ABS

  • Punch restructuring underway

    Punch Taverns has released its results for the year ended 18 August. The pub operator also indicated that its debt restructuring process is finally underway.

    The board has conducted an extensive review of the capital structure and determined that both securitisations (Punch A and B) are over-levered and unsustainable in their current form. It states that the restructuring should include .......

    News Round-up 24 October 2012

  • Extra data for SF analysis platform

    Interactive Data will now provide independent evaluated prices on RMBS, ABS and CMBS for use within Intex's INTEXcalc service. The data can be used as inputs for a range of single security and portfolio analytics reports, offering transparency and speed in analysing securities.

    .......

    Job Swaps 23 October 2012

  • Auto ABS performance strengthens

    US auto ABS loss rates have risen by 12% from levels seen in August, though performance was notably stronger in September than in past years to close out the third quarter, according to Fitch's latest index results for the sector. The agency notes that the sector continues to be bolstered by solid borrower credit profiles present in securitised auto loan .......

    News Round-up 22 October 2012

  • Card charge-offs continue to decline

    US securitised credit card charge-offs decreased to 4.11% in September from 4.19% in August, according to Moody's Credit Card Indices. The agency expects the charge-off rate index to continue declining modestly.

    "This month's improvement continues the steady declines since charge-offs peaked in the first quarter of 2010," comments Jeffrey Hibbs, a Moody's avp and analyst. "In September, the strong credit .......

    News Round-up 22 October 2012

  • RBA preps loan-level requirements

    The Reserve Bank of Australia is introducing new eligibility criteria for RMBS in its operations. Issuers of RMBS will be required to provide more detailed information than is currently the case. The new information covers both transaction-related data as well as information on the underlying assets.

    Currently, the information required by the Reserve Bank for RMBS to be repo-eligible is .......

    News Round-up 22 October 2012

  • Colombian receivables programme debuts

    Alianza Valores has structured the first trade receivables securitisation in the Colombian market. Originated by Coltejer, the COP22bn public placement exceeded the pre-agreed minimum amount of COP20bn for the first tranche of an issue for an aggregate amount of COP35bn.

    The triple-A rated five-year revolving programme will be managed by Alianza Fiduciaria. It features daily reporting of Coltejer's commercial invoice .......

    News Round-up 15 October 2012

  • Lebanese auto ABS launched

    Bemo Securitization (BSEC) has arranged an auto ABS for T. Gargour & Fils (TGF), the exclusive distributor for the Levant of Mercedes-Benz passenger and commercial vehicles, as well as other car brands. Dubbed TGF Star, the main purpose of the transaction is to enable the company to enhance the structure of its clients' portfolio, as well as create an off-balance .......

    News Round-up 15 October 2012

  • ABS gets CPO exemption

    The CFTC Division of Swap Dealer and Intermediary Oversight last week issued interpretative guidance letters to equity real estate investment trusts and asset-backed securities funds. The guidance states that such funds that meet certain criteria are not included within the definition of 'commodity pool' and their operators are not 'commodity pool operators' under the Commodity Exchange Act and the CFTC's .......

    News Round-up 15 October 2012

  • South African ratings hit

    Moody's has downgraded to A1 the ratings of 56 securities across 17 South African RMBS and ABS, prompted by the weakening of the South African government's credit profile. The agency recently downgraded South Africa's government bond rating to Baa1 from A3 and lowering its local currency ceiling to A1.

    Concurrently, Moody's has placed on review for downgrade the ratings of .......

    News Round-up 12 October 2012

  • Spanish sovereign ceiling lowered

    S&P has taken various credit rating actions on 116 tranches in 87 Spanish securitisations. The move follows the lowering of its long-term sovereign rating on the Kingdom of Spain to triple-B minus from triple-B plus in light of the country's deteriorating economic conditions.

    Specifically, the agency has: lowered its ratings on 63 tranches in 51 RMBS; lowered its ratings on .......

    News Round-up 12 October 2012

  • Auto ABS performance indices launched

    Wells Fargo Securities has introduced auto ABS credit performance indices for prime and subprime auto ABS transactions. The indices calculate average default rates, net loss rates and loss severities at the sector level over time.

    The latest readings of the indices indicate that default rates are bottoming out, while net loss rates remain relatively low in both the prime and .......

    News Round-up 11 October 2012

  • Timeshare ABS criteria published

    Kroll Bond Rating Agency (KBRA) has released its methodology for rating US timeshare ABS transactions. The methodology incorporates an analysis of the quality and expected performance of the underlying collateral, the originator and servicer's business model and operational strength, and the transaction terms.

    KBRA's approach emphasises a focus on prevailing industry and credit trends, the integration of originator and servicer .......

    News Round-up 11 October 2012

  • APAC ratings remain stable

    Fitch reports that ratings of structured finance (SF) tranches in Asia Pacific were generally stable in 3Q12, with negative rating actions confined to Japan. A total of eight tranches were upgraded in the region during the quarter.

    "The predominance of affirmations in 3Q12 again attests to strong asset performance, particularly in Australia and South Korea, across multiple asset classes," comments .......

    News Round-up 11 October 2012

  • Credit opportunities fund minted

    BlueMountain Capital Management has closed the BlueMountain Credit Opportunities Master Fund I, its most recent and largest longer-dated credit fund, with over US$1.4bn in capital commitments. Credit Opportunities I will invest opportunistically to capture the large premium available in more complex and less liquid credit instruments.

    The fund will focus on corporate structured credit, such as CLOs and synthetic CDOs, .......

    News Round-up 11 October 2012

  • Upping sticks

    Agency MBS crowding to boost esoteric ABS

    The New York Fed's announcement last month that Operation Twist will target solely agency MBS took many by surprise (SCI 14 September). While the ramifications for the RMBS market are fairly obvious, the knock-on effects for less frequented asset classes are just as significant.

    Structured credit consultant Dan Castro says the Fed's expected agency MBS purchases will force investors to .......

    News Analysis 11 October 2012

  • Aviation, SF partner added

    Stephenson Harwood has appointed Saugata Mukherjee as a partner in its aviation and structured finance practice in Singapore. He will report to Paul Ng, global head of aviation.

    Mukherjee previously worked at Freshfields Bruckhaus Deringer in London in the structured and asset finance group and has also worked at Goldman Sachs. He specialises in aircraft financing structures, derivatives and structured .......

    Job Swaps 9 October 2012

  • Private SLABS performance to improve

    The default rate of securitised private student loans will remain high for the remainder of 2012, but will continue to improve slowly on a year-to-year basis, according to Moody's.

    The agency's Private Student Loan Indices show the default rate index ending 2Q12 at 4.2%, down from 4.8% the previous quarter and 4.9% a year ago. This marks the first sizeable .......

    News Round-up 5 October 2012

  • BoS confirmed as issuer account bank

    Fitch says that Spanish structured finance transactions utilising the Bank of Spain as the issuer account bank are able to support ratings up to the existing sovereign IDR-linked cap of double-A minus. The agency has been notified that the issuer account bank role has been migrated to BoS for IM FTGENCAT Sabadell 2, IM Banco Popular FTPYME 1, IM Grupo .......

    News Round-up 4 October 2012

  • Abundant auto activity in ABS

    A flurry of auto paper supported elevated ABS secondary supply yesterday. SCI's PriceABS BWIC data shows 16 auto ABS tranches that were covered in the session.

    The largest slice of any tranche to be covered was a US$66.56m piece of ALLYA 2011-1 A4, which was covered at 12bp over. A US$17.34m piece of ALLYA 2009-A A4 was also .......

    Market Reports 4 October 2012

  • Credit card paper in demand

    Secondary US ABS market activity picked up yesterday from the previous session. Of note, a handful of senior credit card bonds were covered in size at par or over.

    The largest slugs of paper to circulate were legacy Bank of America Credit Card Trust issues. SCI's PriceABS BWIC data shows that US$100m slices each of BACCT 2006-A14 A14 .......

    Market Reports 28 September 2012

  • Canadian card ABS gains traction

    Year-to-date new issue activity from Canadian-domiciled credit card ABS sponsors has reached C$7.1bn, a level not observed since 2008, according to S&P. Cross-border transactions have accounted for approximately 60% of total new issuance in 2012 - a trend that it is expected to continue.

    "In our opinion, strong US investor interest in Canadian receivables, coupled with a relative funding cost .......

    News Round-up 27 September 2012
×