ABS

  • Dual ILS tools debut

    Huang & Associates Analytics (HAA) has released two new ILS tools, RAPID Pro and Deal Tracker. They will be used to assist reinsurers and fund managers in areas that include comprehensive pricing, underwriting and fair valuation.

    RAPID - short for Risk Aggregation Platform for ILS Decisions - is designed to provide a robust framework for fair valuation of transactions. Meanwhile, .......

    News Round-up 16 June 2016

  • Veteran London trader tapped

    Imperial Capital Group has hired Jonathan Noonan as svp and a senior trader focusing on CMBS, pubs and esoteric ABS. He will join the structured products trading group in the firm's London office. Noonan joins from Bank of America Merrill Lynch, where he most recently was a director and ABS trader.

    .......

    Job Swaps 15 June 2016

  • Distressed opportunity fund closes

    Crestline Investors has made an additional closing of its Crestline Opportunity Fund III, bringing its capital to US$720m. The fund invests primarily in SME corporate and ABS opportunities, with a focus in North America and Europe.

    The ninth in Crestline's series of opportunistic funds seeks to take advantage of dislocations in the two continents' primary and secondary markets. The fund provides sub-US$50m .......

    News Round-up 15 June 2016

  • More SLABS reviewed on FFELP update

    Moody's has taken rating actions on 403 tranches of FFELP student loan ABS and ABS backed by mixed pools of student loans (both FFELP and private), affecting approximately US$84.3bn of securities. The move follows the agency's initial assessment of the securities under its updated FFELP student loan ABS methodology, which it published yesterday (14 June).

    Moody's placed 266 tranches in .......

    News Round-up 15 June 2016

  • Legislation to support Italian SME NPLs

    Moody's says that recent legislative initiatives in Italy should benefit SME NPL securitisations in the country through streamlining the insolvency process and improving loan recoveries. The issuance of SME NPL ABS is expected to re-emerge in Italy in 2016 after nearly ten years of dormancy.

    The Italian government outlined its intent earlier this year to introduce rules establishing a guarantee .......

    News Round-up 14 June 2016

  • Further SLABS extended

    Navient has amended the transaction agreement for SLM Trust 2013-2, in order to extend the legal final maturity date of the US$800m senior tranche to 2043. Since December 2015, Navient has extended the legal final maturity dates on US$6.8bn of bonds from its FFELP student loan ABS.

    .......

    News Round-up 14 June 2016

  • ILS fund administrator acquired

    Horseshoe Group has acquired IKONIC Fund Services, expanding its service offering to include fund administration. Horseshoe and IKONIC have partnered since 2011 through the joint venture fund administrator, ILS Fund Services.

    IKONIC will be rebranded as Horseshoe Fund Services as part of the deal, which builds on Horseshoe's status as the largest independent insurance manager to the ILS market. Post-acquisition, .......

    Job Swaps 14 June 2016

  • Demica beefs up

    Demica has added three key new roles to its team in London, with the aim of developing both its origination, structuring and transaction management services and its proprietary technology platform. Mansour Davarian joins the firm as associate director of origination, Markus Musielak joins as a director of structuring and Luke Thompstone joins as senior infrastructure engineer.

    Davarian was previously European .......

    Job Swaps 14 June 2016

  • Going green

    Evolution of renewables ABS discussed

    Representatives from Renovate America, Kramer Levin and T-Rex recently discussed the development of the renewables ABS market during a live webinar hosted by SCI (view the webinar here). Focusing on the PACE and solar sectors, this Q&A article highlights the main talking points from the session, including structuring and performance considerations. For a broader and more in-depth exploration .......

    Talking Point 13 June 2016

  • Placed issuance declining

    €56.9bn of securitised product was issued in Europe in 1Q16, a decline of 20.4% from 4Q15 (€71.4bn) but an increase of 61.2% from 1Q15 (€35.3bn), according to AFME's latest securitisation data report. Of the total issued during the quarter, €14.3bn was placed (representing 25.2% of issuance), compared to €15.6bn placed in 4Q15 (21.8%) and €19.7bn placed in 1Q15 (55.9%).

    For .......

    News Round-up 10 June 2016

  • Fitch finalising SLABS update

    Fitch is in the final phase of updating its criteria for US FFELP student loan ABS. The rating agency expects to publish the new criteria within 60 days.

    The final phase of the criteria review includes transaction testing and model validation. Revisions have been made to reflect changing payment behaviour and loan status trends in FFELP collateral, with slower payment .......

    News Round-up 10 June 2016

  • Auto ABS ratings RFC issued

    Scope Ratings has issued a request for comment on its proposed auto ABS rating methodology. The publication of the methodology will not impact any outstanding ratings.

    The proposed auto ABS methodology applies to securitisations of auto loans or leases that finance new or used vehicles, including transactions exposed to residual value and voluntary termination risks. The methodology complements the rating .......

    News Round-up 10 June 2016

  • Business development exec hired

    Monica Blocker has joined Houlihan Capital as a vp of business development, joining Michael Norton. Blocker will be responsible for building and maintaining client relationships throughout the US. She joins Houlihan from Geneva Advisors, where she was part of the institutional sales team.

    .......

    Job Swaps 9 June 2016

  • Rapporteurs push for tougher stance

    The European Parliament's ECON Committee rapporteurs have published their first drafts for resolutions on the proposed new European securitisation regulations. The tone of the documents suggests a preference for a tougher regulatory stance on securitisation.

    "We note these drafts are early versions of the regulations and mainly reflect the opinion of the rapporteurs themselves," Rabobank credit analysts observe. "In our .......

    News 9 June 2016

  • Euro secondary stable

    The European securitisation secondary market continues to show stability.

    Secondary spreads across the board are flat to slightly tighter this week as the vast majority of securitisation sectors remain insulated from headline volatility surrounding Brexit and US rates. CLOs continue to lead the way in terms of demand across the capital structure, while ABS/MBS is seeing more two-way flows.

    However, overall .......

    SCIWire 9 June 2016

  • Euro secondary liquidity 'healthy'

    Around 80% of European ABS BWICs have successfully traded over the last year, a sign that liquidity in the market remains healthy, according to TwentyFour Asset Management. The asset manager notes that €9.9bn worth of bonds has hit the BWIC market since June 2015, with an additional €5bn when European CLO bonds are included.

    TwentyFour says that misconceptions about the liquidity of .......

    News 8 June 2016

  • Fund misuse settlement agreed

    A UK-based investment adviser and its cio have agreed to settle US SEC charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with prior disclosures. James Caird Asset Management (JCAM) and Timothy Leslie will pay more than US$2.5m to settle the charges.

    JCAM and Leslie told the board and investors of the JCAM .......

    Job Swaps 8 June 2016

  • AMG buys stake in five firms

    Affiliated Managers Group (AMG) has agreed to purchase 100% of a minority stake in five firms owned by a Goldman Sachs-managed investment vehicle. Petershill Fund I will sell its combined US$800m in equity interests in Capula Investment Management, CapeView Capital, Winston Capital Group, Partner Fund Management and Mount Lucas Management.

    Upon completion of the deal, AMG's AUM is expected to .......

    Job Swaps 8 June 2016

  • Commingling risk concerns rating agency

    EMEA ABS is showing increasing credit exposure to the seller/servicer through commingling risk and other risks contingent on the financial quality of the seller/servicer, says Fitch. The rating agency believes this is accounted for in Fitch-rated transactions, but is not being sufficiently addressed in the wider market.

    Counterparty and seller/servicer ratings have drifted downwards over the past several years, with .......

    News Round-up 8 June 2016

  • Russian regs choking issuance

    S&P expects Russian structured finance issuance to dampen for the rest of the year due to recent regulatory changes. Financial market turbulence, a decrease in origination of underlying loan assets, asset deterioration and diminishing state support for investor demand have already hit issuance in the country this year.

    As of 1 January, the Central Bank of Russia increased the risk .......

    News Round-up 8 June 2016

  • Brazilian trustees feeling squeeze

    Smaller trustees will have to exit the Brazilian securitisation market or merge with larger competitors, says Fitch. This is because of markedly decreased issuance, high operating costs and low profitability.

    Smaller, lower-capitalised companies which rely on non-recurring structuring fees to cover ongoing operating expenses are expected to feel the most pressure. The rating agency notes that companies which only act .......

    News Round-up 8 June 2016
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