ABS

  • 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

  • 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
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