ABS

  • Timeshare delinquencies push up

    US timeshare ABS delinquencies hit a three-year high last quarter, according to Fitch's latest index results for the sector. In total, delinquencies moved up to 3.41% in 4Q15 from 2.96% the previous quarter.

    The percentage is the highest level that Fitch has observed since delinquencies reached 3.55% in 4Q12. The agency says that the increase was evident across all issuers .......

    News Round-up 15 February 2016

  • VW settlement foundation formed

    A Volkswagen Investor Settlement Foundation has been established to provide a non-litigation and no-cost vehicle for investors to recover damages incurred on VW securities in connection with the emissions scandal, pursuant to the Dutch Collective Settlement Act. The Act enables parties to resolve international disputes by allowing a Dutch foundation representing investors and VW to jointly petition the Amsterdam Court .......

    Job Swaps 15 February 2016

  • Second SME facility closed

    The British Business Bank (BBB) has partnered with the European Investment Fund (EIF) to provide £51m to LDF, a non-bank finance provider. The EIF will guarantee 50% of the facility to complete the second transaction under the BBB's ENABLE funding programme (SCI 1 December 2015).

    The £51m facility will fund a portfolio of newly originated small business asset finance receivables, .......

    News Round-up 15 February 2016

  • Euro secondary stronger

    After a relatively benign close to last week, today is opening with a stronger tone across the bulk of the European securitisation secondary market.

    Friday once again saw extremely thin liquidity across the board, but low beta paper continued to catch a bid and senior peripherals traded well on- and off-BWIC, especially Italian names, but even select Portuguese bonds tightened .......

    SCIWire 15 February 2016

  • DBRS chairman named

    Stephen Joynt has been appointed executive chairman of DBRS Group. Already a member of the board, he brings a wealth of experience in the global credit rating industry, having served as the president and ceo and board member of Fitch for ten years. During that time, he led the agency through growth initiatives and acquisitions, expanding its market presence and .......

    Job Swaps 12 February 2016

  • SF legal duo brought in

    Kaye Scholer has beefed up its finance department by bringing in structured finance experts Howard Goldwasser and Skanthan Vivekanada. Both arrive as partners from K&L Gates, with the former based in New York and the latter in Los Angeles. The pair will provide their CLO 2.0 expertise to Kaye Scholer's current CLO team. 

    Goldwasser's recent experience includes trade receivables financings .......

    Job Swaps 12 February 2016

  • NMS unveils risk management group

    NMS Capital Group has launched a new global risk management services group that will be headed by newly promoted ceo Marion Madden and president John Gill. Headquartered in London, NMS Global Risk Solutions will advise clients in a number of services, which cover securitisation and institutional insurance.

    The services include designing global commercial insurance strategies to drive organisational cost savings, providing .......

    Job Swaps 12 February 2016

  • Euro secondary slides

    Activity and pricing levels are sliding across the European securitisation secondary market.

    Prime autos and RMBS finally succumbed to broader market downward pressure and edged wider on very light volumes yesterday. 2.0 CMBS is still offering some resistance, but elsewhere tone remains weak and liquidity is thin across the board.

    Street buyers are occasionally being seen in select names in .......

    SCIWire 12 February 2016

  • Euro ABS/MBS switchback

    Yesterday was a better day in the European ABS/MBS secondary market, but today looks set to see a switch back to recent patterns.

    "There was a slight rebound in broader markets yesterday, which enticed people back into the market," says one trader. "Notably, we saw some selling of senior assets and they all went through in line with expectations."

    However, .......

    SCIWire 11 February 2016

  • Insurance solutions to target SMEs

    Newly formed managing general underwriter Ventus Risk Management and XL Catlin have formed a partnership to bring unique property insurance solutions to the catastrophe exposed SME market, using key distribution partners. The platform will be supported by collateralised catastrophe reinsurance funds and traditional reinsurance.

    Ventus ceo George Reeth comments: "We are initially targeting select classes of coastal commercial property risks, .......

    Job Swaps 10 February 2016

  • MultiCat Mexico triggered

    S&P says that its single-D rating on the MultiCat Mexico series 2012-I class C notes is unaffected following a triggering event. The agency received an event report for Hurricane Patricia from the calculation agent AIR Worldwide Corp, which confirms that a triggering event has occurred in relation to the catastrophe bond, resulting in a principal reduction of US$50m for the .......

    News Round-up 10 February 2016

  • Euro secondary struggles

    The European securitisation secondary market continues to struggle amid wider market volatility, but there are still some exceptions.

    "Yesterday was once again quite weak overall," says one trader. "There was hope of some improvement thanks to better things in broader credit, but it will take more than that for us to recover more fully."

    However, the trader adds: "We continue to see .......

    SCIWire 10 February 2016

  • Customer services boosted

    Assenagon has bolstered its customer services capability by appointing Ilona Wachter as md for institutional customers, based in the firm's Frankfurt office. She has over 25 years of experience in asset management and corporate finance.

    Wachter was previously head of business development at Spängler IQAM Invest, focusing on institutional customers. Before that, she held management positions at Muzinich & Co, .......

    Job Swaps 9 February 2016

  • Euro secondary sidelined

    The European securitisation secondary market remains quiet as participants continue sit out wider market volatility.

    "It's understandably very quiet as everyone watches what's going on in banks and financials, which is brutal to say the least," says one trader. "The majority of investors we speak to are planning on staying on the sidelines - everyone is in risk-off mode."

    However, .......

    SCIWire 9 February 2016

  • Commingling concerns addressed

    S&P has decided that no action will be taken as a result of its failure to correctly apply its criteria for unrated servicers when rating three auto ABS. Porsche Financial Auto Securitization Trust 2014-1, Porsche Innovative Lease Owner Trust 2014-1 and Porsche Innovative Lease Owner Trust 2015-1 are all serviced by Porsche Financial Services (PFS).

    The fact that the documentation .......

    News Round-up 8 February 2016

  • Mobile phone ABS comparability assessed

    The credit performance of US mobile phone financing depends on many of the same factors as other types of consumer lending and therefore ABS tied to the debt would carry similar risks as other ABS, says Moody's. However, there are also some unique risks and strengths to consider.

    Use of financing is growing rapidly as carriers change their business models. .......

    News Round-up 8 February 2016

  • Euro secondary lacklustre

    Friday saw another lacklustre session in the European securitisation secondary market.

    Macro market weakness once again kept investors stuck on the sidelines. Consequently, flows were light and spreads were broadly range-bound.

    Prime assets were once again the positive area with two-way flows albeit at low volumes focused at the front end of the curve. Meanwhile, non-eligible peripheral bonds remain the .......

    SCIWire 8 February 2016

  • Goldman credit team formed

    Goldman Sachs is creating a new credit group that will combine its structured and leveraged finance businesses, as well as integrate its financial and strategic advice in these areas. Americas Credit Finance Group will be led by co-heads Christina Minnis and Vivek Bantwal, following the retirement of Craig Packer, who was co-head of the bank's leveraged finance unit in the Americas.

    Minnis was the .......

    Job Swaps 5 February 2016

  • Euro secondary varies

    Volumes continue to be light in the European securitisation secondary market with performance still varying sector by sector.

    CMBS continues to be one of the strongest sectors. Prices remain well-supported and yesterday's €45m BWIC traded well.

    Prime assets are still seeing two-way flows albeit at much lower volumes than previous weeks. Buying interest in short-dated paper remains the dominant theme, though .......

    SCIWire 5 February 2016

  • RV risk reconsidered

    When mitigating features are in place, some auto lease ABS with low residual value (RV) risk exposure only have moderately higher credit risks than traditional auto loan ABS, says Moody's. Auto lease ABS with low RV risk exposure could qualify as simple, transparent and standard (STS) securitisations, based on the STS criteria from European policymakers.

    The agency says that in .......

    News Round-up 4 February 2016

  • Gracechurch link to base rate 'positive'

    From the start of this month, Barclays is linking the interest rates it charges UK credit card customers to the Bank of England's base rate. The current low interest rate environment means such a move will support excess spread levels in the Gracechurch credit card ABS trust and reduce potential asset-liability interest rate mismatches between the receivables and note liabilities.

    "If .......

    News Round-up 4 February 2016
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