ABS

  • 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

  • SLM split 'mildly positive' for SLABS

    Sallie Mae intends to split its existing businesses into two separate publicly-traded entities - an education loan management business and a consumer banking business. The aim is to "unlock value and enhance long-term growth potential".

    The education loan management business will comprise the company's portfolios of federally guaranteed (FFELP) and private education loans, as well as most related servicing and .......

    News 30 May 2013

  • New name for investment firm

    UCM Partners is rebranding as Semper Capital Management, effective from 1 June. The firm's senior management, investment personnel and ownership remain unchanged.

    The firm specialises in RMBS, CMBS and ABS, offering investors access to a range of securitised debt investment platforms, from private absolute return to public index-based strategies.

    .......

    Job Swaps 30 May 2013

  • Bondholder communication network unveiled

    DealVector has launched a secure electronic communication network that allows fixed income and illiquid asset market players to know 'who's in their deal', thereby improving the efficiency of these markets by facilitating communication. The platform fills a gap in the current DTC/Street name system by offering the ability to directly message the beneficial owners of financial assets on a mutual .......

    News Round-up 29 May 2013

  • Euro mezz ABS takes a breather

    The European ABS sector showed a muted response to the volatility seen in equity markets last week. Granite triple-B prices were down slightly on Thursday and Friday.

    "After what seems like a very long period characterised by strong unflinching demand for bonds, very little supply and consequently steadily increasing prices, a slight pause in this dynamic has been notable," ECM .......

    News Round-up 28 May 2013

  • CAA consultation 'credit neutral'

    UK airport regulator the Civil Aviation Authority (CAA) last month launched a consultation on initial proposals for regulation of Heathrow and Gatwick airports during the five-year period beginning April 2014 (the so-called sixth quinquennium, or Q6). The Civil Aviation Act 2012 - which became effective in December -introduces a new license-based regulatory regime for Q6, allowing the CAA the flexibility .......

    News Round-up 28 May 2013

  • Combine Re first-loss impacted

    Losses resulting from the severe tornado that struck Moore, Oklahoma on 20 May are credit negative for the US$200m Combine Re Series 2012 indemnity catastrophe bond, Moody's notes in its latest Credit Outlook publication. Because of strong subordination, relatively low preliminary loss estimates and the reinsured company's small market share in Oklahoma, the agency does not expect losses to rise .......

    News Round-up 28 May 2013

  • Auto ABS performance remains strong

    Annualised net losses (ANL) for both US prime and subprime auto ABS dropped in April for the third consecutive month this year, according to Fitch's latest index results for the sector.

    Prime ANL dipped by 27% in April over March to 0.24% - the fourth lowest loss rate ever. In the subprime sector, ANL stood at 4.10%, a 12% improvement .......

    News Round-up 23 May 2013

  • Risk retention consultation begins

    The European Banking Authority has launched a consultation paper on draft regulatory technical standards (RTS) to specify the securitisation retention rules and related requirements. It has also released draft implementing technical standards (ITS) to clarify the measures to be taken in the case of non-compliance with such obligations. The consultation runs until 22 August.

    The EBA says the key objectives .......

    News Round-up 23 May 2013

  • Unusual utility ABS prepped

    Three Ohio subsidiaries of FirstEnergy Corp - The Cleveland Electric Illuminating Company, Ohio Edison Company and The Toledo Edison Company - are prepping a US$505m utility securitisation dubbed FirstEnergy Ohio PIRB Special Purpose Trust 2013. The trust comprises debt instruments issued by three separate SPVs formed to facilitate the transaction (CEI Funding, OE Funding and TE Funding).

    One indication of .......

    News Round-up 22 May 2013

  • Markit looks east for growth

    Singapore-based Temasek has made a significant equity investment in Markit. The addition of Temasek as one of Markit's largest investors further diversifies the company's shareholder base and increases its links to Asia.

    Lance Uggla, ceo of Markit, comments: "Temasek is an expert investor in entrepreneurial growth companies, with a track record in increasing shareholder value. The strength of their position .......

    Job Swaps 22 May 2013

  • Further container ABS calls anticipated

    TAL International has re-priced its TAL Advantage IV Series 2010-1 transaction via an amendment to the structure. The unusual move is expected to trigger more container ABS calls going forward.

    Under the amendment, the coupon on the note was lowered from 5.5% to 3.25% and the call date was pushed back from July 2013 to July 2015. "While the coupon .......

    News Round-up 21 May 2013

  • Improvement seen in timeshare ABS

    Total US timeshare ABS delinquencies for 1Q13 stand at 3.27%, down from 3.55% in 4Q12 and 3.58% in 1Q12, according to Fitch's latest index results for the sector. The improvement in timeshare ABS delinquencies last quarter is typical of springtime performance, the agency notes.

    Defaults for 1Q13 also decreased to 0.72% from 0.75% in 4Q12. Delinquencies are now 0.82% lower .......

    News Round-up 21 May 2013

  • FFELP SLABS criteria updated

    Fitch has updated its criteria for US FFELP student loan ABS. The agency has placed 192 tranches on rating watch negative and 25 tranches on rating watch positive as a result.

    The criteria update reflects a new analytical tool Fitch has introduced as part of its rating process. The new tool simulates cashflows based on collateral stratifications and deal structure, and .......

    News Round-up 20 May 2013

  • Greek country ceiling raised

    Fitch has upgraded 24, affirmed five and downgraded one tranche from 12 Greek structured finance transactions (two ABS and 10 RMBS). In addition, the three tranches of Lithos Mortgage Finance have been placed on rating watch evolving (RWE), pending the outcome of investigation into the transaction's recent performance.

    The action follows the revision of the country ceiling for Greece to .......

    News Round-up 17 May 2013

  • Uncertainty remains for tobacco ABS

    S&P has published a report detailing a number of significant developments related to tobacco MSA settlements over the last six months. The agency says that these developments have provided additional clarity around certain aspects of the tobacco securitisation segment, while leaving ambiguity in others.

    For example, the release of the term sheet - an agreement between a number of participating .......

    News Round-up 16 May 2013

  • Cantor eyes primary CDO desk

    Cantor Fitzgerald has made four key hires across the CLO, CDO and structured credit segment. Florian Bita joins the team in New York, while Jason Eppleston, Martin Deville and Damian Horton join Cantor Fitzgerald Europe in London.

    Bita joins Cantor as md and is responsible for US CLO secondary trading. In addition, he will help build out the firm's primary .......

    Job Swaps 16 May 2013

  • Varied PDL performance highlighted

    While payroll deductible loans (PDLs) exhibit lower default rates than traditional consumer loans, asset performance varies by country, Fitch reports.

    "Regulatory frameworks, originator profiles, loan characteristics and origination processes are key country differentiators that influence diverging performance across the region," confirms Bernardo Costa, senior director in Fitch's Latin America structured finance group.

    PDLs are granted to formal employees and social .......

    News Round-up 15 May 2013

  • Counterparty criteria tweaked

    Fitch has updated its criteria for the analysis of counterparty risks in structured finance transactions and covered bond programmes. The criteria has been published for the first time in one criteria report, which combines content from previously separate reports. The update contains limited analytical changes and no rating impact is expected.

    Combining the criteria is intended to provide simplicity, in .......

    News Round-up 14 May 2013

  • Great Lakes loan sale proposed

    The Higher Education Loan Authority of the State of Missouri (MOHELA) is proposing to sell approximately US$11.9m of student loans currently serviced by Great Lakes Educational Loan Services. This represents all of the 3,394 loans that are currently being serviced by Great Lakes and constitutes 1.4% of the 11th General Resolution ABS trust.

    The transaction would also remove Great Lakes .......

    News Round-up 10 May 2013

  • US ABS still quiet, despite auto injection

    Secondary US ABS activity was once again fairly light yesterday, with auto paper dominating the session. BWIC volume reached around US$74m, with SCI's PriceABS data listing 18 line items for the sector.

    Among the auto names circulating yesterday were several Avis Budget Rental Car Funding tranches, including the AESOP 2011-1A A bond, which was talked in the 20s. .......

    Market Reports 9 May 2013
×