ABS

  • Scaling up

    Platforms eager to issue further marketplace ABS

    Funding Circle and Zopa intend to tap the securitisation market on a regular basis, following their debut transactions this year. Both platforms recently discussed their experiences issuing ABS at marketplace lending conference Lendit and expressed enthusiasm for pursuing the funding method further.

    Funding Circle issued its inaugural SBOLT deal in April, backed by SME loans originated through its online platform. .......

    News Analysis 14 October 2016

  • Senior management shuffled

    Clayton Euro Risk has announced a number of changes to its senior management team. Among those affected is Simon Collingridge, who takes on the newly-created role of client solutions and strategic delivery director.

    Collingridge has been a consultant with the firm since March, but now becomes a full-time member of staff, dividing his time between the Bristol and London offices. .......

    Job Swaps 14 October 2016

  • Indian ABS collateral 'improving'

    The underlying performance and asset quality of retail loans backing Indian ABS will improve over the next two years, according to Moody's. This is despite an uptick in NPLs, resulting from tightened recognition criteria.

    The new criteria will result in NPL ratios reported by non-bank financial companies (NBFCs) rising over the next two years, but the improving underlying performance will .......

    News Round-up 13 October 2016

  • Wireless spectrum deal prepped

    Sprint Corporation is in the market with a rare wireless spectrum securitisation. Dubbed Sprint Spectrum Securitization Series 2016-1, the US$3.5bn transaction features a three co-issuer structure intended to maintain the separate silos of license holders that exist prior to the transfer of the licenses to the issuers.

    The three issuers are Sprint Spectrum Co, Sprint Spectrum Co II and Sprint .......

    News Round-up 13 October 2016

  • Euro ABS/MBS active

    The European ABS/MBS secondary market is staying active this week.

    "The busy primary market is taking a lot of attention, but there's still a lot of activity in secondary," says one trader. "That activity mainly surrounds bid lists where we're seeing bonds from all sectors and up and down the capital structure. For the most part those lists are being .......

    SCIWire 13 October 2016

  • Conn's re-offers notes

    Conn's has entered into an agreement to sell the previously retained class C notes issued as part of its Conn's Receivables Funding 2016-A consumer ABS from March (see SCI's new issue database). The face amount of the class C notes is approximately US$70.5m and Conn's will receive upfront proceeds of around US$71.5m, net of transaction costs.

    The notes .......

    News Round-up 12 October 2016

  • Excess baggage

    Reg AB 2 loan-level disclosures weighed

    Loan-level disclosure requirements under Regulation AB 2 are expected to have a limited impact on ABS issuers and investors when they come into effect on 23 November. While the rules aim to boost deal transparency, scepticism prevails about the value they will bring.

    There has been much speculation about the preparedness of market participants in terms of providing and handling .......

    News Analysis 12 October 2016

  • Law firm poaches ILS pro

    Dentons has hired John Sarchio as partner in its insurance regulatory practice. He will advise on insurance industry mergers, acquisitions and financings, reinsurance transactions, self-insurance and captive programmes and insurance regulatory consulting and compliance.

    Sarchio has a range of experience, including insurance securitisations, catastrophe bond transactions and other insurance-linked securities transactions, and has previously counseled state and foreign governments on .......

    Job Swaps 11 October 2016

  • Chinese slowdown APAC's 'biggest issue'

    The slowing Chinese economy is the major issue for the Asia Pacific securitisation and covered bond markets in the next 6-12 months, according to Moody's. The agency's comments are based on the responses from a survey undertaken at its recent Asia Pacific Structured Finance Conference in Singapore.

    The other major factors cited by respondents were the outcome of the US elections in .......

    News Round-up 11 October 2016

  • European issuance tracked

    €40.2bn of securitised product was issued in Europe in 3Q16, according to AFME's latest data snapshot of the sector - a decrease of 46.4% from 2Q16 (€75bn) and 30.2% from 3Q15 (€57.6bn). Of this, €16bn was placed (representing 39.8%), compared to €29.3bn placed in 2Q16 (representing 39.1% of €75bn) and €18.6bn placed in 3Q15 (32.3% of €57.6bn).

    UK RMBS led .......

    News Round-up 11 October 2016

  • Securitisation revival supported

    The European Parliament is due to discuss proposed amendments to the draft regulation for simple, transparent and standardised (STS) securitisation today. Ahead of this exchange, eight European trade associations have released a paper highlighting the importance of securitisation for jobs and growth in Europe and underlining their commitment to supporting a safe and sustainable market that serves the real economy.

    News Round-up 11 October 2016

  • Euro secondary solid

    The European securitisation secondary market remains solid in the face of strong supply.

    Yesterday was relatively slow thanks to the US public holiday, but last week was busy up until with Friday's close as BWICs across ABS/MBS and CLOs continued to emerge as investors sought to make room for the current hefty amount of new issuance. With much of the .......

    SCIWire 11 October 2016

  • VALET exposure eyed

    Fitch has affirmed its ratings on and maintained stable outlooks for Volkswagen Auto Loan Enhanced Trust series 2014-2, 2014-1, 2013-2 and 2013-1, as the transactions continue to perform within its cumulative net loss expectations. However, the agency warns that there are large exposures to the vehicles affected by the VW emissions scandal in each pool, which could have a significant .......

    News Round-up 7 October 2016

  • What's in a name?

    Classification confusion constraining MPL ABS

    Uncertainty over how to define marketplace loans - as securities or whole loans - is restricting securitisation of the assets. However, the US SEC could be considering classifying marketplace loans as securities, signalled by the announcement of its upcoming fintech forum.

    Unresolved regulatory issues continue to plague the marketplace loan sector, with issues over true lender status and the Madden .......

    News Analysis 7 October 2016

  • Endurance acquisition announced

    SOMPO has announced a US$6.3bn acquisition of Endurance, the owner of ILS fund manager Blue Capital Management. The agreement involves a 100% acquisition of the outstanding ordinary shares of Endurance by SOMPO for US$93 per share.

    The deal has been approved by the board of directors of Endurance and is subject to Endurance shareholder approval at a shareholders' meeting. It .......

    Job Swaps 6 October 2016

  • ASF adds policy pro

    Robert Gallimore is set to join the Australian Securitisation Forum in the role of policy executive. His responsibilities will include working with ASF members on developing policy positions, as well as other member engagement matters.

    Most recently, Gallimore was a director - primary markets at RBS, and before that held the role of senior corporate counsel at ABN AMRO. He .......

    Job Swaps 6 October 2016

  • Valuations exec recruited

    CBIZ Valuation Group has recruited Karl D'Cunha as md - portfolio valuation. His practice will include performing valuations of portfolios of illiquid securities, as well as working with asset management companies on other valuation and transaction advisory matters.

    D'Cunha has over 19 years of experience in managing a wide range of financial advisory projects, including complex valuation engagements, M&A advisory .......

    Job Swaps 6 October 2016

  • Euro ABS/MBS picks up

    Activity in the European ABS/MBS secondary market is picking up.

    "There's a fair bit of primary supply at the moment and we're now seeing some rotation activity off the back of that," says one trader. "As a result, there's been a pick up in sellers in the last few days."

    Nevertheless, the trader adds: "That paper has been digested easily .......

    SCIWire 6 October 2016

  • Diversifying strategies unit enhanced

    Sara Rejal has been promoted to head of liquid alternatives and Karen Dolenec to head of real assets at Willis Towers Watson within its diversifying strategies department. Rejal will oversee hedge funds, alternative beta, reinsurance and multi-asset strategies, with Dolenec managing real estate, infrastructure and natural resources.

    Prior to Willis Towers Watson, Rejal was at HSBC for seven years as .......

    Job Swaps 5 October 2016

  • Trading pro tapped

    Cairn Capital has hired Asif Godall as its new deputy cio. He will report to cio Andrew Jackson and be responsible for portfolio management within multi-asset credit.

    Godall was previously at HSBC for 17 years, where he most recently held the position of global head of traded credit. He has also set up a number of businesses with HSBC, including .......

    Job Swaps 4 October 2016

  • Asset managers merge

    Henderson Group and Janus Capital Group have agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors.

    The combination of the two businesses is expected to create a leading global active asset manager, with significant scale, diverse products and investment strategies, as well as depth and breadth in global distribution. The merger is .......

    Job Swaps 4 October 2016
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