Complete news archive

  • Pairing up

    ABS, bank partnerships to lift marketplace lending

    Marketplace lending and fintech will play an increasing role in the future of the securities market, according to US SEC chair Mary Jo White. Speaking at a recent SEC fintech seminar, White praised the benefits of innovative financial technologies, but outlined the need for relevant regulatory guidelines to protect investors and wider participants.

    White stated that "fintech innovations have the .......

    News Analysis 8 December 2016

  • Euro secondary keeps positive

    Tone across the European securitisation secondary market continues to be positive.

    After a quiet start to the week, yesterday saw a flurry of BWICs from a range of sectors driving activity, most of which were easily absorbed and traded in line with expectations. Consequently, the bulk of secondary spreads remain unmoved.

    Today sees more supply from a variety of sectors, .......

    SCIWire 8 December 2016

  • CMBS record volume observed

    US CMBS private-label pricing volume totalled US$11.9bn in November, which was the highest monthly volume since September 2014. However, Kroll Bond Rating Agency notes that year-to-date supply of US$64.5bn is still down 28.8% year-over-year.

    There was only one rating downgrade in the month, as well as 364 affirmations. The rating for one class of STRIPs 2012-1 was placed on watch .......

    News Round-up 7 December 2016

  • Wildfire affects timeshare ABS

    Westgate Resorts has reported damage at its Westgate Smoky Mountain Resort in Gatlinburg, Tennessee, following a wildfire that originated around 10 miles away in the Great Smoky Mountain National Park. DBRS notes that it currently rates five ABS transactions which contain collateral from the resort.

    The affected transactions are Westgate Resorts 2013-1, Westgate Resorts 2014-1, Westgate Resorts 2015-1, Westgate Resorts .......

    News Round-up 7 December 2016

  • Aircraft ABS programme planned

    Floreat Group is readying a securitisation programme focused on the aviation sector, with the aim of providing long-term fixed income investments for their institutional and high net-worth clients. The first issuance - of up to US$175m of notes - is planned for this month and will be backed by a portfolio of four Airbus A330s on leases to geographically diversified .......

    News Round-up 7 December 2016

  • Mortgage-linked ABS prepped

    The £292.4m Towd Point Mortgage Funding 2016-Granite 3 has hit the market. The transaction represents the term take-out of the warehouses that were put in place to finance the acquisition of the assets by Cerberus.

    The portfolio comprises 27,212 unsecured personal loans to borrowers in the UK, which were initially originated by Landmark Mortgages (formerly Northern Rock) under the 'Together' .......

    News Round-up 7 December 2016

  • CMBS pay-offs dip

    Trepp reports that the percentage of US CMBS loans that paid off on their balloon date dipped in November to 66.8%, just below the October level of 68.6%. Over the last four months, the range between the highest and lowest levels has been less than 2%, as a little over two-thirds of the aggregate balance has consistently paid off.

    Last .......

    News Round-up 7 December 2016

  • Arrow names new chief

    Securitisation veteran Lee Rochford will replace Tom Drury as group ceo and board director of Arrow Global from 3 January 2017. Drury, who has decided to step down from the role after five years, will remain with the business until end-February to provide an orderly handover.

    Rochford was previously cfo of Virgin Money. Before that, he held senior securitisation and .......

    Job Swaps 7 December 2016

  • RMBS 'to perform well' in 2017

    US RMBS will continue to perform well in 2017, with several trends from 2016 continuing into next year, according to Moody's. The agency believes there will be more diversified collateral and some structural changes in new deals, while existing deals will remain strong or improve.

    The rating agency says that the GSEs will encourage broader access to credit and so the credit quality .......

    News Round-up 7 December 2016

  • Trump may shake up SF regs

    Donald Trump's election victory has the potential to dramatically alter the regulatory landscape for banks and the structured finance industry, observes DBRS. Trump's transition website calls to dismantle the Dodd-Frank Act and replace it with a series of new policies to encourage economic growth and job creation.

    The Dodd-Frank Act was enacted in July 2010, creating new financial regulatory processes .......

    News Round-up 6 December 2016

  • Precious metals ABS prepped

    Monex Deposit Company (MDC) is in the market with a rare public securitisation secured by precious metals. Dubbed Scala Funding Company Series 2016-1, the US$100m ABS is arranged by Piper Jaffray.

    The notes are backed by a pool of retail loans originated and serviced by Monex Credit Company (MCC), secured by cash, gold, silver, platinum and palladium. The transaction will .......

    News Round-up 6 December 2016

  • Risk retention preparedness polled

    Maples Fiduciary has surveyed its US CLO manager clients to provide an update on manager strategies and preparedness for risk retention. The findings suggest that overall preparedness has increased, compared to the firm's last survey in February, while implemented or planned strategies have been refined ahead of the impending deadline.

    The Maples Fiduciary survey results show that 89% of respondents .......

    News Round-up 6 December 2016

  • Arrow enters Italian market

    Arrow Global Group is entering the Italian market with the acquisition of Zenith Service. It will purchase the servicing business for €17m, subject to regulatory approval by the Bank of Italy.

    Zenith is a leading master servicer in the €168bn Italian structured finance market and also services salary assignment loans (CQS). As of June 2016, the estimated stock of the .......

    Job Swaps 6 December 2016

  • CRE platform expands

    Silverpeak Real Estate Finance is expanding its product offering to include non-recourse floating-rate balance-sheet debt and fixed-rate or floating-rate subordinate debt for stabilised or transitional properties. These new capabilities will be funded by additional equity investment from affiliates of Elliott Management Corporation.

    The new products are offered in addition to what has been the firm's core business for the past .......

    Job Swaps 6 December 2016

  • Evolving analytics

    Valuation and risk landscape discussed

    FINCAD has recently incorporated MBS into its F3 pricing, valuation and risk analytics solution. SCI asked James Church, vp, product management and R&D at FINCAD, about the challenges of bringing MBS into a common valuation and risk solution, as well as his views on the current valuation and analytics landscape.

    Q: How and when did FINCAD become involved in the .......

    Provider Profile 6 December 2016

  • North American outlook 'stable'

    Stability will likely remain for structured finance ratings in the US and Canada next year, although some modest asset-level deterioration is likely as performance in many sectors has peaked, says Fitch. The rating agency adds that annualised net losses for subprime auto ABS could reach 12% in 2017, particularly for less established sub-prime issuers Fitch does not rate.

    The rating agency .......

    News Round-up 6 December 2016

  • CAS listings heading east

    Fannie Mae has listed all of its previously-issued Connecticut Avenue Securities on the Singapore Exchange. It expects that all future CAS offerings will also be listed in Singapore.

    Fannie Mae is also delisting from the Irish Stock Exchange, as fellow GSE Freddie Mac has announced it will do with its STACR transactions (SCI 1 December). Fannie Mae has not given .......

    News Round-up 6 December 2016

  • LatAm outlook 'stable'

    Latin American structured finance transactions should enjoy a stable credit environment next year, despite subdued economic growth, says Fitch. Around 86% of the agency's rating outlooks for the sector are stable or positive, compared to 80% at the end of last year.

    Fitch's sector outlook is stable for consumer ABS, where adequate credit enhancement and structural features continue to protect .......

    News Round-up 6 December 2016

  • Reputation management

    MPL ABS growth likely, subject to strong macroeconomics

    Marketplace loan ABS performance will generally remain stable into 2017, with loan originations and issuance growing, according to Moody's. The agency adds that the marketplace lending sector will use 2017 as a year to rebuild its tarnished reputation after a series of negative developments in 2016.

    The firm points out that these challenges could, however, still further expose platforms' shortcomings .......

    News Analysis 6 December 2016

  • Euro secondary quiet

    The European securitisation secondary market has had another quiet start to the week.

    Italy was unsurprisingly the main focus yesterday, but as with broader markets securitisation secondary was little moved and flows were light. Italian paper has edged out a few basis points and there was some softening of tone in other peripherals, but for the most part ABS/MBS secondary .......

    SCIWire 6 December 2016

  • Chinese CLO outlook 'negative'

    The performance of assets backing Chinese auto loan ABS and RMBS will be stable throughout 2017, but negative for CLOs, according to Moody's. The rating agency adds that future deals with high exposures to China's lower-tier cities or industries facing overcapacity issues will underperform.

    Chinese auto ABS collateral is expected to be of good credit quality, so delinquencies will remain .......

    News Round-up 5 December 2016
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