ABS

  • 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

  • Santander tender results in

    Banco Santander has announced the results of its 33-bond tender offer, which comprised 12 RMBS, six ABS and 15 CLOs. In total, the bank indicated it would consider purchasing up to €750m and in the end bought €450.2m.

    The tender was by way of an unmodified Dutch auction. Out of the 33 bonds, 20 saw no repurchases, according to MBS .......

    News Round-up 27 April 2012

  • Stable outlook for APAC SF

    Fitch reports that Asia-Pacific structured finance saw few downgrades in 1Q12, with the negative rating actions being a direct result of criteria changes and continued poor recoveries in Japanese CMBS. Elsewhere, asset performance was broadly little changed and the outlook on most ratings in the region is stable.

    The agency made 264 affirmations, 29 downgrades and seven upgrades in 1Q12. .......

    News Round-up 27 April 2012

  • Auto ABS losses hit record lows

    Strong used vehicle values and an improving economy are helping to propel prime US auto ABS losses to new record lows, according to Fitch's latest index results for the sector. Prime auto loan ABS delinquencies and annualised net losses (ANL) declined by 24% and 11% month-over-month (MOM) respectively.

    Positive economic data, including lower unemployment in recent months, resulted in improved loss .......

    News Round-up 27 April 2012

  • Private lending opportunity highlighted

    A scheduled doubling of interest rates on subsidised undergraduate Stafford student loans could create a short-term opportunity for private lenders, according to Fitch. However, regulatory uncertainty with respect to the student lending business, a dwindling number of lenders in the space and longer-term interest rate dynamics are anticipated to result in little response from private lenders. Left with few alternative .......

    News Round-up 27 April 2012

  • Multi-peril Mythen marketing

    Swiss Re is marketing the first US and European wind catastrophe bond from a new shelf programme - Mythen Re. The US$400m deal offers the reinsurer first, second and subsequent event protection over three years.

    Mythen Re aims to issue three classes of series 2012-1 notes - US$50m class As, US$100m class Es and US$250m class Hs - each with .......

    News Round-up 27 April 2012

  • Euro ABS catches its breath

    The European ABS market has been taking a bit of a breather over the last couple of weeks but remains active. Spreads have generally only widened very slightly, with prime RMBS even tightening.

    "It seems to have been a little quieter than it had been. All of April has been quieter than the first quarter of the year was. A .......

    Market Reports 26 April 2012

  • Card charge-offs dip

    US credit card charge-offs dropped slightly in March, as the charge-off rate index fell 3bp below its February level to 4.94%, according to Moody's Credit Card Indices.

    "The charge-off rate index is at its lowest point since the second quarter of 2007, down by more than 55% from its 2010 peak," says Jeffrey Hibbs, a Moody's avp and analyst. "Some .......

    News Round-up 26 April 2012

  • Mixed fortunes for Euro, US primary markets

    A marked divergence in structured finance issuance trends over the past three months has been highlighted by the latest rankings in the SCI league tables for bank arrangers in the structured credit and ABS markets.

    The 1Q12 SCI league tables show that the US has seen a jump in issuance to US$78bn versus US$58bn in 1Q11, whereas Europe has seen .......

    News Round-up 25 April 2012

  • SEC alleges rating agency misrepresentations

    The US SEC has charged Egan-Jones Ratings Company (EJR) and its owner and president, Sean Egan, for material misrepresentations and omissions in the company's July 2008 application to register as an NRSRO for issuers of ABS and government securities. EJR and Egan are also charged with misrepresentations in other submissions to the SEC and with NRSRO record keeping and conflict .......

    Job Swaps 25 April 2012

  • Aircraft ABS specialist recruited

    Esteban Tripodi has joined Lease Corporation International as evp for the Americas. He will be based in New York, working across the marketing and capital markets divisions for both helicopters and fixed wing aircraft.

    Tripodi joins from Aircastle Advisor, where he was capital markets svp. He has previously worked at Guggenheim Capital Markets and began his career as ABS vp .......

    Job Swaps 23 April 2012

  • Container ABS criteria published

    Kroll Bond Rating Agency has released its methodology for rating marine container leasing ABS. KBRA says the criteria are unique because they are the first to be issued by a rating agency that are dedicated exclusively to container leasing ABS.

    The methodology incorporates an assessment of the leasing company or manager, the container fleet and the leases included in the .......

    News Round-up 23 April 2012

  • Non-conforming boost for ABS fund

    Volta Finance, the permanent capital vehicle managed by Axa Investment Managers Paris, has reported a March mark-to-market valuation of +139.1% for its ABS positions, thanks in part to six UK non-conforming ABS deals in its portfolio resuming payment of significant cashflows. The value of these six deals increased by €4.7m or €0.15 per share in March.

    "Thanks to the Bank .......

    News Round-up 20 April 2012

  • Minimal EMEA ABS impairments recorded

    Moody's says that EMEA ABS has performed as expected since the onset of the financial crisis. Between 1January 2007 and 31 December 2011, the migration of investment grade securities to impairment/default was minimal.

    Twenty-three EMEA ABS tranches rated investment grade at closing across 14 transactions became impaired during the period, amounting to 1% of 2,127 investment grade EMEA ABS tranches .......

    News Round-up 17 April 2012

  • MBS, ABS heads moving on

    Gleacher & Company Securities' head of MBS, ABS and rates and head of trading for MBS, ABS and rates are both leaving the firm. Robert Fine and Robert Tirschwell will each remain with the company on a temporary basis. Gleacher says it is considering both internal and external candidates for the positions.

    .......

    Job Swaps 13 April 2012

  • Cards on the table

    Quarterly review and outlook for consumer/credit card ABS

    We asked the winners of SCI's 2011 arranger awards for the consumer/credit card ABS sectors either side of the Atlantic to answer some questions to gauge their views on activity in Q1 and expectations for Q2 in the sector. Below are their answers.

    Europe
    By Robert Plehn, md, head of asset backed solutions, Lloyds Bank Wholesale Banking & Markets. Lloyds Bank .......

    News Analysis 12 April 2012

  • Survey highlights Solvency II concerns

    A recent AFME survey of securitisation investors shows that the proposed Solvency II capital charges are likely to cause a permanent drop in securitisation funding, which could seriously reduce future growth in Europe. AFME is urging policymakers to delegate the assessment of securitisation capital charges to the EIOPA Technical Expert Group, or alternatively conduct further research.

    AFME surveyed 27 Europe-based .......

    News Round-up 11 April 2012

  • London law firm appoints partner

    Prakash Paran has joined DLA Piper's London office as partner in the corporate group and member of the global insurance and reinsurance group. He is the latest in a string of departures from Dewey & LeBoeuf (SCI passim).

    Paran specialises in insurance and ILS. He also has experience in mergers and acquisitions, joint ventures and corporate reorganisations and was at .......

    Job Swaps 11 April 2012

  • Stable outlook for US card industry

    Moody's outlook for the US credit card industry remains stable, reflecting primarily card issuers' stronger asset quality and profitability in an improved macroeconomic environment.

    "Card issuers' asset quality has improved significantly over the past year on the back of stronger employment numbers, higher monthly payments by cardholders and continued 'portfolio cleansing' by issuers," says Moody's vp Curt Beaudouin. "And we .......

    News Round-up 11 April 2012

  • ILS specialist recruited

    Stephen Rooney has joined Mayer Brown in New York as partner and co-leader of the insurance finance group and member of the firm's banking and finance practice. He specialises in ILS and was previously global chair of Dewey & LeBoeuf's structured finance group.

    .......

    Job Swaps 10 April 2012

  • Three cat bonds close

    Three catastrophe bonds closed last week. All saw strong investor interest and finished larger than initial size projections.

    Allianz's Blue Danube (SCI 13 March) saw its two tranches reach US$120m each. The class A notes priced at 600bp over the permitted investment yield (six-month Libor minus 32bp) and the class Bs at 1075bp over.

    The series 2012-1 class A and .......

    News 10 April 2012
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