ABS

  • PACE residuals deal prepped

    Renovate America is in the market with an usual PACE securitisation. Dubbed HERO Residual Funding 2016-1R (Cayman), the US$125m transaction is backed by the residual certificates of five previously issued PACE ABS from the HERO platform.

    The collateral consists of the residual certificates issued by the HERO Funding Trust 2015-1, 2015-2, 2015-3, 2016-1 and 2016-2 deals. These transactions are backed .......

    News Round-up 2 December 2016

  • New entrants to boost issuance

    Moody's anticipates a slight increase in issuance of European ABS and RMBS next year. The agency expects new entrants to take a larger share of the market, amid increasing appetite for non-performing loan transactions and marketplace lending ABS.

    "Our key credit considerations would focus on differing origination criteria from traditional banks and the lack of historical data. Auto ABS will .......

    News Round-up 2 December 2016

  • Charge-off record reversed

    US credit card ABS 60-plus day delinquencies and charge-offs are up slightly from previous record lows, according to Fitch. After remaining below 1% for the last six months, Fitch's index shows an increase in 60-plus day delinquencies and charge-offs to 1.01% for the month of November, although the level remains well below the historical high of 4.54% in December 2009.

    News Round-up 1 December 2016

  • Euro ABS/MBS distracted

    New deals are continuing to keep focus way from the European ABS/MBS secondary market.

    "Primary is still distracting most players, with a couple of new deals in particular drawing most attention right now," says one trader. "The Red & Black autos deal is pretty straightforward, but the next Towd Point issue is more complex and it's taking a bit of .......

    SCIWire 1 December 2016

  • Tip of the iceberg?

    ABS impact investment to rise as green bonds gain traction

    Securitisation is increasingly recognised as providing the 'double bottom-line' benefits sought by impact investors. Indeed, the number of impact investors allocating to ABS is expected to continue rising alongside issuers seeking to broaden their investor base, despite the election of reported climate change denier Donald Trump.

    Impact investment is growing, with a number of bond funds - such as BlackRock .......

    News Analysis 30 November 2016

  • Trustee service expands in Korea

    BNY Mellon has been granted a full All Asset Trust License status in Korea. The move will enable the firm to provide trustee services for the domestic market, expanding its international services to Korean clients.

    The All Asset Trust License complements BNY Mellon's Money Trust License, growing its trustee services capabilities from money receivables trusts to intangible property rights. The new license .......

    Job Swaps 30 November 2016

  • Liquidity stress anticipated

    Fitch believes that demonetisation could lead to a short-term liquidity stress in Indian auto ABS transactions. The agency suggests that providing the stress is limited to a few months, it is unlikely to result in pressure on ratings.

    India began to withdraw high-denomination bank notes - that account for 86% of the value of currency in circulation - earlier this .......

    News Round-up 30 November 2016

  • EMEA SME ABS trends to continue

    EMEA SME ABS market activity and deal characteristics will be driven by a broad array of originators' objectives, says Moody's. The trend for disintermediation will lead to more marketplace lending and SME CLO transactions, with the rating agency expecting performance to remain stable across all major markets.

    Originators have multiple objectives, such as tapping either the public market or targeting .......

    News Round-up 30 November 2016

  • CRR boost?

    The European Commission's CRR 2 reforms, which it unveiled last week, include proposals that appear to increase the attractiveness of securitisation in connection with the leverage ratio and net stable funding ratio (NSFR). The package embeds three main Basel 3 elements into EU law: the fundamental review of the trading book (FRTB), the leverage ratio and the NSFR.

    IFRS accounting .......

    News 29 November 2016

  • Euro secondary surge

    There is a surge in activity throughout the European securitisation secondary market.

    Activity has picked up across the board following the US holiday last Thursday and this week is seeing a notable pick-up in BWICs either side of month-end. Until now the buying bias remains and spreads have held up in the majority of sectors. However, continuing concern around the .......

    SCIWire 29 November 2016

  • Good credit quality anticipated

    Moody's expects the performance of the Indian, Korean and Singaporean securitisation markets to be stable in 2017. Good credit quality across most asset classes is anticipated.

    "In India, robust growth and low oil prices will underpin stable auto ABS performance, despite the economic disruption from the country's demonetisation," says Yian Ning Loh, a Moody's svp. "In Korea, low unemployment and .......

    News Round-up 28 November 2016

  • Fixed income firm nabs sales duo

    Alcentra has made two new hires to its business development team in London. Nicholas Pont joins as md, senior institutional marketer and Sam Morse as executive director, institutional marketer.

    Pont was previously at PIMCO, where he was head of UK and Ireland business development. In his new role at Alcentra, Pont will be responsible for selling Alcentra's entire suite of .......

    Job Swaps 28 November 2016

  • Liquidity facility reduction agreed

    Unique Pub Finance Co last week canceled £37m out of the £190m liquidity facility amount available to the UK whole business securitisation via an agreement with RBS. Going forward, the liquidity facility amount will be sized to cover the maximum amount of debt service over any future 18-month period, with the amount available for the class M and N notes .......

    News Round-up 28 November 2016

  • Issuance landscape surveyed

    Central bank quantitative easing measures will influence EMEA ABS and RMBS the most, according to half of the market participants recently polled by Moody's. Some consider that such measures are cannibalising issuance, while 45% of those surveyed expect levels to remain stable in 2017.

    "Specialised lenders and non-bank entities will make up an increasing share of issuance in 2017, particularly .......

    News Round-up 28 November 2016

  • Euro risk retention 'agreement reached'

    The European Parliament appears to have reached a consensus on its approach to securitisation. The MEPs responsible for the new securitisation bills are understood to have come to an agreement on risk retention, which had been the main sticking issue.

    Risk retention recommendations ranged from the current 5% right up to 25%, with Rabobank credit analysts attributing a stalemate on .......

    News 25 November 2016

  • Car trouble?

    Auto loan deterioration affects ABS value

    US auto ABS issuance is booming, but collateral continues to deteriorate and delinquencies have climbed by more than 10% year-on-year. With investors required to exercise ever greater vigilance, some compensation by way of spread widening may be necessary.

    "Delinquencies and losses have been climbing in the auto ABS sector. While these time series have not yet deteriorated as far as .......

    News Analysis 25 November 2016

  • Valuation role for structured credit pro

    Alan Packman has joined Moody's Analytics in London as a product specialist in its structured analytics & valuations department. Packman previously worked at Stifel, where he was an md in asset-backed finance. Prior to that, he worked at UBS, where he was executive director and European head of global CDO trading.

    .......

    Job Swaps 25 November 2016

  • Draft ILS regulations released

    As part of the Chancellor's Autumn Statement, the UK government has launched a consultation setting out its proposed corporate, tax and regulatory framework for ILS. The consultation reiterates the government's aim to create an efficient and streamlined regime for multi-arrangement ISPVs (mISPVs) in the UK, setting out the draft regulations it intends to place before Parliament early in 2017.

    The .......

    News 24 November 2016

  • Euro ABS/MBS firm

    Tone remains firm in the European ABS/MBS secondary market albeit on low volumes.

    Inevitably with the US Thanksgiving holiday flows have been very light over the past couple of sessions and look set to stay that way for the rest of the week. Nevertheless, sentiment remains positive across the bulk of sectors and consequently secondary spreads are unmoved. Even Italian .......

    SCIWire 24 November 2016

  • EU proposals support securitisation

    The European Commission has presented a package of reforms to strengthen the resilience of EU banks, including measures to facilitate securitisation and derivatives activity. They contribute to the Commission's ongoing work to reduce risk in the banking sector and are in line with the ECOFIN Council in June, where the Commission was invited to put forward relevant proposals no later .......

    News Round-up 23 November 2016

  • Constructive outlook for Euro ABS

    This year has been a year of 'two halves' for the international ABS market, according to JPMorgan European securitisation analysts, with the supply/demand imbalance in 2H16 supplanting the volatility and uncertainty seen in the first half. Against this backdrop, they gauge both ABS investor and issuer perceptions of the sector heading into 2017, based on the results of their latest .......

    News 23 November 2016
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