ABS

  • 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

  • Bank strengthens fixed income sales

    Ally Financial has appointed former JVB Financial vp, Robert Clark, to its institutional fixed income sales business. Clark will report to Jeff Gravelle, svp of the firm.

    With an institutional sales background, Clark has previously worked for various bulge bracket and boutique firms in the industry.

    .......

    Job Swaps 29 September 2010

  • Investment manager adds partner

    Titan Capital Group has appointed Keith Danko as partner. He will work closely with Titan founder Russell Abrams with a particular focus on business development and assist in the overall management of the firm. Danko is based in Titan's New York headquarters.

    Danko joins Titan from London-based alternative investment firm CQS, where he served as chief executive of the firm's .......

    Job Swaps 29 September 2010

  • Trio joins new EM platform

    Lazard Asset Management has added a new debt capability to its emerging market platform. Denise Simon, Arif Joshi and George Varino are to launch and manage the firm's emerging market fixed income strategies group.

    Based in New York, Simon and Joshi will serve as co-lead portfolio managers and Varino as client portfolio manager. Additionally, three research analysts will join the .......

    Job Swaps 29 September 2010

  • Renewables SF group formed

    SPG Solar has formed a structured finance group to offer its clients financial resources on public funding and tax credit opportunities for commercial solar projects.

    The SF group will provide access to the private and public funding needed to make solar projects economically viable and a sound investment for the long-term. It will also offer its customers: access to power .......

    Job Swaps 29 September 2010

  • ABL acquisition completed

    The KBC group is selling its asset-based lending (ABL) division, KBC Business Capital, to a wholly owned subsidiary of The PNC Financial Services Group. The transaction is expected to be completed in 4Q10.

    KBC Business Capital is a provider of ABL solutions to UK companies across a range of sectors, with 21 staff operating from London and four offices throughout .......

    Job Swaps 29 September 2010

  • SLABS ARS exposure reviewed

    Fitch is to review US FFELP student loan ABS transactions with auction-rate securities. As part of its review, the agency will apply its updated surveillance criteria with a more refined approach to basis risk, also limiting the extent to which ARS can mitigate basis risk.

    The potential rating implications on most triple-A senior bonds are likely to remain stable as .......

    News Round-up 29 September 2010

  • Higher losses for rehabilitated FFELP loans

    Moody's has commented on the performance of rehabilitated FFELP student loans, indicating that these student loan pools will display higher net loss rates compared with the non-rehabilitated loans. Based on this, the agency has changed its loss assumptions rating method, applying a higher cumulative default rate and a more front-loaded default timing curve.

    The agency expects the performance of the .......

    News Round-up 29 September 2010

  • Positive trends for US auto ABS

    Year-over-year (YOY) US prime auto delinquencies are down by 33%, boding well for auto loan ABS, according to Fitch. This comes even as prime losses and delinquencies tick up slightly in August from July - consistent with seasonal trends.

    Prime auto delinquencies increased by 1bp to 0.57% from 0.56% in July. The rate is 33% lower than August 2009 and .......

    News Round-up 29 September 2010

  • Pre-emptive funding channels recommended

    Debt finance for M&A activity is available to companies with pre-emptive funding strategies, according to Bishopsfield Capital Partners. The firm recommends that in the current environment corporates shift their focus away from cost of funding and develop other financing objectives, including strong liquidity management, diversification of funding instruments, internationalisation of funding relationships and frequent credit access.

    "The recent acceleration in .......

    News Round-up 29 September 2010

  • Basel 2 implementation analysed

    A survey conducted by the Financial Stability Institute (FSI) on the Basel 2 implementation in 2004 and updates in 2006, 2008 and 2010 indicates that 112 countries - out of 133 jurisdictions surveyed - have implemented or are currently planning to implement the standard. This is compared to 106 countries in the 2008 survey.

    The survey shows that the standardised .......

    News Round-up 29 September 2010

  • Impact of cajas consolidation unclear

    ABS analysts at Bank of America Merrill Lynch anticipate the impact on Spanish ABS of consolidation among the country's savings banks to be limited, especially given that most of the paper issued in Spain is held domestically. However, they note that a deeper look at the issue is necessary to understand any potential ripple-effects.

    The Spanish cajas have historically been .......

    News Round-up 9 June 2010

  • Portuguese banks stockpiling assets

    Portuguese structured finance transactions have seen increasing signs of declining performance that could lead to negative rating action, says Fitch. The agency rates 24 RMBS, three ABS and two SME CDO transactions in the jurisdiction and says most show a steady increase in defaults and arrears.

    "Fitch's expectation for performance deterioration does not warrant downgrades to SME transactions at this .......

    News Round-up 12 May 2010
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