ABS

  • Spanish guaranteed deals on review

    Moody's has placed on review for downgrade the Aa2 ratings of six Spanish SME CLOs and the ratings of four notes in an ABS transaction backed by payment rights related to Spanish electricity tariff deficits. At the same time, the agency placed on review for downgrade the junior notes of one of these six affected SME transactions - GC FTPYME .......

    News Round-up 1 August 2011

  • Tranche thickness metric introduced

    Fitch has introduced new tranche thickness metrics designed to convey the relative thickness of a tranche in new structured finance transactions. At the same time, the agency has withdrawn its loss severity (LS) ratings criteria, which will be replaced by the new metrics.

    "LS ratings were originally introduced by Fitch in 2009 as an ancillary rating scale, largely to highlight .......

    News Round-up 29 July 2011

  • Euro auto ABS performance remains stable

    Fitch says in a quarterly report that the overall performance of the European auto ABS sector remained stable in 2Q11.

    A breakdown of the second quarter's performance shows that the Fitch 60-180 day Delinquency Index increased to 1% from 0.9% in 1Q11. The Fitch Net Loss Index remained stable at 0.5% and the Fitch Excess Spread Index increased by 0.3% .......

    News Round-up 28 July 2011

  • SunTrust fined over ARS violations

    FINRA has fined SunTrust Robinson Humphrey and SunTrust Investment Services, for violations related to the sale of auction rate securities (ARS). SunTrust RH - which underwrote the ARS - was fined US$4.6m for failing to adequately disclose the increased risk that auctions could fail, sharing material non-public information, using sales material that did not adequately disclose the risks associated with .......

    Job Swaps 27 July 2011

  • Asset-based lender expands

    Capital Business Credit has recruited Peter Provenzale as senior business development officer and svp, focusing on middle market borrowers. He is tasked with expanding the firm's asset-based lending division, working directly with president and ceo Marc Adelson and executive chairman Andrew Tananbaum.

    Provenzale spent nearly 25 years at CIT in various capacities, including credit and marketing manager positions in both .......

    Job Swaps 27 July 2011

  • European SF outlook outlined

    Moody's says it holds a stable outlook on the performance of collateral underlying certain types of ABS and RMBS originated in France, Germany, the UK (prime only) and the Netherlands. However, it has a negative outlook on the performance of collateral underlying some types of ABS and RMBS originated in Italy, Spain, Greece, Ireland and Portugal.

    Specifically, Moody's has a .......

    News Round-up 27 July 2011

  • Business development head hired

    Luis Acosta has joined Ally Commercial Finance as senior md, reporting to George Triebenbacher, president of structured finance. Acosta has more than 25 years of debt-investing experience, principally engaged in middle market sponsor finance. He has held various business development, transaction execution and leadership roles, working extensively with private equity firms and intermediaries.

    Previously, Acosta was head of business development .......

    Job Swaps 27 July 2011

  • RFC issued on updated Reg AB

    The US SEC is re-proposing for public comment some rules regarding ABS shelf registration under Regulation AB, with the aim of achieving greater issuer accountability. The Commission initially proposed the rules in April 2010 (SCI passim), but the Dodd-Frank Act addressed some of the same concerns and it has since re-evaluated its original proposals.

    "It is very important that we .......

    News Round-up 27 July 2011

  • Counterparty criteria impact tallied

    S&P has estimated the final rating effect of the introduction of its counterparty criteria, following the transition date of 18 July. The impact was greatest on EMEA structured finance transactions.

    "In all, we lowered about 13% of outstanding EMEA structured finance ratings - in about 16% of transactions - related to the 2010 counterparty criteria, by an average of 2.9 .......

    News Round-up 26 July 2011

  • Unusual wind bond marketing

    Natixis is marketing a new euro-denominated two-tranche catastrophe bond - Pylon II Capital. The €65m class A notes and the €85m class Bs have been given preliminary ratings by S&P of single-B plus and single-B minus respectively.

    Pylon II covers European windstorms in France, excluding Corsica and overseas territories, over five full wind seasons. The deal provides cover against losses .......

    News Round-up 26 July 2011

  • Q2 issuance tops Y1trn in Japan

    S&P reports that it has assigned ratings to Japanese securitisation transactions worth ¥1.1trn in the second quarter of 2011, representing a 134% increase on the same quarter of 2010. In contrast, the number of securitisation transactions rated by S&P in the same quarter declined by 44% year-on-year to 10. The total issuance amount of rated securitisations exceeded ¥1trn for the .......

    News Round-up 22 July 2011

  • Securitisation race heats up

    At the halfway point of 2011, with close to US$140bn of qualifying deals counted, the race is heating up for top place in the SCI US league tables for bank arrangers in the structured credit and ABS markets. Demonstrating how quickly the situation can change, May's sixth-placed firm has jumped to third this month. Europe, on the other hand, remains .......

    News Round-up 22 July 2011

  • EM existing asset criteria updated

    Fitch has updated its criteria for existing asset securitisation in emerging markets in relation to sovereign constraints. The analytical approach is unchanged, but certain clarifications and refinements have been introduced.

    The agency notes that securitisation transactions originated in emerging market economies are affected by the macroeconomic, political and legal environment of that country. The volatility of the local economy can .......

    News Round-up 21 July 2011

  • US-linked SF ratings on review

    S&P has placed its ratings on 604 structured finance transactions on credit watch negative after it placed on CWN its triple-A long-term and A-1+ short-term sovereign rating of the US. Moody's took similar rating actions on 13 July (SCI 14 July).

    S&P's sovereign credit watch action reflects the agency's view of two separate but related issues, it says. The first .......

    News Round-up 18 July 2011

  • Indian counterparty exception made

    Fitch says it will make an exception to its counterparty criteria for Indian ABS and RMBS transactions that have an account bank as a single investor with a credit rating of at least A(ind)/F1(ind). The agency draws comfort in these cases from the fact that the investor is in possession of the fixed deposit required to maintain the transaction's rating .......

    News Round-up 18 July 2011

  • SF lawyer moves on

    Todd Miller has joined Greenberg Traurig as shareholder in its Orlando office, expanding the firm's corporate & securities practice in Florida. Miller's areas of experience include banking, lending and structured finance; mergers and acquisitions; and private equity. His structured finance practice includes credit card, automotive, trade receivable and other asset type securitisations on behalf of originators, underwriters and conduit sponsors.

    .......

    Job Swaps 18 July 2011

  • APAC ratings largely stable

    Fitch reports that the ratings of structured finance tranches backed by assets in the Asia-Pacific region were largely stable in 2Q11, although there are specific sectors where the agency's outlook is negative.

    "The outlook for certain Japanese CMBS remains negative at this time, although an increased proportion of this sector is now on stable outlook as Fitch has downgraded many .......

    News Round-up 18 July 2011

  • Cat bond duo prepped

    Two new cat bonds hit the market last week. Munich Re is marketing the third in its Queen Street series, while Swiss Re is offering the latest iterations of its Vita mortality transactions.

    The US$50m Queen Street III Capital European windstorm deal has been given a preliminary rating of single-B plus by S&P. It will cover European windstorm in Belgium, .......

    News Round-up 18 July 2011

  • Portuguese ABS ratings hit

    Moody's has downgraded the ratings of 18 tranches of 13 Portuguese ABS and 95 tranches of 29 RMBS transactions. 12 ABS tranches from seven ABS deals remain on review for possible downgrade. The agency has also placed on review the rating of an ABS tranche guaranteed by the European Investment Fund, as the benefit of the guarantee may be conditional .......

    News Round-up 15 July 2011

  • Securitisation vet promoted

    Linklaters has named Jim Rice as divisional practice head of finance & projects, for a four-year term, replacing John Tucker. Rice will retain his role as global practice head for capital markets and Tucker is returning to full-time client work. Alongside his new role, Rice will continue to be engaged in client work.

    .......

    Job Swaps 14 July 2011

  • US rating review hits guaranteed ABS

    Moody's has placed the US government's Aaa bond rating on review for possible downgrade, given the rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on US Treasury debt obligations. In conjunction with this action, the rating agency has placed on review the Aaa ratings of financial institutions directly linked .......

    News Round-up 14 July 2011
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