ABS

  • 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

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • Duo step up to lead ILS firm

    Tokio Solution Management has appointed Susan Lane and Tsuyoshi Harigai as co-ceos, effective from 1 January 2016. They will take over from Kathleen Faries, who will become head of the Bermuda branch of Tokio Millennium Re.

    Lane and Harigai will have joint responsibility for the day-to-day management of Tokio Solution. Lane is currently svp and head of business development and .......

    Job Swaps 13 November 2015

  • Marketplace platform bolstered

    Marketplace loan securitisation platform Ldger has appointed James Alexander as cio. He will open an office in San Francisco to build relationships with leading technology-based originators.

    Alexander has been involved in marketplace lending since 2010. He previously held roles at Prosper and Lending Club, where he facilitated access to institutional capital. In a previous role for Colchis Capital he developed .......

    Job Swaps 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • PCC unveiled for ILS push

    The Government of Gibraltar has announced legislation that provides a new form of protective cell company (PCC), designed specifically for ILS. The new PCC regime will be regulated under Gibraltar's Insurance Companies (SPV) Regulations 2009.

    "When the SPV legislation was introduced in 2009, it permitted SPVs to be established but not for multiple transactions," says Michael Ashton, senior executive at .......

    News 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • Chinese disclosure rules weighed

    The recent announcement of new disclosure rules for consumer credit ABS in China will improve transparency and contribute to the development of the market, says Fitch. The disclosure rules were presented by the National Association of Financial Market Investors and are the fourth to be released by the regulatory organisation (SCI 22 October).

    Fitch warns that the disclosures still stop short .......

    News Round-up 12 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Direct lender beefs up

    Comvest has recruited Colleen Gurda as vp, responsible for originating, structuring and managing investments for the firm's direct lending fund, Comvest Capital. She was previously a vp at Alcentra Capital Corporation, with responsibility for origination, transaction execution, due diligence and the monitoring of portfolio companies. Before that, Gurda was in the healthcare investment banking group at Barclays, where she worked .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • FinTech partner named

    MNKS has appointed Basile Fémelat as partner, with a specific focus on finance, private equity, regulation and FinTech. He was previously senior associate and head of Baker & McKenzie's securitisation practice in Luxembourg, and before that was an associate at Bonn Schmitt Steichen.

    At MNKS, Fémelat is tasked with expanding the firm's range of services in the financial and corporate .......

    Job Swaps 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • UK ILS legislation underway

    HM Treasury's announcement that it has begun the legislative process for introducing a UK ILS framework has been welcomed by the London Market Group (LMG). An amendment to the Bank of England and Financial Services Bill has been tabled to the government, which seeks power for the Treasury to make regulations facilitating and regulating ILS business.

    The main focus of the proposed power .......

    News Round-up 11 November 2015

  • Divergent HQS approach highlighted

    The Basel Committee yesterday released a consultative document on capital treatment for 'simple, transparent and comparable' (STC) securitisations, which builds on the criteria issued in July (SCI 23 July). However, given the European Commission's recent 'simple, transparent and standardised' (STS) proposals, it seems that regulators continue to pursue different approaches towards high-quality securitisations (SCI 21 August) and therefore exacerbate regulatory .......

    News 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • Structured syndicate strengthened

    Santander has made a number of appointments to boost its loan origination, syndicate and sales team in the UK and Europe. Among the hires is Sujoy Roy, who joins the firm's structured finance syndicate as an associate. Previously an analyst at HSBC, he reports to Mariano Hernandez, head of structured finance syndicate for EMEA.

    Another of the appointments is Peter .......

    Job Swaps 10 November 2015

  • New FFELP plan evaluated

    The US Department of Education's latest student debt repayment plan could raise prepayment rates for FFELP student loan ABS, says Fitch. The REPAYE plan is available to Direct Loan (DL) programme borrowers who received loans prior to 2010 and will be available in December.

    FFELP borrowers can become eligible for the new programme by consolidating their existing FFELP loans into .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • Alternative debt head hired

    BNP Paribas Investment Partners has hired Laurent Gueunier as head of alternative debt management, reporting to Dominick DeAlto, cio of institutional fixed income. Based in Paris, he joins a team that is currently involved in the management of funds that invest in European securitisations, mini bonds and multi-strategy credit.

    Prior to his move, Gueunier was most recently head of structured .......

    Job Swaps 9 November 2015
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