ABS

  • 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

  • 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
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