ABS

  • Pricing service adds CMBS

    Markit has added US CMBS to its evaluated bond pricing service. CMBS prices will be supplied by Trepp.

    With the addition of CMBS, Markit now offers access to independent prices across the whole universe of US structured finance securities. The move comes as the changing regulatory and accounting environment - along with the intense focus on transparency - have increased .......

    News Round-up 23 May 2012

  • Increased depth?

    Large bid-lists positive for Euro secondary liquidity

    Strong demand for a series of recent large bid-lists could signal increased depth in the European secondary ABS market. Liquidity is unlikely to extend to mezzanine positions, however.

    A series of large bid-lists, said to be from the legacy portfolio of a UK bank, captured the attention of the market earlier this month. The relatively large size of individual positions .......

    News Analysis 23 May 2012

  • Citibank spike skews card charge-offs

    US securitised credit card charge-offs rose by 27bp in April to 5.21% from 4.92% the month previously, according to Moody's Credit Card Indices. A significant increase in the charge-off rate of the Citibank trust caused the rise. The increase for Citibank will reverse course in the coming months and Moody's expects the charge-off rate index to resume falling over the .......

    News Round-up 22 May 2012

  • SLABS appeal

    Student loans attractive as uncertainty clears

    The US student loan ABS sector has its fair share of uncertainties to contend with, but the recent conclusion of S&P's FFELP review removes one of them. While political interference is harder to predict and becoming more of an issue, private paper is looking increasingly attractive.

    S&P placed FFELP ABS transactions on negative watch in June last year. Ignoring municipal .......

    News Analysis 21 May 2012

  • Container ABS appetite surging

    The container ABS sector has had an active second quarter. So far, four new deals have hit the market, while secondary trading in pre-crisis, floating-rate transactions picked up during the first two weeks of May.

    Year to date, pre-financial crisis container spreads have tightened by more than 100bp. Spreads on post-crisis deals, meanwhile, have compressed by 50bp-75bp.

    This quarter's new .......

    News Round-up 18 May 2012

  • UK card ABS stress tested

    Fitch says UK credit card master trusts remain resilient against a hypothetical severe economic deterioration in three stress tests the agency has conducted. The resilience is driven by the level of credit enhancement and improved performance of most trusts to pre-financial crisis levels.

    The three scenarios demonstrate the immediate stress required to see multi-category downgrades of Fitch's UK credit card .......

    News Round-up 18 May 2012

  • PPL appoints permanent treasurer

    Mark Wilten, who has been serving as interim treasurer at PPL Corporation since April, will take on the position permanently next month. He is currently treasurer at Nissan North America and Nissan Motor Acceptance Corporation.

    Wilten's previous roles include European securitisation associate director at Deutsche Bank, principal finance and asset securitisation executive director at WestLB and securitisation executive director at .......

    Job Swaps 18 May 2012

  • Strong take-up for Sabadell tender

    Banco Sabadell has announced the results of its 41-bond tender offer. Investors appear to have participated strongly, driven largely by eurozone concerns.

    The tender consisted of 21 RMBS, six ABS and 14 CLOs across both Banco Sabadell's own transactions and also from Caja de Ahorros del Mediterráneo transactions. The bank indicated it would consider purchasing up to €200m of its .......

    News Round-up 16 May 2012

  • Credit linkage approach explained

    Moody's has commented on its approach to evaluating the impact of global and European bank credit deterioration on structured finance (SF) securities. The move follows the announcement on 15 February that it had placed on review for downgrade the ratings of 114 European banking groups and additional non-European firms with large capital market franchises.

    A deterioration in the credit quality .......

    News Round-up 16 May 2012

  • Credit analyst moves on

    Guillaume Langellier has joined Friends Life as ABS credit analyst. He is responsible for buy-side credit research on consumer ABS, RMBS, CMBS and WBS.

    Langellier was most recently at Aviva Investors where he was also a credit analyst. Prior to that he worked at Fitch as head of WBS and he has also held posts at Lazard, UBS Warburg and .......

    Job Swaps 15 May 2012

  • Safe-haven status

    Euro ABS bolstered by UK building societies

    The European securitisation sector is proving largely immune to volatility in broader risk markets, with senior vanilla spreads tightening over the past month to finish some 15bp-20bp inside of end-Q1 levels. Sterling-denominated RMBS accounts for nearly a third of this year's issuance volumes, notably driven by UK building societies - issuers that are set to become an important alternative to .......

    News Analysis 14 May 2012

  • Ex-BoE adviser joins ABS team

    Philippa Charlton has joined Cairn Capital's ABS team in London. Her primary focus will be to build the firm's secured funding asset management (SFAM) business.

    Charlton now reports jointly to cio Andrew Jackson and head of SFAM Adam Barrett. She was most recently senior adviser within the Bank of England's markets division advising on structured credit exposure and has previously .......

    Job Swaps 11 May 2012

  • Call for further clarity on RBI guidelines

    The Reserve Bank of India's guidelines on securitisation transactions - published on 7 May - could promote the long-term growth of the Indian securitisation market, pending clarity on the tax treatment of pass-through-certificates (PTCs), Fitch says. The agency believes that the requirement for a minimum holding period for each loan before it becomes eligible for securitisation is a credit positive, .......

    News Round-up 10 May 2012

  • BWIC service launched

    SCI has today launched a BWIC service covering auctions in Europe and the US for the four main structured finance asset classes - ABS, CDOs/CLOs, CMBS and RMBS.

    The platform has been updated on a daily basis with BWIC prices/covers representing a range of collateral since 1 May. It already includes nearly 500 prices and the SCI site now has .......

    News 10 May 2012

  • Spanish ABS hit by sovereign downgrade

    S&P has taken various credit rating actions on 98 tranches in 85 Spanish securitisations. The move follows the lowering of the agency's long-term sovereign rating on the Kingdom of Spain to triple-B plus from single-A in light of the country's deteriorating economic conditions

    Specifically, S&P has: lowered its ratings on 53 tranches in 50 RMBS; lowered and kept on credit .......

    News Round-up 9 May 2012

  • Pricing service rolled out

    RiskSpan has added daily independent pricing for structured securities to its offering of risk management services. The new service incorporates constant calibration utilising an audit-compliant process to generate pricing for structured securities. It covers RMBS, CMBS, ABS, agency pass-throughs, agency CMOs, mortgage whole loans, CDOs and Trust Preferred securities.

    .......

    News Round-up 8 May 2012

  • ABS fund unveiled

    Prytania Investment Advisors has launched the Metreta Fund, a global fund investing in the senior tranches of ABS. The fund is designed to offer institutional investors a liquid, low credit risk portfolio of assets generating a stable yet enhanced return in excess of 150 over Libor.

    The first close of the Metreta Fund, with US$57m, extends Prytania's current suite of .......

    News Round-up 3 May 2012

  • MBS, ABS co-heads recruited

    Gleacher & Company Securities has replaced Robert Fine and Robert Tirschwell, who announced last month that they would depart the firm (SCI 13 April). Perrin Arturi and Donald Ullmann will each join as executive md and will co-head the firm's MBS, ABS and rates division.

    Arturi joins from RBS, where he was md and specialised in the trading of pass-through .......

    Job Swaps 2 May 2012

  • ILS pricing discipline emerges

    Faced with record new issue volumes, some ILS portfolio rebalancing was seen in the first quarter as investors digested the supply. Some lightened up on US wind risk, according to Willis Capital Markets & Advisory's latest ILS market update, with US wind bonds increasingly reflecting the spread widening seen in the primary market as the quarter progressed.

    Indeed, although investors .......

    News 1 May 2012

  • Everglades Re closes up 375%

    Citizens Property Insurance's Everglades Re catastrophe bond has closed at US$750m, upsized from an initial target of US$200m (SCI 5 April 2012). The two-year single tranche hurricane deal priced at 1775bp over Treasury money market funds and has been rated single-B plus by S&P.

    Everglades Re covers ultimate net losses of Citizens from hurricanes in the state of Florida on .......

    News Round-up 1 May 2012

  • Not so bad

    1Q12 exceeds SF recruiters' expectations

    Structured finance recruiters are breathing a sigh of relief as activity over the first quarter managed to exceed expectations. Activity is still more limited than in previous years, but there have been some encouraging signs for Q2.

    "Q1 really was not as bad as a lot of people had feared and there is more out there than I expected. We .......

    News Analysis 30 April 2012
×