ABS

  • 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

  • ABS leader brought in

    Guggenheim Securities has appointed Cory Wishengrad as a senior md to focus on developing the firm's ABS capabilities. He joins from Barclays Capital, where he was co-head of securitised products origination for the Americas and he has previously served as head of the esoteric ABS group at Lehman Brothers.

    .......

    Job Swaps 11 November 2013

  • UK credit card improvement continues

    UK credit card ABS performance in the third quarter was the strongest since 2008-2009, says Fitch. Charge-off and delinquency rates continued to decline from the historical lows reached in 2Q13 and payment rates continued to improve.

    The strong performance is a result of both an uptick in the UK economy and the continuing long-term impact of tighter underwriting. Fitch's latest .......

    News Round-up 8 November 2013

  • Ratings withdrawn on equipment ABS

    Moody's has downgraded and withdrawn its provisional ratings of four classes of notes to be issued by Temese Funding 1. The agency says these actions are driven by a correction to one key input of the rating model it used for the transaction.

    The £226m class A notes have been downgraded from Aaa to A2 and the £16m class B .......

    News Round-up 7 November 2013

  • Cards extend positive performance

    US credit card ABS performance extended its positive trend during the September collection period, according to Fitch's latest index for the sector. 60+ day delinquencies remained flat month-over-month and charge-offs descended to levels only observed once before in the 23-year history of the indices.

    The Fitch Prime 60+ Day Delinquency Index increased by 1bp month-over-month (MOM) to 1.28% and remains .......

    News Round-up 6 November 2013

  • Law firm eyes frontier markets

    Fasken Martineau has appointed Elizabeth Uwaifo and Francis Nwokedi as partners in the firm's London banking and finance group. They each have over 20 years' experience in derivatives and structured finance, and have been brought in to enhance the firm's offering of customised financing solutions, especially in the nascent frontier markets. Uwaifo was previously a partner at Sidley Austin, while .......

    Job Swaps 6 November 2013

  • TRACE expansion proposed

    FINRA last week filed a proposed rule change with the US SEC to amend the TRACE dissemination protocols to include additional ABS transactions and to reduce the reporting periods for such securities. The agency also proposes to re-name as 'securitised products' the broad group of securities currently defined as 'asset-backed securities' and to redefine the term asset-backed security more narrowly. .......

    News Round-up 5 November 2013

  • Near-term student loan risks unlikely

    Rising student loan default rates are unlikely to present risk to federal student loan ABS over the near term, Fitch says. The US Department of Education recently announced that the 2011 two-year national cohort default rate increased to 10% from 9.1%, while the rate for the Federal Family Education Loan Program decreased from 6.5% to 6.26%.

    Over the longer term, .......

    News Round-up 4 November 2013

  • Upside potential for Spirit A7s

    Spirit has released the results of its tender offer for its class A1 and A3 bonds (SCI 22 October), with £126.2m tendered in the A1s (87% of the outstanding) and £107.8m of the A3s (92% of the outstanding). The pubco will accept 80% of those tendered for the A1s and 54% for the A3s to reach the original target acceptance .......

    News Round-up 4 November 2013

  • Origination exec promoted

    Barclays Capital has promoted Martin Attea to co-head of securitised products origination in its Americas global finance and risk solutions group. He will work alongside Cory Wishengrad and report to head of DCM Jim Glascott and head of global securitised products trading Scott Wede.

    Wishengrad will continue to lead the esoteric group, reporting to head of global leveraged finance JF .......

    Job Swaps 4 November 2013

  • Structured credit desk expands

    Cantor Fitzgerald Europe has further expanded its European structured credit desk with the appointment of Sheil Aggarwal as md. Based in London, he will focus on ABS, MBS and CLOs.

    Aggarwal joins Cantor from Pamplona Credit Opportunities, where he was a partner (SCI 25 June 2008). Before that, he was a senior md at Bear Stearns, overseeing the trading and .......

    Job Swaps 31 October 2013

  • Retention refinements recommended

    CRE Finance Council and SIFMA have submitted comments to federal regulators in response to the re-proposed rulemaking on credit risk retention. The associations express support for many of the changes that have been made to the proposed rules, but believe that further refinement of the rules is required.

    SIFMA notes that the re-proposal represents a significant improvement over the original .......

    News Round-up 31 October 2013

  • Under-rated opportunity?

    RRBs continue to offer compelling relative value

    Rate reduction bonds (RRBs) continue to offer spreads that are comparatively wide for the credit risk they represent. Volumes have declined recently, but the sector still provides a natural home for total return accounts.

    RRB spreads are consistently wider than credit card ABS spreads, which have typically been a gateway bond into the sector. "If you are new to ABS, .......

    News Analysis 31 October 2013

  • Autos lead ABS volumes higher

    US ABS BWIC volume rose yesterday to over US$60m. Much of the supply came from auto names, but credit card bonds and a pair of whole business tranches were out for the bid as well.

    SCI's PriceABS data displays tranches from five auto deals issued in the last two years, with covers for each. AMCAR 2013-4 A2 and .......

    Market Reports 30 October 2013

  • Local heroes

    Private placements revitalising Asian securitisation

    A pair of innovative structured financings closed this month that demonstrate the growing appetite for privately-placed local currency bonds among Asian investors. The deals are expected to help revitalise the securitisation market in the region.

    The two transactions are the US$250m-equivalent Courts ABS - originated by Courts Asia via HSBC - and the S$300m Orchis Capital condominium-backed deal, which was .......

    News Analysis 30 October 2013

  • ABS downgrades hit post-crisis low

    Fitch has published a study analysing US credit card, auto and student loan ABS rating performance through the first half of 2013. Downgrades affected 1% of the universe, the lowest level seen in over five years, while 3% of ratings were upgraded during the period.

    Credit card ABS transactions were the lynchpin of stability, according to Fitch. For the second .......

    News Round-up 29 October 2013

  • Used vehicle values boost auto ABS

    US auto ABS performance continues to exceed expectations, even at a time when performance is historically weakest, according to Fitch's latest index results for the sector. The agency reports that an unexpected bounce in used vehicle values - up by nearly 2% versus September 2012 - last month supported higher recovery rates, contained loss levels and supported auto ABS asset .......

    News Round-up 28 October 2013

  • Action seen in secondary US ABS

    US ABS secondary supply remained moderate yesterday, with BWIC volume reaching US$180m. The focus was on student loan and credit card paper, including five block-sized bonds from the CHAIT shelf out for the bid.

    Among those bonds, SCI's PriceABS data shows that CHAIT 2012-A5 A5 traded during the session, with price talk in the mid-teens. The tranche was .......

    Market Reports 25 October 2013

  • Chinese pilot programme back on track?

    Chinese ABS activity appears to be back on track, after the country's regulatory authorities re-committed themselves in August to its credit asset securitisation (CAS) pilot programme. SFIG estimates that the move could result in as many as 20 participating institutions collectively issuing up to US$49bn in securities during the first half of 2014.

    China's Pilot Measures define a securitisation framework .......

    News Round-up 24 October 2013

  • Investment bank adds CLO vet

    Canaccord Genuity has appointed Sam Spackman as a CLO trader, further boosting its structured finance capabilities after a number of recent hires (SCI 3 September). He also has experience in ABS and RMBS.

    Spackman was previously CLO trading svp at Odeon Capital and has also served as structured products director at Katonah Debt Advisors, as structured credit analyst at Greywolf .......

    Job Swaps 22 October 2013

  • Pubco swap offer 'credit positive'

    Spirit has made an offer to tender and swap its existing A1 and A3 bonds into newly-issued A6 and A7 bonds. The tender and swap offer is for up to 50% of the A1 bonds and 70% of the A3s, with the remainder left outstanding and amortising in line with the existing schedule.

    ABS analysts at Barclays Capital note that .......

    News 22 October 2013
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