ABS

  • Deloitte hires for regulatory change

    Jeannie Lewis and Bryan Morris are joining Deloitte's Asset Management Services' governance, risk and regulatory practice. April Lemay, Deloitte & Touche principal, will lead the team.

    Lewis has more than 20 years of regulatory experience. She joins as principal and will be based in Chicago, providing regulatory, compliance, risk management, litigation support and business advisory services to Deloitte's traditional advisory .......

    Job Swaps 17 May 2011

  • Wilmington Trust acquired

    M&T Bank Corporation has acquired Wilmington Trust Corporation in a deal that sees it add US$10.7bn in assets. Under the agreement, all Wilmington Trust bank customer accounts have become M&T Bank accounts, but the Wilmington Trust wealth advisory services and corporate client services businesses will still use the Wilmington Trust brand. Subject to the terms of the merger agreement, Wilmington .......

    Job Swaps 16 May 2011

  • ABS collateral posting provisions bolstered

    Moody's says that a recent amendment to the UK Financial Collateral Regulations is credit positive for structured finance transactions with swap agreements that incorporate collateral posting provisions.

    The amendment alleviates the potential negative effects associated with re-characterisation by clarifying that swap collateral posted to an issuer benefits from the protection of the regulations. It also explicitly removes any priority rights .......

    News Round-up 16 May 2011

  • Funds marketer added

    Lexie Hope has joined Prytania Investment Advisors from Calimere Point Advisors to head up funds marketing. She has over 25 years' experience in the credit and structured credit markets, including senior roles at ING and Nomura.

     

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    Job Swaps 16 May 2011

  • Further downgrades for Greek SF

    S&P and Moody's have taken rating actions on a number of Greek transactions, following rating action on the Hellenic Republic.

    S&P's action affects 29 tranches in 15 Greek ABS and RMBS deals. The actions are a result of the agency's revised assessment of Greek country risk and its impact on notes backed by Greek-rated assets, following its downgrade of the .......

    News Round-up 13 May 2011

  • ABS head appointed

    Janus Capital Group has appointed John Kerschner as head of securitised products within its fixed income investment team. The role is a newly created position and reports to Janus co-cio, fixed income, Gibson Smith.

    Kerschner originally joined Janus in December 2010 as a mortgage analyst. In his new role as head of securitised product, he will be responsible for guiding .......

    Job Swaps 12 May 2011

  • South African consumer ABS rated

    Global Credit Ratings (GCR) has assigned indicative ratings to the ZAR1.7bn senior notes to be issued by Bayport Securitisation (BaySec). BaySec is a securitisation of personal loans advanced to lower income borrowers in South Africa by Bayport Financial Services. All of the notes have been rated single-A.

    GCR reports that the senior notes will be listed on the Johannesburg Stock .......

    News Round-up 12 May 2011

  • Card delinquencies fall to two-year lows

    US credit card ABS delinquencies and charge-offs have fallen to levels not seen in over two years, according to Fitch's latest credit card performance indices.

    "Despite high jobless claims and unemployment, US consumers are whittling away their debt levels while credit quality measures continue to improve. Tighter underwriting and otherwise benign economic conditions will likely spur further improvements for credit .......

    News Round-up 11 May 2011

  • ABS e-trading offered

    MarketAxess has launched an electronic trading offering for consumer-based ABS on its e-trading platform. 14 market-making dealers provide liquidity to the platform and 100 institutional investor customers are signed up to trade. Product coverage includes credit cards, equipment leases, floor plans, student loans, timeshares and autos.

    Electronic trading of ABS will take place using the firm's request-for-quote (RFQ) trading system. .......

    News Round-up 11 May 2011

  • NRSRO RFC issued

    The SEC has issued a request for public comment on the feasibility of a system in which a public or private utility, or a self-regulatory organisation would assign a nationally recognised statistical rating organisation (NRSRO) to determine credit ratings for structured finance products. Section 939F of the Dodd-Frank Act directs the agency to examine the credit rating process for SF .......

    News Round-up 11 May 2011

  • Walkers reorganises

    Walkers has reorganised its global group ahead of the forthcoming retirement of global chairman Wayne Panton. Global managing partner, Grant Stein, will assume this role.

    Diarmad Murray will become global managing partner. He was previously managing partner of the firm's Cayman Islands office and global head of its commercial litigation and dispute resolution group.

    Jonathan Tonge, managing partner of the .......

    Job Swaps 11 May 2011

  • ABS origination trio hired

    Barclays Capital has made three new appointments in its securitised products origination group. Emile Ernandez, who was previously at Deutsche Bank, will become vp of the bank's esoteric team. Matt Brand - from Credit Suisse - will join the esoteric team as an associate, while Ravi Suresh - previously at UBS - will join the structuring team as an associate.

    Job Swaps 10 May 2011

  • UniCredit reorganises CIB

    UniCredit has reorganised its corporate and investment banking (CIB) division. Olivier Khayat will assume the role of deputy head of CIB and co-head of the financing & advisory product line (F&A). He was previously head of FICC at SG.

    Khayat will work on a project to regroup the bank's equity and debt capital market activities within F&A to achieve an .......

    Job Swaps 10 May 2011

  • Charge-offs to reach 20-year low

    Moody's predicts that US credit card charge-offs will fall below 4% by the end of 2012 - a 20-year low that is roughly 50% below their current level. In 1Q11, Moody's credit card index charge-off rate stood at 7.45%, with the charge-off rate peaking at 11.12% in 1Q10.

    An improving mix of borrowers has sent the charge-off rate downward, the .......

    News Round-up 10 May 2011

  • Business development director named

    AlphaMetrix has appointed Mikus Kins as executive director of business development. Based in Chicago, Kins will be involved in the firm's hedge fund platform and administration offering, reporting to AlphaMetrix chief strategic officer Geoff Marcus.

    Most recently, Kins was head of US business development at Bank of America Merrill Lynch, focusing on large corporate and multinational clients. Previously, he worked .......

    Job Swaps 9 May 2011

  • PPIP investment declining

    The rate of PPIP investment continues to decline, with managers only drawing down an additional US$600m last quarter, compared to US$2.1bn in 4Q10 and US$3.3bn in 3Q10. Total draws now total US$20.9bn, representing 71.2% of the US$29.4bn in total purchasing power, according to ABS analysts at Bank of America Merrill Lynch.

    Notable among the managers, Marathon Asset Management deployed an .......

    News Round-up 9 May 2011

  • Barclays buys back Protium assets

    Barclays has purchased the outstanding financial interests in Protium Finance, the fund through which it span off US$12.3bn problem structured credit assets (see SCI 23 September 2009). The firm says it is in the process of renegotiating the management arrangements of these assets and expects the acquisition to help facilitate an early exit from the underlying exposures.

    Barclays entered into .......

    Job Swaps 28 April 2011

  • ABS data warehouse RFI planned

    The Market Group, formed to oversee the tender process and select a constructor of the European ABS Data Warehouse (SCI 21 April), intends to issue a request for information (RFI) on or around 6 May 2011 to gather information regarding the commercial and technical strengths of potential constructors. The RFI will last for ten days from its issuance. Following a .......

    News Round-up 28 April 2011

  • Bank adds client solutions head

    RBS has appointed Brice Van Elswyk as head of client solutions for insurers in North America in its client structuring and solutions team. Based in Stamford, Van Elswyk will report to Miles Hunt and Joe Carney, co-heads of the bank's client structuring and solutions for the Americas. He joins the bank from Credit Suisse, where he led the US structuring .......

    Job Swaps 28 April 2011

  • Ratings reference removal mooted

    The US SEC is to propose amendments that would remove references to credit ratings in several rules under the Exchange Act. These proposals represent the next step in a series of actions taken under the Dodd-Frank Act to remove references to credit ratings within agency rules and, where appropriate, replace them with alternative criteria.

    Under Dodd-Frank, federal agencies must review .......

    News Round-up 28 April 2011

  • Auto ANLs at five-year lows

    Still-rising gas prices, as well as vehicle and parts supply shortages are having little impact so far on US auto ABS performance, according to Fitch. However, on-going macro events may adversely affect auto ABS performance down the road, the agency says.

    "Consumer finances buoyed by tax refunds have driven annualised net losses down to levels not seen in over five .......

    News Round-up 27 April 2011
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