ABS

  • New Mexican ABS participants, assets expected

    New participants appear poised to enter the Mexican securitisation market in 2011, according to S&P. The agency believes that the country's economy is stabilising, which could help the securitisation market's recovery.

    "While new issuance levels will likely remain similar or slightly higher than they were in 2010 (US$8.7bn), the new year looks favourable," S&P notes. "We anticipate several new asset .......

    News Round-up 13 January 2011

  • US auto loan ABS criteria updated

    S&P has updated its methodology and assumptions criteria for rating and monitoring US auto loan ABS. However, the rating agency does not expect the updates to affect any outstanding ratings.

    The updated criteria include cashflow sensitivity analysis to test credit stability under conditions of moderate stress. It also uses a multi-pool cashflow analysis to address the liquidity risk associated with .......

    News Round-up 13 January 2011

  • Rating agency beefs up in SF

    Kroll Bond Ratings has made two appointments in its structured finance team. Kim Diamond assumes the role of senior md and co-head of the team, while Eric Thompson joins as md, focusing on CMBS.

    The pair previously worked at S&P: Diamond as head of US MBS ratings and surveillance, and Thompson as head of CMBS surveillance. Thompson will report to .......

    Job Swaps 12 January 2011

  • Securitisation lawyer promoted

    Bingham has elected 13 lawyers to its partnership, including one securitisation specialist. Robert Gross is a member of the firm's structured transactions group in the Washington, DC office and has represented investment banks, hedge funds, issuers, sellers, purchasers, investors, servicers and monoline insurers in connection with domestic and cross-border financial transactions. His transactional experience includes public and private offerings and .......

    Job Swaps 12 January 2011

  • Divergent European ABS recovery expected

    The recent revival in new issuance for some European structured finance asset classes - notably UK and Dutch RMBS and German auto ABS - is expected to continue this year, according to S&P. However, the revival comes at a time when the market could be set to divide further along geographic lines, with more stable credit performance and greater issuance .......

    News Round-up 11 January 2011

  • Italian SF counsel hired

    Bird & Bird has hired Silvia Morlino as counsel in its banking and finance group, to develop its Italian structured finance practice. She joins from Allen & Overy, where she worked since the firm opened in Italy in 1998.

    Morlino specialises in debt issues, share issues in IPOs, structured finance transactions, securitisation pursuant to Law 130 as well as English .......

    Job Swaps 11 January 2011

  • Stable outlook for US ABS performance

    The outlook for the performance of the majority of US ABS sectors is stable, albeit at weaker levels compared to their performance historically, according to Moody's 2011 surveillance outlook report. The stable outlook applies to securitisations of FFELP student loans, agriculture and construction equipment loans, timeshare loans and franchise loans.

    Most of these sectors have some vulnerability to the weak .......

    News Round-up 10 January 2011

  • SEC proposes ABS issuer reporting rule

    The US SEC is proposing a rule that would permit the suspension of reporting obligations for ABS issuers in certain circumstances - i.e. when there are no longer ABS of the class sold in a registered transaction held by non-affiliates of the depositor.

    Section 942(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (SCI passim) eliminated the automatic .......

    News Round-up 7 January 2011

  • Structured credit pros hired

    StormHarbour has made three new senior appointments in to its client-facing business in Geneva.

    Alberto Ferro-Villani joins StormHarbour (Suisse) as director of capital markets and origination. Alberto previously worked at Hepta Capital Partners as md of its mid-sized corporate-focused private equity fund. Prior to this, he worked at Credit Suisse on the corporate debt derivatives desk.

    Hugues Dauphin joins the .......

    Job Swaps 7 January 2011

  • ABS CDO manager transferred

    Cairn Capital is set to replace Solent Capital as the collateral manager for ABS CDO Rhodium 1. Moody's has determined that the management change will not cause its current ratings on the affected notes to be reduced or withdrawn.

    .......

    Job Swaps 6 January 2011

  • Asia trust head appointed

    Citi has appointed Adrian Nye as regional head of its agency and trust business in the Asia Pacific region. Nye's primary focus will be on broadening the bank's range of corporate trust services available to regional issuers and intermediaries active in the capital markets, M&A, project finance and securitisation sectors. He will report to Alan Smith, head of issuer services .......

    Job Swaps 6 January 2011

  • Partnership bolsters fixed income valuations

    Advanced Fund Administration (AFA) has partnered with NewOak Solutions to provide periodic valuations and a suite of analytical reporting that will be incorporated into AFA's client service offering. In addition, NewOak and AFA will develop solutions supporting the investment process for managers of complex and illiquid strategies.

    Through the partnership with AFA, NewOak will provide security level pricing, risk analytics and .......

    News Round-up 6 January 2011

  • Student loan servicing outsourced

    CIT Group has completed a service agreement with the Pennsylvania Higher Education Assistance Agency (PHEAA) to service US$7.4bn of the firm's government-guaranteed loans portfolio.

    Under the terms of the agreement, CIT will outsource all of its student loan servicing activities that are currently provided by its subsidiary Xpress Loan Servicing (XLS). PHEAA conducts its commercial student loan servicing activities as .......

    News Round-up 5 January 2011

  • Senior trio depart

    Three senior executives are leaving Citadel Securities, the firm has confirmed. John Kilgallon, currently part of the leveraged finance group at Citadel, will replace head of leveraged finance Carl Mayer. Mayer had joined in 2009 from Merrill Lynch, where he was head of leveraged finance capital markets (see SCI issue 135).

    Along with Mayer, the head of credit markets for .......

    Job Swaps 5 January 2011

  • Securitisation trust units acquired

    US Bancorp's lead bank, US Bank National Association, has completed the acquisition of the domestic and European-based securitisation trust administration businesses of Bank of America. After conversion - expected to complete by the end of the third quarter of 2011 - the acquired US and European trust businesses will operate under the US Bank trade name and will open offices .......

    Job Swaps 5 January 2011

  • Improvement continues for credit card ABS

    A continued improvement in US credit card ABS collateral performance has been recorded in Fitch's latest index results. Chargeoffs, delinquencies, and excess spread all improved to extend the positive trends that began last summer, the agency reports.

    Riding a year-long string of improving delinquency trends, chargeoffs fell below 9% for the first time in 20 months helping excess spread levels .......

    News Round-up 5 January 2011

  • SLC acquisition completed

    Discover Financial Services has completed its acquisition of the Student Loan Corporation (SLC). The acquisition includes SLC's ongoing private student loan business and private student loans and other assets, totalling US$4.2bn, along with US$3.4bn of SLC's existing ABS funding and other liabilities.

    The acquisition was preceded by a series of transactions in which Sallie Mae purchased US$27bn of SLC's federal .......

    Job Swaps 4 January 2011

  • Portuguese ABS, RMBS on review

    Moody's has placed the ratings of 25 Portuguese structured finance transactions on review for possible downgrade. The ratings under review include the triple-A ratings on two RMBS, most of the mezzanine and junior notes in 21 other RMBS transactions, and six notes in four ABS transactions.

    The rating actions reflect the expectation of further asset performance deterioration, due to Portugal's longer-term .......

    News Round-up 23 December 2010

  • Fourth consecutive monthly decline for charge-offs

    Charge-offs on US credit cards fell for a fourth consecutive month in November to 8.58% - down from 8.79% in October, according to Moody's Credit Card Indices. Delinquencies and early-stage delinquencies also continued to fall during the month, indicating that charge-offs could carry on declining in the coming months.

    Jeffrey Hibbs, Moody's avp says: "The early stage delinquency rate in particular .......

    News Round-up 23 December 2010

  • Stable outlook for Brazilian ABS

    Moody's says its outlook for Brazilian securitisation performance remains stable. Favourable and stable economic conditions are set to continue to support performance, as well as promote new issuance, the agency notes.

    "Favourable macroeconomic fundamentals and the overall economic stability of the government of Brazil continue to drive the demand for consumer credit, vehicle financing and real estate financing as the middle .......

    News Round-up 23 December 2010

  • Counterparty risk update hits Euro SF

    S&P estimates that approximately 29% of all its outstanding rated structured finance transactions could be affected and placed on credit watch negative on 17 January 2011, following the updates made to its methodology and assumptions for assessing counterparty risk (see SCI 3 December). S&P has derived this estimate by counting transactions that include counterparty roles covered by the new criteria .......

    News Round-up 23 December 2010
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