ABS

  • Market awaits second op risk hit

    Moody's expects to publish its operational risk guidelines for global structured finance transactions by the end of February. The agency says the new guidelines could affect the senior ratings of up to 200 transactions worldwide, including approximately 80 RMBS, 30 ABS and 20 CMBS in Europe, as well as 47 student loan ABS in the US.

    "The performance of a .......

    News Round-up 10 February 2011

  • Rating removal rule proposed

    The US SEC has voted unanimously to propose amendments that would remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities for public sale.

    Section 939A of the Dodd-Frank Act requires federal agencies to review how existing regulations rely on credit ratings and remove such references from their rules as appropriate. This .......

    News Round-up 10 February 2011

  • Global ABS head appointed

    RBS has promoted Scott Eichel to global head of securitised products and US credit within its global banking and markets division. He will continue to report globally to Peter Nielsen, the bank's global head of markets, and regionally to Michael Lyublinsky, co-head of global banking and markets division in the Americas, and global co-head of fixed income, commodities and currencies.

    Job Swaps 10 February 2011

  • Business development svp named

    Jeremy Harrison has been appointed svp and senior business development officer in Bank of America business capital (BABC). Based in London, he will report to Joseph Powers, BABC business development manager for EMEA.

    With over 20 years of marketing and credit experience, Harrison was most recently manager of US-based asset-based lending operations at Lloyds Banking Group. Prior to that, he worked .......

    Job Swaps 10 February 2011

  • Seasonal trends driving timeshare delinquencies

    Delinquencies for US timeshare ABS continue to tread gradually higher quarter-over-quarter, though overall figures are still lower than in the previous year, according to Fitch's latest indices for the sector.

    "Seasonal performance deterioration, not surprisingly, has persisted through the winter months. However, year-over-year drops in timeshare delinquencies are bringing levels closer to historical averages," says Fitch director Brad Sohl. Given .......

    News Round-up 8 February 2011

  • Litigation counsel promoted

    The US SEC has promoted Mark Cahn to general counsel. He will assume his new role when David Becker steps down from the position later this month. Cahn has served as deputy general counsel for litigation and adjudication.

    .......

    Job Swaps 7 February 2011

  • FDIC names general counsel

    The FDIC has appointed Michael Krimminger as its new general counsel. He has served as a key policy advisor to the FDIC board of directors since 2006, leading the development of major policy initiatives, including the agency's new Orderly Liquidation Authority under the Dodd-Frank Act. Krimminger was previously deputy to the chairman for policy.

    .......

    Job Swaps 7 February 2011

  • Cashflow analysis application launched

    Intex Solutions has launched INTEXcalc, a new end-user application offering transparency and speed in the analysis of structured finance securities. Available in web and local versions, INTEXcalc leverages Intex's cashflow model libraries, allowing users to analyse single securities, portfolios and bid lists with greater granularity and control, the firm says.

    Kevin McCarthy, Intex md, comments: "Traders, investors, issuers and other .......

    News Round-up 4 February 2011

  • Additional ratings on watch for counterparty risk

    S&P has placed on credit watch negative its ratings on 149 classes of notes in 33 North American ABS transactions. This is in addition to the 950 North American structured finance ratings placed on watch negative on 18 January, following the update to the agency's criteria for assessing counterparty and supporting obligations (SCI passim).

    The aggregate original issuance amount of .......

    News Round-up 3 February 2011

  • SF research head named

    Credit Suisse has appointed Dale Westhoff as global head of structured products research in New York. Westhoff will focus on delivering the bank's research in MBS, ABS and other structured products to clients. He will also continue to develop the bank's suite of structured product analytics, with particular emphasis the MBS prepayment models.

    Most recently, Westhoff was head of consumer .......

    Job Swaps 3 February 2011

  • Positive performance continues for US credit cards

    US credit card ABS performance registered positive gains across the board for the second straight month, according to Fitch's latest credit card ABS index results. All variables - including charge-offs, delinquencies, yield, monthly payment rate (MPR) and excess spread - improved again during the December collection period. Credit card defaults dropped to a 23-month low, while delinquencies fell to a .......

    News Round-up 2 February 2011

  • SLABS back-up servicers recommended

    Some US student loan ABS servicers may go the way of the now-defunct US FFELP programme, which in turn leaves some SLABS transactions susceptible to rating downgrades, according to Fitch.

    With the Health Care and Education Reconciliation Act of 2010 (HCERA) effectively ending new FFELP originations, many not-for-profit and state-owned servicers are now left with a portfolio that will run-off .......

    News Round-up 2 February 2011

  • Institutional coverage team expanded

    BNP Paribas has named Tim Bitsberger md of its official institutions coverage team for the Americas. Based in New York, he will focus on the global needs of central banks, sovereign wealth funds, government agencies, GSEs and supranationals. He will report to Véronique Ormezzano, head of the firm's official institutions coverage in Paris, and to Joe Malley, head of the .......

    Job Swaps 1 February 2011

  • Boutique adds senior advisor

    The Williams Capital Group has appointed Joseph Fichera as a senior advisor. He will advise the firm on various securities and capital markets-related initiatives involving its corporate and municipal client service efforts.

    In 2000 Fichera founded Saber Partners, a financial advisory firm for corporate and public sector entities that specialises in auction rate securities and securitised debt. He will continue .......

    Job Swaps 1 February 2011

  • Stable outlook for Indian SF

    The performance of Fitch-rated Indian ABS and RMBS transactions are expected to remain stable in 2011. The outlook is attributable to the Indian government's focus on the infrastructure and agriculture sectors, as well as credit enhancement build-up and excess interest spread.

    "While marginal deterioration has been observed in commercial vehicle (CV) loan ABS, particularly transactions originated after 1H09, such transactions .......

    News Round-up 1 February 2011

  • Analytics platform enhanced

    A series of enhancements have been made to ABSXchange - S&P's structured finance analytics platform - as part of an extensive programme to help investors deepen their analysis of structured finance transactions. The latest round of upgrades include automatically-calculated data fields where values are not otherwise supplied by deal servicers; a new screening capability that allows specific assumptions to be .......

    News Round-up 31 January 2011

  • Orrick duo jump ship

    Chapman and Cutler has appointed James Croke and Peter Manbeck - formerly of Orrick, Herrington & Sutcliffe - as partners in the New York office's asset securitisation group. The pair will focus on assisting clients to develop new ways to access and invest in structured finance transactions.

    Before Orrick, the two lawyers worked at Cadwalader, Wickersham & Taft, where Croke .......

    Job Swaps 31 January 2011

  • Dublin tax group formed

    Walkers has made two appointments in its newly created tax group in Dublin. From March 2011, Anthony Smyth will assume the role of senior partner and head of the group. He was previously a partner for a Dublin law firm, leading its financial services and inward investment tax practices.

    Petrina Smyth also joins Walkers' tax group as partner. She previously .......

    Job Swaps 27 January 2011

  • Ratings reinstated after system error

    S&P has reinstated its triple-A and triple-B credit ratings on Trafigura Securitisation Finance's variable-rate CP-funded senior and junior notes. The agency withdrew these ratings on 31 December, due to an IT system error that has since been corrected.

    Trafigura Securitisation Finance securitises trade receivables arising from Trafigura's energy and commodity trading business. The legal final maturity date for both notes .......

    News Round-up 27 January 2011

  • EM criteria updated

    Fitch has updated its criteria for analysing legal uncertainty in emerging market securitisations. In a new criteria report, it lays out the methodology it applies to cap securitisation ratings in 38 emerging markets worldwide.

    The ratings capping criteria refer primarily to legal aspects in securitisations, but also provide a more general framework to capture some weaknesses evident in emerging market .......

    News Round-up 27 January 2011

  • Positive credit card charge-off trend continues

    Moody's reports that charge-offs on US credit cards have fallen for a fourth consecutive month in December to 8.03%, down from 8.58% in November. With early stage delinquencies also declining, the agency expects the charge-off rate to continue to decline steadily in coming months - ultimately breaking below 7% by the middle of 2011.

    "The positive trends that drove the .......

    News Round-up 27 January 2011
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