ABS

  • 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

  • Leadership appointments unveiled

    IHS and Markit have announced senior executive leadership appointments for IHS Markit, following the consummation of their merger of equals (SCI 21 March). The appointments will be effective upon completion of the merger, which is expected to close in 2H16.

    Jerre Stead, IHS chairman and ceo, will assume the same role for IHS Markit. Lance Uggla, chairman and ceo of .......

    Job Swaps 8 June 2016

  • Malaysian MTN programme readied

    Amanah Saham Nasional Berhad (ASNB) is prepping the first issuance under its new RM10bn Perpetual Nominal Value MTN Amanah Saham Bumiputera (ASB) securitisation programme. Dubbed Westeros Capital, the deal is the first rated Malaysian ABS involving personal loans secured against ASB investments.

    The Series 2016-1 transaction is expected to comprise RM970m class A and RM30m subordinate MTN notes, preliminarily rated .......

    News Round-up 7 June 2016

  • Apollo reshuffles

    Apollo Investment has appointed Howard Widra as president, following on from his most recent role as co-head of direct origination for Apollo Global Management. Widra replaces Edward Goldthorpe, who resigned the post along with his role as cio of Apollo Investment Management (AIM).

    The company has also made further moves with AIM's deputy cio Tanner Powell named as the unit's .......

    Job Swaps 7 June 2016

  • Index research head named

    Markit has appointed Aram Flores as md and head of index research and development, based in New York. Part of his remit is to explore new index opportunities within US fixed income and expand into cross-asset products.

    Flores previously spent 13 years at Deutsche Bank, where he co-headed index and ETF research and development. He had overall responsibility for the .......

    Job Swaps 7 June 2016

  • REIT pro snapped up

    Hunton & Williams has hired Robert Smith as a partner to its real estate capital markets practice. His practice focuses on REITs, with a focus on the mortgage REIT space, including publicly traded mortgage REITs on securities offerings and corporate and securities law reporting matters.

    The law firm adds that Smith's experience will include significant contributions to securitisation. Prior to .......

    Job Swaps 7 June 2016

  • Navient extends three more deals

    Navient has extended a further US$1.1bn in FFELP student loan ABS. The amendments include the extension of the legal final maturity dates for the A7 and B tranches of SLM Trust 2003-14 to 2065.

    SLM Trust 2004-3's A6 and B tranches have also been extended to 2064, while the maturity date on the subordinate tranche of SLM Trust 2014-1 has .......

    News Round-up 7 June 2016

  • PACE deal sets landmark

    Renovate America has priced the largest PACE ABS to date, a US$305.3m designated green bond. HERO Funding Trust 2016-2 is the seventh deal from Renovate, pushing the programme's total issuance to US$1.35bn.

    The transaction comprises a single tranche of class A notes, rated double-A by Kroll Bond Rating Agency. The notes are secured by 13,432 PACE assessments levied on residential properties across California. The .......

    News Round-up 7 June 2016

  • Euro ABS/MBS defies concerns

    Steady primary supply and a firm European ABS/MBS secondary market are providing cause for optimism.

    "Despite the perceived increase in likelihood of a vote for Brexit, the market feels pretty firm. Those referendum concerns were shrugged off pretty quickly yesterday and prices are continuing to go up with spreads grinding down," says one trader.

    He adds: "There have been a .......

    SCIWire 7 June 2016

  • Firm launches third credit fund

    AnaCap Financial Partners has closed its third credit fund after initially upsizing it on investor oversubscription. The AnaCap Credit Opportunities III fund holds a €595m mandate to target performing, semi-performing or non-performing credit assets that primarily comprise consumer, SME and mortgage debt across Europe.

    The fund is approximately 30% larger than its predecessor vehicles and was upsized from an original .......

    News Round-up 6 June 2016

  • Euro SF risk overestimated?

    The amended external ratings based approach (EBRA) for calculating regulatory capital changes in European structured finance (SF) transactions has come under scrutiny in a recent report from Scope Ratings. Entitled 'External Rating Based Approach: One-size-fits-all limits banks' lending capacity', the study analyses the 11 European SF transactions rated by the agency and questions whether the EBRA amendments may result in .......

    News 6 June 2016

  • Natixis recruits for trading push

    Natixis has recruited Reginald Fernandez as executive director and head of its newly formed global structured credit and solutions credit trading team in the Americas. The team will be active in ABS and CLO trading, as well as repos.

    Fernandez joins the firm following his most recent role as co-head of CLO sales and trading at Brean Capital. He has also .......

    Job Swaps 6 June 2016

  • China RMBS steady so far

    Chinese RMBS has been performing well in its early stages, according to Fitch. This has been attributed, in part, to the 'vanilla' mortgage features within the transactions issued to date, which reflects strong transparency standards.

    There have been 12 transactions across eight different commercial banks so far in the market, amounting to CNY28.04bn. Of the 12 deals, 10 are too immature for .......

    News Round-up 3 June 2016

  • Capital-arbitrage warning issued

    The Basel Committee has warned banks against conducting capital relief trades. The regulator says such transactions will draw "careful supervisory scrutiny".

    The Basel Committee notes that members have received many requests to review or approve transactions that seek to alter the form or substance of items subject to regulatory adjustments outlined in Basel 3. These include proposals for structured transactions .......

    News Round-up 3 June 2016

  • PE investors provide CDQ ABS boost

    Growth and consolidation in Italy's consumer loan Cessione del Quinto (CDQ) market is credit positive for CDQ ABS, says Moody's. The rating agency believes foreign private equity investment will strengthen the market.

    "Foreign private equity firms' investment could accelerate lending growth in the CDQ market. The low level of net losses has attracted non-traditional participants, such as warehouse lenders and .......

    News Round-up 2 June 2016

  • Everglades Re upgraded

    S&P has raised its issue credit rating on Everglades Re Series 2014-1 notes to single-B plus from single-B. The rating action follows the agency's review of the reset report for the final risk period that began on 1 June, the probability of attachment and the expiration of the variable reset feature.

    The ILS transaction includes a variable reset feature that .......

    News Round-up 2 June 2016

  • Euro secondary stays positive

    The European securitisation secondary market is retaining its positive tone and momentum.

    Despite the UK and US public holidays and month-end, activity has improved on the previous week throughout this. The last few days have seen trading across the board and spreads in the vast majority of sectors continue to grind tighter.

    In ABS/MBS prime assets were the main focus yesterday .......

    SCIWire 2 June 2016

  • Fair value?

    Call for standardised approach to MPL valuations

    In a sector where there is no standardised pricing methodology or standardised pricing reference data, a wide variety of approaches are currently being used to value marketplace loans (MPL) and peer-to-peer (P2P) loans. Not all of these approaches are deemed appropriate for the assets, however, and their continued use could have significant repercussions for the securitised MPL market.

    The burgeoning .......

    News Analysis 31 May 2016

  • Ex-SEC counsel joins law firm

    BakerHostetler has added Walter Van Dorn to its New York office as a partner. He was most recently at Dentons and has also worked at Thacher Proffitt & Wood, Clifford Chance and the US SEC. Van Dorn has worked in London, Hong Kong and Washington and focuses his practice on corporate securities law, including ABS.

    .......

    Job Swaps 31 May 2016

  • 'Wrong' Madden verdict 'should stand'

    The US solicitor general says that the controversial decision in Madden v Midland Funding (SCI passim) was incorrect and "reflects an unduly crabbed conception of [National Bank Act] pre-emption". However, the solicitor general does not believe that the decision should be reviewed by the Supreme Court.

    A Mayer Brown client memo notes that the solicitor general "concluded that this just .......

    News 27 May 2016

  • Media financing firm secures funds

    Crayhill Capital Management has agreed to finance a new firm called Versa Media, which has been set up to provide production loan financing to independent film and television creators. The new firm has secured a US$100m financing facility from Crayhill and will generate future means of financing through structured finance.

    In addition to traditional subordinated production loans - including mezzanine, .......

    Job Swaps 27 May 2016
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