ABS

  • Chinese law firm nabs SF expert

    Sector developments and company hires

    China

    Han Kun has hired Li Huhuan as partner to the firm’s Shanghai office. Huhuan focuses his practice on asset securitization, insurance fund management, and mergers and acquisitions.  Prior to joining Han Kun, Huhuan practiced with several well-known PRC law firms for more than eleven years. 

    Industry body rebrand

    The Structured Finance Industry Group (SFIG) has .......

    Market Moves 21 June 2019

  • Global reinsurance consolidation

    Sector developments and company hires

    HATS 2016-1 redeemed

    KBRA has withdrawn its ratings from Honor Automobile Trust Securitization 2016-1, after the notes were paid in full on 17 June. Given the remaining pool factor was less than 20% of the cut-off date pool balance, the servicer exercised its option to purchase the trust property and redeem the notes. Westlake took over servicing of .......

    Market Moves 20 June 2019

  • Debut franchise ABS prepped

    Transaction announced despite association objections

    Jack in the Box is marketing an inaugural US$1.450bn whole business securitisation backed by 2,240 franchised quick service restaurants distributed across the US. Dubbed Jack in the Box Funding 2019-1, the transaction has been announced despite a number of criticisms from the firm’s franchisee association.

    S&P notes that Jack in the Box will use around US$1.054bn of net .......

    News 19 June 2019

  • Securitised products head retires

    Sector developments and company hires

    Bank SPG head retires

    Lloyds Bank is making several changes to leadership positions in its North America business, to boost services provided to clients in the region focused on Lloyds Bank’s US-UK gateway. Parker Russell, head of the US securitised products group (SPG), has decided to retire after eleven years with the group and a finance career spanning over thirty .......

    Market Moves 19 June 2019

  • DNS debut

    ExteNet preps inaugural securitisation

    The first securitisation backed exclusively by distributed network systems (DNS) assets has hit the market. ExteNet Issuer Series 2019-1 is secured by around 5,800 nodes associated with 267 multi-carrier and multi-technology outdoor (95) and indoor (172) DNS networks and related licenses and equipment.

    ExteNet, the sponsor of the transaction and the manager of the securitised assets, is currently .......

    News 18 June 2019

  • Risk firm in international ILS hiring spree

    Sector developments and company hires

    BD appointed

    IHS Markit has appointed Sandrine Markham director, business development for Debtdomain in EMEA and APAC, reporting to Patricia Tessier, md and co-head of loan platforms at the firm. With more than 20 years’ experience in financial data and financial technology, Markham played a transformational role at Debtdomain from start-up to becoming a leading loan syndication platform in EMEA. .......

    Market Moves 17 June 2019

  • Setting standards?

    NPL templates simplified

    Debitos has further developed and simplified the EBA’s NPL templates without altering their basic structure. The EBA’s templates are not yet binding, but Debitos assumes that they will be at some point, as the supervisor is readying guidelines that will allow servicers to incorporate the templates into their reporting systems.

    Debitos ceo Timur Peters notes: “We see the .......

    News 17 June 2019

  • Collections eyed

    Distressed investors expect secondary market boost

    Distressed investors are anticipated to become more aggressive in generating cash and overcome the significant complexity associated with on-boarding and servicing tens of thousands of non-performing loans. The move is in light of some rated NPL securitisations performing below business plan expectations in terms of collections.

    According to Mario Cortesi, head of distressed credit and structured finance at Quaestio Capital: “Since 2016, volumes .......

    News Analysis 17 June 2019

  • 2018 best post-crisis year for Australia

    RMBS dominates but unsecured ABS growing

    2018 was the best year for Australian securitisation activity since the financial crisis and while issuance is dominated by RMBS, unsecured credit is expected to grow. This was according to panellists at Global ABS who also commented that, although much of the issuance is in AUD, firms may look to issue in other currencies once they have reached a .......

    News 14 June 2019

  • Law firm expands SF expertise

    Company hires and sector developments

    Clean energy firm names cfo

    Renew Financial has named Mary Kathryn Lynch cfo, having previously served as the firm’s evp of finance and leading its capital markets team in executing three rated securitisations in 2017 and 2018. She has 10 years of experience in the clean energy industry, working with Sunrun and VoteSolar. Prior to that, she worked at UBS, .......

    Market Moves 14 June 2019

  • Risk transfer round-up - 14 June

    CRT sector developments and deal news

    Standard Chartered is believed to have priced a corporate capital relief trade this week. The bank’s last corporate CRT was completed in June 2018. Dubbed Sumeru 3, the US$285m CLN paid 7.70% (see SCI’s capital relief trades database).

    Sumeru 3 coincided with a resurgence in Standard Chartered’s risk transfer issuance, following a three-year gap. Last year the .......

    News 14 June 2019

  • Slow but steady

    Sentiment around STS warms, although issuance forecasts remain muted, say Global ABS panellists.

    Extention of the STS regime to more asset classes would benefit the European ABS market, according to panellists at Global ABS today. They also shared muted optimism about the next six months for the sector, predicting steady but slow growth.

    Salim Nathoo, partner, Allen & Overy, highlighted that the Securitisation Regulation is an extra step issuers have to go through, .......

    News 12 June 2019

  • CLO firm boosts originations expertise

    Company hires and sector developments

    CLO firm boosts originations team

    Monroe Capital has expanded its direct originations team with the addition of seven experienced investment professionals: David Fischer and Nick McDearis in the firm’s Atlanta office; Dan Letizia and Tommy Ryan in its Chicago office; and Jack Bernstein in the New York office. In particular, Fischer and McDearis have been named mds and will co-lead .......

    Market Moves 12 June 2019

  • Advisor boosts SF expertise

    Sector developments and company hires

    Acquisitions

    Greensill has acquired receivables securitisation specialist Finacity which will now become a wholly-owned part of Greensill. The move comes shortly after Softbank invested US$800m in Greensill. Finacity’s ceo, Adrian Katz, will continue in his role under Greensill’s ownership.

    Advisor, broker boosts structured finance expertise

    finnCap Group has expanded its debt advisory team with two senior new hires. The enlarged team .......

    Market Moves 11 June 2019

  • Europe sees 1Q issuance dip

    Sector developments and company hires

    ABS vet nabbed

    Angelo, Gordon & Co has hired Sunil Kothari as md, responsible for originating and executing on residential and consumer debt investment opportunities across Europe. Kothari reports to TJ Durkin, co-head of structured credit at Angelo Gordon. Kothari most recently served as evp, pm at PIMCO Europe, where he was head of the European ABS and covered bond desks .......

    Market Moves 10 June 2019

  • Livestock first inked

    Sector developments and company hires

    Australian livestock deal debuts

    StockCo has launched the first securitisation warehouse transaction in Australia consisting of financing receivables primarily secured by livestock. The transaction has been completed with Goldman Sachs and the facility will be available for three years and will be able initially to accommodate up to US$150m of livestock receivables subject to pre-agreed eligibility criteria, and .......

    Market Moves 7 June 2019

  • Deleveraging continues

    UniCredit expands NPL ABS programme

    UniCredit has expanded its Sandokan non-performing loan ABS programme. While the transaction is being carried out for asset management purposes, deconsolidation is expected to be achieved at some point, with the bank aiming for a gradual approach in order to mitigate the P&L impact of the deleveraging.

    The transaction involves the transfer of management and special servicing activities .......

    News 7 June 2019

  • Risk transfer round-up - 7 June

    CRT sector developments and deal news

    Santander is believed to be readying three SME significant risk transfer transactions, along with a rumoured auto deal. The Spanish lender’s last SME SRT closed in July. Dubbed FT Pymes Magdalena, the €166.3m CLN pays 8.85% and references a €2.5bn Spanish SME portfolio (see SCI’s capital relief trades database).

    .......

    News 7 June 2019

  • 'Significant divergence' in Libor preparations

    Libor transition still 'choice rather than necessity' for some firms

    There are still a “number” of firms in the UK that view the transition from Libor to a new reference rate a choice, rather than a necessity, according to the responses from a request for information published by the UK's financial regulators. The regulators also found that there is “significant divergence” in the way certain UK firms are managing the .......

    News 5 June 2019

  • New P2P platform rules announced

    Sector developments and company hires

    ABS facility expands

    Amigo Holdings has increased its securitisation facility to £300m. It has a three-year term and is set to close on Thursday. The company intends to use drawdowns from the facility for general corporate purposes and the potential repayment of indebtedness. The facility, which has a minimum three-year term and amortises thereafter, will have a funding .......

    Market Moves 5 June 2019

  • Easing up

    European ABS market update

    Activity levels have been high across European ABS/MBS and CLOs of late, but appear to be easing up ahead of the Global ABS conference next week.

    “It’s been pretty busy in both primary and secondary over the past couple of weeks,” says one trader. “We’ve seen a lot of new deals being priced in the run up to .......

    Market Reports 5 June 2019
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