ABS

  • ABCP op risk guidelines planned

    Moody's plans to propose operational risk guidelines for ABCP programmes, which will be made public through either a request for comment or press release by the end of April 2011. The agency will then invite ABCP participants to review and comment on its suggested approach to operational risk.

    The proposed guidelines focus on operational risk arising from a transaction party .......

    News Round-up 15 March 2011

  • Ratings advisor appointed

    Rabobank International has appointed Serge Haller as a ratings advisor in the capital markets solutions (CMS) team within its global financial markets division. Based in London, he will report to Ronan Donohue, the bank's head of CMS.

    Haller will be responsible for offering ratings advice and services to all Rabo wholesale clients, including first time ratings, ratings defence, internal ratings .......

    Job Swaps 15 March 2011

  • Bank adds fixed income head

    SG CIB has appointed Mark Landis to head its fixed income and currencies sales for the Americas. Landis will be responsible for managing the firm's client relationships in interest rate, credit, foreign exchange and securitised products. Based in New York, he will report to Vincent Bonamy, the bank's head of fixed income and currencies for the Americas, and to David .......

    Job Swaps 15 March 2011

  • ABS sales md named

    Aladdin Capital has appointed James Showers as md covering ABS and MBS sales. Based in Stamford, he will report to the firm's structured product sales chief, Rich Barry. Showers previously held a similar role at Hexagon Securities.

    .......

    Job Swaps 15 March 2011

  • Latest securitisation league tables released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets, covering the first two months of 2011.

    In the quieter of the two markets, three firms are tightly bunched together at the top of the European table, having been involved in over €5bn of issuance so far - Deutsche Bank, .......

    News Round-up 15 March 2011

  • Flip clause uncertainty drives counterparty update

    The recent out-of-court settlement of the Dante CDO case (SCI passim) leaves continuing conflicts of law and uncertainty with respect to certain cashflow structured finance transactions that include interest rate and currency derivatives and so-called 'flip clauses', according to Fitch. Further unrelated case law opens a different conflict of law with respect to continued performance under a swap with a .......

    News Round-up 14 March 2011

  • Mixed results for credit card ABS

    Although collateral performance was somewhat mixed this month, US consumer credit quality maintained course after extending year-long plus improvements, according to Fitch's latest Credit Card ABS Index results. Credit card defaults and delinquencies fell again, while yield, monthly payment rate (MPR) and excess spread dipped during the January collection period.

    "Charge-offs are now at a two-year low, while delinquencies have .......

    News Round-up 11 March 2011

  • Due diligence concerns revealed

    Following on from its 2010 structured finance survey, Principia Partners approached participants at the recent American Securitisation Forum (ASF) conference to conduct a second survey. Based on the responses of 150 attendees, the exercise identified the most important aspects of investor due diligence, as well as how well investors believed their organisations were equipped to analyse ABS and MBS investments.

    News Round-up 11 March 2011

  • Canadian ABS momentum to continue

    Moody's reports a stable outlook for all sectors of ABS issued in Canada and a positive outlook for the auto sector. The agency detects no stress in the RMBS and credit card backed sectors, despite record high levels of debt among Canadian consumers.

    "Performance in the two sectors has been stable. Residential mortgage arrears remain low, supported by a stable .......

    News Round-up 11 March 2011

  • Greek ratings review underway

    Following a recent series of downgrades, Moody's does not expect Greek structured finance transactions to retain or achieve an A3 rating or higher. The agency downgraded Greece's government bond ratings to B1 and several Greek banks to Ba3 or lower this month.

    Regardless of the structural features or the amount of credit enhancement in place, SF transactions are not immune .......

    News Round-up 11 March 2011

  • Market vets head new debt platform

    Berenson & Company has appointed Christopher Johnson and Jack Lucid as vice chairman and md respectively. The pair will lead the firm's new debt capital markets platform.

    With more than 26 years of investment banking experience, Johnson was most recently head of the restructuring advisory group for the Americas at Deutsche Bank Securities. Prior to joining Berenson, Lucid was ceo and .......

    Job Swaps 11 March 2011

  • New bond fund minted

    Loomis, Sayles & Company has launched the Loomis Sayles Absolute Strategies Bond Fund to address investor demand for absolute return-oriented fixed income strategies in the UK and Europe. The fund allows for tactical investments in a variety of fixed income securities, including securitised assets and long/short derivative positions, aimed at preserving income while also offering a disciplined risk management process .......

    News Round-up 10 March 2011

  • TARP repayments gathering pace

    The US Treasury says that, with the receipt this week of a US$6.9bn repayment from AIG, taxpayers have now recovered 70% of total Troubled Asset Relief Program (TARP) disbursements.

    "We're optimistic that as we continue to wind down TARP, our temporary investments in private companies will ultimately result in little or no cost to taxpayers taken as a whole," comments .......

    News Round-up 10 March 2011

  • IOSCO implementation underway

    IOSCO's Technical Committee has published the results of a survey on the implementation of its September 2009 recommendations with respect to securitisation and credit default swap markets - the 'Task Force on Unregulated Markets and Products - Implementation Report' (see SCI issue 151). It has also made two further recommendations.

    The report shows that all jurisdictions surveyed by the task .......

    News Round-up 8 March 2011

  • CPS secures credit line ahead of ABS return

    Consumer Portfolio Services has entered into a US$100m two-year warehouse credit line with UBS Real Estate Securities. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers. The facility revolves during the first year and amortises during the second year.

    "This transaction brings our total warehouse capacity to US$200m," says Charles .......

    News Round-up 3 March 2011

  • Guggenheim preps prop trading platform

    Guggenheim Partners has launched Guggenheim Global Trading (GGT), which will invest capital on behalf of the firm, its shareholders, its affiliates and a small group of institutional investors. Based in Purchase, New York, GGT will be headed by Loren Katzovitz and Patrick Hughes, both managing partners of Guggenheim Partners.

    GGT has an initial target allocation of approximately US$500m, with a .......

    Job Swaps 3 March 2011

  • SEC rating, clearing rules proposed

    The US SEC has released two further proposals for comment in line with Dodd-Frank requirements. One would see the removal of references to credit ratings in certain rules and forms under the Investment Company Act of 1940 - including rule 2a-7, governing the operations of money market funds. The other is in connection with the operation and governance of clearing .......

    News Round-up 3 March 2011

  • Visualisation tool launched

    Codean has released Codean Visualizer, its new legal document visualisation software. Acting as a standalone desktop application, the software analyses documents for defined terms to produce a hyperlinked and navigable report. The report includes where and how the defined terms are used, while graphically showing how the defined terms fit together.

    "Codean Visualizer's technology allows lawyers and financial investors, who .......

    News Round-up 2 March 2011

  • Moody's operational risk guidelines explained

    Moody's has published its comprehensive guidelines for analysing operational risk in structured finance transactions globally. The methodology applies immediately to new Moody's-rated deals, as well as to its outstanding ratings on ABS, RMBS, CMBS and certain other structured credit transactions.

    In Europe, the changes will affect 131 tranches from 78 RMBS, 40 tranches from 26 ABS, 48 tranches from 29 .......

    News Round-up 2 March 2011

  • KKR expands in distressed assets

    Kohlberg Kravis Roberts & Co (KKR) has appointed Mubashir Mukadam as European head of the special situations platform within its asset management arm. Based in London, Mukadam will focus on secondary purchases of distressed assets, as well as rescue lending and structured investments in Europe.

    He will report to Nat Zilkha and Jamie Weinstein, co-heads of the special situations platform .......

    Job Swaps 2 March 2011

  • Consultancy adds business development md

    Actualize Consulting has appointed Mark Kahn as md with responsibility for business development across its capital markets and mortgage and fixed income practices. He will focus on expanding the firm's capabilities and service offerings in risk management, valuation services, regulatory compliance and financial system implementations.

    Before joining Actualize, Kahn served as head of sales for Principia Partners. Prior to this, .......

    Job Swaps 2 March 2011
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