ABS

  • CRA roundtable agenda announced

    The US SEC has announced the agenda for its credit ratings roundtable, which will be held on 14 May. The roundtable will consist of three panels.

    The first panel will discuss the potential creation of a credit rating assignment system for ABS. The second will discuss the effectiveness of the SEC's current system to encourage unsolicited ratings of ABS, while .......

    News Round-up 24 April 2013

  • Regional variation seen in Euro auto ABS

    Strong collateral performance over the financial crisis and recent economic downturn continue to underpin investor demand for European auto ABS, according to S&P. Together with rapid structural amortisation, this means there have been relatively few auto ABS downgrades in recent years and defaults have remained scarce.

    "Following a sharp reduction in securitisation issuance in 2008 and 2009, several European banks .......

    News Round-up 23 April 2013

  • Pace of improvement slowing for card ABS

    US credit card ABS charge-offs and delinquencies fell once again last quarter. However, the pace of improvement is noticeably slowing, according to Fitch's latest index results for the sector.

    Charge-offs came in at 3.91% during the March distribution period and are still tracking near record lows. Elsewhere, delinquencies managed to shave off a few more basis points, averaging 1.63% and breaking .......

    News Round-up 23 April 2013

  • UK-linked deals downgraded

    Fitch has downgraded 32 tranches and affirmed three tranches of 11 structured finance transactions that are credit-linked or have significant credit exposure to the UK sovereign. The agency has also maintained three tranches of Finance for Residential Social Housing (Fresh) on rating watch negative (RWN). The rating actions follow the downgrade of the UK's long-term issuer default rating (IDR) to .......

    News Round-up 23 April 2013

  • Reforms to hit pubco bonds

    The UK government has unveiled its proposals to regulate the tied tenanted pubco sector with a new statutory Code of Practice, backed by an independent adjudicator. The reforms could transfer an estimated £4,250 per pub in profits from the owners of tied pubs to the tenant in the median case, according to ABS analysts at Barclays Capital.

    "These proposals - .......

    News Round-up 22 April 2013

  • Stress index enhanced

    The Cleveland Financial Stress Index (CFSI) - a tool that allows policymakers and financial analysts to monitor the condition of financial markets - now offers daily updates and tracks stress in the real estate and securitisation markets. In addition, the index and its components are now updated on daily basis (instead of on a monthly basis), enhancing the ability to .......

    News Round-up 22 April 2013

  • ABS mix makes for active session

    US ABS BWIC volumes reached US$181m yesterday, with auto and student loan paper accounting for most of the supply. SCI's PriceABS data also displays some credit card tranches circulating during the session.

    "Blocks of 2011 vintage senior auto loan bonds, along with a mix of senior and mezzanine student loans, have pushed BWIC volume higher," Interactive Data notes.

    Market Reports 19 April 2013

  • Manager adds two in Europe

    CVC Credit Partners has appointed Stuart Levett as md focused on European trading activity and Julia Agafonova as director of fund administration and head of European operations. They will both be based in London.

    Levett specialises in sourcing, managing and trading performing, stressed and distressed credit assets. He has previously worked at UBS, Cantor Fitzgerald and Credit Suisse.

    Agafonova has .......

    Job Swaps 19 April 2013

  • Irish SF group launches

    The Irish Debt Securities Association (IDSA) has been established to promote Ireland as a European location for activities that support the global structured finance industry. Approximately €500bn of SPV assets are already resident in the jurisdiction, representing around 22% of all European SPV assets.

    IDSA membership includes corporate administrators, audit firms, legal advisors, listing agents and other parties involved in .......

    Job Swaps 19 April 2013

  • ASF, SFIG go toe-to-toe

    Further details have emerged on the wave of defections from the ASF and subsequent formation of the Structured Finance Industry Group (SFIG) (SCI 15 March). The associations appear to be going toe-to-toe, but one industry insider believes that the two can co-exist - although only if Tom Deutsch steps down from the ASF.

    The SFIG has scheduled its first conference, .......

    News 19 April 2013

  • Consumer finance platform expanded

    Finacity Corporation has hired Paul Jenison to lead its efforts to facilitate the securitisation and financing of consumer receivables. Jenison was formerly at PaineWebber and at Prudential Securities.

    .......

    Job Swaps 17 April 2013

  • Call for project finance to diversify

    In just two years, shadow banking finance for infrastructure projects has risen from virtually zero to an estimated US$20bn, according to S&P. The agency expects such funding to climb further this year to a projected US$25bn.

    "Traditional project finance lenders - governments and the banks - are under severe economic pressure while demand for capital to fund projects is growing," .......

    News Round-up 17 April 2013

  • APAC outlook remains stable

    Fitch reports that the Asia Pacific structured finance transactions it rates were mostly affirmed in the first quarter, with Japan being the only country that witnessed downgrades. Japan saw 11 tranches from four CMBS downgraded during the quarter, all from already distressed levels (triple-C and below).

    Australia saw 256 affirmations from 73 transactions in 1Q13, most of which were from .......

    News Round-up 17 April 2013

  • Macro weakness skews rating transitions

    By end-2012, only 1.37% by original issuance volume of European structured finance notes outstanding in mid-2007 had defaulted, according to S&P's latest quarterly ratings transition study.

    "Consumer-related securitisations in particular have seen solid credit performance through the crisis, with a cumulative default rate since mid-2007 of only 0.04%," confirms S&P credit analyst Arnaud Checconi. "In addition, we estimate that more .......

    News Round-up 16 April 2013

  • High ratings stability seen in SME ABS

    EMEA SME ABS ratings stability has been high over the past five years, according to Moody's. As of October 2012, 50% of the tranches rated Aaa in February 2007 or later either retain their Aaa ratings or retained their Aaa ratings until the rating was withdrawn.

    This level rises above 90% if only transactions in Belgium, the Netherlands and Germany .......

    News Round-up 16 April 2013

  • Spread volatility presents ABS opportunities

    Spread volatility in US consumer ABS has increased markedly since the financial crisis. This trend is set to hold true for the foreseeable future and could bring with it relative value opportunities for investors to exploit.

    ABS analysts at Wells Fargo have compared changes in generic spread levels for the prime and subprime auto ABS sectors in a pre-crisis period .......

    News 16 April 2013

  • Sovereign ratings cap mulled

    S&P is reviewing the methodology it applies when assigning structured finance ratings above the rating on the sovereign for the country where the securitised assets are domiciled. The objective of the criteria review is to promote transparency and comparability across all S&P ratings globally and to address the recent experience in some eurozone member countries, according to the agency.

    The criteria .......

    News Round-up 15 April 2013

  • Residual SLABS prepped

    Sallie Mae is in the market with the first residual student loan ABS in over a decade. Dubbed SLM Student Loan EDC Repackaging Trust 2013-M1, the US$225m transaction is backed by the ownership certificates of residual interests in the SLM Student Loan Trust 2006-8, 2006-9 and 2007-1 deals.

    The portfolios collateralising the underlying trusts consist of FFELP consolidation loans, as .......

    News Round-up 12 April 2013

  • SIV fraud trial due next month

    On 13 May the US District Court for the Southern District of New York is scheduled to start jury selection for the Abu Dhabi Commercial Bank trial, in which Moody's, Morgan Stanley and S&P are named as co-defendants. The litigation relates to the sale of the Cheyne Finance SIV, which was restructured in 2008 (SCI 18 June 2008).

    The suit .......

    Job Swaps 12 April 2013

  • Debut SFIG conference announced

    The Structured Finance Industry Group (SFIG) is set to hold its first annual industry conference in Las Vegas on 22-24 January 2014, just days before the American Securitization Forum's conference is due to begin there on 26 January. The move comes less than a month after the association was formed (SCI 15 March).

    SFIG has partnered with IMN to host .......

    News Round-up 11 April 2013

  • APAC natural disasters tested ratings assumptions

    Fitch reports that the major natural disasters that affected the Asia-Pacific region from 2010 to 2012 have not had any rating impact on its rated structured finance transactions. Disasters over the period included the Japanese earthquake and tsunami of March 2011; the earthquakes of September 2010 and February 2011 in Canterbury, New Zealand; and the worst flooding in decades to .......

    News Round-up 10 April 2013
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