ABS

  • Small strides

    Non-bank lending key to SME securitisation?

    SMEs continue to be billed as the backbone of the European economy, as a number of initiatives seek to remedy the lack of traditional bank support for the sector. Securitisation is expected to play a key role in this process, but a number of obstacles must be overcome if it is to make a significant contribution.

    "Although direct lending has .......

    News Analysis 7 August 2015

  • Rating correlations analysed

    S&P has published four reports illustrating how ratings on European ABS, CMBS, RMBS and structured credit transactions may change over time. The agency's analysis includes sensitivity of ratings to underlying analytical assumptions, as well as a discussion of how various market developments that move parameters built into the rating analysis may influence credit ratings.

    S&P notes that its European structured finance .......

    News Round-up 7 August 2015

  • HQLA impact gauged

    Global capital requirements have the potential to become impediments to providing financing via securitised products, S&P notes. Of particular focus among market participants recently are various regulators' evaluations of what actually constitute high-quality liquid assets (HQLA) in order to calculate the Basel 3 liquidity coverage ratio (LCR) and associated market value haircuts.

    "Many regulators seem to have interpreted what high-quality .......

    News Round-up 7 August 2015

  • MSA payments move up

    Fitch has completed its annual review of US tobacco ABS ratings accounting for the amount of Master Settlement Agreement (MSA) payment received by each trust in 2015. The aggregate MSA payment was 0.36% higher this year than the amount in 2014.

    Fitch is placing 66 tranches on rating watch negative due to the pending outcome of the tobacco criteria revision. .......

    News Round-up 7 August 2015

  • Mortgage insurance cat bond closed

    AIG's mortgage insurance business United Guaranty Corp (UGC) has completed a novel ILS that funds US$298.9m of indemnity reinsurance for a portfolio of mortgage insurance (MI) policies issued from 2009 through 1Q13. Dubbed Bellemeade Re series 2015-1, the Bermuda-domiciled special purpose insurer issued three classes of 10-year notes.

    The US$140.17m class M1 notes priced at one-month Libor plus 250bp, the .......

    News Round-up 7 August 2015

  • ABS lawyers promoted

    Katten Muchin Rosenman has named nineteen new partners, among them Christina Burgess and Don Macbean for structured finance and securitisation. Burgess' experience includes ABS and MBS, with an emphasis on prime and sub-prime automobile loan and lease, dealer floorplan receivable and equipment lease securitisations and warehouses. Macbean's practice encompasses structured energy and commodity-related transactions, market-value CLOs and structured derivatives transactions.

    .......

    Job Swaps 7 August 2015

  • Compliance partner named

    Dentons has appointed Joshua Jordon as a partner in its capital markets practice. He joins from American Mortgage Consultants (AMC), where he was svp, general counsel and compliance officer. In his new role, Jordon will focus on mortgage banking and consumer finance regulatory matters as part of Dentons' regulatory compliance group.

    At AMC, he regularly advised on complex mortgage banking .......

    Job Swaps 7 August 2015

  • Structured products pair recruited

    Schulte Roth & Zabel has hired Boris Ziser and Thomas Weinberger as partners in the firm's structured products and derivatives group. Both arrive from Stroock & Stroock & Lavan.

    Ziser, who will co-head the group, has expertise in public and private ABS, warehouse facilities, secured financings and commercial paper conduits. His practice encompasses a variety of asset classes, including life settlements, equipment leases, .......

    Job Swaps 7 August 2015

  • Law firm continues SF push

    Bryan Cave has appointed Rachel Kelly as a partner in its financial services group. She arrives from Macfarlanes, where she had been head of structured finance and capital markets, having previously been a partner in Clifford Chance's structured debt group.

    Kelly specialises in structured finance and debt capital markets, particularly CLOs. She advises clients on a number of areas, including real estate finance, infrastructure and .......

    Job Swaps 7 August 2015

  • Euro secondary on the up

    Yesterday was another positive day in European secondary, though today looks to be quiet.

    Secondary activity improved again yesterday with higher levels of end-user involvement than in recent days. Nevertheless, volumes remain fairly light and patchy.

    In line with recent patterns prime assets led the way, but there were also pockets of activity in CLOs, CMBS, Italian ABS/MBS and UK .......

    SCIWire 7 August 2015

  • Cairn majority stake sold

    Mediobanca has agreed to acquire RBS' 51% majority interest in Cairn Capital Group. The majority will be purchased from Cairn Capital's institutional shareholders, following which RBS will have no remaining interest.

    The acquisition is part of Mediobanca's strategy to continue developing its alternative asset management business through a number of strategic partnerships. As part of the transaction, Mediobanca will be providing .......

    Job Swaps 6 August 2015

  • Euro secondary improves

    Levels are improving in the European securitisation secondary market, but activity remains patchy and limited.

    "The market has generally got better in terms of spreads over the past couple of days," says one trader. "However, flows remain very thin - there's not a lot going on by way of BWICs, primary has slowed and the client side is very quiet, .......

    SCIWire 6 August 2015

  • Renewables deal prepped

    Hannon Armstrong Sustainable Infrastructure Capital (HASI) is marketing a US$125m securitisation that is backed by a pool of 80 contractual rights to payments associated with ground leases for utility scale projects. The contractual rights in HASI SYB Trust 2015-1's collateral pool include a mixture of variable and scheduled payments, 28.4% of which arise from wind projects and the remainder from solar projects.

    News Round-up 5 August 2015

  • SF practice adds another

    Chris McGarry has joined Ropes & Gray as a partner in the firm's finance practice. He will advise on structured finance transactions, with a focus on CLOs and securitisations for clients including arrangers, sponsors, originators and investors.

    Prior to joining, McGarry practiced at Weil, Gotshal & Manges and, previous to that, Clifford Chance. He also served as vp in RBS' .......

    Job Swaps 5 August 2015

  • Euro secondary keeps it light

    With light flows and a light BWIC calendar summer is taking its toll on the European securitisation secondary market.

    "With primary active last week and now that we're into August there's very little going on in secondary," says one trader. "The BWIC calendar is pretty light as well."

    Overall, the trader describes secondary spreads as mixed with light flows ensuring .......

    SCIWire 5 August 2015

  • Student loan resistance?

    The strong recent selling bias in the US student loan ABS secondary market driven by rating agency downgrades caused by extension risk may be seeing some resistance at last.

    "Student loan ABS has easily been the most active sector in securitisation secondary of late," says one trader. "We've seen a lot of lists, albeit with a lot of DNTs, and .......

    SCIWire 4 August 2015

  • Demonstrating prudence

    Prudent valuation practices discussed

    Representatives from PricewaterhouseCoopers and Prytania Solutions recently discussed how IPV and prudent valuation practices are adjusting to new European regulatory requirements during a live webinar hosted by SCI (view the webinar here). Topics included the definition of a prudent valuation and investment bank key requirements, as well as the role of the risk management function. This Q&A article .......

    Talking Point 4 August 2015

  • Law firm boosts SF expertise

    Rupert Wall has joined Sidley Austin as a partner in its global finance practice. His focus is on structuring and restructuring deals across the securitisation spectrum. He advises arrangers, originators and investors on all aspects of structured finance and derivatives, while also advising counterparties with capital markets issuances, leveraged finance transactions and portfolio sales.

    Wall arrives from Weil Gotshal and .......

    Job Swaps 4 August 2015

  • MBS trading vet hired

    Semper Capital Management has hired Zachary Cooper as deputy cio. In this role, he will be responsible for a number of Semper's mortgage-centric funds, which focus on MBS.

    Prior to joining Semper, Cooper was md at Treesdale. He has also traded MBS and ABS for a number of firms, including Deutsche Bank.

    He brings with him the Treesdale Rising Rates Strategy Fund .......

    Job Swaps 4 August 2015

  • EXOR wins PartnerRe battle

    EXOR has agreed to acquire PartnerRe at approximately US$6.9bn, ending a long-standing bidding war with AXIS Capital in pursuit of the firm (SCI passim). The agreement involves EXOR purchasing all PartnerRe outstanding common shares for US$137.5 per share in cash plus a US$3 per share special dividend, for a total consideration of US$140.5 per share.

    PartnerRe preferred shareholders will also .......

    Job Swaps 4 August 2015

  • Euro secondary flat

    The European securitisation secondary market continues to see low levels of activity with spreads for the most part staying flat.

    "It's pretty quiet and as we head further into summer while we'll be watching for macro events it's likely that the market will continue to move sideways," says one trader. "There are now a lot of continental clients away so .......

    SCIWire 4 August 2015
×