ABS

  • Monoline replacement agreed

    Assured Guaranty (Europe) has replaced Ambac Assurance UK as financial guarantor and controlling creditor on Worcestershire Hospital SPC, a £97.2m UK Private Finance Initiative bond issue. The move is expected to enhance the creditworthiness of the bonds and was approved by 100% of the voting bondholders.

    The guarantees - for timely payment of scheduled principal and interest throughout the life .......

    News Round-up 9 January 2012

  • Stable outlook for Canadian ABCP

    Moody's outlook for Canadian ABCP programmes for 2012 is stable, with the credit quality of the underlying assets remaining strong and the rating outlook for the banks that supply their liquidity support continuing to be stable.

    "The credit quality of the assets in the ABCP programmes remains strong, with few or no losses relative to credit enhancement," says Lisa Singman, .......

    News Round-up 4 January 2012

  • CoActiv appoints credit svp

    CoActiv Capital Partners has promoted Robert Levitsky to credit and risk management svp. Levitsky will lead the small ticket and structured finance credit underwriting teams, as well as overseeing risk management interaction with CoActiv's parent, Marubeni America Corporation.

    Levitsky has thirty years of experience in the industry and was most recently credit and risk management vp, having previously been CoActiv's .......

    Job Swaps 4 January 2012

  • Tech firm recruits Euro md

    Jamie Harper has joined Vichara Technologies as European business development md. He is based in London.

    Harper's most recent post was as vp for EMEA at Lewtan Technologies. Previous roles include svp at Demica and a business development position at Moody's RMS.

    .......

    Job Swaps 3 January 2012

  • Card charge-offs increase

    US credit card charge-offs increased by 17bp in November to 5.38%, according to Moody's latest credit card indices. With other key performance measures remaining strong in November, the agency continues to expect the overall trend in charge-offs to be downward, with the rate eventually falling below 4% by the end of 2012.

    "The charge-off rate index is more than three .......

    News Round-up 3 January 2012

  • Law firm names SF head

    Reed Smith has appointed Tamara Box as head of structured finance. Previously head of international structured finance at Berwin Leighton Paisner, Box joins Reed Smith's London office as a partner in the financial industry group.

    Box is qualified in both England and New York and specialises in securitisations, derivatives, debt capital markets and debt restructurings. She also has significant experience .......

    Job Swaps 22 December 2011

  • Stable auto ABS performance predicted

    With small declines in both delinquencies and losses in November, stable asset performance for US auto ABS will likely stay the course in 2012, according to Fitch's latest index results for the sector. US prime and subprime auto loan ABS continued to show performance stability during the month, posting marginal improvements in both delinquencies and losses month-over-month (MOM).

    Asset performance .......

    News Round-up 21 December 2011

  • Fixed income role created

    BlackRock has hired Jeffrey Rosenberg as md and chief investment strategist for fixed income. It is a new position and he will report to Robert Stanley, head of retail fixed income within the portfolio management group.

    Rosenberg joins from Bank of America Merrill Lynch, where he was head of global credit strategy research, overseeing strategy for ABS, CMBS and RMBS, .......

    Job Swaps 20 December 2011

  • Credit card performance set to decelerate

    The performance of US credit card securitisations will continue to improve in 2012, but at a decelerating pace throughout the year, Moody's believes. Some credit card companies are beginning to loosen underwriting guidelines, but they are not adding new originations of lesser credit quality to securitisations, which would weigh on their performance.

    "So long as issuers don't add receivables from .......

    News Round-up 19 December 2011

  • Auto fundamentals to remain healthy

    Moody's expects US auto loan credit fundamentals to remain healthy in 2012: issuance volume is expected to increase and new loan credit quality to be fairly strong, although weaker than last year. In the event of a double-dip recession - a scenario with a one-in-three likelihood of emerging - underwriting is anticipated to tighten again.

    "Our outlook for the sector .......

    News Round-up 19 December 2011

  • Life securitisation marketing

    Credit Agricole Securities (USA) is marketing an embedded value life securitisation for Aurigen Reinsurance, dubbed Vecta 1. The deal has been assigned a preliminary rating of triple-B plus by S&P.

    The deal stems from a reinsurance agreement entered into in September 2008 by Aurigen Reinsurance Ltd (ARL) and Aurigen Reinsurance Co (ARC). Under the agreement, ARL provided permanent aggregate stop-loss .......

    News Round-up 19 December 2011

  • Weak performance expected for private SLABS

    Moody's expects the credit performance of private student loan ABS to remain weak in 2012 because of a variety of macroeconomic factors.

    "Continued high unemployment, combined with high debt burdens and declining income means that recent college graduates and, to a lesser extent, their co-signers will continue having difficulty repaying their student loans," says Moody's avp Tracy Rice.

    Delinquency and .......

    News Round-up 16 December 2011

  • Bank credit quality weighs on ABCP

    Deterioration in the credit quality of euro area banks will be the key credit exposure for ABCP holders in 2012, according to Moody's. The agency says that European bank ratings will be influenced by a reduction of government support, which had otherwise provided uplift to bank ratings, and the sovereign debt crisis putting additional downward pressure on bank ratings.

    Moody's .......

    News Round-up 15 December 2011

  • ED counsel appointed

    Morrison & Foerster has been appointed as legal counsel for the European DataWarehouse (ED). Elana Hahn, capital markets group partner, will lead the counsel to ED, with Andrew Crotty serving as principal associate on the project.

    Hahn comments: "We are delighted to be working for ED in the creation of this data system which is fundamental to the development of .......

    Job Swaps 15 December 2011

  • Broker-dealer increases CDS, ABS coverage

    ICE's inter-dealer broker Creditex has increased its coverage of corporate CDS and expanded its hybrid trading capabilities in emerging markets and ABS. The new hires are Gwilym Jennett, Conor Murphy and Eduardo Godinho.

    Jennet joins as head of ABS. His background in trading and broking ABS includes senior roles at Rabobank and Barclays and he will work with Ian Vogt, .......

    Job Swaps 15 December 2011

  • NZ law firm promotes partners

    Russell McVeagh has promoted two new partners, effective 1 December. The new partners are Deemple Budhia, based in Auckland, and Nick Hegan, based in Wellington.

    Budhia's practice covers all areas of finance law, including securitisation and structured finance, debt capital markets and derivatives. Before joining Russel McVeagh Budhia worked for Citibank's European commercial property and securitisation team and Allen & .......

    Job Swaps 13 December 2011

  • Euro outlook divided

    Moody's outlook for the collateral performance of ABS and RMBS transactions in 2012 is negative for Greece, Ireland, Italy, Portugal and Spain, but stable for prime assets in the UK, the Netherlands, France and Germany. Rising unemployment levels and austerity measures are expected to negatively affect collateral performance.

    While government and regulatory pressure led to tighter loan underwriting criteria in .......

    News Round-up 7 December 2011

  • Macro issues cloud US outlook

    Macro issues will continue to cloud an otherwise improving forecast for US structured finance performance next year, according to Fitch.

    After a fast start to the year, macro concerns and regulatory developments slowed the pace of recovery. Fitch is expecting improvements to continue at a modest pace next year.

    The outlook for the four US structured finance sectors is stable .......

    News Round-up 7 December 2011

  • Asian SF ratings to remain stable

    Fitch says that it expects most outstanding ratings of non-Japan Asia (NJA) structured finance (SF) transactions to be stable in 2012.

    "The uncertainties surrounding the global economy are not expected to materially affect NJA SF transactions. Asset performance in South Korea is projected to deteriorate mildly, though the triple-A ratings remain sustainable. In Singapore, cashflows of the Fitch-rated CMBS transactions .......

    News Round-up 6 December 2011

  • British bank builds SF team

    Aldermore has recruited a structured finance team, to be led by Ian Flaxman. The team will develop flexible and bespoke structured funding solutions for small and medium sized businesses throughout the UK.

    Flaxman joins from Credit Agricole Commercial Finance as head of structured finance. Before that he was managing partner at Yorkshire Bank.

    Simon Maddocks and Peter Raybould also join .......

    Job Swaps 5 December 2011

  • ABS sales md moves

    Benita Levy has joined Mesirow Financial's institutional sales and trading department as md. She reports to senior md Dominick Mondi in Chicago and will focus on ABS, residential and commercial mortgage bonds and CDOs.

    Levy has previously worked for Salomon Brothers (and its successor Citigroup) and FTN Financial. Her most recent role was at MF Global, which she joined in .......

    Job Swaps 5 December 2011
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