ABS

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains patchy.

    Friday saw a slight dip in volumes and liquidity remains thin overall. Activity continues to be patchy across sectors and selective within them. However, spreads remained broadly stable amid broader market positivity.

    Prime assets and UK non-conforming continue to attract the most attention and look strongest. Meanwhile, peripherals and CLOs are .......

    SCIWire 19 October 2015

  • UK ILS hurdles surveyed

    The success of a UK-domiciled ILS market hinges on it passing 'considerable hurdles', according to a report by Grant Thornton. The firm says that a proposal to form a new competitive corporate and tax structure (SCI 25 September) to accommodate the development of a UK ILS hub will centre on the size of the opportunity, the required changes and the likelihood of success.

    The report claims .......

    News Round-up 16 October 2015

  • Auto ABS approach updated

    S&P has published a new approach for rating European auto loan ABS and assessing the obligor default analysis for auto lease ABS. The criteria supersedes the agency's previous broad approach for rating European consumer finance deals.

    The new criteria also replaces S&P's rating approach for leasing securitisations in Italy. This is in relation to obligor default risk analysis when rating Italian .......

    News Round-up 16 October 2015

  • Tariff deficits near sustainability

    Fitch reports that Spain and Portugal are within sight of restoring financial sustainability to their electricity systems as measures to cut costs and increase revenues bear fruit. However, the agency believes that adverse macroeconomic trends and legal intervention are the main risks to sustainability.

    Electricity system tariff deficits (TD) are expected to reach the sustainability threshold of 100% of annual .......

    News Round-up 16 October 2015

  • Peripheral calls to gain pace?

    The THEME 2 RMBS (with a mortgage factor of 7%) was called and the final distribution received this week, following last month's UCI 5 and 6 clean-up calls. Deutsche Bank European securitisation analysts note that the move underlines their view that peripheral RMBS calls are likely to gain pace.

    Although reserve fund size, the cleanness of the pool and the .......

    News Round-up 16 October 2015

  • Supply chain finance team added

    Mitsubishi UFJ Financial Group has recruited four new members to its investment banking & markets team - Mona Ghazzaoui, Thomas Educate, Gina Camaiani and Sheryl Broca. The move is part of the firm's ongoing effort to organically grow with diversified investment banking and markets products in the Americas.

    Ghazzaoui joins MUFG as md of North American supply chain finance, reporting .......

    Job Swaps 15 October 2015

  • ILS pro promoted

    Adam Beatty has been promoted to md of Nephila Advisors UK, in recognition of what the firm describes as his "outstanding contributions" since joining in January 2013. Based in London, he was initially recruited as business development director, with a multi-faceted role that included responsibility for administrating Nephila's Lloyd's syndicate platform. In January 2014, he assumed the role of active .......

    Job Swaps 15 October 2015

  • Euro secondary unchanged

    The European securitisation secondary market continues to see light flows and only pockets of activity.

    Yesterday saw another day of broadly directionless trading and limited activity away from BWICs. Consequently, spreads across the board were unchanged at the close.

    Once again, UK non-conforming was one of the few sectors to see above average activity on the day and pricing levels .......

    SCIWire 15 October 2015

  • Longevity swaps consultant hired

    Murray Blake has joined Lane Clark & Peacock as a consultant and member of its pension de-risking practice. He specialises in advising trustees and companies in understanding and implementing risk-reduction strategies through the use of buy-ins, buy-outs and longevity swaps.

    Blake arrives from Pacific Life, where he worked in structuring and commercial negotiations for new longevity swap contracts, treaty implementations .......

    Job Swaps 14 October 2015

  • TRS programme debuts

    Goldman Sachs and Sumitomo Mitsui Trust Bank are marketing the first series of notes from an unusual total return swap (TRS) programme. The US$1bn SumitG Guaranteed Secured Obligation Issuer series 2015-1 has been assigned a preliminary double-A plus rating by S&P.

    SumitG is an SPE established in Ireland. At closing, it will issue the series 2015-1 notes and enter into .......

    News Round-up 14 October 2015

  • James Alpha taps fund managers

    John Brynjolfsson and Tim Alford have joined James Alpha Advisors, in order to continue serving as portfolio managers of the James Alpha Global Enhanced Real Return Fund (GRRIX). Their moves follow the winding down of Armored Wolf - the company founded by Brynjolfsson - which includes the transition of the corporate and operational aspects of the GRRIX fund to James Alpha. The .......

    Job Swaps 14 October 2015

  • Euro secondary consolidates

    Yesterday was primarily about consolidating recent gains in the European securitisation secondary market, though pockets of activity remain.

    "After a few days of market strength, yesterday saw some stabilisation," says one trader. "At the same time, away from BWICs flows reduced again."

    However, there continue to be strong pockets of activity. "We again saw activity in autos with DRVON bid .......

    SCIWire 14 October 2015

  • Rating agency expands in Italy

    Scope Ratings has hired Roberto De Santis to help build up its presence in Italy. As the agency's new official 'Representative for Italy', he will manage all client relationships across Scope's four rating segments: corporates, banks, structured finance and alternative investments.

    The agency's avoidance of US-centric perspectives is said to be of particular interest to Italian issuers, as it does .......

    Job Swaps 13 October 2015

  • Navient data welcomed

    Navient last week released a data package detailing the performance of its FFELP student loan portfolio, with the aim of providing more transparency on the performance trends for loans in deferment, forbearance and income-driven repayment (IDR) plans, as well as default and prepayment history. Barclays ABS analysts note that the data broadly shows that deferment and forbearance rates rose during .......

    News Round-up 13 October 2015

  • Euro ABS/MBS keeps impetus

    Despite a quiet day yesterday thanks to the US holiday, the European ABS/MBS secondary market is still heading in the right direction.

    "We're seeing more flows and there's generally more impetus to get things done," says one trader. "Stability in broader markets for the last six or seven days, though they have opened weaker this morning, is bringing people back .......

    SCIWire 13 October 2015

  • ILS team beefs up

    Hiscox Re's ILS operation, Kiskadee Investment Managers, has announced two senior appointments. Andrew Hughes will assume the role of ILS chief compliance officer and general counsel, while Matthew Swann has been appointed to the position of portfolio manager. Director of ILS - Michael Jedraszak - has also been named cio of Hiscox Re Insurance Linked Strategies.

    Hughes joins Kiskadee from .......

    Job Swaps 12 October 2015

  • ILS risk tool launched

    Huang & Associates Analytics has released a risk aggregation platform designed to assist ILS investors in making quick investment decisions. RAPID is built to allow ILS investors to actively monitor portfolio analytics while they participate in the market. The tool seeks to provide critical portfolio information in a robust, transparent and readily available manner, preventing investors from making crude assumptions based .......

    News Round-up 12 October 2015

  • International ABS issuance surging

    The international ABS markets have seen the highest issuance volumes in the first three quarters of this year than any post-crisis period, according to JPMorgan European securitisation analysts. Issuance hit €67.8bn at the close of 3Q15, approximately 18% higher than the average volume over the past five years.

    During 3Q15 only, €21.5bn in bonds were sold to investors, some 5% and 18% .......

    News 12 October 2015

  • Cross-asset conviction

    Renaud Champion, head of credit strategies for La Fran&#...

    Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
    A:     LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......

    The Structured Credit Interview 12 October 2015

  • ILS fund gains manager

    Pioneer Investments has added Chin Liu as the fourth portfolio manager of its Pioneer Diversified High Income Trust, joining Andrew Feltus, Jonathan Sharkey and Charles Melchreit. Liu is vp for Pioneer, managing event-linked bonds and ILS across multiple fixed income portfolios. His duties in ILS include risk modelling, portfolio construction and security selection.

    Liu is also portfolio manager of the Pioneer ILS .......

    Job Swaps 12 October 2015

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015
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