ABS

  • Law firm expands litigation group

    Bingham has expanded its securities and financial institutions litigation group in London with the addition of Mark Dawkins, a former managing partner of Simmons & Simmons. While at Simmons & Simmons, he was instrumental in building and leading the firm's global financial markets department and its banking litigation department. Dawkins will work closely with Bingham financial institutions litigation partner Natasha .......

    News Round-up 28 June 2011

  • Credit trading head named

    BNP Paribas has promoted Benjamin Jacquard to global head of credit trading. He will be based in London, reporting to Guillaume Amblard, global head of fixed income trading.

    Jacquard will lead the implementation of BNP Paribas's credit development plan, which is to extend the product range and market share in all credit markets, including ABS trading and structured credit. He .......

    Job Swaps 28 June 2011

  • ABCP op risk RFC issued

    Moody's has issued a request for comment regarding a proposed update to its operational risk guidelines as they relate to rating ABCP programmes. Specifically, the agency proposes explicit guidelines for the analysis of performance disruption risk posed to ABCP programmes by their administrators.

    The ABCP operational risk guidelines address the risk of non-performance by transaction parties on Prime-1 rated ABCP. .......

    News Round-up 28 June 2011

  • Positive trend continues for cards

    Moody's reports that both US credit card charge-off and delinquency rates improved yet again in May, continuing the positive trend of much of the past year. At the same time, the payment rate index - complementing the near record low levels of delinquent credit card receivables - rebounded sharply in May and is once again near its all-time high.

    "These .......

    News Round-up 27 June 2011

  • Esoteric ABS team recruited

    KGS-Alpha has recruited Fouad Onbargi, Richard Barry, Jason Muncy and Will Simonton from Aladdin Capital to focus on esoteric ABS. Onbargi - as head of the team - reports to Levent Kahraman and Dan Goldman, respectively ceo and president of the firm.

    .......

    Job Swaps 27 June 2011

  • Risk Institute looks to the US

    Renowned ABS author Frank Fabozzi is set to join EDHEC-Risk Institute on 1 August, as part of its North American strategy. He will be working on the development of EDHEC-Risk Institute North America with Lionel Martellini, scientific director of EDHEC-Risk Institute, who will be in charge of North American development from the beginning of the 2011/2012 academic year. Fabozzi will .......

    Job Swaps 27 June 2011

  • Distressed fund formed

    Northlight Financial has formed a limited partnership, under the Northlight brand, that will provide asset-backed loans to middle market companies, acquire whole loans in the secondary market and purchase distressed assets in the commercial, industrial and real estate sectors. The new fund will initially deploy US$100m in committed capital and target investments ranging from US$5m to US$15m in executing its .......

    Job Swaps 24 June 2011

  • SF partner recruited

    DLA Piper has appointed Michael Macaluso as a partner in its finance practice. Macaluso joins from Morgan, Lewis & Bockius, where he was a partner in the international business and finance practice and a leader of its European capital markets team.

    Macaluso focuses his practice on managing complex and international corporate finance transactions, including structured financings such as domestic and .......

    Job Swaps 23 June 2011

  • Key SF appointments made

    BNP Paribas has announced key appointments within its structured finance business line.

    Andrew Shapiro, currently head of corporate acquisition finance and value preservation group for the Americas, is appointed head of loan syndications and trading. In addition, he has been named head of structured finance UK. He will be based in London and report to Dominique Remy, head of structured .......

    Job Swaps 22 June 2011

  • ABS salesman added

    Jason O'Brien is set to join Credit Suisse in mid-July as a UK ABS salesman. He will report to Kevin Whyman, head of European ABS sales, and was previously at Jefferies.

    .......

    Job Swaps 22 June 2011

  • Asset finance reorg completed

    Credit Suisse has reorganised its asset finance management team in New York and London. The move follows the recruitment of Jay Kim in February as the firm's new head of asset finance within the securitised products division.

    Mike Dryden and Pete Sack have been named co-heads of the securitised products portfolio solutions, residential mortgage finance and securitisation team. Their responsibilities .......

    Job Swaps 22 June 2011

  • ABS syndicate beefs up

    Kenneth Rosenberg has joined Barclays Capital's securitisation syndicate team, reporting to Brian Wiele, head of Americas securitisation syndicate. Rosenberg most recently worked at Credit Suisse as a director in its ABS/structured products syndicate.

    .......

    Job Swaps 22 June 2011

  • Asset finance team added

    Clydesdale and Yorkshire Bank has expanded its corporate and structured finance services with the launch of a new corporate asset finance team.

    Ian Barr, who is head of Clydesdale's existing asset finance function, will lead the new team. He is joined by four new arrivals - Iain Corbett, Gordon Young, Neil Roberts and Peter Burton - all of whom have .......

    Job Swaps 22 June 2011

  • SFA proposal scrutinised

    Fitch has commented on the recent proposal by the UK FSA to limit the use of the Supervisory Formula Approach (SFA) by tightening the conditions under which significant risk is transferred.

    According to the new proposal, the FSA expects firms to seek an external rating for retained equity pieces, if they want to claim capital relief. The move is due .......

    News Round-up 21 June 2011

  • Tight at the top of the securitisation table

    At the end of May 2011, with US$105.3bn of qualifying deals counted, there's still little to separate the leaders in the latest SCI US league tables for bank arrangers in the structured credit and ABS markets. In Europe, it's a very different story, with one firm beginning to build a substantial lead - albeit on the back of lower market .......

    News Round-up 20 June 2011

  • Positive performance for Peruvian SF

    Peruvian structured finance transactions are performing strongly, despite uncertainty caused by recent political developments, says S&P. The agency expects the credit quality of the Peruvian structured portfolio to remain positive in the short- to medium-term, even if stress or volatility increases.

    S&P notes Peru has experienced significant growth over the past few years and many originators have expanded their outstanding .......

    News Round-up 17 June 2011

  • New Aussie ABS product launched

    Certegy Ezi-Pay, a division of Flexigroup, has announced a new AU$133m securitisation of Australian consumer receivables. The transaction, Flexi ABS Trust 2011-1, is the first Australian ABS backed by consumer receivables originated at the point-of-sale on 'no interest' terms.

    "This is FlexiGroup's second securitisation following an inaugural issue in August 2010", says Ilya Serov, Moody's lead analyst for the transaction. .......

    News Round-up 17 June 2011

  • Greek performance still sliding

    Greek ABS and RMBS market performance continued to deteriorate in April, according to Moody's latest index data. ABS SME transactions saw cumulative defaults rise from 1.73% to 2.98% in a year. Consumer loans rose even higher, from 3.86% to 7.45%.

    RMBS 90-day plus delinquencies rose from 0.7% to 1.97% between April 2010 and April 2011. Cumulative defaults more than doubled .......

    News Round-up 17 June 2011

  • Largest structured settlement ABS completed

    JG Wentworth has completed a US$265m securitisation of payment rights under structured settlement and fixed-annuity purchase contracts. The US$226m class A notes have been rated triple-A by Moody's and DBRS, while the US$21m class B notes have been rated Baa2 and single-A (low). A residual class of US$18m has been retained.

    Stefano Sola, JG Wentworth cio, comments: "This first securitisation in 2011 .......

    News Round-up 16 June 2011

  • Capital markets attorney hired

    Womble Carlyle has announced the appointment of Don Keough to its Baltimore office. He will work closely with attorney Merrick Benn in Womble Carlyle's equipment finance practice. The team helps companies lease equipment such as manufacturing lines, aircraft, barges and tankers, railroad rolling stock, software, energy and technologies.

    Keough joins from SunTrust Equipment Finance & Leasing Corporation, where he was .......

    Job Swaps 16 June 2011

  • Risk management platform, alliance announced

    Sapient Global Markets has launched Structured Finance Risk Manager (SFRM), a fully flexible combination of services and software to automatically value, monitor and manage the risks associated with structured assets. The firm has also announced a formal alliance with S&P Valuation and Risk Strategies (VRS), which aims to provide clients with in-depth valuation and analysis of structured finance securities.

    SFRM .......

    News Round-up 14 June 2011
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