ABS

  • 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

  • RV securitisation tipped for growth

    As Americans increasingly purchase recreational vehicles (RVs) and leisure boats, S&P believes that securitisation may be an option for lenders looking to diversify their funding sources. The low interest rate environment and a growing number of loan originators - both new entrants and re-entrants to the market - have increased consumer access to credit for RVs and boats.

    Both the .......

    News Round-up 26 February 2013

  • Auto paper doing the rounds

    A number of auto names were circulating in the US ABS secondary market yesterday. Some of these names appeared in SCI's PriceABS data for the first time, including two Ford tranches.

    Price talk for the FORDO 2009-E A4 tranche was plus 10, with FORDO 2012-A D talked in the mid-90s. Other auto names of interest seen during the .......

    Market Reports 26 February 2013

  • Seasonal factors drive auto losses

    Prime and subprime US auto ABS losses have risen in recent months, according to Fitch's latest index results for the sector. The trend is likely to be fleeting as the sector enters a seasonally strong period, however.

    Prime annualised net losses (ANL) rose by 5% in January, recording the fifth consecutive increase. That said, prime losses are still at their .......

    News Round-up 26 February 2013

  • Servicers adapt to market deterioration

    The slow-down of the European structured finance market has not coincided with a corresponding contraction in servicing activity, S&P says. A new report published by the rating agency highlights a number of changes seen in the European servicing sector since 2008.

    In particular, European servicers have adjusted their business models to compensate for the deteriorating market conditions. For example, the .......

    News Round-up 22 February 2013

  • TR fees consultation underway

    ESMA has launched a shortened consultation in connection with formulating regulation on fees for trade repositories (TRs) by a delegated act. The move follows a formal request from the EC to provide technical advice to assist it in this area.

    In order to deliver its advice to the Commission, ESMA says it has considered several possible fee structures for TRs applying .......

    News Round-up 22 February 2013

  • Uploading answers

    Originators get to grips with ED requirements, liabilities

    The ECB deadline for submitting loan-level deal data to the European DataWarehouse is the end of March. However, concerns about the legal implications of uploading such data have held some originators back.

    The ED has to maintain a level playing-field and so cannot give special dispensation to individual banks, but at the same time it says it has listened to .......

    News Analysis 22 February 2013

  • Top arrangers decided

    The rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets have been finalised for 2012, with RBS and Barclays Capital taking top spot in Europe and the US respectively. The moribund European new issuance market saw a drop in volumes over the previous year, while the US kicked on again from 2011's increased .......

    News Round-up 21 February 2013

  • Securitisation vet to lead advisory unit

    Simone Schmidt has been recruited to establish and lead the German financing advisory services unit of Catella, as the firm broadens its service offering to deliver debt and equity as well as valuation services for all markets. She most recently worked at Ersten Abwicklungsanstal, the property liquidation unit of WestLB, and before that at Morgan Stanley, RBS and Deutsche Bank. .......

    Job Swaps 20 February 2013

  • Innovative WBS marketing

    Arqiva Financing, a £750m UK whole business securitisation originated by the Arqiva group, has hit the market. The transaction is unique in that the bank lenders will grant term facilities to FinCo - a newly created SPV outside the securitisation group - rather than providing funding directly to the borrower.

    The deal comprises £350m class A and £400m class B .......

    News Round-up 14 February 2013

  • Securitised products vets shift roles

    Morgan Stanley has made a number of changes to its securitised products group. Yared Yawand-Wossen, who has over 18 years with the bank, has a new role in charge of ABS and non-agency RMBS. He continues to report to Robert Hershy, who has been at Morgan Stanley more than 28 years and becomes global head of the bank's new CLO .......

    Job Swaps 14 February 2013

  • Wake-up call

    Change in transparency, buying behaviour needed

    The recent indictment of former Jefferies trader Jesse Litvak for misrepresenting RMBS prices has served as a wake-up call for the industry (SCI 29 January). Pressure has increased on sellers of complex securities to provide a basis for prices, while buyers are being urged to demand more information.

    Two potential outcomes are possible as a result of the Litvak indictment: .......

    News Analysis 14 February 2013

  • Subprime auto ABS warning

    Fitch believes that recent strength in the US subprime auto ABS market is leading to increased competition among lenders, which could result in looser underwriting practices. The agency also believes that the recent improvement in the stability of asset performance may indicate that future loss performance is more closely tied to new jobless claims than overall unemployment.

    The US subprime .......

    News Round-up 13 February 2013

  • ABS trading exec recruited

    KNG Securities has appointed Armando La Morgia to its fixed income team, as the firm builds its presence in the ABS market. He will play a key role in developing the firm's capabilities within the ABS trading and client solutions business.

    La Morgia was previously senior portfolio manager at Hemera Capital Management, where he focused on UK, European RMBS and .......

    Job Swaps 13 February 2013

  • UBS fined for AIG fund failures

    The UK FSA has fined UBS for failures in the sale of the AIG Enhanced Variable Rate Fund, which led to UBS customers being exposed to an unacceptable risk of an unsuitable sale of the fund. UBS also failed to deal properly with complaints from customers about sales of the fund, the FSA says.

    Between 1 December 2003 and 15 .......

    Job Swaps 13 February 2013

  • Commerzbank SME covered bond analysed

    Fitch says that programme features rather than the nature of the underlying assets were the key factor in determining how it approached Commerzbank's SME structured covered bond programme. The agency applied its covered bond criteria rather than structured finance criteria when rating the programme, despite it not being governed by the German Pfandbrief regulation due to the ineligibility of the .......

    News Round-up 11 February 2013

  • Punchy proposal

    Mixed implications for pub paper

    Punch Taverns last week announced proposed amendments to the capital structure of both its Punch A and Punch B securitisations, with mixed implications for the bonds. Elsewhere, the pub sector continues to offer good value, with managed pubco paper looking most attractive.

    Punch's restructuring proposal looks positive for Punch A junior bonds, but could be negative for Punch B. Barclays .......

    News Analysis 11 February 2013

  • Euro ABS consolidation on the cards?

    The European ABS market appears to be entering a period of consolidation, according to ABS analysts at Deutsche Bank, as evidenced by the thin new issue pipeline and recent widening in senior UK prime RMBS spreads. HMI 2010-1X A4 and ARKLE 2010-2X 2A, for example, have widened by up to 5bp this month.

    The Deutsche Bank analysts note that the .......

    News Round-up 8 February 2013

  • Undersupply and oversubscription

    Quarterly review and outlook for European ABS

    We asked Lloyds Bank, the winners of SCI's 2011 arranger award for European consumer/credit card ABS, its views on activity in Q4 and expectations for Q1 in the sector. Below are SCI's questions and the responses from Bob Paterson, head of ABS syndicate, Lloyds Bank Wholesale Banking & Markets.

    Over the past quarter, what have been the key trends in .......

    News Analysis 8 February 2013

  • Slight increase expected for UK card charge-offs

    In its latest quarterly UK Credit Card Index, Fitch notes that credit card ABS produced the strongest performance on record last year. Performance for UK credit card trusts continued to improve throughout 4Q12, with charge-off and delinquency rates decreasing even further from their historical low levels reached in 3Q12.

    Given the decreasing late delinquencies and signs of improvements in the .......

    News Round-up 7 February 2013

  • Strong demand for Euro auto paper

    A flurry of European ABS activity emerged yesterday, with auto paper helping to drive the secondary market. SCI's PriceABS data shows that a number of names were covered above par during the session, with this proving true even beyond the auto space.

    The highest cover recorded yesterday - at 100.98 - was for the GLDR 2010-A A tranche, .......

    Market Reports 7 February 2013
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