ABS

  • 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

  • SF qualitative risks examined

    Moody's has released a report assessing how the misalignment of interests among transaction parties, as well as the effectiveness of transaction governance and safeguarding, poses an important qualitative risk in securitisations.

    "The behaviour of transaction parties in ways not initially intended can affect the distribution of cash and performance of the assets in a structured finance transaction," says Moody vp .......

    News Round-up 13 October 2010

  • Off-balance sheet treatment clarified

    The IASB has issued amendments to IFRS 7 as part of its review of off-balance sheet activities. The board says the amendments will allow users of financial statements to improve their understanding of transfer transactions of financial assets, such as securitisations.

    It is hoped the changes will help clarify the possible effects of any risks remaining with the entity that .......

    News Round-up 13 October 2010

  • ECB updates ABS guidelines

    The ECB has announced changes to its guidelines on monetary policy instruments in the Eurosystem. While many of the revisions pertaining to ABS - such as ratings and tranche seniority - have already been signalled, there are some new rules designed to limit exposure to non-European collateral.

    Essentially, from October 2011 any collateral backing a securitisation must be originated in .......

    News Round-up 13 October 2010

  • RFC issued on US ABS regulation

    The US SEC is seeking public comment on proposed regulations under the Dodd-Frank Act that require both issuers of ABS and rating agencies to provide investors with new disclosures about representations, warranties and enforcement mechanisms. Section 943 of the Act requires the Commission to prescribe regulations on the use of representations and warranties in the ABS market by 14 January .......

    News Round-up 13 October 2010

  • Regional SF team expanded

    Yorkshire Bank has expanded its corporate & structured finance team in Birmingham with the appointment of Maria Horsham as associate director. She will join the bank's acquisition finance team, managing relationships with key private equity backed clients, while supporting the bank's growth plans.

    Horsham began her career 14 years ago at RBS and was most recently part of the firm's .......

    Job Swaps 6 October 2010

  • Analytics platform integrates performance data

    Principia Partners has integrated Intex performance data into its Principia Structured Finance Platform (Principia SFP). Intex historical collateral performance data - including delinquency, loss and prepayment rates for over 23,000 Intex modelled RMBS, ABS, CMBS and CDO deals - can be accessed from the platform, the firm says.

    For portfolio and risk managers, less data mining is involved to view .......

    News Round-up 6 October 2010

  • Japanese credit rating application accepted

    Moody's application for Japan Kabushiki Kaisha (MJKK) and Moody's SF Japan Kabushiki Kaisha (MSFJ) as credit rating business operators have been accepted under the Financial Instruments and Exchange Act of Japan on credit rating agencies.

    MJKK will provide credit ratings for corporations, financial institutions and local and regional governments, as well as structured finance transactions intended for sale outside of .......

    Job Swaps 6 October 2010

  • Fixed income head named

    Evolution Securities has promoted Gary Jenkins to head of its fixed income division. He will be responsible for formulating and delivering the firm's strategy for fixed income for 2011 and onwards.

    Jenkins joined the firm in January 2009 and developed and promoted its fixed income research product. Prior to this, he was head of fundamental credit strategy at Deutsche Bank, .......

    Job Swaps 6 October 2010

  • ABS structurer moves into recruitment

    Raffaella Boscolo has joined Kinsey Allen International as a consultant responsible for its ABS and credit solutions business. She will report to the firm's md, Bruce Lock.

    Previously working within the monoline bond insurance industry, Boscolo worked for both Financial Guaranty Insurance Company and Radian, where she was responsible for structuring CDOs. Prior to this, she worked in the ABS .......

    Job Swaps 6 October 2010

  • Broker expands regional sales force

    KGS-Alpha Capital Markets has opened three new regional sales offices in Fort Lauderdale, Florida, Reston, Virginia and Chicago, Illinois. Further, to accommodate its current and future growth, the firm is also establishing new headquarters in New York.

    With a team of 40 professionals, Brian Bowes joined the firm recently to head non-agency mortgage trading (see SCI issue 197), while Lenny .......

    Job Swaps 6 October 2010

  • ABS research vet joins investment firm

    Karen Weaver has joined Seer Capital Management as head of its market strategy and research group, serving as a member of the firm's investment committee.

    With 22 years of experience in mortgage and asset-backed research, Weaver was most recently global head of securitised products research at Deutsche Bank. Prior to this role, she was the firm's head of fixed income .......

    Job Swaps 6 October 2010

  • Securitisation sub-advisory mandate sealed

    UCM Partners has launched its next generation core fixed income strategy, along with BlackRock, with approximately US$200m in AUM. In this direct sub-advisory relationship, UCM is responsible for managing the securitised debt portion of the strategy, while BlackRock will manage the government and credit portions of the strategy.

    The securitised debt portion of the strategy - consisting of MBS, CMBS .......

    Job Swaps 6 October 2010

  • Pre-red SF cashflow tool launched

    Intex Solutions has launched its INTEXreds web-based cashflow projection tool. The offering aims to support investor analysis and due diligence for structured finance securities during a deal's initial marketing phase - commonly referred to as the 'pre-red' period.

    The service leverages RMBS, ABS, CMBS and CDO cashflow modelling language and structuring software, the firm says. It also provides investors with .......

    News Round-up 6 October 2010

  • Stable performance for Indian ABS

    The majority of Fitch-rated Indian ABS transactions have performed as expected, with the ratings outlook on the sector remaining stable, according to the agency.

    Asset classes like construction equipment loans have exhibited a stable performance, Fitch confirms, resulting in the availability of substantial credit enhancement to cover for future defaults. However, the commercial vehicle loans of recent vintage transactions have .......

    News Round-up 6 October 2010

  • Auto residual value criteria updated

    Fitch has updated its EMEA auto residual value ABS criteria, which formalises its opinion on key risk drivers and provides a framework for transaction-specific base case and stress assumptions. In comparison to the previous criteria, the transaction-specific stress levels are typically higher. As assumptions in line with the updated criteria are already captured within the existing ratings, Fitch says it .......

    News Round-up 6 October 2010

  • NAIC ratings review completed

    In response to a rule-change request from the National Association of Insurance Commissioners (NAIC), Fitch has formally reviewed 99% of its US structured finance ratings during the past 12 months.

    According to these rule changes, US insurers may use SF ratings from acceptable rating organisations in certain risk-based capital calculations only if it can be confirmed that the rating has .......

    News Round-up 6 October 2010

  • US credit cards improve against seasonal odds

    Moody's believes that US credit card performance will improve, despite the August 58bp rise in charge-offs. Even with the August increase, the agency notes, the charge-off rate is below the 10% mark on a three-month rolling average basis - for the first time since May 2009.

    "The relative improvement in card charge-offs is due to credit tightening, including lower credit .......

    News Round-up 6 October 2010

  • SLABS ARS buyback launched

    Nelnet has commenced a fixed price cash tender offer for the outstanding senior and subordinate auction rate student loan asset-backed notes of Nelnet Student Loan Trust 2003-2. The class A-5 notes are being tendered at a consideration of US$985 per US$1,000 principal amount, the class A-6s at US$960 and the class Bs at US$920.

    In addition to the notes consideration, .......

    News Round-up 6 October 2010

  • Final FDIC rule an 'improvement' on original

    Moody's says that the final safe harbour adopted by the FDIC on 27 September is an improvement from the original rule, in terms of its credit impact on bank-sponsored securitisations (see also last issue). The final rule protects assets transferred to bank-sponsored securitisation vehicles from an FDIC receivership or conservatorship of the bank sponsor - effective for transactions closing after .......

    News Round-up 6 October 2010

  • Japanese consumer ABS criteria explained

    S&P has published a report to help market participants better understand its approach to rating Japanese credit card receivables and consumer loans ABS transactions. The agency says the report aims to introduce a benchmark pool concept to Japanese credit card receivables and consumer loans ABS, which currently assumes a default rate of 9.5%-10.5% as a base case.

    The criteria will .......

    News Round-up 29 September 2010
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