ABS

  • Euro ABS head named

    Jefferies has appointed James Fadel as md and head of European structured debt capital markets in London. He will be responsible for the origination, execution and syndication of structured products, including MBS and ABS.

    With over 28 years of experience, Fadel spent over 12 years at Morgan Stanley in New York and London as md and head of European ABS .......

    Job Swaps 29 November 2010

  • Seasonal strength bolsters US auto ABS

    Fitch reports that the unprecedented seasonal strength in the US used vehicle market, combined with two months of lower new jobless claims has bolstered auto ABS performance for October.

    "Historically high used vehicle values brought on by positive supply and demand dynamics by manufacturers are helping to contain loss levels," says Fitch director Hylton Heard. "Lower loss levels are expected .......

    News Round-up 25 November 2010

  • SEC 'no action' letter extended indefinitely

    The US SEC says it "has determined to extend" indefinitely its 'no-action' letter to omit credit ratings from registration statements filed under Regulation AB, which provided a six-month reprieve from the repeal of Rule 436(g) of the Securities Act under Dodd-Frank in July (see SCI issue 195).

    ABS analysts at RBS note that this development proactively removes an element of .......

    News Round-up 23 November 2010

  • Call for tailored risk retention

    In a series of letters submitted this week to joint regulators charged with implementing risk retention requirements for ABS under the Dodd-Frank Act, the American Securitization Forum voiced its support for retention requirements that are tailored to each major asset class and provide flexibility for the long term.

    The ASF indicated that a 'horizontal slice', in which an issuer retains .......

    News Round-up 23 November 2010

  • LatAm head recruited

    Crédit Agricole has appointed Gordon Kingsley as head of Latin America debt and credit markets origination. Based in New York, he reports to Andy Schaeffer, head of credit markets and DCM origination Americas.

    Kingsley was most recently md and head of structured finance at BCP Securities. Prior to this, he held senior capital markets positions at Forum Asset Management, Standard .......

    Job Swaps 23 November 2010

  • Acquisition bolsters SME offering

    Manx Financial Group has acquired the entire share capital of ECF Asset Finance, which provides asset-backed finance to UK-based SMEs. The acquisition has been made by Bradburn, a wholly owned subsidiary registered in Isle of Man.

    ECF possesses the underwriting skills to help effectively manage risk at this key point in the economic cycle, according to Manx. The firm offers .......

    Job Swaps 23 November 2010

  • Chinese auto lease programme launched

    AutoChina International has begun securitising a portion of its commercial vehicle leases through a landmark partnership with CITIC Trust. This programme is believed to be the first of its kind in China.

    "Not only does it provide us with another source of financing, it also better matches funding to the actual times when the leases are originated," says AutoChina chairman .......

    News Round-up 23 November 2010

  • Certain sectors holding APAC back

    Fitch says over 80% of structured finance ratings in the Asia-Pacific region have a stable outlook, although a few specific sectors still have negative outlooks on ratings. Negative ratings are largely concentrated in Japan, Australia and New Zealand.

    Downgrades in Asia-Pacific SF during 3Q10 were the highest since 4Q09, according to Fitch, as further declines in Japanese commercial real estate .......

    News Round-up 23 November 2010

  • Further improvement for US credit cards

    US credit card charge-offs fell by 11bp in October to end the month at 8.79%, according to Moody's latest credit card indices report, with the delinquency rate also falling by 14bp. At the same time, the agency has announced it is revising its credit card ABS outlook up to stable.

    The charge-off rate is now more than 12% below its .......

    News Round-up 23 November 2010

  • Shipping methodology updated

    Moody's has published an updated global shipping rating methodology, following a review of the methodology that it uses to rate and monitor ABS transactions backed by shipping loans. The review was initially prompted by the recent high volatility observed in the shipping market.

    Moody's says it has gathered additional data on the industry over the last several years and used .......

    News Round-up 23 November 2010

  • Regulatory data service launched

    S&P's Valuation & Risk Strategies group has launched a regulatory data solution for banks and insurers. The offering is designed to help banks comply with new standards for identifying and reporting securitised assets, while addressing requirements under Pillars One and Three of Basel 3.

    Pillar I sets out requirements for the calculation of risk-weighted exposure amounts for securitisation positions recorded .......

    News Round-up 22 November 2010

  • Trade receivables ABS refinanced

    Smurfit Kappa Group has completed a €250m five-year trade receivables securitisation programme. Proceeds will be used to refinance the Group's existing €210m securitisation programme, which has a September 2011 maturity, and to repay a portion of its bank debt when fully drawn.

    .......

    News Round-up 22 November 2010

  • Recruiter adds structured credit exec

    Robin Keck Associates has appointed Philippa Deane as a fixed income head-hunter. Before joining Robin Keck, Deane spent four years running her own executive search business. Prior to this, she was responsible for building and running a structured credit desk at International Search, after having spent five years at the structured finance search firm Mantaray.

     

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    Job Swaps 22 November 2010

  • Modest rise for timeshare ABS delinquencies

    US timeshare ABS delinquencies have risen slightly over the last quarter, yet remain lower than a year ago, according to Fitch's latest indices for the sector. Given the expected stable collateral performance and ample credit enhancement levels, the agency says its rating outlook for timeshare ABS remains stable.

    "Seasonal performance deterioration appears to have taken hold as we enter the .......

    News Round-up 19 November 2010

  • SIFMA outlines due diligence support

    SIFMA has expressed its support for regulatory changes in the disclosure of repurchase requests and due diligence, as proposed by the US SEC under the Dodd-Frank Act. This, the association says, will help revive the securitisation market by enhancing transparency and rebuilding investor confidence.

    Additionally, SIFMA says it is particularly supportive of proposed changes that will allow investors to make .......

    News Round-up 17 November 2010

  • Securitisation leaders forge ahead

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show that RBS in Europe and Barclays Capital in the US have retained top spots for 2010 to the end of October. The leaders participated in an impressive €2.14bn and US$6.37bn worth of qualifying deals over the past .......

    News Round-up 17 November 2010

  • Organisational changes for McGraw-Hill

    The McGraw-Hill Companies has made a number of organisational and management changes, which will see its financial services department realigned into two separate segments - S&P and McGraw-Hill Financial. Deven Sharma will be president of the former, while Lou Eccleston will serve as president of the latter - which will combine businesses such as S&P Indices and Valuations & Risk .......

    Job Swaps 17 November 2010

  • Spanish originator support likely to diminish

    Fitch believes that some originators are supporting Spanish structured finance transactions by refinancing and restructuring loans that are at risk or delinquent, partly in an effort to ensure rating stability. However, the agency says it expects such support to diminish in the near term, which could lead to higher losses in securitised portfolios.

    "Originator support helps explain higher-than-expected loan prepayments .......

    News Round-up 17 November 2010

  • BoA trust business sale agreed

    US Bank has entered into an agreement to purchase the US- and European-based securitisation trust administration businesses of Bank of America. The transaction is expected to close in December 2010, subject to regulatory approval.

    US Bank Corporate Trust Services will acquire approximately 2,153 active securitisation and related transactions, more than 2.4m residential mortgage files, 84,000 commercial files and US$1.1trn in .......

    Job Swaps 16 November 2010

  • Japan ABS revisited on grey-zone issue

    Moody's is analysing the risk for Japanese securitisations backed by loan receivables involving payments of grey-zone interest, following the start of Takefuji Corporation's corporate reorganisation procedures.

    Takefuji is to redefine the principal amount of its loan receivables based on the maximum interest rate under Japan's Interest Rate Restriction Law. Accordingly, it will require that obligors pay down their loans based .......

    News Round-up 12 November 2010

  • Advisory affiliation established

    LECG and NewOak Capital have established an affiliate relationship to provide a broader and deeper scope of services to the financial services industry. The two firms had previously undertaken work together over the past two years, resulting in new client engagements in consulting and litigation matters.

    Chad Burhance, md and head of NewOak Capital's solutions division, says the affiliation will .......

    Job Swaps 12 November 2010
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