ABS

  • 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

  • Cabela's acquisition boost

    Capital One is set to acquire Cabela's credit card operations, including US$5.2bn in receivables and US$5bn in associated funding liabilities. The move has been welcomed for helping resolve the uncertainty in the securitisation market regarding the disposition of the CABMT credit card ABS trust.

    Capital One will acquire the operations for par value of the credit card receivables, less the .......

    News Round-up 4 October 2016

  • ILS pro promoted

    Aon Securities has promoted Danny Bailey to its new head of capital markets. He will be based at the firm's London office.

    Bailey has held several senior roles at the company and was previously director of ILS management EMEA, dealing with insurance management of the ILS, catastrophe bond and collateralised reinsurance market. In his new role, he will be responsible .......

    Job Swaps 3 October 2016

  • Firm opens US office

    Leadenhall Capital Partners has set up a US operation, to be led by new hire Brian Weatherholtz. He takes on the role of md and will report to partner and head of business development, Lorenzo Volpi.

    Weatherholtz has several years' experience in ILS, having previously worked in senior positions for GE Capital and Swiss Re. The new US operation will .......

    Job Swaps 3 October 2016

  • Auto ABS losses jump

    US prime and subprime auto loan ABS losses continued to increase last month, according to Fitch. The agency expects losses across the two sectors to increase for the rest of 2016.

    Subprime auto ABS losses were 27% higher in August on an annual basis, far more than the 8% Fitch had originally predicted. The agency suggests that subprime losses will break .......

    News Round-up 3 October 2016

  • Credit platform aligned

    AXA Investment Managers has merged its alternative solutions and structured finance teams to create a single global alternative credit platform under the leadership of Deborah Shire, head of structured finance. The move is designed to create a simpler and more agile structure to the benefit of the firm's clients.

    The merger will provide the platform with a presence in Paris, .......

    Job Swaps 3 October 2016

  • Container ABS performance hit

    S&P has lowered its ratings on GCA2014 Holdings' class C and D notes (by three notches), as well as Global Container Assets 2014's class A1, A2 and B notes (one notch). The downgrades reflect the agency's view that both transactions are unable to withstand the stresses corresponding to the previously assigned rating levels.

    S&P notes that the performance of Global .......

    News Round-up 3 October 2016

  • FI team boosts securitisation expertise

    Mizuho has hired Subhathra Pavan to its fixed income sales team to help expand the firm's distribution capabilities in a number of securitised product areas. Pavan will also lead all domestic bank and GSE sales coverage for the US fixed income business.

    Pavan brings nearly 25 years of fixed income product experience and prior to Mizuho was md at Deutsche .......

    Job Swaps 30 September 2016

  • Top marks

    SLABS extension success exceeds expectations

    The final maturity dates on nine FFELP student loan ABS deals were extended earlier this month (SCI 14 September), as the industry continues to get to grips with the recent maturity crisis. Nelnet was able to extend all nine of the trusts that it sought to, largely through making use of DealVector's bondholder communication platform (SCI 22 June).

    "It would .......

    News Analysis 29 September 2016

  • ILS duo recruited

    AXA Investment Managers has hired Marc Belbenoit-Avich and Robin Chiche to its ILS team. Belbenoit-Avich will join as a senior portfolio manager and Chiche as a quantitative analyst, with both based in Paris, reporting to ILS head Francois Divet.

    Belbenoit-Avich was previously at Swiss Re, where he worked for nine years as a property treaty underwriter. He will join AXA .......

    Job Swaps 29 September 2016

  • Reporting service launched

    Moody's Analytics has launched Regulatory Reporter, a web-based tool designed to enable auto loan and lease ABS issuers comply with new asset-level reporting regulations under Reg AB 2. The solution generates a transaction report in the XML file format required by the US SEC and automatically reconciles key fields between loan level and pool level data. It also includes workflow .......

    News Round-up 29 September 2016

  • Euro ABS/MBS keeps steady

    It continues to be a steady week in the European ABS/MBS secondary market.

    The run in to month end continues to be a steady if unspectacular one in terms of volumes on- and off-BWIC. Nevertheless, ever-improving macro sentiment this week and a growing new issue pipeline continue to ensure secondary spreads remain firm across the board.

    There are currently three .......

    SCIWire 29 September 2016

  • Product development head hired

    US Bank has hired James Ferguson to lead global strategies and product development for its securities services division, based in New York. In his new role, Ferguson is tasked with building product and service offerings more broadly - including the bank's European offerings - to deliver a more unified client experience.

    Most recently, Ferguson was the executive director and global .......

    Job Swaps 28 September 2016

  • Airbag recall raises loss risk

    Auto lease ABS have meaningful exposures to the recall of faulty Takata-manufactured airbags, notes Moody's. Auto loan ABS have only minimal exposure, but the lease sector is particularly affected due to the timing of when the leases backing outstanding transactions will mature, compared with when vehicle fixes occur and replacement parts are available.

    "The timing of vehicle fixes versus the .......

    News Round-up 27 September 2016

  • RFC issued on tobacco ABS

    Moody's has issued a request for comment on proposed changes to its rating methodology for tobacco settlement revenue securitisations. The proposals take into account an October 2015 settlement between New York state, certain tobacco companies and the pace of arbitration proceedings involving other US states and territories.

    The agency highlights that the October 2015 New York settlement resolved the NPM .......

    News Round-up 27 September 2016

  • Euro ABS/MBS starts slowly

    The European ABS/MBS secondary market has started the week slowly.

    Softer broader markets meant a dip in activity across ABS/MBS sectors yesterday. However, they remain insulated from the weaker sentiment elsewhere and secondary spreads generally held firm.

    In contrast, the previous few sessions saw robust activity boosted by a positive response to comments from the Fed. Decent two-way flows, with .......

    SCIWire 27 September 2016

  • Chinese NPL trio prepped

    Three Chinese issuers are in the market with NPL securitisations (see SCI pipeline). One of them - China Construction Bank - only made its debut in the asset class last week.

    China Construction Bank is joined by China Merchants Bank and the Industrial and Commercial Bank of China (ICBC). China Construction Bank's next offering is sized at CNY1.56bn. The ICBC .......

    News Round-up 26 September 2016

  • Biggest PACE deal issued

    Renovate America is in the market with its eighth securitisation of PACE bonds. Dubbed HERO Funding 2016-3, the US$320.3m deal is the largest such green bond deal completed to date by any issuer.

    Both Kroll Bond Rating Agency and DBRS have assigned ratings of double-A to the class A1 and A2 notes. Moody's has also assigned its highest Green Bond .......

    News Round-up 23 September 2016

  • Bank shuffles SF pros

    Credit Suisse has made a series of changes to its asset finance team, with a number of structured finance pros changing roles. Among the changes, Jay Kim has been promoted to global head of structured products.

    Kim's promotion follows the appointment of Brian Chan, former co-head of credit and securitised products, to the firm's board with the new role of .......

    Job Swaps 23 September 2016

  • Autos see credit deterioration

    US auto loan and lease credit performance is likely to continue to deteriorate in 2H16 and into 2017, according to Fitch. The rating agency says that year-over-year credit performance deteriorated for auto lenders in 1H16, despite improved loss rates in 1H16 relative to 2H16, which the agency attributes to seasonality.

    Despite this credit deterioration, Fitch adds that its rated auto .......

    News Round-up 22 September 2016

  • Delinquencies down for Italian SME ABS

    Total delinquencies of Italian SME ABS have decreased from April 2016 to July 2016, from 6.2% to 5.1%, Moody's says. However, the 60-90 day delinquency rate has increased slightly over the same period, from 0.3% to 0.6%.

    The rating agency notes that constant prepayment rates increased from 4.5% to 6.1% between April 2016 and July 2016. As of July 2016, .......

    News Round-up 21 September 2016
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