ABS

  • 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

  • Exchange-linked deal prepped

    An unusual exchange-linked transaction has hit the market. The U$1bn Ford Upgrade Exchange Linked (FUEL) notes series 2011-1 are backed by Ford Credit Auto Owner Trust 2011-SRR1, a prime auto loan ABS originated by Ford Motor Credit Co. The FUEL notes will be mandatorily exchanged for unsecured corporate bonds to be issued by Ford Credit upon its achieving an investment .......

    News Round-up 13 April 2011

  • Further Portuguese downgrades hit

    Moody's has downgraded the ratings of five tranches of Portuguese ABS and 18 tranches of RMBS to Aa2, as well as four tranches of ABS and 20 tranches of RMBS to A1. In addition, the mezzanine and junior tranches on two ABS and the Aaa ratings of two electricity tariff deficit transactions have been placed on review for possible downgrade.

    News Round-up 12 April 2011

  • Reporting structure realigned

    Morgan Stanley's US structured products credit trading head Nirjhar Jain is leaving the bank to pursue opportunities on the buy-side. Consequently, head of RMBS trading Mike DePietro, head of consumer ABS and CLO trading Becca Hogan and head of CMBS trading Kevin Ng will now report to Jay Hallik, the bank's global head of securitised products trading.

    .......

    Job Swaps 12 April 2011

  • New index shows 1Q declines for SLABS defaults

    As a way of assessing the performance of private student loan ABS, Moody's has launched a series of credit indices for the sector, which will be updated quarterly. For 1Q11, the Private Student Loan Indices indicate a continuing decline in defaults and delinquencies on securitised private student loans.

    The annualised default rate now stands at 4.8%, down from 5% a .......

    News Round-up 12 April 2011

  • Greek SF downgrades continue

    S&P has taken rating actions on 28 tranches in 15 Greek ABS and RMBS transactions. The actions are a result of its revised assessment of Greek country risk in securitisations backed by Greek assets, as well as its recent downgrade of the Hellenic Republic to double-B minus on watch negative. The agency's sovereign ceiling for Greek securitisations is now triple-B .......

    News Round-up 8 April 2011

  • Securitisation's come-back surveyed

    Net securitisation worldwide rose by 49% to US$739bn in 2010 but remains only just over a third of the 2007 high, according to TheCityUK's latest annual report on the market. Recovery in investor sentiment contributed to a more than threefold rise in net issuance in Europe to US$96bn in 2010 from the low point of US$26bn in 2009. The US .......

    News Round-up 7 April 2011

  • Paris SF lawyer swaps firms

    Law firm Fasken Martineau has recruited Arnauld Achard as partner in its Paris office. He specialises in debt capital market transactions, including structured finance and derivative products.

    Achard was previously partner and head of the capital markets practice in Paris at Simmons & Simmons. His expertise will permit Fasken Martineau's Paris office to diversify its platform by offering high quality .......

    Job Swaps 7 April 2011

  • US credit cards show mixed performance

    US credit card ABS charge-offs rose for the first time in six months while most other metrics posted further gains, according to the latest credit card ABS index results from Fitch.

    "The charge-off increase is more reflective of seasonal factors like a rise in tax season bankruptcy filings and less a precursor to worsening credit trends. Ongoing delinquency improvements are .......

    News Round-up 7 April 2011

  • Further downgrades for Portuguese ABS

    Fitch has downgraded 56 tranches - of which 51 are RMBS, one ABS and four structured credit (SC) - from 35 Portuguese structured finance transactions. All tranches remain on rating watch negative, with a further two tranches placed on review.

    The rating actions follow the downgrade of Portugal's long-term foreign and local currency issuer default ratings to triple-B minus from .......

    News Round-up 6 April 2011

  • Spirit demerger reviewed

    Moody's has commented on the demerger of the Spirit Group from parent Punch Taverns and the creation of a new listed parent company, Spirit plc. The agency currently rates all classes of notes issued by Spirit Issuer at Ba2.

    Following Punch's strategic review (see SCI 23 March), Spirit's current strategy appears unsustainable and restructuring was deemed to be necessary. The .......

    News Round-up 6 April 2011

  • Regulations to delay SF recovery?

    The influx of new and proposed global structured finance regulations is likely to delay the return of a 'normalised' market by at least 12 months, according to Fitch. Although regulations have a worthy aim in creating a robust framework, the number of international bodies involved means that substantial regulatory implementation and consistency is unlikely to be attained until at least .......

    News Round-up 5 April 2011

  • Private student loan charting tool launched

    Moody's has released an interactive performance charting tool, which allows investors to compare deal performance on private student loan ABS. The tool also provides access to a full set of standardised performance metrics derived from the analysis of more than 50 Moody's-rated private student loan ABS transactions.

    "The charting tool gives our structured finance research subscribers easy access to standardised .......

    News Round-up 5 April 2011

  • Corporate credit md named

    Gleacher & Company Securities has appointed Brian McGrath as md and distressed/credit trader in its corporate credit division. With over 23 years of credit market experience, McGrath was most recently a portfolio manager at Viathon Capital. Prior to this, he ran the high yield bond desk at DB Securities.

    .......

    Job Swaps 5 April 2011

  • Portuguese ABS hit by sovereign downgrade

    S&P has downgraded to double-A minus 68 tranches across 48 Portuguese ABS and RMBS, which previously were rated double-A, double-A plus or triple-A. Three tranches remain triple-A rated due to their European Investment Fund guarantee.

    The downgrades are a result of S&P's revised assessment of Portuguese country risk in structured finance transactions backed by Portuguese assets, which in turn follows .......

    News Round-up 4 April 2011

  • RFC issued on Canadian SF rules

    The Canadian Securities Administrators (CSA) is seeking input on its proposals regarding the regulation of securitised products.

    Under the proposed framework, reporting issuers would be required to provide investors with information on the features and risks of securitised products. While the new requirements will be consistent with international developments, non-reporting issuers that distribute securitised products in the exempt market will .......

    News Round-up 4 April 2011

  • Promotion for SF partner

    Mallesons Stephen Jaques has promoted Stuart Fuller to chief executive partner, effective from January 2012. Fuller is managing partner at the firm, specialising in structured finance. He is also the current chairman of the Australian Securitisation Forum.

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    Job Swaps 1 April 2011

  • Broker on hiring spree

    CRT Capital Group has announced a raft of new hires in its securitised products and credit products groups. The move comes as the firm expands its client offerings by joining Tradeweb's platform as a liquidity provider for its mortgage pass-through securities marketplace.

    Joining the firm as co-head of its pass-through trading desk is Tim Coyne, formerly with BNP Paribas, while .......

    Job Swaps 1 April 2011

  • Fixed income co-heads named

    Knight Capital Group has promoted mds Robert Lyons and Alan Lhota to co-head its global fixed income business. The pair will report to the firm's chairman and ceo Thomas Joyce.

    Knight's institutional fixed income team provides buy-side firms with research, sales and trading across a broad range of fixed income securities, including ABS and MBS.

    Before joining Knight, Lyons was .......

    Job Swaps 31 March 2011

  • ASF names public policy md

    The American Securitization Forum (ASF) is opening a Washington, DC office to further its advocacy efforts on behalf of the securitisation markets. Jim Johnson has been appointed md of public policy, reporting to ASF executive director Tom Deutsch.

    Johnson previously served as senior counsel to the US Senate Committee on Banking, Housing and Urban Affairs for Ranking Member Richard Shelby. .......

    Job Swaps 29 March 2011

  • Bank names new structuring head

    RBS Securities has appointed Shad Quraishi as head of its client structuring and solutions group for banks in North America. Based in Stamford, he will report to Miles Hunt and Joe Carney, co-heads of client structuring and solutions for the Americas.

    Quraishi joins the bank from NewOak Capital, where he was vice-chairman and co-head of its capital markets team. Prior .......

    Job Swaps 29 March 2011
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