ABS

  • Euro secondary sees more of the same

    It was a case of more of the same in the European securitisation secondary market yesterday.

    Flows dried up a little yesterday, but the market remained relatively stable and saw a continuation of recent trading patterns. Dutch RMBS spreads edged in a little further and buying interest continued to be seen in peripherals, especially Spanish bonds.

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

    SCIWire 29 January 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • NPL guarantee hailed

    The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione Sofferenze (GACS), to facilitate the transfer of non-performing loans from the books of commercial banks to securitisation vehicles. The move has been welcomed as a positive step towards clearing the country's overhang of NPLs, but uncertainty remains over the transfer prices to be used.

    Under .......

    News 28 January 2016

  • Armenia deal debuts

    Armenia has seen the launch of its first securitisation, listed on the country's stock exchange NASDAQ OMX Armenia. The deal was issued through the SPV, Loan Portfolio Securitisation Fund I, which was established in August 2015 to securitise US$2m worth of microfinance loans originated by five universal credit organisations (UCOs).

    Two issues of the fund will be listed on the stock exchange, .......

    News Round-up 28 January 2016

  • CAA hits ILS ratings

    S&P has lowered its ratings on the class A and B notes issued by Vitality Re V Series 2014 and Vitality Re VI Series 2015 by two notches to triple-B minus and double-B minus respectively. The action reflects updated information received from Milliman and Aetna Life Insurance Co related to the recently-priced Vitality Re VII catastrophe bond.

    The Consolidated Appropriations .......

    News Round-up 28 January 2016

  • Asset manager adds SF expert

    EFA Group has appointed Jacques-Olivier Thomann as senior advisor. He will work with the management team to provide strategic counsel and insights on the business.

    Thomann was previously general manager of BNP Paribas' Swiss branch, responsible for structured finance. Earlier roles at the bank posted him in Geneva, Singapore and Paris and included a stint as global head of commodity .......

    Job Swaps 28 January 2016

  • Bibby ceo appointed

    Bibby Financial has appointed Steven Box as international ceo, expanding his role from European ceo. His operational responsibilities now extend to Canada, USA, India, Hong Kong, Singapore and Malaysia, in an attempt to aid Bibby's growth globally.

    Box joined the firm last year after working in numerous roles at HSBC, most recently as global head of receivables finance. His experience .......

    Job Swaps 28 January 2016

  • VW emissions effect yet to bite

    Buyer and dealer incentives put in place in the wake of Volkswagen's emissions violations have buoyed sales, despite a continuing stop-sale order on diesel models, says Moody's. However, the rating agency expects both sales and the performance of Volkswagen-sponsored ABS to weaken going forward.

    While Volkswagen securities performed well in October, there was some weakening seen in November. The car manufacturer .......

    News Round-up 28 January 2016

  • PREPA deal back on

    PREPA and its Ad Hoc Group of bondholders have reopened talks regarding the potential US$8bn restructuring transaction, a proposal that appeared to have fallen through after failing to reach the legislative deadline last week (SCI 25 January). An amended agreement is now edging closer, following talks between the parties over the weekend.

    Negotiations between the parties have dragged on for months over the deal, .......

    News Round-up 28 January 2016

  • Euro secondary keeps positive

    The European securitisation secondary market is holding on to the positive tone of the past few sessions.

    "Sentiment was a bit better again yesterday, flows in general are improving and prices are going higher on- and off-BWIC," says one trader. "With little primary activity technicals are supportive of secondary, so while global credit remains relatively stable that positive trend could .......

    SCIWire 28 January 2016

  • Structured credit vets branch out

    Dean Atkins and Ian Robinson have been named co-heads of 400 Capital Management Europe, the new London-based unit of 400 Capital Management. Their focus will be on managing European structured credit and securitised assets.

    The pair are former co-ceos of Kinson Capital, a fixed income advisory and asset management boutique, and have previously worked at ABN AMRO. Atkins was most .......

    Job Swaps 27 January 2016

  • Synthetic disorder

    Risk transfer deals seek regulatory breakthrough

    Panellists at SCI's inaugural capital relief trades conference last month discussed regulatory developments in the sector and the push towards accommodating synthetic securitisations under the new umbrella of standardisation. However, doubts persist over the viability of harmonisation in such a diverse market.

    "The capital requirements regulation (CRR) has made some good progress with addressing harmonisation in detail, but there still .......

    Talking Point 27 January 2016

  • South Korean issuance surges

    South Korean securitisation issuance nearly doubled in 2015, rising by 99.8% to Won83trn from Won41.5trn the previous year. The figures come from the South Korean Financial Supervisory Service, which reveals that much of the increase was due to a 284.5% year-on-year rise in MBS issued by the Korean Housing Finance Corporation (KHFC).

    The rapid increase in issuance is attributed to .......

    News Round-up 27 January 2016

  • Reg AB-compliant deals emerge

    Four ABS sponsors - Ally, AmeriCredit, Discover and Ford - have completed Reg AB 2-compliant transactions so far this year. The new regulation went into effect in November and Ford was the first to issue a compliant deal, FORDO 2015-C (SCI 21 September 2015).

    Clayton Fixed Income Services is the asset representations reviewer on the newly printed AMCAR, FORDO and .......

    News 27 January 2016

  • AIG overhauls structure

    AIG has announced a series of strategic actions and organisational changes designed to create a leaner, more profitable and focused insurer. The plan includes an IPO for a portion of United Guaranty Corporation (UGC), the divestiture of AIG Advisor Group and the creation of a new legacy portfolio to hold non-strategic assets.

    AIG says it will pursue an initial public .......

    Job Swaps 27 January 2016

  • Euro secondary on the up

    Activity and pricing levels are on the up in some sectors of the European securitisation secondary market.

    Growing positivity in broader markets yesterday helped to stimulate activity across a wider range of ABS/MBS sectors than seen in recent days. Prime assets remain the main focus, with autos and Dutch RMBS, especially STORM paper, being the biggest beneficiaries of buying interest .......

    SCIWire 27 January 2016

  • Retention return?

    Retained issuance revival surprises market

    Retained issuance volume in Europe was 63% lower in 2015 than it had been in 2014, but this decline was turned on its head in the final months of last year. Such a reversal came as something of a surprise and could signal a long-term change of direction for the market, or be forgotten by February.

    Bank of America Merrill .......

    News Analysis 27 January 2016

  • Private asset head hired

    Nicholas Bamber has joined Legal & General Investment Management (LGIM) in the newly created role of head of private assets, reporting to LGIM head of investment Aaron Meder. Bamber arrives from RBS, where he headed the bank's corporate coverage in the UK.

    According to Meder, Bamber will focus initially on European private placements, but look to build a global business across currencies .......

    Job Swaps 26 January 2016

  • Eurotunnel refi expected

    Eurotunnel has reported strong revenue growth, increasing the likelihood that it will refinance its Channel Link Enterprises Finance (CLEF) A3 and A4 bonds before year-end. The deal's euro liquidity notes appear particularly attractive.

    Eurotunnel experienced revenue growth across all of its business segments last year. Shuttle services growth was 10%, railway networks growth was 5% and Europorte growth was 15%.

    News 26 January 2016

  • China debuts finance leasing ABS

    The first Chinese ABS that involves finance leasing of used automobiles has hit the market. The transaction was issued last week by social networking internet platform Renren and will be traded on the Shanghai Stock Exchange.

    The CNY299.8m deal is broken down into three tranches, with the triple-A piece comprising 68% of the total issued, while the double-A tranche consists of a .......

    News Round-up 26 January 2016

  • Euro secondary similar

    Patterns in the European securitisation secondary market remain similar despite the continuing volatility in wider markets.

    "It's still pretty quiet and trends are pretty much the same," says one trader. "Broader markets are down again this morning, but little has changed in our space."

    The trader continues: "The senior prime sector is still fine and continues to grind tighter. Meanwhile, there .......

    SCIWire 26 January 2016
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