ABS

  • Soccer deal debuts

    XXIII Capital has launched its inaugural securitisation - a US$72.9m ABS backed by nine receivable purchases and loans tied to European football clubs. Kroll Bond Rating Agency has assigned a single-A rating to the US$64.2m of class A notes in XXIII Capital Financing I.

    The remaining US$8.8m of class B notes in the transaction are unrated, with the maturity date for both classes .......

    News Round-up 15 January 2016

  • Green bond RFC issued

    Moody's has issued a request for comment on its proposed approach and methodology for evaluating an issuer's management, administration and reporting on environment projects financed through green bonds. The rating agency's green bonds assessment will apply to fixed income securities that raise capital for use in projects or activities with specific climate or environmental sustainability purposes.

    This would include debt .......

    News Round-up 15 January 2016

  • Debut receivables deal hits China

    Country Garden has brought a new ABS transaction to the market that packages part of its contract receivable rights, a deal that the Chinese property developer claims to be the first of its kind in the industry. The CNY2.95bn deal was issued via Zengcheng Country Garden and was approved by the Shanghai Stock Exchange on 25 December.

    The deal includes certain contract .......

    News Round-up 15 January 2016

  • Client services bolstered

    Rockstead has recruited Andrew Salter to act in the newly created role of director of client services. He previously served in Investec Bank's credit trading and investment unit, but before that was head of structured finance and head of funding at Kensington.

    Additional recent hires at Rockstead include Liz Wade, who joined as head of operations, while Karen de Luca .......

    Job Swaps 15 January 2016

  • Euro secondary steady

    The European securitisation secondary market continues to see steady activity and pricing levels are for the most part stable.

    Once again, yesterday's activity was driven primarily by BWICs and flows off the back of those auctions. The main interest surrounded autos following the Renault raid with a few sellers emerging after the news broke, but by the close buying interest had .......

    SCIWire 15 January 2016

  • AXA IM boosts SF team

    AXA Investment Mangers has appointed The Duy Nguyen as senior portfolio manager. He will be based in Paris and report to co-head of securitised and structured assets Alexandre Martin-Min.

    Nguyen will be responsible for managing multi-asset class portfolios within AXA IM's structured finance team. He was most recently at Natixis and has also worked at Société Générale.

    .......

    Job Swaps 14 January 2016

  • Euro secondary unchanged

    The European securitisation secondary market looks to be keeping to the same pattern seen in previous sessions - quiet away from a reasonably active BWIC calendar.

    "This week flows have been relatively quiet because of the very high volatility in broader credit," says one trader. "Today is looking like it will be no different."

    There have, however, been some pockets .......

    SCIWire 14 January 2016

  • African off-grid solar deal debuts

    Oikocredit and solar energy provider BBOXX have teamed up to produce the first securitisation for off-grid solar in Africa. The firms will fund the distribution and financing of solar technology for low income households in Kenya.

    The structure was created by setting up an SPV called BBOXX DEARs. The SPV bundles the contracts of BBOXX customers who have bought solar .......

    News Round-up 13 January 2016

  • Euro ABS/MBS active

    It was an active day across the bulk of the European ABS/MBS secondary market and today looks set to be the same.

    Yesterday's activity was led by BWIC activity, where the majority of line items traded well. Prints were notably strong on the Spanish names in for the bid.

    Volumes built off the back of BWIC supply and thanks to .......

    SCIWire 13 January 2016

  • Fund offers core assets access

    AXA Investment Managers has launched a fund offering investors access to the core lending activity of major European commercial banks. The AXA IM Partner Capital Solutions fund raised €230m last year.

    As banks increase lending to their core professional clients, regulatory requirements to provide more upfront capital provide an opportunity for capital relief trades where the fund identifies suitable lending portfolios .......

    Job Swaps 12 January 2016

  • Capital relief deal agreed

    Dutch pension fund PGGM and Banco Santander have entered into a risk-sharing transaction regarding a €2.3bn portfolio of SME loans originated in Spain. The portfolio of the synthetic transaction consists of more than 6,000 Santander loans to its clients and will see PGGM sell credit protection against potential losses on a portion of the loans.

    Mascha Canio, head of credit and insurance-linked .......

    News Round-up 12 January 2016

  • European property platform boosted

    HIG Capital has added Graham Emmett to its real estate team. He joins as md and will be based in London.

    Emmett was most recently an investment partner in Cheyne Capital's real estate division. He has also worked at firms such as ICG Longbow and was head of the European mezzanine debt investments team for Goldman Sachs' special situations group .......

    Job Swaps 12 January 2016

  • Euro secondary seeks change

    The European securitisation secondary market is still stable and fairly quiet, but that could change quickly.

    "The market remains stable as it has been for the last week despite broader market volatility," says one trader. "Not a lot went on yesterday even though the wider market was calm."

    However, the trader continues: "Secondary market tone feels constructive and while wider volatility means .......

    SCIWire 12 January 2016

  • SEC punishes insider trading

    The US SEC has prohibited Steven Cohen from supervising funds that manage outside money until 2018 in order to settle charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm. Cohen's family office firms will also be subject to SEC examinations and must retain an independent consultant to review their activities.

    Job Swaps 11 January 2016

  • Nevada sets 'negative' solar standard

    New tariffs approved by the Public Utilities Commission of Nevada are credit negative for the solar ABS sector and could spur other states to follow precedent, according to Moody's latest Credit Outlook publication. The tariffs, which went into effect on 1 January, cut the rates at which consumers with installed rooftop solar systems can sell excess power to the electric .......

    News Round-up 11 January 2016

  • UK Mortgages staff strengthened

    TwentyFour Asset Management has recruited Silvia Piva as a portfolio manager in its ABS team. She joins the team to work primarily on UK Mortgages, the firm's closed-ended fund launched in July 2015, which invests in UK residential mortgage pools and funds them in the UK RMBS market (SCI passim).

    Piva was most recently a director in RBS's UK & .......

    Job Swaps 11 January 2016

  • Euro secondary solid

    Last week closed on a solid note in the European securitisation secondary market.

    Secondary spreads were once again firm across the board on Friday, though volumes were lower than previous sessions. Prime and peripheral assets remain in the foreground.

    For the former, focus is primarily on shorter tenors, but levels have held up across the sector more widely. Meanwhile, peripherals .......

    SCIWire 11 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Justifiable reliance affirmed

    The purchaser of an unrated junior tranche in the CDO transaction STACK 2006-1 adequately pled justifiable reliance by stating that it relied on the credit ratings of the senior tranches, according to a recent New York Supreme Court appellate ruling. Judge David Friedman dismissed an appeal by Morgan Stanley, in a case that has significant implications for the limits on .......

    News 8 January 2016

  • Milbank names new partner

    Milbank, Tweed, Hadley & McCloy has appointed John Goldfinch as partner. Goldfinch is a member of the law firm's alternative investments group and has a broad structured finance, securitisation and transactional derivatives practice. This includes specialising in European CLOs and regulatory developments.

    .......

    Job Swaps 8 January 2016

  • Euro secondary still insulated

    The European securitisation secondary market continues to remain insulated from broader market volatility and has seen a boost in activity.

    Yesterday ended up being a busy day across asset classes with focus, as expected, surrounding the large number of BWICs. Secondary market tone remained firm as the BWIC supply was readily absorbed and spreads generally held up.

    In particular, prime .......

    SCIWire 8 January 2016
×