ABS

  • 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

  • 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
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