ABS

  • Euro SF downgrades decline dramatically

    S&P reports that in 3Q10 the quarterly number of European structured finance downgrades fell to their lowest level since 2007, with downgrades falling by a third of the agency's total in 2Q10.

    "Our latest report highlights an improvement in the credit performance of European structured finance," says S&P analyst Arnaud Checconi. "We took 509 rating actions in Q3, comprising 352 .......

    News Round-up 27 October 2010

  • PPIP performance update released

    The US Treasury reports that PPIP managers drew down an additional US$2.4bn over the last quarter, compared to US$5.7bn in Q2. Total draws under the programme now equal US$18.6bn, representing 65.5% of the US$29.4bn in total purchasing power available to PPIFs.

    Of the US$19.4bn in market value invested, 82.4% resides in non-agency securities. Similar to last quarter, the prime and .......

    News Round-up 26 October 2010

  • BofA, Citi conduits on review

    Fitch has placed the F1+ ratings on six ABCP conduits sponsored by Bank of America and Citi on rating watch negative (RWN). The move follows the placement of the banks' A+/F1+ issuer default ratings on RWN.

    The ratings of the ABCP issued by the conduits are linked to the ratings of the banks, as sponsors and direct credit and liquidity .......

    News Round-up 26 October 2010

  • US credit card charge-offs fall sharply

    According to Moody's latest indices for the sector, charge-offs on US credit cards fell by over a percentage point in September, ending the month at 8.9%. The steep drop from 10.03% in August confirms that the small rise in charge-offs in August only reflected seasonal factors, the agency says.

    Moody's says it expects charge-offs to move steadily lower into the .......

    News Round-up 26 October 2010

  • Positive trends continue for timeshare deals

    According to S&P's latest indices for the sector, overall trends were positive among US timeshare securitisations in 2Q10, continuing the encouraging performance noted in the prior quarter.

    Key performance variables for the period, including delinquencies and defaults, either improved or remained unchanged, the agency says. Delinquencies declined to 3.85% - the lowest level since August 2008, while monthly defaults remained .......

    News Round-up 25 October 2010

  • Seasonal pressures drive auto ABS delinquencies

    According to Fitch's latest indices for the sector, the prolonged stress of US consumer and seasonal pressures have pushed US auto loan ABS losses and delinquencies higher in the recent period.

    "Weaker used vehicle values driven by seasonal factors contributed to the worsening auto ABS performance," says Fitch senior director Hylton Heard. "However, used vehicle values remain strong overall and .......

    News Round-up 22 October 2010

  • ASF cautions against 'overly broad' rules

    In a letter to the US SEC, the American Securitization Forum (ASF) has expressed its full support for a portion of the Dodd-Frank Act that addresses conflicts of interest in securitisation. At the same time, the ASF cautions the SEC against imposing overly broad rules as it implements the Act because they could create serious unintended consequences.

    "The ASF strongly .......

    News Round-up 22 October 2010

  • Slow improvement for EMEA SF rating outlooks

    The asset performance and rating outlooks for EMEA structured finance continue to improve, albeit slowly, according to Fitch. Five out of the six outlooks to change this quarter moved in a positive direction, the agency adds.

    Fitch's ratings outlook for German consumer ABS changed from stable to stable/positive during the quarter, resulting from good asset performance and increased credit enhancement arising .......

    News Round-up 21 October 2010

  • Fed's risk retention report welcomed

    The US Federal Reserve Board has issued a report on the potential impact of credit risk retention requirements on securitisation markets, as required under the Dodd-Frank Act. The report highlights the significant differences in market practices and performance across securitisations backed by different types of assets, recommending that regulatory agencies take these differences into account when developing risk retention requirements.

    Overall, .......

    News Round-up 21 October 2010

  • Bank adds sales director

    Lloyds Bank has appointed Maureen Osborne as director in its capital market sales group. Covering the Nordic region, she will be responsible for credit sales, including ABS, reporting to the group's head of Germany and Scandinavia Hans Enssle.

    Osborne joins the firm from Matrix and has over 20 years of credit sales experience.

    .......

    Job Swaps 20 October 2010

  • Fitch restructures EMEA SF group

    Fitch has made a number of personnel changes to its EMEA structured finance group.

    Karen Skinner has been promoted to md in Fitch's newly-created global research strategy group. Based in London, Skinner and the group will report to Peter Jordan, the firm's head of global business management.

    Skinner was previously head of business & relationship management for structured finance and .......

    Job Swaps 20 October 2010

  • Prytania partner replaced

    Prytania has recruited Oliver Fochler as a partner. Fochler was previously head of global business solutions at Moody's Analytics in London and has significant experience in credit and structured finance. He will be responsible for the firm's origination and client management, replacing Marc Jones, who is leaving to pursue an opportunity with RBS.

     

    .......

    Job Swaps 19 October 2010

  • EM ABS recommendations released

    A report containing securitisation-related recommendations for regulators in emerging markets jurisdictions has been approved by IOSCO's Emerging Markets Committee (EMC). The report suggests that a stable macroeconomic environment, a robust legal and accounting framework, a neutral tax system, investor education and a robust framework for the securities regulator are all necessary for the development of a securitisation market.

    The EMC .......

    News Round-up 18 October 2010

  • UK credit card ABS performance stabilising

    Fitch reports that the performance of UK credit card trusts is showing signs of stabilisation, as delinquency rates remain unchanged from the previous month. Nevertheless, the agency says, the risk of increased charge-offs - as a result of the write-offs of delinquent and debt management accounts - still remains.

    The August 2010 Fitch 60-to-180 day Delinquency Index remained unchanged from .......

    News Round-up 18 October 2010

  • New partners to strengthen SF team

    Clyde & Co has appointed Chris Sykes and Robert Franklin as partners in its structured finance team. The pair will work to strengthen the firm's services in the international projects, construction and real estate sectors.

    Sykes joins the firm from Osborne Clarke, where his areas of experience included acquisition, asset and property finance and general corporate banking. In particular, he .......

    Job Swaps 15 October 2010

  • SEC ABS disclosure proposals released

    The US SEC has issued a new proposal to improve disclosure to ABS investors. The proposed rules would require issuers to perform a review of the assets underlying the securities and publicly disclose information.

    "This marks the third commission proposal to address the ABS issues that came to light during the financial crisis," says SEC chairman Mary Schapiro. "This proposal .......

    News Round-up 14 October 2010

  • Promotion for fixed income md


    Standish Mellon Asset Management Company has promoted David Leduc to cio of its active fixed income group. With 23 years of investment experience, he has been working at Standish since 1995, most recently as md of global fixed income. Previous to this role, he was senior portfolio manager, responsible for overseeing the firm's management of all non-US and global bond .......

    Job Swaps 14 October 2010

  • Trading vet moves on

    Odeon Capital Group has appointed Derek Rose as svp to lead the trading desk of its new office in Chicago. In this role, he will be responsible for providing clients with a full service offering for trading in the high yield and distressed debt spaces.

    Rose has 23 years of experience in the securitisation industry and joins from Southwest Securities, .......

    Job Swaps 14 October 2010

  • Citi retail card portfolios acquired

    GE Capital has purchased US$1.6bn sales finance portfolios from Citi Retail Partner Cards. The sale is part of Citigroup's restructuring efforts and follows its recently announced sale of Student Loan Corporation (see SCI issue 201).

    "We believe lenders will continue to look for opportunities to purchase loan portfolios, as organic growth has stalled due to low spending and tighter underwriting .......

    Job Swaps 13 October 2010

  • Polish partner recruited

    Chadbourne & Parke has recruited Marek Krol as an international partner in its Warsaw office. Krol was most recently a partner at CMS Cameron McKenna, where he served as head of the banking and finance department. Previously, he led the structured finance department at White & Case.

    Krol advises clients on banking and finance transactions, including project financing, real estate .......

    Job Swaps 13 October 2010

  • Hire to boost EMEA retail coverage

    Mark Valentine has joined Bank of America Merrill Lynch as md in its securitised products EMEA group. He will report to both Eric Personne and Marco Piccioni, EMEA co-heads of the bank's asset retail distribution unit.

    Valentine is expected to focus on developing BAML's footprint in the European securitised market across retail and high net-worth channels, as well as creating .......

    Job Swaps 13 October 2010
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