ABS

  • 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

  • Agri-linked note prepped

    Company hires and sector developments

    Agri-linked note prepped

    The African Development Bank has approved a €100m partial credit guarantee (PCG) to African Agriculture Impact Investments (Mauritius) to develop commercial agriculture in Africa. The company will leverage the PCG to catalyse additional financing from international pension funds through an agri-linked note to facilitate investments in sustainable farmland and agricultural infrastructure across Africa. It will .......

    Market Moves 4 June 2019

  • JV announced

    Intrum acquires Piraeus platform

    Intrum is set to purchase Piraeus Bank’s servicing platform, which will be hived-off into a separate €410m legal entity dubbed NewCo. The transaction is Intrum’s first such acquisition in Greece and follows its joint venture with Intesa Sanpaolo last year and similar acquisitions in Italy (SCI 14 December 2018).

    Intrum will fully consolidate the entity and own .......

    News 4 June 2019

  • Bank bulks up commodities expertise

    Company hires and sector developments

    Bank bulks out commodities unit

    Credit Agricole has hired Aude Sauty de Chalon as director, structured commodity finance, EMEA. She was previously deputy head of commodity and structured finance at ICBC, London. The firm has also hired Badia Taleb-Nehlil as ed, structured commodity finance at the same bank and both hires are based in London.

    Verification agent expands

    Market Moves 3 June 2019

  • Bank nabs CLO expert

    Company hires and sector developments

    Mizuho has hired Stefan Stefanov as director, Euro CLO specialist and he will report in to Juan-Carlos Martorell and Andrew Feachem in the securitised products and structured finance team. Stefanov will join in July from Commerzbank where he was director in the treasury investment office. In this newly created role, he will be performing a structuring, origination and syndication .......

    Market Moves 31 May 2019

  • STS not yet 'embraced'

    Ambiguity stifling STS label success

    Uptake of the STS label has been tentative and cannot be credited with the current strong momentum in the European ABS sector. This is according to some market participants, which also suggest that greater investor support may be needed for the STS label to flourish.

    Sam Ellis, svp at Maples Group, comments: “ESMA publishes all STS compliant transactions but it .......

    News Analysis 31 May 2019

  • Pillar prepped

    Public Greek NPL ABS debuts

    DBRS has provided the first public rating for a non-performing loan securitisation in Greece as the market awaits European Commission approval for the HFSF’s asset protection scheme. Dubbed Pillar Finance, the transaction is backed by a €2bn portfolio of principally secured residential mortgage NPLs.

    Alessio Pignataro, svp at DBRS, notes: “The transaction has a double-B rating, so it .......

    News Analysis 31 May 2019

  • NPL securitisations eyed

    Fire, StormHarbour JV granted license

    Greek authorities have granted a license to EuPraxis, the joint venture between Italian servicer Fire and StormHarbour. It is the first cross-asset licence for an independent servicer and non-performing loan securitisation will be a key area of focus.

    George Kofinakos, md at StormHarbour and chairman of the board at EuPraxis, states: “Fire and StormHarbour have decided to combine .......

    News Analysis 31 May 2019

  • Indian RMBS market in the works?

    Sector developments and company hires

    Alt sales head hired

    Schroders has hired Peter Arnold to lead its alternative sales unit, which was established last year and focuses on the distribution of the firm’s private assets investment offering, which includes ILS and securitised credit. He reports to Schroders global head of distribution John Troiano and global head of private assets Georg Wunderlin. Arnold was .......

    Market Moves 30 May 2019

  • SCI podcast - episode 7 now live

    All the most pressing topics in structured finance discussed

    The latest edition of the SCI podcast is now live. This month, we take a look at servicing within subprime auto ABS and also how consolidation is becoming a running theme, with several acquisitions of smaller, regional issuers’ portfolios having been witnessed recently.

    As well as this, the podcast explores the student loan crisis in the US, asking the question, will servicers .......

    News 30 May 2019

  • Agency acquisition announced

    Sector developments and company hires

    Agency acquisition

    Morningstar has entered into a definitive agreement to acquire DBRS, the world’s fourth-largest credit ratings agency, for a purchase price of US$669m. The combination of DBRS with Morningstar Credit Ratings’ US business will expand global asset class coverage and provide an enhanced platform for providing investors with leading fixed-income analysis and research. Morningstar intends to fund the transaction with a mix of .......

    Market Moves 29 May 2019

  • MPL ABS dissected

    Rating agencies clash over sector

    US marketplace loan (MPL) ABS transactions have seen steadily declining credit enhancement (CE) that isn’t justified by performance on the transactions or other factors, according to a recent comment from Fitch. Coming out in defence of the sector, KBRA says that it has seen considerable improvements over a number of years and that this has led to widespread acceptance among .......

    News 29 May 2019

  • Interpretation issues

    Credit Suisse completes capital relief trade

    Credit Suisse has completed its first capital relief trade of the year, dubbed Elvetia Finance series 2019-1. The Sfr336m eight-year CLN references a Sfr5.6bn Swiss SME portfolio and is a replacement trade for Elvetia Finance series 2016-1, following the call of the transaction in May (see SCI’s capital relief trades database).

    The deal attracted healthy investor interest .......

    News 29 May 2019

  • Investible assets

    Trade finance solution to enable institutional access

    Allianz Global Investors and HSBC are collaborating on a programme designed to make trade finance easily accessible to institutional investors. Dubbed Starts, the solution utilises securitisation technology to wrap loans into investible notes.

    Although banks collectively provide almost US$10trn of trade finance to companies annually, the small secondary market for these assets - estimated at about US$300bn - .......

    News 29 May 2019

  • STS SRTs pending

    EBA to publish discussion paper on synthetic criteria

    The EBA is set to publish a discussion paper on STS criteria for synthetic securitisations in September, which is expected to further facilitate significant risk transfer through provisions for excess spread and triggers from pro-rata to sequential amortisation (SCI 22 June 2018). However, uncertainty over the risk weights for retained tranches persists.

    EBA sources believe that the .......

    News Analysis 29 May 2019

  • Co-cio and liquid markets head appointed

    Company hires and sector developments

    Credit expert poached

    Crestline Investors has appointed Michael Aingorn as an md, based in New York and reporting to Keith Williams, managing partner - credit strategies. Aingorn was previously a partner at American Industrial Partners, where he helped launch the firm's credit opportunities strategy focused on investing in North American-based middle-market industrial companies. Prior to AIP, he worked at BTG .......

    Market Moves 24 May 2019

  • LeaseCo boost

    Foundation laid for leasing NPL ABS

    Amendments to Italy’s securitisation law are expected to boost securitisations of non-performing leasing assets, with at least two transactions being readied for this year. Leasing NPL securitisations are rare, with the underlying assets of most NPL ABS being either corporate or SME loans.

    Annalisa Dentoni-Litta, partner at Orrick, explains: “The amendments allow for the creation of ancillary SPVs .......

    News Analysis 24 May 2019
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