ABS

  • Climate recommendations welcomed

    Recommendations for improved quantitative and qualitative climate-related disclosures could increase the importance of climate-related risks and opportunities for corporations and investors alike, says S&P. Climate-related financial disclosures should help investors assess risk and improve allocation of capital.

    The recommendations are the result of a year's work by the Task Force on Climate-Related Financial Disclosures (TCFD). The task force was created .......

    News Round-up 14 December 2016

  • ILS firm makes exec changes

    ReannaisanceRe has promoted Sean Brosnan to svp, cio, while Aditya Dutt, president, will take on the additional role of treasurer. Todd Fonner, cio and treasurer, is to leave the company.

    Brosnan has been with RenaissanceRe since 2004 and was most recently md for investments of Renaissance Services of Europe and ceo for Renaissance Reinsurance of Europe. Prior to this, he was head .......

    Job Swaps 14 December 2016

  • LatAm markets 'will rebound'

    Donald Trump's election victory has implications far beyond the US, not least in Mexico, where potential US policy changes will weigh on economic growth. Mexican RMBS should remain steady, however, while Moody's believes Argentina and Brazil are set to return to growth in 2017, helping to support the credit quality of assets backing securitisations in those countries.

    The Mexican RMBS .......

    News Round-up 14 December 2016

  • Esoteric ABS forecast issued

    Continued slow economic growth should have a positive effect on US commercial and esoteric ABS sectors in 2017, including railcar lease, fleet lease and mobile phone financing securitisations, says Moody's. Modest global economic growth will also help aircraft securitisations and perhaps even restaurant whole business securitisations, although anaemic growth in global trade will be a negative for container lease ABS.

    News Round-up 14 December 2016

  • Mammoth NPL ABS planned

    UniCredit has unveiled plans to divest €17.7bn of NPLs, as part of an effort to deleverage its non-core portfolio. Dubbed Project Fino, the strategy involves transferring two portfolios of NPLs to SPVs in which the bank will retain a minority position.

    Fortress and PIMCO will each manage an entity and take a majority position, which is initially expected to be .......

    News Round-up 14 December 2016

  • FFELP SLABS trends to continue

    The slow repayment rates of FFELP student loan ABS loans will continue in 2017, says Moody's. Additionally, more servicers are expected to exit the market.

    The continued slow repayment rate will be driven primarily by the large number of FFELP borrowers enrolled in repayment plans that push loan payoff dates further into the future. Credit performance should improve as borrowers .......

    News Round-up 13 December 2016

  • Euro appreciation 'SME negative'

    Appreciation of the euro against the pound is slightly credit negative for Italian, Spanish and Belgian SME ABS, says Moody's. The pound lost 15% against the euro between September 2015 and September 2016 and is expected to remain weak next year.

    Companies that rely on exports to the UK, or on UK tourists, will suffer as a result of the .......

    News Round-up 13 December 2016

  • TSM simplifies management structure

    Tsuyoshi Harigai has become sole ceo at Tokio Solution Management, following the departure of Susan Lane. The pair were announced as co-ceos last year, taking up those positions in January (SCI 13 November 2015).

    Lane has now left the company, which has taken the opportunity to simplify its management structure. Harigai has been part of the Tokio Marine Group since .......

    Job Swaps 13 December 2016

  • SME commitment confirmed

    KfW plans to commit €1.3bn to SME securitisation in 2017, including up to €500m for transactions in European countries outside of Germany. The bank has so far this year invested €800m in European SME securitisation, around half of which was in German transactions. Another deal is currently being prepared, which will push total volume to the target level of €1bn .......

    News Round-up 13 December 2016

  • Euro ABS/MBS ticks over

    The European ABS/MBS secondary market continues to tick over.

    As with the previous week it's been a solid if unspectacular start to this. BWICs continue to drive the action and trade well. For now, sentiment remains positive, albeit with some softening of tone in weaker peripherals, especially Portuguese names.

    There are currently three BWICs on the European ABS/MBS schedule for .......

    SCIWire 13 December 2016

  • Asset manager inks takeover

    Amundi has acquired Pioneer Investments from UniCredit for €3.6bn. As part of the deal, Amundi will forge a long-term, 10-year partnership with UniCredit for the distribution of asset management products.

    Pioneer has €222bn in AUM and has a long track record and expertise in asset management, with a similar profile to Amundi in terms of management expertise and geographic presence. .......

    Job Swaps 12 December 2016

  • UK SLABS ratings suspended

    S&P has suspended its credit ratings on Honours series 2's class A1, A2, B, C and D notes. The rating agency comments that the suspension is due to the lack of timely receipt of sufficient information of satisfactory quality.

    Although the servicing transfer was completed in January 2016 and servicing continued, S&P has not received recent annual repayment cohort performance data .......

    News Round-up 12 December 2016

  • Firm hires aviation pro

    Cross Ocean Partners has hired Brandt Wilson as partner and head of asset investment strategies. He will be based in Cross Ocean's Greenwich, Connecticut office.

    Wilson has been brought in as part of a new hard asset class investment strategy, initially focusing on global aviation opportunities. Prior to Cross Ocean, he was a senior md at Castlelake, where he was co-head of .......

    Job Swaps 12 December 2016

  • Asset finance firm bolstered

    Norton Folgate has been rebranded as Amicus Asset Finance. Concurrently, the firm has recruited Jeremy Guilfoyle as coo, with a remit to drive structural transformation and innovation across the business. A qualified lawyer, Guilfoyle joins from Paragon Bank Business Finance, formerly Five Arrows Business Finance and State Securities, where he held various senior management positions over 16 years.

    .......

    Job Swaps 12 December 2016

  • Trust services to be sold off

    Capita is set to dispose of the majority of its Capita Asset Services (CAS) division and a small number of other businesses that no longer fit its core business strategy. The move follows a review of the firm's management structure, operating model, business portfolio and leverage, with the aim of strengthening its position.

    Specifically, the group of businesses within the .......

    Job Swaps 12 December 2016

  • SLABS to see strong performance

    A major theme in the US private student loan market in 2017 will be the continued origination and securitisation of loans with strong credit quality from new marketplace lenders that specialise in the refinancing or consolidation of loans using online platforms, Moody's says. The agency notes that the credit quality of new private student loan ABS from traditional lenders will .......

    News Round-up 9 December 2016

  • Vertical retention upped

    The European Parliament's Economic and Monetary Affairs Committee (ECON) yesterday adopted the European Commission's securitisation package, with a number of amendments (SCI 8 December). Most significantly, risk retention requirements for vertical retention has been increased to 10%.

    Risk retention requirements for horizontal retention will remain at 5%. However, revolving transactions may become subject to 10% risk retention.

    Now that ECON .......

    News Round-up 9 December 2016

  • Equipment, card ABS 'to stay strong'

    Both US equipment and credit card ABS will remain strong in 2017, says Moody's. Issuance should be along the same lines as 2016 for equipment ABS, but should pick up for credit card ABS.

    New agriculture and construction transactions should look similar to those issued in 2016 in terms of structure and collateral credit quality. Strong farm balance sheets will .......

    News Round-up 8 December 2016

  • Private credit strategies targeted

    Eaton Partners has formed a distinct team that will work with and raise capital for unique private credit strategies globally. Targeted strategies include asset-backed and direct corporate lending, distressed debt, real estate credit and other specialty credit.

    The team will primarily focus on representing credit managers located in the US, Europe and Asia. The firm says the aim is to .......

    Job Swaps 8 December 2016

  • Brexit to affect auto ABS

    The UK's decision to leave the EU will impact UK auto ABS, although DBRS expects ratings to remain robust. The rating agency predicts a continued softening in demand for new vehicles, driven by uncertainty surrounding Brexit, which could have several implications.

    First, a reduction in demand for new cars could lead to customers holding their vehicles to the maturity of .......

    News Round-up 8 December 2016

  • Proposals 'counter to ABS revival'

    New European Parliament proposals do not go far enough to help revive securitisation in Europe, according to AFME. This follows a vote today by the Parliament on the simple, transparent securitisation (STS) framework.

    Richard Hopkin, head of fixed income at AFME, states that the association welcomes the fact that the European Parliament and Council have now endorsed the establishment of an STS .......

    News Round-up 8 December 2016
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