ABS

  • New home for Euro ABS trader

    Daniel Turner has joined Ellington Management Group as md in London. He takes responsibility for European ABS.

    Turner was previously a partner at Chenavari Investment Managers, where he focused on European ABS and RMBS. He has also worked at European Credit Management, ING and Capital Economics.

    .......

    Job Swaps 28 November 2013

  • CRA supervisory colleges inaugurated

    The supervisory colleges for S&P, Moody's and Fitch held their inaugural meetings on 5-6 November in New York. The colleges for S&P and Moody's are chaired by the US SEC and the college for Fitch is chaired by ESMA.

    The establishment of the colleges follows recommendations that IOSCO made in its final report on Supervisory Colleges for Credit Rating Agencies .......

    News Round-up 28 November 2013

  • Driving disintermediation

    Credit availability facing further headwinds?

    Global regulatory initiatives are fostering bank disintermediation in the securitisation market. But creeping oversight of the shadow banking system could also further reduce the availability of credit.

    The recession has played out unequally, according to Tamara Box, head of structured finance at Reed Smith. "If a borrower is in prime territory, they're fine; otherwise, they're not. Current monetary and economic .......

    News Analysis 28 November 2013

  • Punch ups the ante on restructuring

    Punch's latest financial results raise the probability of the group removing its support of its securitisations as another round of restructuring proposals begins next month. Without an agreement on the restructuring, a borrower event of default in Punch A and B would follow.

    Punch's Q1 results for the 2013/2014 financial year reported positive like-for-like net income growth in the core .......

    News 27 November 2013

  • Positive outlook for sukuk

    Global sukuk issuance is likely to maintain its positive long-term growth trends, says Moody's, driven primarily by growing demand for Islamic banking assets and the increasing familiarity of both Islamic and conventional investors with these instruments. Additional drivers include the promotion of Islamic financial services by governments of Muslim countries and the increasing standardisation of unsecured sukuk structures.

    "The strong .......

    News Round-up 27 November 2013

  • SCI conference line-up unveiled

    Final panellist line-ups have been announced for SCI's 7th Annual Seminar, which is taking place on 4 December in London. The event is being held at Reed Smith's offices at Broadgate Tower, 20 Primrose Street, EC2A 2RS.

    This conference will focus on the 'new normal' appearing in the structured credit markets as banks continue to dispose of risky assets and .......

    News Round-up 27 November 2013

  • US ABS returns highlighted

    The US ABS market saw a year-to-date total return of 0.74%, as of 30 September 2013, according to the JPMorgan ABS Indices. The firm's auto, credit card, student loan and other ABS indices returned 0.15%, -0.2%, 2.11% and -0.15% respectively during the period.

    After good performance up to June, the ABS sector sold off along with the rest of the .......

    News Round-up 26 November 2013

  • Marginal decline predicted in auto credit

    Moody's expects the credit quality of the US auto ABS sector to continue to decline in 2014, albeit marginally. This reflects the modest but ongoing decline in the underlying credit of auto ABS collateral pools.

    "ABS collateral pools are going to reflect the persistent weakening of auto lending standards, as lenders respond to both macroeconomic and competitive changes," says Jeff .......

    News Round-up 26 November 2013

  • Investment eligibility events eyed

    S&P has placed its respective double-B minus and single-B plus ratings on the US$100m Queen Street II Capital and US$150m Queen Street III Capital ILS on credit watch with negative implications. The move follows principal losses caused by the liquidation of the MEAG Queen Street II and MEAG Queen Street III funds due to investment eligibility events.

    Indenture trustee Bank .......

    News Round-up 25 November 2013

  • Innovative Malaysian sukuk prepped

    Malaysia Building Society Berhad (MBSB) is in the market with the debut issuance under a new RM3bn structured covered sukuk commodity murabahah programme. Dubbed Tranche 1 Structured Covered Sukuk, the RM495m transaction is notable for being supported by a portfolio of securitised assets.

    RAM Ratings has assigned a preliminary rating of AA1/stable to the deal. The rating agency explains that .......

    News Round-up 25 November 2013

  • SME agreement signed

    The European Investment Bank and Banco Santander have signed a €234.6m agreement to set up an SME asset securitisation fund. This is the second installment of a total €400m loan to finance the long-term investment and working capital needs of SMEs and midcaps in the region.

    The move will enable the creation of a new securitisation fund into which Banco .......

    News Round-up 25 November 2013

  • Former credit chief sentenced for MBS fraud

    Credit Suisse's former global head of structured credit, Kareem Serageldin, has been sentenced to 30 months in prison for his part in hiding more than US$100m in losses in an MBS trading book at the bank (SCI 20 February 2008). The bonds included subprime RMBS and CMBS.

    Serageldin's manipulation of bond prices contributed to Credit Suisse taking a US$2.65bn write-down .......

    Job Swaps 25 November 2013

  • Abenomics to have varied impact

    The Japanese structured finance market will perform well in 2014, according to Moody's, although the effects of 'Abenomics' for each sector may be varied (SCI 5 August). A continued strict lending and regulatory environment will ensure the good credit quality of Japanese RMBS and ABS will be maintained in 2014. At the same time, the performance of CMBS will benefit .......

    News Round-up 21 November 2013

  • 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
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