ABS

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015

  • SLABS sponsor risks observed

    Slowing repayment rates on FFELP student loan ABS trusts sponsored by Navient and Nelnet will have a modest impact on their risk profile, according to Moody's. However, the sponsors could still face some risks from corporate debt and liquidity challenges.

    Repayment rates on the FFELP ABS trusts continue to slow due to growing number of borrowers opting for income-based repayment .......

    News Round-up 20 August 2015

  • Trading vet brought in

    Luca Favero has joined Numen Capital as portfolio manager and research analyst. He arrives from SG, where he was director - credit trading, and was European head of credit derivatives trading for Calyon prior to this. Favero's experience spans CDS and structured finance, with roles also at Nomura, Credit Suisse and Lehman Brothers.

    .......

    Job Swaps 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • ILS underwriting scrutinised

    The reinsurance sector is adapting to the influx of alternative capital by providing innovative solutions and lower prices to reinsurance purchasers, S&P notes. However, the agency warns against the growth of the ILS market coming at the expense of looser underwriting discipline and less due diligence.

    As capital enters the reinsurance market, it is creating opportunities for buyers. At the .......

    News 19 August 2015

  • Counterparty-linked review underway

    S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from European transactions on credit watch negative. The agency's actions are in response to the introduction of bank resolution frameworks in the UK and Germany, and the subsequent lowering of ratings to banks that serve as counterparties to the related transactions.

    S&P lowered the ratings on Barclays, Deutsche Bank and National Westminster .......

    News Round-up 19 August 2015

  • Redemptions hit hedge fund

    Claren Road Asset Management has received around US$2bn in investor redemption notices, according to an SEC filing by parent company Carlyle Group. This figure represents approximately 48% of the hedge fund's AUM, which stood at around US$4.1bn at the end of June.

    The filing notes that the carrying value of the credit hedge funds managed by the firm was US$216m at end-June, making .......

    Job Swaps 19 August 2015

  • Finance practice beefed up

    Allens has bolstered its banking and finance practice with the appointment of Benjamin Downie as managing associate. He joins from Gilbert + Tobin, where he was a special counsel. His experience branches into securitisation and debt capital markets.

    .......

    Job Swaps 19 August 2015

  • Origination model risks weighed

    CommonBond's first private student loan ABS transaction has credit risks similar to those of other securitisations backed by loans offered via marketplace lending platforms, reports Moody's. However, the credit quality of CommonBond's loans is of a similarly high quality to that of SoFi's student loan ABS (SCI 30 July).

    In the CommonBond Student Loan Trust 2015-A (CBSLT 2015-A) transaction, Wisconsin-based .......

    News Round-up 19 August 2015

  • ILS upgraded on sponsor action

    S&P has raised its credit ratings on Avondale Securities class A1 and A2 notes from double-B plus to triple-B minus, following a similar action taken on the support sponsor, the Bank of Ireland. The ratings on the two ILS bonds are weak-linked to the long-term rating on the Bank of Ireland due to a support agreement, which obligates it to .......

    News Round-up 19 August 2015

  • Portfolio manager steps up

    Robert Zable has been appointed as the lead portfolio manager of Blackstone/GSO's Senior Floating Rate Term Fund, Long-Short Credit Income Fund and Strategic Credit Fund. The appointment follows the retirement of the current lead portfolio manager of the three funds, Lee Shaiman.

    Zable is md at GSO Capital Partners and serves as the chairman of GSO Debt Fund Management's (DFM) investment committee. .......

    Job Swaps 19 August 2015

  • FFELP repacks examined further

    Fitch says it is evaluating a variety of proposals and alternative solutions from market participants to address the risk that certain FFELP student loan ABS tranches may extend beyond their legal final maturity dates (SCI passim). The proposals include repackaging tranches with heightened maturity risk into new transactions with significantly longer legal final maturity dates.

    In its simplest form, an existing .......

    News Round-up 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Hedge fund fraud settled

    Two Citigroup affiliates have agreed to pay nearly US$180m to the US SEC to settle charges that they defrauded investors in two hedge funds that they claimed were safe, low-risk and suitable for traditional bond investors. The funds eventually collapsed during the financial crisis.

    The regulator's investigation found that the Citigroup affiliates made false and misleading representations to investors in .......

    Job Swaps 18 August 2015

  • Business development head hired

    Custom House Fund Services has appointed Richard Hale as director, business development UK. Based in the company's newly established London office, Hale will also be responsible for business development in Europe across alternative investments.

    He joins from Royal Bank of Canada, where he was most recently head of business development for the RBCIS global fund platform. Hale has also held roles at Citi, .......

    Job Swaps 18 August 2015

  • BDC acquisition approved

    PennantPark Floating Rate Capital (PFLT) and MCG Capital stockholders have voted to approve the merger agreement between the two firms (SCI 30 April). The merger is now expected to close on or about 18 August, despite HC2's previous intervention with its own rival bid for MCG (SCI 6 May).

    PFLT's stockholders approved the issuance of PFLT common stock in connection .......

    Job Swaps 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • Resolution protections suggested

    The EBA has issued an opinion which responds to the European Commission on how to define what arrangements should be protected in a partial property transfer of a bank in resolution. The opinion aims to ensure full protection of well-established sources of refinancing, such as secured debt - including securitisations - and means of risk mitigation.

    The Bank Recovery and Resolution Directive lists .......

    News Round-up 17 August 2015

  • ILS chief replaced

    Adam Szakmary has been appointed ceo and portfolio manager of Blue Capital Management. He replaces Bill Pollet, who has stepped down from his positions as ceo and president at the ILS investment manager.

    Szakmary was promoted from his role as portfolio manager for Blue Capital. Previously, he was both an underwriter of the US property treaty portfolio and vp of risk management .......

    Job Swaps 17 August 2015

  • SF head preps new firm

    Michael Millette is set to launch Hudson Structured Capital Management following his departure from Goldman Sachs. He will serve as managing partner for the new investment manager, as it looks to manage assets across multiple sectors, including reinsurance and transportation.

    Prior to his new venture, Millette was partner, md and global head of Goldman's structured finance group. He also served as co-chairman for the .......

    Job Swaps 17 August 2015
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