ABS

  • 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

  • NewOak duo find new home

    Brevet Capital Management has recruited a pair of ex-NewOak Capital employees to enhance its New York capital markets and structured finance advisory business. Brock Wolf and Jamie Wing have been appointed as md and director respectively, having previously held the same titles at NewOak. Before that, Wolf was a vp, structured finance at Garrison Investment Group, while Wing worked at .......

    Job Swaps 27 April 2011

  • Aviation research md recruited

    Deutsche Bank has appointed Douglas Runte as md and head of aviation debt research within its markets division. Runte will cover the transportation sector, focusing on airline, aircraft lessor and other aircraft-related debt across the investment grade, high yield and ABS markets. Based in New York, he will report to Steve Abrahams, the md and head of securitisation and MBS .......

    Job Swaps 26 April 2011

  • Credit card charge-off improvements resume

    After a brief pause in February, charge-offs on US credit cards resumed their improved performance in March - falling to 7.35% from 7.56% the month before - according to Moody's Credit Card Index. The charge-off rate is expected to continue to decline throughout the spring, the agency says.

    "Our expectation that the charge-off rate index will break below 7% in .......

    News Round-up 26 April 2011

  • IFMI buys into PrinceRidge

    Institutional Financial Markets (IFMI) has announced a US$45m investment in PrinceRidge Holdings. The investment from IFMI is a combination of cash and equity interests in a capital markets subsidiary in exchange for a majority equity interest in PrinceRidge.

    Daniel Cohen, chairman and ceo of IFMI, says: "We are very excited to be a part of the new PrinceRidge. With PrinceRidge's .......

    Job Swaps 21 April 2011

  • Securitised products co-head named

    Barclays Capital has named Diane Rinnovatore as co-head of securitised products origination (SPO) in its Americas global finance and risk solutions business. She joins Cory Wishengrad, who has been SPO co-head for the past year.

    Rinnovatore has almost 20 years of experience in consumer and mortgage securitisation. She has covered banks in Barclays' debt capital markets group for the past .......

    Job Swaps 20 April 2011

  • Sovereign ratings impact examined

    Moody's has released a report on the impact of the ongoing Eurozone sovereign debt crisis on structured finance transactions. Looking at Greece, Ireland, Portugal and Spain, the agency examines how their macro economies and banking systems can weaken deal performance.

    The report focuses on three factors: the highest rating achievable for securitisations; whether or not credit enhancement meets minimum levels; .......

    News Round-up 20 April 2011

  • Life securitisation to be unwound

    Scottish Re has entered into agreements to unwind its 2005 Orkney I XXX securitisation and to cede to Hannover Life Re, via a coinsurance reinsurance agreement, the underlying defined block of level premium term life insurance policies. The unwind transaction is expected to close in 2Q11.

    On closing of the transaction, Scottish Re (US) will receive a recapture consideration that .......

    News Round-up 20 April 2011

  • Tech trends show progress

    A new report from Celent confirms recent trends in ABS technology. The firm expects to see a continuation of the move towards more integrated offerings from solutions providers, with an emphasis on providing investors with greater access to information and analysis facilities.

    The report found that due diligence standards are becoming more comprehensive and sophisticated, while regulatory demands and investor .......

    News Round-up 19 April 2011

  • OLA effectiveness examined

    The FDIC has released a report examining how it could have structured an orderly resolution of Lehman Brothers Holdings Inc under the orderly liquidation authority (OLA) of the Dodd-Frank Act, had that law been in effect in advance of Lehman's failure. The report suggests that the powers provided to the FDIC under the Dodd-Frank Act to act decisively to preserve .......

    News Round-up 19 April 2011

  • Japan dominates Q1 APAC downgrades

    A total of 20 Asia-Pacific structured finance tranches were downgraded in 1Q11 while just nine were upgraded, reports Fitch. The agency notes that 180 tranches were affirmed, indicating that the performance of most transactions remain in line with expectations.

    "Downgrades among the APAC structured finance tranches were once again dominated by Japanese CMBS tranches, mainly driven by further downward revisions .......

    News Round-up 19 April 2011

  • ABCP methodologies updated

    S&P has updated its global methodologies for rating ABCP issued by multi-seller conduits. Following a request for comment in May 2008, new criteria for the classification and timing of new-seller transaction reviews has been introduced.

    The update applies to the agency's analysis of ABCP issued by multi-seller conduits in which the ABCP investor is exposed to the credit risk of .......

    News Round-up 19 April 2011

  • Analytics platform enhanced

    S&P's structured finance analytics platform ABSXchange has undergone a number of improvements that will allow clients to run projections against forecasted index rates and aggregate asset valuation metrics. It will also allow clients to utilise preset RMBS templates to simplify monitoring of portfolios, while overlaying scenarios created by assumptions from the latest RMBS Consensus Survey.

    The survey collects cashflow assumptions .......

    News Round-up 15 April 2011

  • Asset management ceo named

    Jefferson National has appointed Sal Naro as ceo of its asset management group - JNF Asset Management - and vice-chairman of its parent company, Jefferson National Financial. As well as being on Jefferson's board of directors, Naro will be a key strategist in expanding the firm's franchise, while driving the performance and growth of its asset management business. He was .......

    Job Swaps 15 April 2011

  • Further Greek deals downgraded

    Moody's has downgraded the senior ratings of one Greek CLO, eight Greek RMBS and 10 Greek ABS transactions to Baa1 or lower. The agency has also downgraded the mezzanine and junior ratings on one ABS, while maintaining on review for possible downgrade its ratings on three ABS.

    This follows the downgrade of Greece's government bond rating to B1 and also .......

    News Round-up 15 April 2011

  • Bank fined for ARS misconduct

    FINRA has fined Jefferies & Company US$1.5m for failing to disclose additional compensations received and conflicts in connection with the sale of auction rate securities (ARS). The bank will repay US$425,000 in fees and commissions earned from the sale of ARS to the affected customers.

    FINRA has also taken action against three brokers involved in the sale of these products, .......

    Job Swaps 15 April 2011

  • SLABS reviewed on op risk

    Moody's has placed the ratings of 209 tranches in 42 US student loan transactions from 13 issuers on review for possible downgrade, following the agency's initial assessment of the deals under its new operational risk criteria. The review includes ratings on 137 tranches from 19 government-guaranteed student loan FFELP transactions and 72 tranches from 23 private student loan transactions. The .......

    News Round-up 15 April 2011

  • Brazilian securitisation pact signed

    BTG and Sumitomo Mitsui Banking Corporation have signed a memorandum of understanding, which provides the basis for mutual cooperation in the Brazilian corporate finance market. In particular, this cooperation will focus on structured products and securisations, as well as stimulating cross-border transactions that could be of interest to Japanese clients. The MOU also contemplates the distribution of Brazilian products to .......

    Job Swaps 15 April 2011

  • Bank adds debt solutions director

    Deutsche Bank has appointed Michael Halsband as director in its capital markets and treasury solutions group. He will work with the bank's financial institutions clients and will be a senior member of the New York-based insurance solutions team. He will jointly report to Deutsche heads of debt & solutions coverage for financial institutions, Paul Puleo and Craig Wenzel.

    Halsband was .......

    Job Swaps 14 April 2011

  • Fixed income team recruited

    Sandler O'Neill has recruited a team of five sales professionals to its Chicago-based fixed income group.

    As md in the group, Scott Buchta is responsible for providing market insight and relative value trade ideas across the ABS, MBS and CMBS sectors. He will also assist clients in developing portfolio-level analytics, while focusing on extending the firm's existing balance sheet management .......

    Job Swaps 14 April 2011

  • Warning issued on counterparty criteria

    S&P expects European structured finance downgrades in relation to its updated counterparty criteria to begin in April as anticipated, due to the low volume of mitigating action plans received since the criteria became effective. Since the counterparty criteria became effective on 18 January 2011, the agency placed some ratings on credit watch negative in about 30% of the outstanding EMEA .......

    News Round-up 13 April 2011
×