ABS

  • AA plans WBS

    The UK Automobile Association (AA) is prepping a whole business securitisation dubbed AA Bond Co. Proceeds will refinance part of the liabilities of the Acromas Group.

    The AA Group operates a roadside assistance service in the UK and Ireland, as well as providing complementary services, such as insurance, driving services and home emergency response. The AA provides breakdown services either .......

    News Round-up 18 June 2013

  • Funding, relations chief appointed

    Sallie Mae has named Steven McGarry as corporate finance svp. He will assume responsibility for all of the company's funding activities, as well as manage the corporation's rating agency, equity investor and fixed income investor relationships.

    McGarry joined the company's corporate finance team in 1997 and was most recently head of fixed income investor relations. Sallie Mae last month announced .......

    Job Swaps 18 June 2013

  • Moving on?

    The re-emergence of the European CLO market has many positiv...

    The evolving European securitisation market has seen several changes since the crisis, with many positive developments, particularly recently. However, certain issues still need to be resolved and - with the market improving - concern is growing that they may be forgotten about.

    Corporate trust service providers have experienced the market's lows as well as its highs and, while many recent .......

    News Analysis 18 June 2013

  • Indian ABS must account for law change

    A recent tax amendment relating to income distributed by securitisation trusts to Indian pass-through certificates may impact ratings, says Fitch. Changes must be made to transaction documentation to avoid downgrades.

    The amendment to the income tax law means Indian securitisation trusts are now required to pay tax on income distributed to investors. Previously, tax on income distributed by securitisation trusts .......

    News Round-up 14 June 2013

  • Euro default rate remains low

    Only 1.43% by original balance of European structured finance notes had defaulted by end-1Q13, according to S&P's latest quarterly transition study. The 12-month rolling downgrade rate for European structured finance fell to 21% at the end of the first quarter, while the 12-month rolling default rate remained relatively stable at 0.43%, given several new interest shortfalls and principal losses in .......

    News Round-up 13 June 2013

  • SLM exits Straight-A conduit

    Sallie Mae has closed a US$6.8bn credit facility to facilitate term securitisation of its federally guaranteed loans. The facility was oversubscribed by a syndicate of eight global financial institutions.

    The facility is secured exclusively by FFELP loans and will amortise over a one-year period. Its size exceeds the balance remaining in the company's Straight-A federally-sponsored financing programme and, as a .......

    News Round-up 13 June 2013

  • Emerging market

    Russian RMBS, ABS issuance gathering pace

    Russian RMBS issuance volume is expected to reach RUB50bn-RUB60bn this year, versus a total of RUB37bn in 2012, boosted by government purchase programmes. Demand is also emerging for consumer ABS, facilitated by the introduction of a new securitisation law and respective central bank standards that are expected to be finalised this autumn.

    The Russian RMBS market has been bolstered in .......

    News Analysis 13 June 2013

  • Spanish legislative changes examined

    Recent changes to Spanish mortgage legislation could increase loan repossession periods and potentially push up realised loan losses, according to S&P. At the same time, new guidelines that Spanish banks must employ when classifying loan restructurings in their financial statements may increase the transparency of lender asset quality.

    Two laws - Ley 1/2013 and Decreto Ley 6/2013 - became effective .......

    News Round-up 12 June 2013

  • Activity surge for Euro ABS

    Activity has picked up in the European ABS markets over the last couple of weeks. Primary issuance may slow during next week's IMN conference in Brussels, but secondary trading levels are expected to hold steady.

    "We have been seeing big bid-lists across credit and securitised sectors, as well as a couple of new deals hitting the market, which has been .......

    Market Reports 12 June 2013

  • New names added to SCI line-up

    Only a few tickets remain for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar in New York. Over 200 attendees have registered for the event, which is being held tomorrow (13 June) at Bank of America's offices at 4 World Financial Center.

    New panellists have been added to the line-up over the last few days, including representatives from Hildene .......

    News Round-up 12 June 2013

  • Private ILS platform minted

    Tokio Solution Management and GC Securities have launched a private catastrophe bond platform called the Tokio Tensai Platform. The aim is to provide sponsors with a more efficient platform for funding excess of loss catastrophe reinsurance in the private capital markets.

    The platform is an alternative to the traditional Rule 144A offering process. Tokio Solution will allow clients to sponsor .......

    News Round-up 11 June 2013

  • Revised Punch proposal welcomed

    A revised restructuring proposal from pub operator Punch appears to address some of the main concerns with the previous proposal (SCI 11 February), while also containing a number of optional extras. The flexibility and improvement in terms for senior bondholders mean that the restructuring is more likely to be agreed, according to MBS analysts at Barclays Capital.

    "We would expect .......

    News Round-up 10 June 2013

  • Dock Street UK acquired

    Zolfo Cooper has expanded its financial advisory & restructuring services practice following the acquisition of Dock Street Capital Management UK (DSUK). Dock Street Capital Management's operation in the US is not affected by the deal and the firms will look to collaborate on opportunities going forward.

    There will be no change in the business currently undertaken by DSUK, with asset .......

    Job Swaps 10 June 2013

  • SCI conference line-up revealed

    The final panellists have been announced for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 13 June in New York. The event is being held at Bank of America's offices at 4 World Financial Center.

    The conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The .......

    News Round-up 10 June 2013

  • Linking-in credit

    Mike Manning, DealVector co-founder and ceo, and Dave Jeffer...

    Q: How and when did DealVector become involved in the structured finance markets?
    MM: The system has been live for two months or so, although of course we have been developing for longer than that. We really are filling a gap in the market and providing a service that investors tell us they have been crying out for.

    DealVector is 'LinkedIn' .......

    Provider Profile 6 June 2013

  • Healthy mix in busy ABS session

    The week kicked off with a large quantity of US auto, credit card and student loan ABS out for the bid. Several tranches from recent vintages were circulating, with pre-crisis names also well represented in SCI's PriceABS data.

    Among the auto names out for the bid, a US$15.193m piece of the BAAT 2012-1 A2 tranche was traded during .......

    Market Reports 4 June 2013

  • NCSLT SLABS reviewed

    Moody's has downgraded 74 classes, upgraded nine classes and confirmed 14 classes of notes in 15 National Collegiate Student Loan Trust ABS backed by private student loans. The loans are primarily serviced by the Pennsylvania Higher Education Assistance Agency, with US Bank acting as the special servicer. GSS Data Services, a wholly owned subsidiary of Goal Structured Solutions, is the administrator .......

    News Round-up 4 June 2013

  • Project finance to see capital markets boost

    S&P expects new ways of financing infrastructure projects throughout EMEA, developed in the face of declining bank lending, to prompt an increase in debt issuance in the industry in 2013. The agency says that the outlook for credit quality in the sector will remain stable over the rest of this year.

    "The project finance industry will likely see a pick-up .......

    News Round-up 4 June 2013

  • Real-time reporting service rolled out

    Law Debenture's new Dynamic Analytical Reporting Tool System (DARTS) went live with its first CLO manager in May. The real-time service leverages business intelligence to retrieve, report and analyse European ABS and CLO performance data.

    With the rise of the CLO market, traditional investor reporting had become cumbersome, while collateral managers were unable to receive results of hypothetical test requests .......

    News 3 June 2013

  • Private SLABS on review

    Moody's has placed under review for possible downgrade 60 classes of notes from 24 private student loan securitisations sponsored, administered and currently serviced by Sallie Mae. The move was prompted by the increased risk of servicing disruption as a result of SLM's intention to separate its education loan management business and consumer banking business.

    The notes under review include 58 .......

    News Round-up 31 May 2013

  • Euro ABS mandates minted

    Cervus Capital Partners has launched two European ABS mandates: European Amortising ABS Mandate I and II. The first mandate was set up for high net-worth individuals and family offices; the second was specifically set up for a Dutch institutional investor.

    Both mandates have the same investment guidelines and target mid/high-single digit returns in short-dated European ABS. The focus will be .......

    Job Swaps 31 May 2013
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