ABS

  • Affirmations for some FFELP ABS

    S&P has affirmed its ratings on 239 classes from 178 US FFELP student loan ABS deals and removed them from credit watch, where they were placed with negative implications on 15 July, following the placement of the US sovereign ratings on credit watch negative.

    The rating affirmations include 26 classes of triple-A rated senior bonds from 22 transactions. The remaining .......

    News Round-up 31 August 2011

  • Structuring vet moves to SG

    Tareck Safi has left his role at RBS, where he was head of secured asset solutions, and is set to join Société Générale in November. He will join the European loan syndicate on the sales and trading desk, tasked with developing coverage of institutional investors.

    Safi will report to Richard Hill, EMEA head of loan sales and trading. He spent .......

    Job Swaps 31 August 2011

  • ABS trader returns to BNPP

    BNP Paribas has hired Bjoern Bauermeister as an ABS and MBS trader in London. He reports to Olivier Morand-Duval, European head of ABS trading.

    Bauermeister joins from Cantor Fitzgerald, where he spent two years in non-US ABS and MBS trading after a previous stint at BNP Paribas. He has also worked for WestLB, trading ABS and ABS CDOs.

    .......

    Job Swaps 31 August 2011

  • Auto ABS loss expectations lowered

    Credit performance has remained strong across all types of US auto loan ABS since mid-2009, says Moody's in a new quarterly sector summary. The strong performance is driven by the improvement of consumer credit and the exceptionally strong used vehicle market.

    "Delinquencies remain at historical lows and excess spread, the first level of credit protection against losses, has on average .......

    News Round-up 26 August 2011

  • ABS analyst added

    Scottish Widows Investment Partnership has appointed Sarah Wall as senior ABS investment analyst. Based in the firm's London office, she reports to Daniel McKernan, head of European and UK credit. Wall has over 11 years' experience in the financial industry, most recently at M&G Investments, where she was director of ABS restructuring and before that director of ABS credit research.

    .......

    Job Swaps 26 August 2011

  • Auto ABS performance set to slow

    Marginally higher delinquencies and losses last month have done little to put the brakes on strong US auto loan ABS performance, according to Fitch's latest index results for the sector. The agency does expect auto ABS performance to slow in the third quarter, however, which is typically the weakest time of the year.

    According to Fitch senior director Hylton Heard: .......

    News Round-up 25 August 2011

  • Auto RVs near all-time highs

    Prices and residual values for US wholesale used vehicles are near all-time highs, which is leading to strong performance for auto lease ABS, according to Fitch in its inaugural Auto Lease RV Loss Index results. Residual value (RV) realisations on outstanding auto lease ABS have produced gains on a consistent basis since mid-2009.

    At the same time, credit losses have .......

    News Round-up 24 August 2011

  • All change in US securitisation

    At the end of July 2011, with a shade over US$160bn of qualifying deals completed, the leaders have once again all swapped around in what remains a closely fought race for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. For the first time this year, JPMorgan holds top place in .......

    News Round-up 24 August 2011

  • Fixed income platform bolstered

    As part of the expansion of its Americas platform, Natixis has made three senior appointments in its fixed income, commodities & treasury (FICT) Americas team.

    Denis Prouteau joins the Americas platform in New York as head of FICT. He has 25 years of experience in trading, sales and debt capital markets, having held senior positions in New York, London and .......

    Job Swaps 23 August 2011

  • Canadian consumer ABS maintains stability

    Canada's consumer ABS market continues to maintain its historically stable performance amid the country's sound credit environment, according to S&P.

    "While the amount of outstanding ABS declined during the recent economic downturn, overall performance has been improving," says S&P research analyst Erkan Erturk. "In addition, the new issuance market remains active and the country's unemployment rate continues to decline."

    Canada's .......

    News Round-up 23 August 2011

  • Asia corporate trust services strengthened

    BNP Paribas Securities Services is expanding its corporate trust service (CTS) in the Asia Pacific, enabling a full range of services from conventional debt to structured debt. The bank has appointed Ben Lumley-Smith as regional client development manager for debt markets based in Hong Kong. He has over two decades' of experience in the sector, working for Citi, JPMorgan and .......

    Job Swaps 22 August 2011

  • Structuring director appointed

    GE Capital has hired James Simeons to its corporate structured finance team. He joins as corporate originations and structuring director and will be based in London, responsible for originating and structuring new business financing.

    Simeons comes from Bank of Tokyo Mitsubishi UFJ, where he was responsible for trade receivables securitisation. He previously spent 14 years at JPMorgan, rising to the .......

    Job Swaps 19 August 2011

  • Card delinquency rates hit all-time low

    US credit card delinquency rates declined to another all-time low in July, with just 3.09% of credit card balances 30 days or more past due, according Moody's Credit Card Indexes. Continuing improvement in delinquencies suggests that credit card charge-offs will resume falling in the coming months, after they ticked up by 5bp in July to 6.09%.

    Moody's expects the charge-off .......

    News Round-up 19 August 2011

  • Continued improvement for US auto ABS

    The auto loans underpinning rated US ABS transactions continued to show signs of improvement in July, according to S&P's US Auto Loan ABS Tracker, a new monthly review of collateral performance and ratings activity in the sector.

    "We created the Tracker to provide a monthly snapshot of the US auto loan ABS sector," says S&P credit analyst Mark Risi. "The .......

    News Round-up 19 August 2011

  • Seasonal spike for private student loan defaults

    According to the latest results from Moody's Private Student Loan Indices, 5.4% of securitised private student loans defaulted in 2Q11, up from 5% in the first quarter. The agency attributes much of the rise to a seasonal spike in the default rate for the 2010 securitisation vintage.

    At 5.4%, the default rate index is significantly lower than its record-high peak .......

    News Round-up 18 August 2011

  • Lewtan names ceo

    Lewtan has appointed Salil Donde as ceo. He joins from Marshall & Swift/Boeckh, where he served as ceo and as a member of the board of directors. Before that, Donde was the president of Fiserv's life and financial software and solutions business.

    .......

    Job Swaps 18 August 2011

  • Risk head departs

    David Murphy, head of risk and reporting at ISDA, has left the association. According to an ISDA representative, Peter Sime is interim head of risk and research while the association works on a plan to handle the functions.

    Murphy joined ISDA in April last year. It is understood that he will now focus on his structured finance risk management and .......

    Job Swaps 17 August 2011

  • Retail credit cards maintain momentum

    US retail credit card ABS maintained its positive momentum last month, according to the latest Credit Card Index results from Fitch. All major collateral metrics posted month-over-month improvements during the June collection period. Late payments more than 60 days fell for the fifth consecutive month, while charge-offs decreased again and reached levels not seen since the end of 2008.

    "Consumers .......

    News Round-up 15 August 2011

  • Rule 17g-5 enhancements suggested

    Rule 17g-5 could be enhanced to provide structured finance investors with increased transparency regarding the rating agency selection process, according to a comment letter that Fitch is planning to submit to the US SEC. Specifically, the agency suggests that Rule 17g-5 be enhanced so that CRAs are required to list publicly on their websites all structured finance transactions for which .......

    News Round-up 12 August 2011

  • US-linked rating actions hit

    S&P has lowered its ratings on 154 tranches from 64 US structured credit transactions to double-A plus from triple-A, following the 5 August lowering of the long-term sovereign credit rating on the US to double-A plus from triple-A. At the same time, the agency removed the 151 ratings that were on credit watch negative prior to the downgrade actions and .......

    News Round-up 11 August 2011

  • Valuations duo recruited

    Opera Solutions has hired Joseph Henbest and Bill Hunt as vps in its global markets analytics group. Henbest will lead the sales and business development activities for Opera's analytics in the financial portfolio solutions arena, while Hunt will assist in the strategy, deployment and research related to the company's capital markets and structured finance products.

    Henbest has worked for almost .......

    Job Swaps 11 August 2011
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