sold by selling shareholders and Markit will not receive any proceeds from the offering. The underwriters have a 30-day option to purchase up .......

    Job Swaps 19 June 2014

  • Lack of trust?

    Aussie regulator not rushing master trusts

    Australian securitisation activity is on the rise but is not being helped by the attitude of the market's regulator. APRA appears to be dragging its heels on introducing master trusts and its cautious approach is attracting criticism.

    "It can appear as though APRA does not want master trusts to work in Australia. Unfortunately, it seems like this opposition - if .......

    News Analysis 19 June 2014

  • Streamlined cat bond facility launched

    Aon Benfield Securities has launched CATstream, a new facility that is designed to offer cedants faster and more efficient access to capital markets capacity for catastrophe risk. Featuring template documentation and pre-agreed wordings, CATstream enables catastrophe bonds to be established in less than half the time of the typical non-standardised products. With faster access to capital markets capacity, cedants can .......

    News Round-up 19 June 2014

  • Russian framework 'credit positive'

    The new Russian structured finance legislative platform is credit positive for the country's securitisation market, says Moody's. The agency notes that the new framework contains the key elements required for a broad range of securitisation and project finance structures and will provide onshore alternatives to securitisation transactions that were previously possible only via offshore issuing vehicles.

    "The new legislation limits .......

    News Round-up 18 June 2014

  • Compression trades

    European ABS relative value discussed

    Spread compression has made identifying relative value in the European ABS market more difficult. However, panellists participating in IMN's Global ABS research analyst roundtable agreed that opportunities remain in certain peripheral RMBS, UK non-conforming RMBS and CMBS bonds.

    Shammi Malik, head of European ABS trading at Stormharbour, noted that the compression trade has gained such momentum that from a relative .......

    News Analysis 17 June 2014

  • Pub acquisition welcomed

    Mitchells & Butlers has acquired 173 Orchid pubs for £266m on an EBITDA multiple of 10 times, after taking into account cost savings and synergies. Barclays Capital European asset-backed analysts view the move as a slight positive for the pub securitisation, since assets will be retained within the overall group rather than using group cash for a special dividend.

    The .......

    News Round-up 16 June 2014

  • SDART payment error corrected

    Santander Consumer USA (SCUSA) last week made a US$71m capital contribution to correct a payment distribution error in the SDART 2013-5 class A2 notes. Moody's notes in its latest Credit Outlook that such servicer error and lapses in transaction governance are operational risks in securitisations that financially strong servicers can remedy, if necessary.

    The transaction documents for SDART 2013-5 specify .......

    News Round-up 16 June 2014

  • HQS legislation mooted

    The EBA is working with other regulators to find the best way to create a definition and appropriate prudential treatment to support high quality securitisation issuance, according to Adam Farkas, executive director at the authority. In the second keynote address at IMN's Global ABS conference yesterday, he also called for the industry's cooperation to prevent past abuses from reoccurring and .......

    News 13 June 2014

  • 'Limited impact' from PAYE proposal

    President Obama's plan to expand the PAYE programme for all student loans made by the US government (SCI 10 June) could slow prepayment rates and ABS bond amortisations, say Wells Fargo ABS analysts. Investors should not be too strongly affected.

    The analysts note that student loan ABS investors have shown little concern about the pace of amortisation, based on secondary .......

    News Round-up 12 June 2014

  • Core auto delinquencies to stay low

    The stable macroeconomic outlook for the coming two years and historical delinquency rates mean delinquencies should remain low in core European auto ABS markets, says Moody's. The UK, German and French markets have rebounded strongly since 2009.

    Unemployment drove delinquencies in the UK, Germany and France at the height of the financial crisis and the volatility of delinquencies during the .......

    News Round-up 12 June 2014

  • Survey highlights trade receivables growth

    Trade receivables securitisation has become an increasingly important alternative funding source for corporates as well as a favoured corporate financing technique for banks, according to new research by Demica. A study of Europe's 30 biggest banks and a number of US-based banks active in Europe reveals more than 80% have seen growth in their trade receivables securitisation business or an .......

    News Round-up 11 June 2014

  • Bondholder communications reviewed

    The ICMSA discusses how the trustee community has worked to...

    A lively discussion between investors and trustees at the 2010 Global ABS conference was a catalyst for the ICMSA1 to revisit bondholder communication processes. Given the rise in bondholder meetings due to the fall-out from the financial crisis, bondholder communications were put squarely under the spotlight.

    Trustees are one link of the bondholder communication chain, but are seen as .......

    Talking Point 10 June 2014

  • Element expands ABS platform

    PHH Corporation is to sell its fleet management services business - including the Chesapeake Funding unit - to Element Financial Corporation, with the transaction expected to close before 31 July. Element has indicated that the acquisition will enhance its securitisation programme.

    As part of the transaction, Element will acquire all of PHH Arval's fleet management operations in North America. The .......

    Job Swaps 10 June 2014
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