ABS

  • 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

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • Private debt advantages outlined

    Benefit Street Partners (BSP) ceo Thomas Gahan and president Richard Byrne have issued an open letter to the stockholders of TICC Capital Corp regarding its agreement to acquire TICC Management. The letter reiterates the firm's "full commitment" to complete the transaction with TICC and shares information about its plans for delivering superior, sustainable and long-term returns to TICC stockholders. The .......

    Job Swaps 8 October 2015

  • ABS exec recruited

    Shirley Chen has joined Mogo Finance Technology in the newly created role of treasurer, based in the firm's Toronto office. She has over 15 years of financial management experience and has led or been directly involved in C$20bn of ABS deals.

    Mogo says that Chen's addition underscores its commitment to expand and diversify its sources of funding as it continues .......

    Job Swaps 8 October 2015

  • Swedish ILS manager expands

    ILS-specialist Entropics Asset Management has expanded its footprint by appointing Mika Mäkinen to represent the firm in Finland. He will work as a country representative through his company Helsingin Aktuaarikonsultointi.

    Mäkinen will strengthen relations with institutional investors in Finland. One of his priorities will be to inform institutions about how the asset class is treated in the upcoming implementation of .......

    Job Swaps 8 October 2015

  • Minority interest acquired

    Dyal Capital Partners has acquired a passive minority interest in the controlling company of Chenavari Investment Managers. Chenavari will continue to be led by ceo and co-cio Loic Fery and co-cio Frederic Couderc, who will retain complete control over the firm's operations and investment process.

    Dyal's strategic minority interest will be passive with no oversight of Chenavari's governance. The vast .......

    Job Swaps 8 October 2015

  • Institutional relationship agreed

    SME marketplace lender P2Binvestor has forged a relationship with HCG Fund Management. The partnership marks the first of several new institutional relationships for P2Binvestor.

    P2Binvestor says it spent the last few months in the due diligence process with HCG, retooling its investment product offering to address matters, such as the complicated tax requirements of foreign-domiciled funds. The result is a .......

    Job Swaps 8 October 2015

  • Euro secondary return continues

    Activity and prices in the European securitisation secondary market continue to return to normal, but liquidity is still below usual levels for this time of year.

    "We saw flows across all asset classes yesterday," says one trader. "Even UK non-conforming is taking off having been very quiet recently."

    Peripherals are continuing their rise of recent days. "Prices are up noticeably, .......

    SCIWire 8 October 2015

  • Growing options for European SMEs

    New debt market instruments which have been developed over recent years will increase funding flows to European SMEs and mid-caps, says Moody's. This will allow these firms to access more flexible, less expensive financing, potentially through securitisation.

    New funding options range from SME bond markets and private debt funds to peer-to-business lending. However, the rating agency notes that bank lending .......

    News Round-up 7 October 2015

  • ILS lawyer brought back in

    Cadwalader, Wickersham & Taft has appointed Matthew Feig to its capital markets group in New York, where he will focus on risk-linked securities and structured finance. He previously spent seven years with the firm, before leaving for Stroock & Stroock & Lavan.

    Feig returns to Cadwalader as special counsel to the ILS team, which is led by Malcolm Wattman and .......

    Job Swaps 7 October 2015

  • Euro secondary accelerates

    The pick-up in activity and pricing levels in the European securitisation secondary market is accelerating.

    Yesterday saw a further improvement in sentiment on the back of the same in broader markets. As a result, flows increased, though liquidity is still very patchy, and spreads were broadly flat to slightly tighter. Prime spreads, including autos, continue to hold firm, but it .......

    SCIWire 7 October 2015

  • Offshore liquidity risk eyed

    TMMCB 10 - a Mexican securitisation backed by offshore vessels - remains highly levered and is increasingly exposed to liquidity risk, according to Fitch. The agency says that the oil sector downturn could exacerbate these risks as asset values and day rates have declined and re-contracting of charter agreements mostly depends on a single off-taker.

    TMMCB 10 is currently rated .......

    News Round-up 7 October 2015

  • BPF Spain, Santander partnership affirmed

    Fitch says that the partnership between Banque PSA Finance and Santander Consumer Finance has no impact on the ratings of Auto ABS 2012-3. The transaction is secured by Spanish assets originated by BPF Spain.

    Spain has now implemented the global cooperation between BPF and SCF, following France and the UK (SCI 3 February). The partnership has been structured through the .......

    News Round-up 6 October 2015

  • SF specialist recruited

    Voisin Law recruited Howard O'Toole as an associate in its commercial department. He has over 15 years of experience in all areas of offshore capital markets and structured finance transactions, specialising in MTN and CP programmes. O'Toole was previously a consultant in Hatstone Lawyers' capital markets and structured finance practice.

    .......

    Job Swaps 6 October 2015

  • Bank lines up Five Arrows purchase

    Paragon Bank is set to acquire Five Arrows Leasing Group as part of its strategy to enter into the UK SME asset finance market. The challenger bank will acquire the total share capital of Five Arrows for £117m, with the transaction expected to complete by 3 November.

    Five Arrows provides asset finance products through its subsidiary brands to UK SMEs, .......

    Job Swaps 6 October 2015

  • Euro secondary slowly improves

    Tone and activity are slowly picking up in the European securitisation secondary market.

    Bolstered by stronger broader markets sentiment in most secondary sectors has improved, which is helping to stabilise spreads and encourage participants to return, but liquidity remains generally thin. In prime, autos led the way yesterday notably in VW assets, whereas in peripherals Portuguese bonds saw the biggest .......

    SCIWire 6 October 2015

  • VW rating actions 'premature'

    S&P says it is premature to take any rating actions, including credit watch, on the VW ABS it rates. The agency rates 33 transactions originated by separate finance subsidiaries of VW and backed by loans or leases related to vehicles from the Volkswagen group.

    On 24 September, S&P placed its A/A-1 long- and short-term corporate credit ratings on VW on .......

    News Round-up 5 October 2015

  • Marketplace warehousing facility inked

    Cross River Bank has partnered with marketplace lender Marlette Funding to complete a US$100m private, unrated amortising warehouse facility. The transaction is the first to be completed between an FDIC insured bank (CRB) and a marketplace lender.

    The two firms will share the 12.5% equity tranche, with Deutsche Bank acting as lender in the deal. CRB ceo Gilles Gade says .......

    Job Swaps 5 October 2015

  • Growing pipeline

    European supply surge whetting investor appetite?

    A heavy European securitisation pipeline is pushing spreads wider, enticing investors to pick up cheap paper. Nevertheless, calls remain for the ECB to extend its buying mandate to a more diversified pool of ABS across a broader range of countries.

    European issuance to date is up by 10% in 2015 from the same time last year, according to Mark Hale, .......

    News Analysis 5 October 2015

  • Euro secondary mixed

    Activity in the European securitisation secondary market continues to be mixed.

    For the most part ABS/MBS is still being hampered by very thin liquidity and prices are softening across the board. Prime assets continue to benefit from a buying bias albeit only in pockets. Unsurprisingly autos remain the main focus and are seeing reasonably healthy two-way flows, though spreads continue .......

    SCIWire 5 October 2015

  • Capital clarity

    CMU securitisation package receives market approval

    The release of the European Commission's Capital Market Union (CMU) action plan has been hailed for reducing capital requirements and outlining a succinct and centralised definition for simple, transparent and standardised (STS) securitisation. However, key concerns remain over Solvency 2 capital recalibrations.

    The action plan introduces amendments to the Capital Requirements Regulation and a new overall securitisation legislation. The latter .......

    News Analysis 2 October 2015
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