ABS
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Polish ABS inked
Securitisation features auto lease collateral
Alior Leasing has launched a 12 month revolving cash securitisation of auto leasing loans and leases extended to sole traders and SME obligors in Poland. Dubbed AL Poland Securitisation 01, the transaction is the first to receive a public rating by Moody’s.
Moody’s has assigned a rating of Baa2 on the PLN359.9m floating rate secured notes, while the .......
News 11 September 2019
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CLO firm incorporates ESG approach
Company hires and sector developments
Cayman CLO first
Maples Group has supported the first ever US CLO to issue out of the Cayman Island. The transaction was a US$501m middle market CLO from Natixis, which closed on 13 August 2019.
ESG implementation
THL Credit has developed and begun utilising a new investment framework for assessing environmental, social, and governance (ESG) factors .......
Market Moves 11 September 2019
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Country md announced
Company hires and sector developments
Country md announced
Jervis Smith has been appointed country md of Vistra Luxembourg, responsible for leading Vistra’s Luxembourg office and growing the business, together with the Vistra office in the Netherlands to maximise joint opportunities between the two offices. Based in Luxembourg, he will report to Vincent Bremmer, regional md, Europe, Vistra. Smith previously spent over 25 years .......
Market Moves 10 September 2019
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Maltese benefits
Jurisdiction especially suited to innovative transport ABS
Malta provides a legal and tax framework that provides the same benefits for the establishment of SPVs as more well-known jurisdictions, such as Luxembourg and Ireland. Malta is also especially well suited to shipping and aviation securitisations, with several innovative transactions of this kind having been successfully completed through Maltese SPVs.
A legal framework for securitisation was enacted in Malta .......
News Analysis 10 September 2019
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CLO firm bulks up
Company hires and sector developments
CLO firm bulks up
Adrienne Dale has joined MidOcean Credit Partners a portfolio manager for its CLO strategies. She will report to Jim Wiant, who oversees MidOcean’s existing CLO business, as the firm looks to expand and scale the business further. Most recently, Dale held senior positions in Credit Suisse Asset Management’s credit investments group, where she spent the past .......
Market Moves 9 September 2019
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ILS deputy head hired
Company hires and sector developments
Blockchain standardisation steps taken
The standardisation of blockchain technology, which the International Organisation for Standardisation (ISO) and others are promoting, will be credit positive for future securitisations that utilise the technology, says Moody’s. Although the technology itself has the potential to provide many benefits to the securitisation market, namely via interoperability and operational efficiencies, the current lack of .......
Market Moves 6 September 2019
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SME initiatives inked
EIF launches further guarantee programmes for businesses across Europe
The EIF has launched two new funding initiatives to support SMEs in Europe, including a first-of-its kind initiative in Finland. The second provides funding support for Lithuanian micro businesses and SMEs.
The Finnish programme comprises a guarantee agreement signed by the EIF and Finnish specialist lender, Finnvera. The guarantee is designed to facilitate around €190m of new lending .......
News 6 September 2019
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Ceo appointed
Sector developments and company hires
Analytics head nabbed
Merion Square Capital has hired Jeff Fraser as head of analytics, based at the firm’s Ardmore, Pennsylvania headquarters. Fraser joins Merion Square from Chubb, where he was an avp of CAT Pricing and Systems, responsible for Chubb’s catastrophe pricing, portfolio optimisation and global risk aggregation platforms.
Ceo appointed
Cairn Capital Group has appointed .......
Market Moves 5 September 2019
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STS success?
Market warms to STS, but threats hover on the horizon
While STS lead to a dampening effect on ABS issuance at the start of the year, it is starting to bring in longer term investors, such as bank treasuries, according to panellists at S&P’s European securitisation seminar today. They added, however, that STS still presents investor and issuer challenges and warned that the stability of the market is threatened .......
News 5 September 2019
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Going concern?
Synthetics could help address UTP burden
Synthetic securitisation is being put forward as one way of proactively addressing the unlikely-to-pay loan burden in Italy. However, although risk transfer technology would allow banks to maintain their relationships with borrowers while benefiting from capital relief, the cost of such structures – among other challenges – may be prohibitive for some.
Robert Bradbury, head of structuring and .......
News Analysis 5 September 2019
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Structured credit vets nabbed
Sector developments and company hires
EBA makes STS digital move
The EBA has announced that it has added the STS Regulation to its online Interactive Single Rulebook and Q&A. It allows market participants to access the EBA’s guidelines, and it will also enable them to ask questions on any aspect of the criteria where it is felt require clarification under the EBA’s .......
Market Moves 4 September 2019
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Tesco portfolio disposal sealed
Company developments and sector hires
Auto deal debut
Oodle Financial Services is marketing an inaugural static cash securitisation of auto receivables extended to obligors located in the UK. Dubbed Downson 2019-1, the £353.4m transaction is provisionally rated Aaa on the £229.8m class A notes, A2 on the £75.9m class Bs, Baa3 on the £15.9m class C notes, Ba3 on the £14.1m class Ds .......
Market Moves 3 September 2019
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RAIT sale
Company developments and sector hires
Aussie bank secures warehouse line
Yellow Brick Road (YBR), an Australian non-bank lender, has received final credit approval from an Australian Bank for it to provide an initial A$120m RMBS warehouse facility. The facility will be provided to the intended RMBS programme trust manager, sponsor and servicer, Resi Warehouse Funding (RWF), which is currently a wholly-owned subsidiary of .......
Market Moves 2 September 2019
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Strong performance
Refi PSL ABS upgraded
Moody's has lowered its expected default rate for typical unseasoned refinancing private student loan (PSL) ABS to 1.5% from 2.5%, in light of the sector’s strong performance, borrower characteristics and underwriting criteria. Concurrently, the rating agency has upgraded a raft of 2015-2017 vintage bonds issued by CommonBond, Laurel Road and SoFi.
In a recent analysis, Moody's compared borrower .......
News 30 August 2019
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Regulatory boost
Italian SRT issuance picks up
Italian capital relief trades are experiencing a strong pick-up in issuance this year as regulatory changes enable more standardised banks to execute risk transfer transactions and open up the market to private investors. However, these banks will need time to adapt their IT and reporting systems, while risk-sharing transactions involving both SSAs and private investors are a more promising .......
News Analysis 30 August 2019
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Portuguese ABS framework updated
Sector developments and company hires
Portuguese ABS framework updated
A new regulation has been introduced in Portugal providing for the execution of regulation 2017/2402 of the European Parliament and of the Council, which lays down a general framework for securitisation. It also creates a specific framework for STS securitisation. Along with modifications to the Portuguese Legal Framework, the new regulation impacts: the definition .......
Market Moves 30 August 2019
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NPL relief
ECB extends provisioning calendar
The ECB is set to align its supervisory expectations regarding the provisioning of new non-performing loans with an April 2019 amendment to the CRR that outlines Pillar 1 requirements for the assets. The alignment offers banks more time to provision for recently classified NPLs, but is expected to have a minimal impact on NPL securitisations, given that the bulk .......
News Analysis 30 August 2019
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Esoteric opportunities
Structured solutions to address corporate risk transfer needs
The newly-formed CAC Specialty (SCI 21 August) is seeking to capitalise on the convergence of the insurance and capital markets on a broader basis than that represented by the ILS market. Indeed, the firm aims to transfer the more esoteric risks via insurance and place them in a structured format.
“Insurance brokerage and investment banking have a .......
News 30 August 2019
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Structured credit head steps down
Company hires and sector developments
BUMF 6 claim filed
Business Mortgage Finance 6 has issued a claim against Roundstone Technologies (RTL) in the London High Court of Justice stating, among other things, that the purported sale and purchase agreement between the issuer and RTL is void and that RTL has acquired no right to act for or on behalf of the issuer pursuant to a .......
Market Moves 29 August 2019
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Back to work
UK deal flow restarts ahead of expected busy months ahead
Oak No. 3 has become the first ‘post-summer’ UK ABS/MBS deal to price. It is expected to be the first of many in a hectic UK primary market into year-end.
The £343.5m STS-compliant senior notes of Aldermore Bank’s third prime RMBS printed at SONIA plus 80bp today. The tranche came in at the lower end of initial price .......
News Analysis 29 August 2019
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Risk transfer round-up - 28 August
CRT sector developments and deal news
Credit Suisse has called two transactions from its Magnolia Finance V programme. The transactions were issued in 2013 and 2014 and both risk transfer trades referenced US and Swiss corporate loans. The exercise of the calls concerned the underlying US loans.
One transaction, dubbed Magnolia Finance V series 2013-1, was an eight-year US$75m CLN that printed in .......
News 28 August 2019