ABS

  • 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

  • NPL renaissance

    €9bn Italian ABS provides fresh impetus

    Banca Monte dei Paschi di Siena (MPS) announced last week that it plans to offload its entire portfolio of sofferenze (bad debt) loans into a securitisation vehicle. The move is a significant landmark in the recovery of the Italian non-performing loan ABS market, which the national government has worked hard to revive.

    Banca d'Italia figures put total Italian NPL volume .......

    News Analysis 5 August 2016

  • MPL securitisations 'worth risks'

    Marketplace lending continues to grow, but so too do delinquencies and losses. Morgan Stanley notes that marketplace lending securitisations can provide important structural protections to investors in the context of performance deterioration.

    There has been a run of negative headlines for the marketplace lending industry and four securitisations have seen deterioration sufficient to breach triggers. While Morgan Stanley finds that .......

    News Round-up 3 August 2016

  • PACE acceptance is 'ABS positive'

    The Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) are to being to insure mortgages on homes encumbered by PACE obligations that meet certain requirements. Moody's believes the FHA's acceptance of PACE is credit positive for PACE ABS and will have mixed effects on RMBS.

    This is the first time that federal agencies involved in the US mortgage .......

    News Round-up 3 August 2016

  • Condominium price surge 'positive'

    Moody's says that rising condominium prices is positive for Japanese RMBS as it will increase recovery rates on transactions backed by investment loans. The average price of studio type condominiums in the Tokyo metropolitan area has increased to the highest level since 1995.

    These properties in the Japanese capital comprise between 60% to 70% of the collateral backing condominium loan RMBS in .......

    News Round-up 3 August 2016

  • Aussie metrics approach crisis levels

    Delinquencies for Australian auto loan ABS and prime RMBS have risen steadily over the five months to May 2016, as well as year-on-year, notes Moody's. The auto loan delinquency rate is now similar to levels seen in 2009 and is edging towards its 2010 peak.

    For auto loan ABS, 30-plus day delinquencies worsened from 1.35% in January to 1.66% in .......

    News Round-up 3 August 2016

  • Colombian ABS risk highlighted

    The liquidation of non-bank financial institution (NBFI) Estraval and the losses related to privately sold pools of payroll deductible loans (PDL) with recourse to Estraval highlight risks risks potentially facing the Colombian consumer ABS market, says Fitch. The rating agency believes these risks include the limited regulation of Colombian NBFIs and risks to underlying PDLs, such as borrower unemployment, life .......

    News Round-up 3 August 2016

  • US ABS issuance booms

    Variability in US ABS new issue volume over the last 12 months has reached its highest level in the post-crisis period, after over US$3bn of new deals priced last week. As US$21.8bn of issuance, July was the busiest month since 2009, when TALF was still in effect.

    Year-to-date issuance is now up to US$110.6bn, according to Wells Fargo figures, gradually .......

    News Round-up 2 August 2016

  • Spanish crowdfunding gets green light

    The official registration of the first equity crowdfunding platforms in Spain last week presented further regulatory inroads for marketplace lending in Europe and could also be an additional boost for Spanish SME ABS. According to Moody's latest Credit Outlook, a further 10 platforms are also believed to have obtained registration at the end of July following the announcement on Wednesday.

    Spain's .......

    News Round-up 1 August 2016

  • Card ABS metrics normalising

    US credit card ABS performance is beginning to normalise from historical lows following a gradual shift up in metrics, says Fitch. Modest performance deterioration had been anticipated and remains within expectations, while overall borrower credit profiles are continuing to improve, leaving any imminent impact to outstanding ratings a very remote possibility.

    A combination of rising consumer revolving debt and a .......

    News Round-up 29 July 2016

  • 'Watershed' securitisation facility closed

    Sun Life Assurance Company of Canada, Securcor and Blue Bridge Finance have closed a private securitisation facility for US$40m between Blue Bridge SPV Funding I and Securcor. The facility will be funded by Sun Life.

    The securitisation facility will allow Blue Bridge to expand market share and represents a watershed event for the firm as it allows it to migrate .......

    News Round-up 28 July 2016

  • APAC ratings supported

    Fitch affirmed the long-term ratings on 131 Asia-Pacific structured finance and structured credit (SC) tranches in 2Q16. The agency also downgraded 10 bonds, while six were upgraded and one was placed on rating watch negative.

    All of the downgrades involved Australian prime RMBS transactions that face concentration issues as the note balances reduce in size. The Flexi ABS Trust 2013-1 .......

    News Round-up 27 July 2016

  • BNP picks up duo

    BNP Paribas is continuing to reshape it securitisation team in Europe with the additions of Bilal Husain and Simon Jones. The pair join the bank's new asset finance and securitisation (AFS) division, with Husian taking the role of head of EMEA AFS syndicate and Jones head of residential mortgage and consumer origination and structuring for EMEA AFS.

    The duo arrive .......

    Job Swaps 27 July 2016

  • FFELP criteria updated

    Fitch has published its revised criteria for rating US FFELP student loan ABS. The main changes to the criteria are revised assumptions and stresses for deferment, forbearance, IBR, default timing and prepayments for both new ratings and surveillance. In addition, the new surveillance approach introduces rating tolerances based on time to maturity.

    Based on additional analysis and feedback received during .......

    News Round-up 27 July 2016

  • KBRA confirms SF managers

    Kroll Bond Rating Agency has confirmed the names running its structured finance team hierachy. The managers for the respective asset classes are: Eric Thompson in CMBS and RMBS; Anthony Nocera in commercial ABS; Rosemary Kelley in consumer ABS; and Andrew Guidici in project finance and energy. All will report to KBRA president and coo Jim Nadler.

    .......

    Job Swaps 27 July 2016

  • ABL team recruited

    Texas Capital Bank has recruited Chris Capriotti, Jeff Tompkins and Olivia Pipitone to take on responsibility for expanding its asset-based lending (ABL) practice. Capriotti will lead the group, succeeding Ed Franco, who retired last month.

    The team was formerly with JPMorgan. Capriotti and Tompkins spent 20 years and 16 years respectively with the firm, focusing on ABL.

    .......

    Job Swaps 27 July 2016

  • Benchmark beginnings

    Positive reception for debut device payment ABS

    Verizon's debut securitisation of device payment plan agreements (DPPAs) earlier this month marked the successful launch of a new asset class, which has the potential to become an on-the-run benchmark consumer ABS sector. Heavy oversubscription of the US$1.69bn transaction - dubbed Verizon Owner Trust 2016-1 - and a tight print, together with rising handset receivables volumes, are expected to entice .......

    News Analysis 27 July 2016

  • Green bonds surging

    Global green bond issuance rose in 2Q16 to a new quarterly high of US$20.3bn, US$3.4bn more than the 1Q16 figure of US$16.9bn. Moody's says that green bond issuance stood at US$37.2bn for the first six months of 2016, an 89% increase from the same period in 2015.

    "The global green bond market is now poised to reach US$75bn in total volume for .......

    News Round-up 26 July 2016

  • AIR to model pandemic ILS

    AIR Worldwide has been chosen by the World Bank Group to model its Pandemic Emergency Financing Facility (PEF). The launch of the mechanism was announced two months ago with the aim of using ILS to protect against future pandemics (SCI 23 May).

    The PEF initiative seeks to help initiate the first-ever insurance market for pandemic risk, combining funding from both .......

    News Round-up 26 July 2016

  • Auditing issues

    Subordinate assumptions, transparency examined

    Auditing the accuracy of a client's most complex fair value measurements is no mean feat. There are several factors that make the process more challenging, however. Top of the list is the ability to gain sufficient transparency into the assumptions used by firms that provide prices on subordinated and equity positions.

    Methodologies for pricing structured finance securities tend to rely .......

    News Analysis 26 July 2016

  • Commercial PACE financing boost

    CleanFund has entered into an agreement with Soligent entity Solar Engine to finance the purchase and installation of solar panel systems for commercial, multifamily, non-profit and other non-residential buildings in the US. Dealers and installers who are members of the Soligent network can now access CleanFund's SolarPACE financing programmes.

    CleanFund's new SolarPACE programme was designed specifically for solar project financing .......

    Job Swaps 26 July 2016
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