ABS

  • Credit duo to lead Euro expansion

    Waterfall Asset Management has recruited James Cuby and Henrik Malmer in order to set up a London office for the firm. The pair will act as co-heads of the office, tasked with expanding Waterfall's structured credit and direct lending business in the European market.

    Cuby and Malmer spent the last ten years at Investec Bank, where they established and ran .......

    Job Swaps 14 March 2016

  • Euro secondary sluggish

    Despite last week ending strongly in wider credit the European securitisation secondary market remains sluggish.

    Market sentiment continues to be increasingly positive and there are selective buyers in evidence, but for the most part flows and BWIC supply are patchy and liquidity is thin as investors look likely to stay on the sidelines until the wider credit rally has been .......

    SCIWire 14 March 2016

  • Mitigating factors for revolving structure

    Rongteng 2016-1 Retail Auto Mortgage Loan Securitization is originator SAIC-GMAC's first Chinese auto ABS to feature a revolving structure and the second such deal to be issued in China's interbank market, says Moody's. The transaction was issued last month (see SCI's new issuance database).

    The revolving structure allows new loans to be added to the securitised pool after .......

    News Round-up 11 March 2016

  • PACE provider drives growth

    PACE financing provider Ygrene Energy Fund has raised US$30m in operating capital, led by new and existing investors. The firm is set to expand into Georgia, Arkansas, Missouri and Virginia.

    The latest investment brings the Ygrene's total operating and project capital raised to over US$530m. The operating capital will fund the firm's expansion of its YgreneWorks programme, including business and .......

    Job Swaps 11 March 2016

  • ECB looks to provide boost

    A new set of measures announced by the ECB could boost ABS supply. The central bank is launching a second TLTRO programme, expanding QE and cutting rates.

    The ECB's deposit rate has been cut by 10bp to -0.4%. Its main refinancing rate has been cut by 5bp to zero.

    The TLTRO 2 programme will - in contrast to the first TLTRO .......

    News 11 March 2016

  • Container ABS to weather conditions

    Slowing global trade is a concerning development for shipping container ABS. However, Morningstar Credit Ratings believes certain features and market trends should allay ABS investor concerns.

    Global trade is stalling. At 6.9%, Chinese GDP growth last year was the slowest in decades. Meanwhile, the World Trade Organization last September revised down its estimate for world trade growth in 2016 from .......

    News Round-up 10 March 2016

  • Italian tax exemption boosts market

    An Italian law decree introducing a flat tax on auction properties is credit positive for RMBS, ABS and covered bonds of secured loans to SMEs, says Moody's. The stamp duty exemption should attract a larger number of potential buyers, with a particular increase in short-term investors' appetite for auction properties.

    Moody's expects that real estate-owned companies and other asset managers, .......

    News Round-up 10 March 2016

  • Fee waivers introduced

    TICC Capital Corp, in consultation with its special committee, has agreed to a series of ongoing waivers with respect to its management fee and income incentive fee. The move follows a comprehensive process led by the special committee, including a detailed analysis of best-in-class practices in the industry, conducted with the assistance of the firm's financial advisor Morgan Stanley.

    Under .......

    Job Swaps 10 March 2016

  • Further FFELP bonds extended

    Navient has extended the legal final maturity date to 2055 on the senior tranche of SLC Student Loan Trust 2009-1, affecting US$150m of ABS bonds backed by federally guaranteed student loans. The move follows the amendment of transaction agreements for two other Navient-sponsored securitisation trusts last month.

    These amendments extended the legal final maturity date to 2045 on the senior .......

    News Round-up 10 March 2016

  • ILW platform bolstered

    Stefano Nicolini has joined Beach & Associates as a vp and will be aid in the development of the firm's ILW and retro platforms globally. He will be based in its New York office, but work closely with the Bermuda and London teams. Nicolini was previously an ILW-focused broker at BMS Group and has also worked at Guy Carpenter and .......

    Job Swaps 10 March 2016

  • SIV lawsuit concluded

    The California Public Employees' Retirement System has settled its case against Moody's for a record US$130m. The lawsuit alleged that Moody's assigned erroneous Aaa ratings to SIVs prior to the financial crisis.

    CalPERS sued Moody's and other rating agencies in 2009 after its pension fund sustained losses from investments in three SIVs that relied on the liquidity of assets that .......

    Job Swaps 10 March 2016

  • Increased appetite

    European direct lenders moving towards US model

    Direct lenders tend to focus on assets that aren't mainstream securitisation candidates and in that sense can be complementary to banks. However, panellists at SCI's inaugural Marketplace, Direct Lending & Securitisation Seminar last month expected European direct lenders to gain more market share as the sector transitions towards the US model.

    Richard Green, partner at Venn Partners, anticipates the European .......

    Talking Point 10 March 2016

  • Euro secondary stable

    The European securitisation secondary market remains stable despite signs of an uptick in volume.

    "Yesterday the market was more or less stable despite an increased number of lists," says one trader. "Notably, the large prime RMBS list traded quite well with most of the 24 bonds involved going through in line with recent levels."

    At the same time, the trader .......

    SCIWire 10 March 2016

  • Auto comparison tool offered

    Moody's has launched a global auto ABS market comparison tool, designed to facilitate a comprehensive comparison across the sector. The offering includes over 60 qualitative features - such as securitised products, transaction parties, market history and legal risks - that can be compared across 14 countries, as well as the functionality to analyse transaction performance data across 11 countries and .......

    News Round-up 9 March 2016

  • Promotion due at Och-Ziff

    Nim Sivakumaran is set to replace Donald La Vigne as head of European structured credit strategies at Och-Ziff Capital Management Group's London office after the latter's departure in June. Sivakumaran is currently an md and analyst in the firm's European structured credit investment team.

    .......

    Job Swaps 9 March 2016

  • Energy boost

    Renovate America capital markets md Craig Braun and capital...

    Q: How and when did Renovate America become involved in the securitisation market?
    Braun:     We started originating PACE loans in 2012 and we securitised our first HERO bonds in 2014. PACE provides a financing alternative for homeowners when they need to replace aging heating or air conditioning units or make other energy efficiency or renewable energy upgrades.

    PACE allows homeowners to .......

    Provider Profile 9 March 2016

  • Euro secondary pick-up?

    After a very slow start to the week yesterday European securitisation secondary market activity looks set to pick up today.

    A volatile day in wider markets kept most participants on the sidelines once more and meant flows were extremely light again yesterday, nor were there any BWICs. Consequently, secondary spreads were unchanged across the board.

    Nevertheless, market sentiment remains positive. .......

    SCIWire 8 March 2016

  • Securis launches ILS fund

    Securis Investment Partners is launching a fund which will enable investors to participate directly in pure catastrophe event risk. Securis Catastrophe Bond Fund is a sub-fund of Northill Global Funds ICAV and is Securis' first UCITS-compliant fund. The fund will invest in a portfolio of cat bonds, diversified across a range of securities which are exposed to risk in different .......

    News Round-up 7 March 2016

  • Prudent valuation views sought

    The EBA has launched a public consultation on the inclusion of prudent valuation into COREP, the reporting framework through which EU banks report supervisory information. The consultation will run until 30 March.

    The EBA's proposed changes would allow the inclusion of the new requirements for reporting information on prudent valuation, as well as some supplementary requirements for reporting credit risk .......

    News Round-up 7 March 2016

  • PREPA progress reviewed

    The extended deadline for PREPA to submit a new rate plan to Puerto Rico's new energy commission (SCI 2 March) suggests that the utility and its creditors are making progress towards an organised debt restructuring, according to Moody's. This development follows the recent enactment of securitisation legislation that will help facilitate a subsequent PREPA debt restructuring.

    The submission of a .......

    News Round-up 7 March 2016

  • AnaCap increases Italian NPL holdings

    AnaCap Financial Partners has purchased two Italian NPL portfolios with a face value of more than €2bn. The portfolios were acquired by AnaCap Credit Opportunities III from SPVs whose securities were majority owned by GE Capital Real Estate and RBS.

    The portfolios each have a gross book value of around €1bn and include secured and unsecured SME loans, with the .......

    News Round-up 4 March 2016
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