ABS

  • Academy adds structured products pair

    Academy Securities has made two additions to its structured products group, poaching Steve Kenney and Pierce Derkac from CapRok Capital. They will focus on multiple asset classes within structured products, including RMBS, CMBS, ABS, CDOs and CLOs.

    Kenney and Derkac join as svps. Kenney was a senior member of the sales and trading team within securitised products and special situations .......

    Job Swaps 31 January 2017

  • LCP board bolstered

    Ly Lam has been appointed to the management board of Leadenhall Capital Partners as a representative of MS Amlin. She joined MS Amlin in October as head of strategy for reinsurance, reporting to global md of reinsurance James Few. Previously, Lam was coo of Markel CATco.

    .......

    Job Swaps 31 January 2017

  • Euro secondary sluggish

    Activity across the European securitisation secondary market remains sluggish.

    After a small pick-up in activity on Wednesday and Thursday, last week closed with volumes easing and has opened this in similar fashion thanks to a combination of wider market volatility and month-end. Nevertheless, sentiment remains positive across securitisation secondary and BWICs when they do appear continue to trade strongly, which .......

    SCIWire 31 January 2017

  • ILS 'difficult to understand'

    A recent Clear Path Analysis survey of 100 institutional asset allocators finds that 22% are very likely to start investing in insurance-linked securities in the next 12 months. However, many respondents believe that catastrophe bonds remain difficult to understand, with 50% of plan representatives stating that "getting trustees comfortable with the asset class" is the biggest impediment they face to .......

    News Round-up 30 January 2017

  • Direct lending vet recruited

    HIG Capital has appointed Kenneth Borton as md of WhiteHorse Capital, based in London. He has over 17 years of experience in direct lending, structured finance and special situations.

    Borton was previously an md at Citi, with responsibility for the credit opportunities business in EMEA. He managed over US$500m of direct lending transactions across sectors and throughout the region.

    .......

    Job Swaps 30 January 2017

  • New worlds

    South American securitisation markets opening up

    The Latin American structured finance markets are changing, with significant shifts in Argentina and Brazil, as well as changes in the Mexican market. Regulatory initiatives are opening up new possibilities, with deal structures adapting and new markets on the horizon.

    In particular, there has been substantial change in Argentina since the new government took power at the end of 2015. .......

    News Analysis 30 January 2017

  • Placed issuance up

    €59bn of securitised product was issued in Europe in 4Q16, an increase of 26.9% from 3Q16 (€46.5bn) and a decrease of 19% from 4Q15 (€72.8bn), according to AFME figures. Of this, €31.1bn was placed (representing 52.7%), compared to €21.5bn placed the previous quarter (46.2%) and €15.7bn placed in 4Q15 (21.6%). Placed securitisation grew by 16% in 2016, compared to 2015's .......

    News Round-up 27 January 2017

  • High prepays for SBOLT

    Moody's reports that the performance of Small Business Origination Loan Trust 2016-1, the first European securitisation of marketplace loans, has so far largely been in line with its initial expectations. Indeed, the transaction's sponsor - Funding Circle - has had to provide minimal support, repurchasing just 0.33% of loans.

    "Loan-level defaults are in line with our expectations, at 2.20% of .......

    News Round-up 27 January 2017

  • Demonetisation hits collections

    Demonetisation appears to have had a negative impact on Indian auto loan repayments, based on collection reports from Fitch-rated securitisation transactions. Small auto-loan borrowers have been affected the most.

    Demonetisation is likely to have had a detrimental effect on the income and cashflows of commercial vehicle operators, which could continue to feed through into repayments in the next few months. .......

    News Round-up 27 January 2017

  • NZ group turns to ABS

    New Zealand's largest vehicle seller, Turners, has established a NZ$150m securitisation programme that will securitise the group's consumer loan portfolio. The programme will be implemented next month and the first receivable sales transactions are scheduled to occur in March.

    Turners believes the programme will provide an improved funding structure, committed two-year term capital and improved pricing. It also provides the .......

    News Round-up 25 January 2017

  • Heavy burden

    Student loan servicing under the spotlight

    Average US student debt levels have now swelled to a record US$30,000 plus, sparking concern that the US economy could be negatively affected by constrained home ownership and long-term consumption growth. At the same time, high-profile legal cases relating to the difficulty of debtors to discharge their debt through bankruptcy and the recent CFPB versus Navient case suggest that student .......

    News Analysis 25 January 2017

  • Aligned interests

    US funds continue Spanish NPL storm

    US funds continue to storm the Spanish NPL market for investment opportunities. They appear to be capitalising on funding structures and operational processes that match the asset characteristics of the large non-core disposal programmes seen in the country.

    NPL transaction volumes in Spain reached €23bn in 2016, up from €16bn in 2015, €21bn in 2014 and €6bn in 2013, according .......

    News Analysis 24 January 2017

  • Autos lead US ABS

    The auto sector is currently leading the way in the US ABS secondary market.

    Overall, ABS secondary spreads continued to edge in last week and into this, particularly at the top of the stack. Autos are seeing similar moves but are doing so despite accounting for the majority of secondary supply and dominating the new issue pipeline.

    Rotation activity is .......

    SCIWire 24 January 2017

  • Euro secondary still seeks supply

    Demand continues to outstrip supply in the European securitisation secondary market.

    Tone remains positive across the board and investor appetite is still strong in every sector. However, there continues to be next to no supply via BWICs or new issuance. Consequently, when auctions do appear they trade exceptionally well and are keeping spreads flat to slightly tighter.

    There is currently .......

    SCIWire 24 January 2017

  • WestLB spin-off acquired

    Mount Street is set to acquire EAA Portfolio Advisors (EPA) from Erste Abwicklungsanstalt (EAA), which was created at end-2009 under the German Financial Market Stabilisation Fund Act to manage the assets of WestLB. The €200bn portfolio comprised a diverse range of complex non-performing loan, ABS, leveraged credit, asset finance and structured finance assets.

    EPA has reduced the outstanding balance of .......

    Job Swaps 23 January 2017

  • Distressed team beefs up

    Michael Carley has joined BTIG as a director of fixed income credit, focused on illiquid markets across high yield, distressed debt, loans, trade claims and private equities. Based in New York, he will report to Drew Doscher, md and head of fixed income credit at BTIG.

    Carley was previously a member of the distressed debt trading group at Jefferies, which .......

    Job Swaps 23 January 2017

  • CRE lawyer promoted

    Sutherland has elected three new partners and nine new counsel to the firm. One of the new counsel - Brooke Parris - has securitisation expertise.

    Based in Atlanta, Parris represents lenders, servicers, developers and pension fund advisers in various aspects of real estate finance and development. She devotes significant time advising clients on structured finance and real estate finance (including .......

    Job Swaps 20 January 2017

  • Cautious optimism

    Secondary CRT market gaining momentum

    The secondary market for capital relief trades has been growing alongside issuance of syndicated deals, which account for approximately 50% of CRT volume. In spite of a number of hurdles, market participants remain positive about the future of secondary trading in the sector.

    Juan Grana, md of the structured solutions group at Nomura, notes that secondary capital relief trades tend .......

    News Analysis 20 January 2017

  • Tobacco update affects ratings

    Moody's has updated its methodology for rating tobacco settlement revenue securitisations. The methodology changes affect ratings on US$1.5bn of outstanding ABS.

    The update reflects the incorporation of new formulas and procedures related to the October 2015 New York state settlement and an extension of recovery lag assumptions. Moody's has consequently upgraded the ratings of 12 tranches in 10 tobacco settlement revenue .......

    News Round-up 20 January 2017

  • MS names structured credit chief

    Morgan Stanley is moving one of its EMEA capital markets co-heads into Morgan Stanley Investment Management. Claus Skrumsager will take control of a structured credit team and fund that is yet to be finalised.

    Skrumsager will join the firm's solutions and multi-asset platform as portfolio manager and head of private structured credit solutions. He has been with Morgan Stanley for 10 .......

    Job Swaps 20 January 2017

  • Card ABS volume to grow

    Credit card debt in the US is growing while credit card utilisation rates are trending lower, suggesting that consumers are using credit cards as a "convenient payment option and less as a line of credit", according to Wells Fargo structured products analysts. They add that credit card debt levels are at a much lower percentage of nominal GDP than in the past.

    News Round-up 19 January 2017

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