ABS

  • Aon appoints Asia director

    Aon has appointed Les Collett as regional director for structured credit and political risk, based in Hong Kong. He was previously at Willis Towers Watson, where he was an executive director.

    Collett will report to Miles Johnstone, who is head of structured credit and political risk for Asia. Collett has previously worked at Standard Bank, Calyon, HSH Nordbank, Bankgesellschaft Berlin .......

    Job Swaps 18 August 2016

  • Syndicated loan team expands

    Muzinich has recruited an additional four names as it increases its European syndicated loans capabilities. The firm has hired portfolio managers Torben Ronberg, Stuart Fuller, Sam McGairl and Alex Woolrich, all of which have joined from Wells Fargo subsidiary, ECM Asset Management.

    They will provide the firm with a mixture of experience that has included structured finance, derivatives, emerging markets and high yield .......

    Job Swaps 18 August 2016

  • TFIF to tap 'favourable conditions'

    TwentyFour Income Fund (TFIF) intends to raise additional equity capital through the issue of new ordinary shares of 1p each. The move is in response to continued investor demand and favourable prevailing market conditions.

    TFIF invests in mezzanine ABS and the portfolio currently has a triple-B minus weighted average rating and a four-year weighted average life. The portfolio currently has .......

    News Round-up 17 August 2016

  • ABL team expands

    MB Business Capital has opened a new office in Vancouver, Washington and appointed Kevin Schrader to its middle-market asset-based lending (ABL) team as svp. He will source ABL opportunities for MB Business Capital in the Washington, Oregon and Idaho markets.

    Schrader brings nearly 25 years of banking experience to MB. Previously, he served as an md at GE Capital, where .......

    Job Swaps 17 August 2016

  • United Guaranty sale agreed

    Arch Capital Group is set to acquire United Guaranty Corporation and United Guaranty Insurance from AIG for US$3.4bn. The sale will see the firms combine their businesses to create the largest private mortgage insurer in the world, based on insurance in-force.

    Arch says that it expects to retain a significant presence in North Carolina, while maintaining its existing mortgage insurance operations .......

    Job Swaps 16 August 2016

  • Fixed income teams merged

    BNP Paribas continues to revamp its investment banking operations by combining its primary and credit markets into a new business. This will encompass the bank's asset finance and securitisation businesses, headed globally by Matt Salvner.

    Martin Egan and Benjamin Jacquard will stay in their positions as global head of primary markets and global head of credit respectively. Salvner reports jointly to .......

    Job Swaps 16 August 2016

  • Euro defaults hit post-crisis low

    Overall European structured finance credit quality increased in 2015, with the annual default rate falling to its lowest level since 2008, according to S&P's latest annual rating transitions study. Nevertheless, the number of rating downgrades exceeded the number of upgrades.

    S&P had more than 4,800 ratings outstanding on European structured finance securities at the beginning of 2015. Of these securities, .......

    News Round-up 15 August 2016

  • Japanese ratings surge

    S&P's rating of new Japanese securitisations rose by 34.2% year-on-year in 1H16 as negative interest rates spurred new RMBS issuance. The agency assigned ratings to roughly ¥1.33trn during the first half of the year, across 10 new transactions.

    A 43.3% jump in issuance of RMBS - the largest asset class in Japan - helped push up the total issuance figure. S&P says .......

    News Round-up 15 August 2016

  • High yield team expanded

    Royal London Asset Management (RLAM) has expanded its global high yield team with four new hires in preparation for the launch of its Multi Asset Credit Fund. The appointments are headed by Khuram Sharih as a fund manager, focusing on leveraged loans and alternative credit.

    The new fund will comprise a directly invested, globally diversified portfolio concentrating on the alternative credit universe. Asset .......

    Job Swaps 12 August 2016

  • NPL sales exceed 2015 levels

    Sales of European NPLs and non-core assets (NCAs) stand at €112bn of completed and ongoing deals at the end of 1H16, says Deloitte. This already exceeds the €104.3bn for all of 2015.

    Activity has been driven by increased loan sale transactions in continental Europe, particularly in Italy and central and eastern Europe. There has been €14.4bn in completed deals from .......

    News Round-up 12 August 2016

  • BPB deal rated

    Banca Popolare di Bari (BPB) has closed its much-anticipated NPL securitisation, becoming the first bank to make use of the Italian government's GACS guarantee scheme (SCI 30 March). The €150.54m Popolare Bari NPLs 2016 deal is backed by assets with a gross book value (GBV) of €471m and €8.8m of collections.

    Rated by Moody's, the transaction comprises €126.5m Baa1 rated .......

    News Round-up 12 August 2016

  • Treasury successor named

    John Frishkopf is set to retire from NewStar Financial next month, but will remain involved with the firm as an external advisor to provide decision support to the management committee and to advise the board's risk committee on strategic funding matters. He was a founding member of the firm and has served as treasurer and head of its asset management .......

    Job Swaps 12 August 2016

  • Bermudan ILS players 'optimistic'

    Bermudan ILS participants are 'optimistic' that the market will continue to grow and diversify, according to a recent survey by the Bermuda Business Development Agency (BDA). Respondents averaged a mark of four out of five in confidence for the market going forwards and pinpoint new products as the best opportunity.

    These potential products include securitising new 'short-tail' lines other than property .......

    News Round-up 11 August 2016

  • Optimistic outlook

    Investors bullish on MPL, but changes needed

    Many interesting topics were raised about the current state and potential future of marketplace lending at SCI's Marketplace Lending and Securitisation Seminar in New York in June. During a panel on investor perspectives, several matters that concern buyers of marketplace loans were discussed.

    The turmoil at Lending Club was initially touched upon during the panel, as well as the subsequent .......

    Talking Point 11 August 2016

  • ABS syndicate head poached

    Mick Wiedrick is set to join BNP Paribas in October as head of ABS syndicate in New York. In the new role, he will help the bank build its client relationships in areas that include auto, equipment and fleet lease ABS.

    Wiedrick joins from JPMorgan, where he was an executive director on the bank's ABS and CMBS syndicate desk. Prior to .......

    Job Swaps 11 August 2016

  • Money market tranches touted

    The basis between money market ABS tranches (MMABS) and corporate CP appears to be widening ahead of the implementation of money market reforms in the US in October. Against this backdrop, Wells Fargo structured product strategists believe that MMABS offers good relative value for the credit risk taken.

    MMABS yields have historically been closely aligned with three-month Libor, which has .......

    News 11 August 2016

  • Broker hires for Americas team

    RFIB Group has appointed Glenn Jackson as md of RFIB Americas. He will be based in the firm's Tampa office, reporting to Nick Foden-Pattinson.

    Jackson joins from Beach Re, where he served as svp, providing expertise in ILS. Specifically, he advised capital market participants, as well as insurance and reinsurance companies in structuring, modelling and executions of alternative reinsurance transactions.

    .......

    Job Swaps 9 August 2016

  • VW settlement to boost prepays?

    Volkswagen's offer to buy back or terminate the leases on US vehicles affected by its emissions violations could boost prepayments for outstanding VW US auto loan and lease ABS, which Moody's believes would be credit positive for the deals. However, a number of uncertainties mean that it is difficult to assess the overall credit effect on VW's ABS from the .......

    News Round-up 9 August 2016

  • Japan stimulus to boost SMEs

    A new ¥28trn stimulus package introduced by the Japanese government is credit positive for SME structured finance deals, says Moody's in its latest Credit Outlook. The package includes measures to help ease SME refinancing and provide them with greater flexibility for borrowing.

    According to Moody's, diversification and funding alternatives will help a variety of SME deals, including CLOs and ABS .......

    News Round-up 8 August 2016

  • MBS hedge funds rebounding

    Preqin's 2Q16 Hedge Fund Survey shows that hedge funds in the credit strategy category experienced four consecutive quarters of outflows since the beginning of 2015, with about US$17bn of outflows in 2016 alone, mostly concentrated in Q1. A Wells Fargo analysis of the data suggests that amid this outflow, ABS-focused hedge funds saw declines in AUM in 4Q15 (by 6%) .......

    News 5 August 2016

  • ILS pro takes new role

    The former head of international capital markets at Aon Securities has moved on to RenaissanceRe, where he has become an md in the Ventures unit. Based in Bermuda, Chris Parry started in the new role this month.

    Parry spent seven years at Aon and previously worked at Dresdner Kleinwort, Citi and BDO. He has deep experience in structured finance and .......

    Job Swaps 5 August 2016
×