ABS

  • 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

  • Corporate team makes addition

    Mark Graham has joined Lloyds' corporate solutions team within capital markets, reporting to corporate securitisation head Ben Green. He will work on secured deals, comprising corporates and infrastructure. Graham has previously held a number of senior roles, including co-head of securitised products at Deutsche Bank.

    .......

    Job Swaps 9 November 2015

  • Premier strengthens ILS issuer ties

    Premier Diversified Holdings has acquired 158,000 common shares of Sequant Re Holdings for US$316,000. The acquisition is for investment purposes and to maintain Premier's current equity position in the firm.

    Premier held 3,010,000 common shares of Sequant Re before the purchase and now holds around 34.1% of all common shares. It maintains the right to appoint three directors to Sequant .......

    Job Swaps 9 November 2015

  • Timeshare delinquencies push up

    Fitch reports that US timeshare ABS delinquencies moderately increased in 3Q15, rising to 2.96% from 2.66% in the previous quarter. The number is also a slight jump from the 2.79% delinquency rate in 3Q14, making it the first year-over-year increase since 2013.

    Defaults also increased last quarter at 0.59%, which is up slightly from 0.57% in 2Q15 and 0.53% observed .......

    News Round-up 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Trigger event for cat bond?

    The class C notes of MultiCat Mexico Series 2012-I have been downgraded from single-B minus to triple-C minus by S&P. The rating agency had placed the ratings on credit watch on 28 October.

    The ILS bond remains on credit watch with negative implications. They were placed on credit watch because of concerns that a trigger event may have occurred when .......

    News Round-up 6 November 2015

  • PREPA agreement formalised

    The Puerto Rico Electric Power Authority (PREPA) has entered into a restructuring support agreement with an Ad Hoc Group of PREPA bondholders, comprising traditional municipal bond investors and hedge funds, its fuel line lenders and the Government Development Bank for Puerto Rico. The agreement formalises the economic terms agreed between PREPA, the Ad Hoc Group and the fuel line lenders .......

    News Round-up 6 November 2015

  • Marketplace pricing partnership agreed

    Thomson Reuters has launched an evaluated pricing service for marketplace lending, partnering with MountainView. The service aims to provide fixed income investors and investment managers with third-party, fair market valuation and price verification for hard-to-value loans.

    Originations on marketplace lending platforms have doubled each year since 2010, reaching approximately US$12bn in 2014 and exceeding US$16bn for the first six months .......

    News Round-up 6 November 2015

  • Euro secondary firms up

    Tone in the European securitisation secondary market continues to firm up.

    Despite the large number of BWICs yesterday, pricing levels held up across the majority of sectors and the majority of bonds in for the bid traded in line with expectations. CMBS, peripherals and UK non-conforming continue to improve, while UK and Dutch prime remain solid. Auto ABS were the .......

    SCIWire 6 November 2015

  • PILOT deal pulled

    Fitch has withdrawn its expected ratings for the Porsche Innovative Lease Owner Trust 2015-2 deal. The agency reports that Porsche has chosen to withdraw the deal from the market, with the decision coming in light of a second round of emission violations regarding Volkswagen-linked vehicles.

    Owned by Volkswagen, Porsche was recently accused by the US Environmental Protection Agency in a letter that claims the car .......

    News Round-up 5 November 2015

  • Allowing lawsuits 'adds ABS risk'

    The CFPB's intention to remove a hurdle to class-action lawsuits would create risks for consumer lenders and related ABS, says Moody's. However, it could also bolster the credit quality of some borrowers.

    The CFPB is considering a ban on clauses in financial contracts that prevent consumers from taking part in class-action lawsuits. It may also require companies that include arbitration .......

    News Round-up 5 November 2015

  • Euro secondary improves

    Yesterday saw further improvement in the European securitisation secondary market, but it is still yet to take off.

    "We've got what we wanted at last - stability in broader markets - but our space isn't picking up massively," says one trader. "Tone is generally better and we are seeing a pick-up in high beta paper in particular."

    The trader continues: "CMBS .......

    SCIWire 5 November 2015

  • SLABS tiering switch

    Tiering in the US student loan ABS secondary market continues to be a major issue.

    "Tiering between FFELP and non-FFELP deals has been in evidence since the extension risk issue began having an impact in July," says one trader. "The related rating agency downgrades then caused further divergence with downgraded bonds prices falling far further than non-downgraded paper."

    However, the .......

    SCIWire 4 November 2015

  • Marketplace ABS compared

    Peer IQ has launched a marketplace lending securitisation tracker, with the aim of improving transparency and liquidity in the sector. In its inaugural report, the firm finds that marketplace lending securitisations do not differ significantly from more traditional securitisations in terms of structure and collateral pools. However, it suggests that differences in investor perception may be driving the higher coupons .......

    News Round-up 4 November 2015

  • ABS benchmark offered

    JPMorgan has launched an ABS index that it describes as a comprehensive benchmark, which captures 70% of the US ABS market. The aim is to offer increased transparency through its extensive coverage of the ABS market, with robust third-party pricing on the underlying constituents and rigorous management of the index portfolio.

    As of 30 October 2015, the aggregate index contains .......

    News Round-up 4 November 2015

  • Cautious acceptance

    UK marketplace securitisation perspectives assessed

    Funding Circle is tipped to become the first marketplace lender to securitise in the UK, paving the way for other platforms to tap the market. Investors appear to view the development with caution, however.

    The launch in September of Funding Circle's listed SME Income Fund is believed to be a precursor to the firm's inaugural securitisation. The transaction is expected .......

    News Analysis 4 November 2015

  • Rating agency targets expansion

    A partnership has been formed between Kroll Bond Rating Agency, the Kroll family and Wharf Street, effective immediately. It will provide permanent capital for the rating agency to grow.

    Kroll Bond Rating Agency says it will use the additional capital to develop other sectors beyond the structured finance, public finance and financial institution spaces. It will particularly look to accelerate .......

    Job Swaps 4 November 2015

  • Euro secondary strengthens

    The positive tone in the European securitisation secondary market continues to build.

    "Overall, we're strengthening, but still lagging the positive tone in broader markets," says one trader. "We're seeing something of a pick-up and flows are better especially in some of the recently quiet sectors."

    The trader continues: "We're not seeing much in prime, but Portuguese RMBS and UK non-conforming .......

    SCIWire 4 November 2015

  • Regulation threatens market viability

    Banks' market making ability in securitised products is set to be severely affected by the Basel Committee's proposed Fundamental Review of the Trading Book (FRTB). JPMorgan ABS analysts have joined a growing chorus (SCI 15 June) in warning that FRTB would make secondary trading in securitised products unprofitable.

    The final FRTB ruling is expected to be published next month, before .......

    News 3 November 2015

  • Euro secondary refocuses

    After a couple of quiet sessions the European securitisation secondary market looks set to refocus in the days ahead.

    "After a very busy week last week on our side at least it was pretty quiet yesterday and one or two data points were enough to distract the market," says one trader. "However, there are a couple of big BWICs today, .......

    SCIWire 3 November 2015

  • Deutsche re-allocates trading resources

    Deutsche Bank's management board has approved a five-year plan to revamp its strategy in the hope of achieving a number of newly set financial objectives. In a large cost-cutting scheme, the bank will exit uncleared CDS market-making and agency RMBS trading, along with higher risk-weight securitised trading.

    The cuts are part of Deutsche's goal to reduce costs to below €22bn in .......

    Job Swaps 2 November 2015
×