ABS

  • 2.0 structuring tool launched

    Lewtan has launched a structuring tool geared towards the 'securitisation 2.0' environment. Dubbed ABSNet Modeler, the firm says that the offering is unique due to the transparency of the cashflow waterfall and resulting output.

    The tool is designed to assist users at each step of the deal structuring process with advanced cashflow analytics to run deal, pool, tranche and loan-level .......

    News Round-up 8 October 2013

  • P2P ABS debuts

    National Alliance Capital Markets and Waterford Capital have completed what is believed to be the first securitisation of peer-to-peer consumer loans - Eaglewood Consumer Loan Trust 2013-1 - for Eaglewood Income Fund I, a consumer credit fund managed by Eaglewood Capital Management. The transaction comprises US$40m class A notes and US$12.8m class Bs, and features a revolving period whereby collections .......

    News Round-up 8 October 2013

  • NewOak partners with risk specialists

    NewOak Advisors has formed a strategic alliance with Smith Regulatory Strategies (SRS). The alliance will combine NewOak's market expertise with SRS's risk management and regulatory compliance capabilities.

    The alliance will initially focus on Basel 3 risk-based capital compliance, including stress testing, asset valuation, risk assessment and model validation. The firms will also work together on bank-owned life insurance separate accounts .......

    Job Swaps 8 October 2013

  • Firm censured for ABS sales

    The UK FCA has censured Catalyst Investment Group for misleading investors while selling bonds between November 2009 and May 2010. Former compliance officer Alison Moran has also been fined £20,000.

    Catalyst would have been fined, but is in default and unable to pay. The firm offered life insurance securitisation bonds issued by ARM Asset Backed Securities despite knowing that ARM .......

    Job Swaps 7 October 2013

  • Chenavari launches listed company

    Chenavari Capital Solutions has closed an IPO for an aggregate of 130,300,000 ordinary shares, raising gross proceeds of £130.3m. The strategy of the listed investment company is designed to allow European banks to reduce their risk-weighted assets under the Basel 3 rules via capital solutions transactions, while providing attractive returns to investors.

    Advised by Chenavari Investment Managers, the company is .......

    Job Swaps 7 October 2013

  • London legal partners appointed

    Mayer Brown has added two securitisation partners to its banking and finance group in London. Richard Todd and David O'Connor join from Berwin Leighton Paisner and Allen & Overy, respectively.

    Todd has worked at Mayer Brown before, as well as at Lloyds, JPMorgan and VTB Bank. He specialises in trade receivables and auto loan ABS as well as RMBS.

    O'Connor's .......

    Job Swaps 7 October 2013

  • Japanese CMBS, autos improve

    Japanese CMBS and auto loan ABS performance continued to improve in July and August, according to Moody's Japan. High job security is expected to keep performance trends stable.

    The CMBS default rate fell to 17.6% in August, down from 21.8% in July and down from 33.1% a year earlier. The annualised auto loan ABS default rate for July fell to .......

    News Round-up 4 October 2013

  • RBA updates securitisation reporting templates

    The Reserve Bank of Australia (RBA) has released for consultation draft reporting templates for CMBS and ABS to be eligible for repo. The Australian Securitisation Forum notes that the new information requirements reflect the RBA's desire for more comprehensive information about the securities.

    The templates require transaction-level and security-level templates for CMBS and ABS and are comparable to those finalised .......

    News Round-up 3 October 2013

  • Positive card performance continues

    The US government shutdown is unlikely to impact US credit card ABS, according to Fitch. Ratings are likely to remain stable as the market continues to flourish.

    Fitch's prime chargeoff index performance metrics for August reached new lows while monthly payment rate (MPR) and excess spread reached all-time highs. 60-plus day delinquencies are still dropping at a steady pace, making .......

    News Round-up 2 October 2013

  • Modelling pro joins portfolio management team

    Deer Park Road Corp has appointed Rick Fontana as associate portfolio manager. He will focus on helping manage the recently-formed Burgess Creek Fund (SCI 3 April), which focuses on deeply discounted RMBS and ABS.

    Fontana will report directly to portfolio manager Scott Burg. He has previously worked at TD Securities in New York and has strong experience in modelling and .......

    Job Swaps 1 October 2013

  • Singapore card rules 'credit positive'

    Changes to credit card and unsecured credit rules in Singapore finalised this month will improve the credit quality of securitisation receivables, according to Moody's. The agency says the changes will improve underwriting standards and the overall quality of obligors, providing securitisation transactions with greater protection against the default of weaker obligors.

    The revised rules require financial institutions to obtain updated .......

    News Round-up 30 September 2013

  • Auto performance atypical for August

    US auto prime annualised net losses (ANL) crept up by 3% in August over July's level, showing much less of an increase during this historically weaker period, Fitch reports. Also atypical for August, used vehicle values were strong during the month, helping to contain loss severity on defaulted loans.

    Prime 60+ days delinquencies stood at 0.33% in August, unchanged from .......

    News Round-up 27 September 2013

  • Regional banks step up ABS issuance

    Securitisation activity among large US regional banks has picked up significantly over the past few weeks, opening up new funding options for auto assets in particular. Fitch suggests that the revival of auto ABS issuance is partly an effort by these banks to gain some regulatory relief on capital and liquidity requirements.

    Aside from Huntington Bancshares, few large US regional .......

    News Round-up 27 September 2013

  • Euro ABS, RMBS markets 'calm'

    The European ABS and RMBS markets continue to exhibit healthy if unspectacular levels of activity. Primary issuance continues, while secondary market supply has picked up since the summer slow-down.

    One trader reports that this past week has been "calm" in the absence of strong positive or negative drivers. Secondary market activity has been steady.

    "We have certainly seen a bit .......

    Market Reports 27 September 2013

  • Master stroke?

    Aussie regulator considers master trust merits

    Speculation is growing that the Australian Prudential Regulation Authority (APRA) might allow securitisation through master trusts. Such a move could transform the Australian RMBS market and open up new asset classes.

    While common in other markets, master trusts have not taken off in Australia before now. One investor believes that it is post-crisis comparisons with those other markets which are .......

    News Analysis 27 September 2013

  • SFIG continues to build

    SFIG has hired Sonny Abbasi as director for RMBS policy issues and Sairah Burki as director for ABS policy issues. They will both report to executive director Richard Johns.

    Abbasi will focus on GSE reform and efforts to support a return of private capital to the RMBS market. He was previously director of MBS policy at Fannie Mae and has .......

    Job Swaps 26 September 2013

  • Green bank to boost renewables ABS

    The New York State Energy Research and Development Authority (NYSERDA) is seeking to establish a green bank, with a primary mandate to facilitate securitisation for renewable energy technologies. It is anticipated that the bank will offer: warehouse lines for pooling financial assets, such as solar panel leases and power purchase agreements; take first loss positions in renewable energy securitisations; and .......

    News Round-up 26 September 2013

  • Risk retention to impact SLABS advance rates

    Proposed changes to retention rules could reduce issuers' advance rates in securitisation and limit their options to sell the equity stake or move down the risk spectrum in student loan ABS deals, Fitch suggests. State issuers would be exempted from the rules, however.

    If the proposal is accepted in its current form, Fitch says it would expect most FFELP ABS .......

    News Round-up 26 September 2013

  • US supply sees sharp up-tick

    US secondary market activity has picked up significantly across the board, with SCI's PriceABS archive listing over 700 line items for yesterday's session. Bid-lists in each of the ABS, CMBS and RMBS sectors boosted supply.

    While a wide variety of collateral types were out for the bid in the ABS sector, a sizeable list of student loan floaters .......

    Market Reports 25 September 2013

  • Independent credit advisory formed

    Rod Moulton has launched Euro Credit Risk (ECR) with headquarters in London and offices in Milan and Madrid. The firm will offer independent expertise to investors, hedge funds, investment banks, loan providers and other parties holding or acquiring legacy loan portfolios of secured, unsecured or commercial debt.

    Moulton serves as ceo, while George Patellis will serve as chairman. Moulton was .......

    Job Swaps 25 September 2013

  • Tobacco arbitration decision 'credit positive'

    The decisions reached by an arbitration panel regarding claims by US tobacco manufacturers that 15 states did not diligently enforce certain statutes for calendar year 2003 are credit positive for some tobacco securitisations, according to Moody's. However, the agency notes that while the decisions could be indicative of the decisions for other years beyond 2003, it is possible that future .......

    News Round-up 24 September 2013
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