ABS

  • Japanese mezz fund partnership formed

    Nomura and Intermediate Capital Group are forming a partnership to facilitate the structuring and distribution of Japanese domestic mezzanine investments and funds. The funds will be managed by a local fund management company, which will be established.

    The demand for Japanese mezzanine debt is expected to rise as a result of the government's economic initiatives. Any funds structured as a .......

    Job Swaps 21 November 2013

  • Autos dominate varied ABS session

    US ABS BWIC volumes came close to US$150m yesterday, with auto paper leading the charge. Several credit card, equipment, student loan and container bonds were also out for the bid.

    Auto paper constituted the bulk of supply. The session saw a number of round-lot bonds circulating, with mixed offering levels.

    There were four separate AMCAR tranches out for the bid .......

    Market Reports 20 November 2013

  • Value seen in Unique juniors

    Enterprise Inns disclosed in its full-year 2013 results that it placed a £97m convertible bond, the proceeds of which were used to cancel £70m of its forward start bank facility. The issuance has been welcomed for creating subordination for the pubco's securitisation.

    European securitisation analysts at Barclays Capital suggest that the convertible bond issue is positive for Enterprise Inns' debentures .......

    News 20 November 2013

  • GE split-off 'credit negative'

    Moody's says that General Electric Company's decision to split off its North American retail finance business - which includes its credit card operations - in 2015 is credit negative for the GE Capital Credit Card Master Note Trust. However, the agency is not placing the trust's notes under review at this time as it believes GE is incentivised - from .......

    News Round-up 18 November 2013

  • Structured trade finance md added

    The Bank of Tokyo-Mitsubishi UFJ has appointed Michael Oka as md in its commodities and structured trade finance group. He will expand the product offerings and customer base with the Brazilian trade finance business and report to head of structured trade finance Erich Michel.

    Oka was previously at Banco Bilbao Vizcaya Argentari. He has also worked at Citibank in Brazil .......

    Job Swaps 18 November 2013

  • Asset-based vet appointed

    BM Structured Finance has appointed Simon Belton as director of broking in London. He has over 25 years of experience in asset-based lending and has previously worked at Scottish Pacific Benchmark, Bibby Financial Services, Allianz Finance, Factoring UK, IBM Global Financing and International Factors.

    .......

    Job Swaps 18 November 2013

  • Positive outlook for Aussie ABS, RMBS

    Moody's expects Australia's securitisation market to continue performing well in 2014, with issuance levels likely to remain similar to those seen in 2013. Specifically, RMBS will carry into next year the steadiness seen this year, as losses will remain low - even though delinquencies are anticipated to rise incrementally.

    The agency bases this view on its expectation for modest GDP .......

    News Round-up 15 November 2013

  • Ratings reviewed for swap linkage

    Moody's has placed on review for downgrade the ratings of 150 notes in 48 RMBS, 17 notes in 14 ABS and four notes in two CMBS due to swap counterparty exposure. At the same time, it has placed on review for upgrade three tranches in two RMBS transactions. The move follows the finalisation of the agency's swap linkage approach (SCI .......

    News Round-up 15 November 2013

  • Structured salesman joins in NY

    Brian Bowes has joined StormHarbour Securities in a structured products sales role in New York. He covers ABS, CLOs, CMBS and RMBS in the US as well as ABS and RMBS in Europe.

    Bowes was previously head of non-agency mortgage trading at KGS-Alpha Capital Markets. He has also worked for Hexagon Securities and UBS, where he focused on residential mortgages.

    .......

    Job Swaps 14 November 2013

  • Golub adds executive director

    Ross Van der Linden has joined Golub Capital as an executive director, based in Charlotte, North Carolina. He was previously at StormHarbour Securities and spent over a decade at Wachovia. He specialises in securitisation, derivatives, CDOs and CLOs.

    .......

    Job Swaps 14 November 2013

  • Cards, autos lead ABS charge

    US ABS BWIC volume picked up considerably yesterday to reach around US$200m. Much of that supply was driven by credit card bonds, but some auto names were also out for the bid.

    SCI's PriceABS data recorded covers for both CHAIT 2012-A4 A4 and DCENT 2012-A6 A6. The CHAIT tranche had only appeared in the PriceABS archive once before .......

    Market Reports 14 November 2013

  • Debut Russian consumer ABS discussed

    Moody's discusses in its latest Credit Insight publication the innovative features of Home Credit & Finance Bank's recent HC Finance transaction. The deal is the first rouble-denominated Russian consumer loan ABS issued in Russia.

    The principal innovation highlighted by Moody's is the absence of FX and interest rate risks. The assets are fixed-paying rouble loans, so the transaction's ability to .......

    News Round-up 14 November 2013

  • Asian market prospects 'steady'

    The strong performance of the ABS, CLO, CMBS and RMBS markets in Asia ex-Japan will continue next year, Moody's predicts. However, issuance volumes are not expected to pick up significantly.

    Tight government regulation of credit card companies in Korea is expected to benefit credit card ABS by limiting the growth in credit card receivables, thus lowering the risks in the .......

    News Round-up 14 November 2013

  • SLABS ARS repurchased

    Approximately US$10.95m of outstanding auction rate securities (ARS) have been repurchased and cancelled from Pennsylvania Higher Education Assistance Agency's (PHEAA) 1997 student loan ABS trust. The student loan receivables balance will decrease by US$8m as those loans are sold and released from the lien of the trust. The amount of the loan sale combined with past loan sales for this .......

    News Round-up 13 November 2013

  • Vitality Re rating upgraded

    S&P has raised its ratings on Vitality Re II Series 2011-1 class B notes to triple-B minus from double-B plus. At the same time, the agency affirmed its triple-B plus rating on the Vitality Re 2010-1, Vitality Re II Series 2011-1 and Vitality Re III class A notes, as well as its double-B plus rating on the Vitality Re III .......

    News Round-up 13 November 2013

  • Swap linkage approach finalised

    Moody's has updated its approach to assessing the rating impact of swap counterparties in structured finance cashflow transactions, following the publication of an updated RFC this summer (SCI 23 July). The agency says that the new methodology is rating-neutral for most structured finance transactions, but will result in rating actions to a limited number of deals, particularly those with large .......

    News Round-up 13 November 2013

  • Italian project bonds gaining traction?

    Legislation introduced last year by the Italian government could see the use of bond financing for infrastructure projects take off in the country, according to S&P. The agency says that new laws promoting the development of an Italian public-private partnership (PPP) programme and ready access to the capital markets should encourage institutional investors to participate in the country's project finance .......

    News Round-up 12 November 2013

  • Solar ABS debuts

    SolarCity Corp's inaugural solar securitisation has hit the market via Credit Suisse. Rated triple-B plus by S&P, the US$54.43m SolarCity LMC Series I (series 2013-1) is secured by 5,033 photovoltaic (PV) systems.

    The transaction's cashflows depend on a number of key inputs, some of which were derived from contractual terms, while others were modelled based on historical performance, rating-dependent economic .......

    News Round-up 12 November 2013

  • CLO chief moves on

    Florian Bita has joined RBC Capital Markets in New York as a trader, specialising in CDOs and CLOs. He was previously head of CLO trading at Cantor Fitzgerald (SCI 16 May) and before that held a similar role at UBS. He has also worked for Deutsche Bank, Goldman Sachs and Salomon Brothers.

    .......

    Job Swaps 12 November 2013

  • AIFMD exemption clarified

    The Central Bank of Ireland has published a clarification of the exemption for securitisation vehicles from AIFMD.

    According to law firm Matheson, the central bank has clarified that securitisation companies registered as 'financial vehicle corporations' pursuant to ECB Regulation No24/2009 and/or funded by debt or other non-equity instruments are outside the scope of the Alternative Investment Fund Managers Directive. As .......

    News Round-up 11 November 2013

  • Aussie ABS index rolled out

    Fitch has published its first Australian Dinkum ABS Index report. The index is designed to enable investors track the arrears and losses of prime auto loans and leases collateralising Australian auto ABS, of which there is currently A$9bn outstanding.

    Australian prime auto ABS issuance slowed this year, arguably due to the uncertainty surrounding the federal government's announcement in July to .......

    News Round-up 11 November 2013
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