ABS

  • Australian marketplace lender boosted

    DirectMoney has partnered with Macquarie Bank in a deal where the bank will purchase A$5m of loans originated through the platform. As part of the partnership, the bank has also been appointed an adviser to the platform, with a view to assisting in building infrastructure to facilitate access to a wider range of capital markets investors.

    One route to providing .......

    Job Swaps 23 February 2016

  • Negative Euribor risks highlighted

    A continued decline of Euribor rates poses a number of risks to euro-denominated Australian RMBS and ABS, says Moody's. Deals that could be impacted are those that have no mitigants in place to withstand a negative interest rate scenario.

    "As Euribor rates move further into negative territory - beyond the buffer provided by the note margins - such deals will need .......

    News Round-up 23 February 2016

  • Euro secondary starts slowly

    It was a slow start to the week for the European securitisation secondary market, but today looks likely to see something of a pick-up.

    "Yesterday was for the most part pretty slow," says one trader. "Primarily there was a just a lot of chatter around Brexit and its broader implications including the potential for people to step away from sterling .......

    SCIWire 23 February 2016

  • Belgian SME deals 'strong performers'

    Deals that are backed by loans to Belgian small businesses should emerge as one of the strongest performers in the European ABS market, says Moody's. This is due to both growth and deleveraging of such entities, which has improved their profit margins.

    "Better financing conditions are helping business investment," explains Monica Curti, a Moody's vp and senior credit officer. "It's .......

    News Round-up 22 February 2016

  • UK risk over-represented

    Some €6.5bn of European ABS paper has traded off BWICs in the last nine months, according to JPMorgan figures, implying healthy secondary trading across the region. An analysis undertaken by European securitisation analysts at the bank shows that traded ratios remained above 70% for all bonds offered by sellers, with UK risk significantly over-represented in terms of collateral appearing on .......

    News 22 February 2016

  • Demica beefs up

    Demica has appointed Jen Collet, Giovanni Lazzeri and Karel Krejci as coo, director, origination and director, supply chain finance origination respectively.

    In her new role, Collet will play a pivotal part in Demica's expansion, working closely with ceo Matt Wreford to support future corporate development. She will also lead the operational aspects of the business, ensuring optimum client service, building .......

    Job Swaps 22 February 2016

  • Euro secondary solid

    The European securitisation secondary market remained solid on Friday despite broader market weakness.

    Volumes remained generally low as the week closed out, but tone remained firm and most spreads ended the session unchanged. Off-BWIC activity once again revolved around prime assets and eligible peripherals. Meanwhile, BWICs generated a flurry of activity in the afternoon and the bulk of line items .......

    SCIWire 22 February 2016

  • Russian bankruptcy law gauged

    A new Russian bankruptcy law that came into effect in October 2015 will only impact a limited number of ABS and RMBS in the country, Moody's reports. The law introduces a legal mechanism for individual debt restructuring and encourages lenders to devise repayment plans rather than sell the assets in the event of a borrower's bankruptcy.

    Moody's notes that the new law .......

    News Round-up 19 February 2016

  • Euro secondary fades

    Levels and activity are fading in the European securitisation secondary market as the broader market rally runs out of steam.

    Activity remained patchy across the board yesterday, with prime assets once again leading the way, albeit in lower volumes than in previous sessions. Meanwhile, the appetite for Portuguese paper of recent days has faded somewhat and kept spreads slightly off .......

    SCIWire 19 February 2016

  • Risk management pro promoted

    NXT Capital has promoted Stacia Kopplin to md of risk management. She will be responsible for all risk management activities, including loan review, operational risk management, risk rating implementation and monitoring, data governance and portfolio management. She was previously a director in risk management.

    Before joining NXT, Kopplin worked at Merrill Lynch Capital until 2008. She also spent 14 years .......

    Job Swaps 18 February 2016

  • CMU package progresses

    The European Parliament is today expected to begin discussing the EU's securitisation initiative, comprising the new securitisation regulation and the amendment to the CRR. Approval by the parliament is the last major step towards implementation of the rules and follows the European Council's approval of the package in December (SCI passim).

    Following the first exchange of views today, the presentation .......

    News Round-up 18 February 2016

  • Euro ABS/MBS split

    There continues to be a strong split in where activity is taking place in the European ABS/MBS secondary market.

    "Tone over the past few days has been much more positive in line with the macro trend," says one trader. "However, there is still a marked divergence over where activity is centred."

    The trader continues: "Most focus continues to surround prime .......

    SCIWire 18 February 2016

  • Italian NPL losses to be recognised?

    The Italian government's guarantee of senior notes under its NPL securitisation proposal (SCI passim) is expected to facilitate increased lending by Italian banks. However, banks may also have to recognise losses if sales to SPVs are made at a discount, Moody's notes.

    The proposal will allow banks to securitise their non-performing loans, subject to certain conditions. The structure must be .......

    News Round-up 17 February 2016

  • ABS trader recruited

    Natixis has brought in Peter Cui as a director, trading ABS and CLOs. He moves from Jefferies, where he was svp and traded ABS and CDOs. Cui's previous experience also includes similar roles at Cohen & Co and UBS.

    .......

    Job Swaps 17 February 2016

  • SF pro switches law firm

    Colleen McDonald has moved to Sheppard, Mullin, Richter & Hampton as partner, following the same role at Reed Smith. Working in the firm's finance and bankruptcy practice group in San Francisco, she will focus on securitisation, structured finance, commercial finance transactions and complex financial products.

    McDonald advises financial institutions regarding the acquisition and sale of assets primarily involving newly originated, .......

    Job Swaps 17 February 2016

  • Euro secondary improves

    Tone in many European securitisation secondary market sectors continues to improve in line with broader markets.

    "Yesterday, tone was bit better overall in our space as credit in general continued to improve," says one trader. "But the biggest story was Portugal."

    The trader continues: "The tender announcement from BCP for MAGEL 2  and 3 combined with rising sovereign bonds and .......

    SCIWire 17 February 2016

  • Credit assessment proposals finalised

    The EBA has published its final draft implementing technical standards (ITS) for the mapping of external credit assessment institutions' (ECAIs) credit assessments for securitisation positions. The ITS will be part of the EU's Single Rulebook for banking and insurance, and will allow securitisation credit ratings to be used for the calculation of institutions' capital requirements.

    Specifically, the standards will map out .......

    News Round-up 16 February 2016

  • Markel names coo

    Markel CATCo Investment Management has appointed Mark Way as its first coo. The move follows the rebranding of the firm after Markel's acquisition of CATCo late last year (SCI 9 December 2015).

    In his new role, Way will be responsible for the firm's day-to-day operations and will report to ceo Tony Belisle. He has been with CATCo since its inception in 2011, following a .......

    Job Swaps 16 February 2016

  • Direct lending head hired

    Stuart Aronson has joined Whitehorse Capital in New York as direct lending group head. The unit provides customised financing solutions to sponsor and non-sponsor mid-market borrowers. Previously, he was president and ceo of GE Capital's sponsor finance unit from February 2003 to December 2015, and before that worked in the firm's structured finance and capital markets groups.

    .......

    Job Swaps 16 February 2016

  • Euro secondary stalemate

    With the US absent and continuing improvements in broader markets, it was stalemate in the European securitisation secondary market yesterday.

    "Market tone is generally OK," says one trader. "But with the US holiday not a lot went on yesterday."

    However, he adds: "We did see a couple of BWICs come out in the afternoon and all but one 1.0 CMBS .......

    SCIWire 16 February 2016

  • PACE 'green' bonds hit landmark

    The US PACE ABS market hit US$1bn in 'green' bonds last week after Renovate America closed its second deal of its kind. The US$217.5m HERO Funding Trust 2016-1 securitisation, which is secured by over 9,000 PACE assessments levied against residential properties in California, received double-A ratings on its class A notes from both Kroll and DBRS (see SCI's new issuance News Round-up 15 February 2016

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