ABS

  • Euro secondary undented

    A typically quiet Friday has failed to dent the positive tone in the European securitisation secondary market.

    After a pick-up in activity earlier in the week, Friday was typically quiet across most sectors. Nevertheless, market sentiment remained strong and spreads closed the day broadly unchanged.

    Continued trading around the Granite redemption means UK prime remains the main focus. Friday again .......

    SCIWire 23 November 2015

  • PartnerRe deal approved

    Shareholders of PartnerRe have voted to approve EXOR's proposed acquisition of the firm, edging the deal closer to completion. The vote was made yesterday (19 November) at PartnerRe's special general meeting at the company's offices in Bermuda.

    PartnerRe's board of directors also declared a special dividend of US$3 per share payable to common shareholders, contingent upon the completion of the acquisition. .......

    Job Swaps 20 November 2015

  • Leadenhall brings in two

    Leadenhall Capital Partners has made two new hires to bolster its portfolio management team. Joel Milnes joins as an investment analyst in the firm's non-life team, while Craig Gillespie moves into life investments as a portfolio manager.

    Milnes arrives from Markel International, where he worked in the reinsurance pricing team. He focused particularly on pricing marine and specie, energy, financial .......

    Job Swaps 20 November 2015

  • Euro secondary accelerates

    The recent uptick in the European securitisation secondary market accelerated further yesterday.

    A noticeable pick up in flows was seen across the board. As a result, prices were broadly either unchanged or edged a little higher.

    Stronger but still selective activity was seen in Autos, CLOs and CMBS. At the same time, peripherals held firm with continued buying interest in Italian .......

    SCIWire 20 November 2015

  • FFELP downgrades anticipated

    Fitch has released an exposure draft that showcases proposed amendments to how it rates US FFELP student loan ABS. The agency expects to place potentially impacted tranches on rating watch negative, with potential downgrades to follow.

    Among the main proposals is a revision of the assumptions and stresses for deferment, forbearance, IBR, default timing and prepayments. Fitch is considering amendments that .......

    News Round-up 19 November 2015

  • FRTB impact analysed

    The Basel Committee has published the results of its interim impact analysis of its fundamental review of the trading book. The report assesses the impact of proposed revisions to the market risk framework set out in two consultative documents published in October 2013 and December 2014. Further revisions to the market risk rules have been made since then and the .......

    News Round-up 19 November 2015

  • Euro secondary tight

    Spreads across the European securitisation secondary market are holding up, but liquidity remains tight.

    "Market tone and pricing levels are better across secondary in line with global credit," says one trader. "However, we're not seeing huge flows, they even fell back a little yesterday, and liquidity is still tight, so it doesn't take many trades to move spreads."

    UK non-conforming .......

    SCIWire 19 November 2015

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Navient extends RCA

    Navient has amended the transaction agreements for 66 FFELP student loan ABS trusts, 23 of which are either on review for downgrade or on rating watch negative. The amendments allow Navient to provide loans to the trusts under a revolving credit agreement (RCA) at its discretion. The RCA permits the trusts to borrow from Navient to cover any payment shortfalls .......

    News Round-up 18 November 2015

  • ESMA consults on CRAs

    ESMA has published a discussion paper on the validation and review of credit rating agency (CRA) methodologies. The paper provides background on validation practices in the credit rating industry and shares good practice observed by ESMA in its recent supervisory investigation.

    The paper also seeks stakeholders' views on the validation and review of CRA methodologies. It particularly requests views on how .......

    News Round-up 18 November 2015

  • Purchase progress?

    ABSPP prospects assessed one year on

    The ECB's ABSPP entered into force on 19 November 2014 (SCI passim) and has dominated European ABS proceedings since. A recent ECB commitment to QE2 has buoyed the market, but the lackluster performance of the purchase programme a year since its inception may temper expectations.

    What role ABSPP could have in QE2 is not yet known, but the purchase programme's limited success .......

    News Analysis 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • STS changes proposed

    Insurance Europe has released a paper which makes a number of proposals regarding alignment of the draft regulation for a European STS framework with Solvency 2. Among its suggestions, the paper says that capital charges for STS deals should be aligned to those for corporate bonds.

    The paper also says that the scope of all tranches - junior and senior - in STS transactions .......

    News Round-up 17 November 2015

  • Aircraft ABS set to grow

    The aircraft ABS sector should continue to grow next year, with more deals and more leasing entrants, says Fitch. The agency counts 11 aircraft securitisations completed since the start of 2014.

    Some recent deals have included increased concentrations in older aircraft, while regional jets and turbo-prop aircraft are also being included more frequently in collateral pools. Outstanding ABS performance has .......

    News Round-up 17 November 2015

  • Madden scenarios played out

    The ongoing litigation surrounding Madden vs. Midland Funding poses risks to marketplace lenders and related ABS, suggests Moody's. The agency says that it throws into doubt the presumed legal benefits that come with marketplace lenders using third-party partner banks to originate loans.

    The US Second Circuit Court of Appeals back in May held that non-bank debt collectors that purchased written-off .......

    News Round-up 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • Insurance merger progresses

    Willis Group has urged its shareholders and shareholders of Towers Watson to vote in favour of the proposed merger between the two firms (SCI 30 June). Both boards have already unanimously agreed on the transaction.

    The proposed deal will enable Willis shareholders to benefit from a significant economic opportunity generated by the combination, while Towers Watson investors would benefit through .......

    Job Swaps 16 November 2015

  • OneMain merger approved

    Springleaf has reached a settlement with the US Department of Justice and the Attorneys General of seven states that will allow the company to proceed with closing its acquisition of OneMain Financial Services. An announcement on the acquisition was released earlier this year, with an original expectation for it to close in 3Q15 (SCI 9 March).

    Springleaf says that details of .......

    Job Swaps 16 November 2015

  • VW credit risks vary

    The credit quality of ABS sponsored by Volkswagen is being negatively affected by the heightened risks to the earnings and reputation of the car manufacturer, says Moody's. The agency currently rates 34 VW ABS transactions globally, including 20 in Europe, six in the US, six in Asia and two in Latin America.

    Moody's downgraded the long-term senior unsecured ratings of .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

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