ABS

  • Uncommon names in ABS frame

    Following an up-tick in ABS secondary supply last week, healthy BWIC activity continued yesterday. In particular, SCI's PriceABS data shows some rarely seen aircraft and container names out for the bid.

    Having been talked in the low-80s on Thursday last week and then low-80s and low/mid-80s on Friday, the AIRSP 2007-1X G1 aircraft lease tranche traded yesterday. AIRSP .......

    Market Reports 12 March 2013

  • Italian ratings cap lowered

    Fitch has downgraded 103 tranches - 69 RMBS, 15 ABS, 12 CMBS and seven structured credit assets - related to 69 Italian structured finance transactions (50 RMBS, 11 ABS, five CMBS and three structured credit deals) and four CLNs that reference Italian government bonds. The agency has also revised the outlook on 13 tranches of nine Italian RMBS transactions to .......

    News Round-up 12 March 2013

  • Punch class Ms organise

    Punch Taverns has released a positive trading statement and still expects to meet guidance on full-year operating profit, achieve disposals above book value and complete a consensual restructuring by the summer. However, this may prove optimistic, as investor groups begin to organise themselves.

    Punch A class M noteholders are the latest investor group to hire advisors, a move which didn't .......

    News 12 March 2013

  • Canadian mortgage RFC issued

    Moody's has issued a request for comment on a proposal affecting how it analyses the credit risk of Canadian non-insured mortgage pools. The agency plans to use the proposed approach in conjunction with its existing methodologies to rate covered bond and ABCP transactions backed by such pools.

    The proposal centres on Moody's residential mortgage collateral analysis model MILAN, which is .......

    News Round-up 12 March 2013

  • Asset finance partner named

    Berwin Leighton Paisner has promoted a raft of senior associates to its partnership, including asset finance group member Jamie Wiseman-Clarke. He is based in London and the appointment is effective from 1 May 2013.

    .......

    Job Swaps 11 March 2013

  • Stable outlook for Canadian ABS

    Moody's outlook remains stable for Canadian auto and credit card ABS and for the country's seven covered bond programmes. The stable outlook reflects the very strong collateral attributes in both credit card and auto ABS in Canada. Neither sector is expected to be able to match their strong 2012 levels of issuance, however.

    Although originators of auto loans continue to .......

    News Round-up 8 March 2013

  • Looser underwriting eyed in auto ABS

    Competitive industry pressures - particularly in the subprime sector - are driving looser underwriting, which may in turn push losses modestly higher in US auto ABS, according to Fitch. However, low actual losses, strong average credit quality and stable or increasing credit enhancement levels should help steer auto ABS performance away from any significant deterioration.

    FICO and credit tier distributions .......

    News Round-up 8 March 2013

  • Smith Breeden director returns

    Carl Bell has returned to Smith Breeden Associates as a principal and senior portfolio manager. As a senior member of the firm's investment team, he will focus on the analysis and trading of structured credit, including non-agency RMBS, CMBS and ABS. Bell will also continue to serve on Smith Breeden's board of directors; he has served as an outside director .......

    Job Swaps 8 March 2013

  • Listed fund debuts

    TwentyFour Asset Management has launched the TwentyFour Income Fund, which aims to generate a net total return of between 7% and 10% by investing in the lower-rated, less liquid tranches of European ABS. Following a successful fund-raising working with Numis Securities, ordinary shares in the Guernsey-incorporated closed-ended fund began trading on the London Stock Exchange yesterday (6 March).

    The fund's .......

    News Round-up 7 March 2013

  • Auto ABS expected to weather depreciation

    Vehicles are likely to depreciate to a greater degree this year, though not enough to present any major obstacles to US auto loan and lease ABS, according to a new report developed by Black Book and Fitch. The report will be released on a quarterly basis and aims to highlight key trends tied to auto supply and demand that drive .......

    News Round-up 7 March 2013

  • Timeshare delinquencies inch up

    Total 4Q12 US timeshare ABS delinquencies were 3.55%, up from 3.28% in 3Q12, according to Fitch's latest index results for the sector. Year-over-year total delinquencies decreased moderately compared to the 4Q11 level of 3.82%, however.

    Delinquency trends have largely normalised at their historical levels following the dramatic increases that occurred in 2008 and 2009. Defaults for 4Q12 increased to 0.75% .......

    News Round-up 6 March 2013

  • SLMA print boosts sub spreads

    Seasoned Sallie Mae private student loan subordinated paper, having recently traded in the 675bp-700bp area, is expected to gap in on the back of last week's pricing of a subordinated SLMA tranche. Described as an "excellent" print by ABS analysts at JPMorgan, the US$132m 5.66-year A2/A rated SLM Private Education Loan Trust 2013-A class Bs came at swaps plus 238bp, .......

    News Round-up 6 March 2013

  • SLABS activity picks up

    After a slow start to the week, limited US secondary ABS supply is emerging. In particular, SCI's PriceABS data shows several student loan tranches attracting talk in the 80s and 90s during yesterday's session.

    The largest of these tranches was a US$21.9m piece of GCOE 2006-1 A11L, which was talked in the low/mid-90s. A smaller US$5.875m piece of .......

    Market Reports 5 March 2013

  • SLABS one-stop-shop debuts

    SecondMarket - which has traditionally specialised in facilitating student-loan backed auction-rate securities (ARS) - has launched a new suite of products and services for student loan issuers. The new platform is expected to result in better student loan ABS pricing by bringing an expanded investor base to the market.

    As well as providing investor introductions, SecondMarket's offering will streamline the .......

    News 5 March 2013

  • Strong collateral performance continues

    Fitch believes the small increase in US household debt and sizable reduction in disposable income are unlikely to impact ABS trusts, as collateral performance measures remain strong across most asset classes.

    The New York Fed last week reported that household debt increased in the fourth quarter by 0.3% - the first fundamental increase since 3Q08. Separately, the US Commerce Department .......

    News Round-up 4 March 2013

  • Auto prepay model introduced

    JPMorgan has introduced an auto loan ABS loss/prepayment model, to enable credit analysis and relative performance comparison between deals, shelves and economic scenarios. The model is constructed using pool level data from 630 prime and subprime deals, and consists of six sub-models that are customised for the prime and subprime sectors.

    Using static pool variables and macroeconomic forecasts of the .......

    News Round-up 1 March 2013

  • Euro uncertainty buoys secondary ABS

    The double blow of Moody's UK downgrade and inconclusive Italian election has had a mixed impact on the European secondary ABS markets. While some sectors have softened, one trader reports that activity over the last week has actually noticeably increased.

    The tone of the UK prime RMBS sector, for one, softened over the week. Granite bonds now price about 0.4% .......

    Market Reports 1 March 2013

  • Commodity SF head recruited

    Michael Jakubik has joined Standard Chartered in Singapore. He becomes global head of commodity structured finance, reporting to global head of commodities Arun Murthy.

    Jakubik's new role will see him take responsibility for driving the bank's commodities business. He was head of commodity structured solutions in his former role at Standard Bank in London.

    .......

    Job Swaps 1 March 2013

  • Intermediation advantage

    Andrea Podesta, head of fixed income, and Armando La Morgia,...

    Q: How and when did KNG Securities become involved in the structured finance markets?
    AP:     The KNG Securities model is based on generating cross-regional liquidity in the context of dislocated markets. We're currently moving onto phase two of our development, which is to enhance the range of products we offer. This involves bringing in specific expertise to further strengthen certain areas .......

    The Structured Credit Interview 28 February 2013

  • Credit card maturities to level off

    Closing out a two-year surge, US credit card ABS maturities are expected to level off after this year, with Fitch projecting US$50bn in 2013 compared to US$70bn last year. At the same time, the agency expects credit card ABS issuance volume to range from US$40bn-US$50bn this year.

    "The spike in new issue activity since the latter half of last year .......

    News Round-up 28 February 2013

  • EMEA securitisation director enlisted

    Stafford Butt has joined Wells Fargo Securities' asset-backed finance and securitisation group. He joins as md responsible for EMEA structured products origination and execution.

    Butt joins from WestLB, where he was executive director, and has previously worked at Mitsubishi UFJ Group as head of EMEA securitisation. He is based in London and reports to Chris Pink.

    .......

    Job Swaps 28 February 2013
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