ABS

  • Hiking cycle history considered

    As the likely Fed rate hike date draws nearer, Barclays ABS analysts have examined the performance of securitised products during previous hiking periods. The effect on securitised product credit sectors has previously generally been benign.

    The Barclays analysts paid particular attention to agency RMBS both before and during previous hiking cycles. A typical hiking cycle lasts a year and a .......

    News 28 July 2015

  • CLO consultant tapped

    Eric Bothwell has joined Ashurst as a senior consultant within its CLO practice. He arrives as md from UBS, where he was most recently involved in the sale and unwinding of non-core asset portfolios.

    Bothwell was also one of the founding members of Goldman Sachs' new issue CLO team, responsible for all aspects of transaction structuring, execution and marketing. His .......

    Job Swaps 28 July 2015

  • Euro secondary shows caution

    It's been a cautious start to the week for the European securitisation secondary markets, but BWIC volume is increasing.

    "Overall, market tone is reasonably cautious both because of macro issues, especially China, and also because of the time of year," says one trader. "However we continue to see decent client interest in non-conforming and select peripherals."

    Meanwhile, with month-end approaching .......

    SCIWire 28 July 2015

  • Credit firm merger agreed

    Ares Management and Kayne Anderson Capital Advisors have agreed to merge and form Ares Kayne Management. The firm will provide a combined US$113bn of AUM, with the transaction expected to close on or around 1 January 2016.

    The new business will focus on tradable credit, direct lending, energy, private equity and real estate. Upon closing of the merger, Kayne Anderson .......

    Job Swaps 27 July 2015

  • Euro secondary holds up

    The European securitisation secondary market is continuing to hold up despite thin liquidity.

    Buy-side activity remains patchy with volumes overall still very light away from prime. What flows there are are mainly two-way though a selling bias in autos has emerged as investors seek to make room for new issues in the sector among a reasonably strong primary pipeline overall.

    SCIWire 27 July 2015

  • Multi-state PACE deal debuts

    Ygrene Energy Fund has completed the first property-assessed clean energy (PACE) securitisation that combines both residential and commercial assets. The US$150m private transaction is also the first PACE deal to combine projects in multiple states, including California and Florida, and to include both special taxes and assessments in a single securitisation.

    The class A notes have been rated double-A by Kroll .......

    News Round-up 24 July 2015

  • Euro secondary stays firm

    Tone and spreads in the European securitisation secondary market are staying firm.

    Yesterday saw another solid day in secondary market activity across the board. The usual hotspots continued with prime assets seeing most flows once more, although Italian paper is receiving increasing attention.

    BWIC activity remained reasonably healthy yesterday with most line items going through at or around expected levels .......

    SCIWire 24 July 2015

  • ILS team reinforced

    SCOR Investment Partners has recruited Sidney Rostan and Pierre Mouilhade as portfolio managers for its ILS team. Both will report to Vincent Prabis, who heads the ILS team.

    Rostan will focus on collateralised reinsurance and private transactions for SCOR. He joins after being head of Natixis' ILS business, where he worked on origination, structuring and placement of catastrophe bonds and .......

    Job Swaps 24 July 2015

  • ABS syndicate head appointed

    Lloyds Bank Commercial Banking has promoted Kristan Gochee to head of North America ABS syndicate. She will report to Wesley Fallan, director of US bond syndicate in the US, and Bob Patterson, md and head of ABS syndicate in the UK.

    Gochee joined Lloyds last year (SCI 11 April 2014) and will be replaced as credit trading svp by Thomas Oh, who will .......

    Job Swaps 23 July 2015

  • Final STC criteria published

    The Basel Committee and IOSCO have released their final criteria for identifying simple, transparent and comparable securitisations, following the proposals they set out last year (SCI 11 December). The organisations have amended certain aspects to the proposals that were considered overly prescriptive and have clarified other issues that raised doubts about interpretation or implementation.

    The two organisations note that criteria .......

    News Round-up 23 July 2015

  • Credit enhancement upped for marketplace ABS

    Citi is in the market with a US$376.7m marketplace lending securitisation, dubbed Citi Held for Asset Issuance 2015-PM1 (CHAI 2015-PM1). Moody's has assigned a preliminary rating to the senior tranche that is three notches higher than that of the inaugural public marketplace lending deal - Consumer Credit Origination Loan Trust 2015-1 (CCOLT 2015-1) - from February.

    CHAI 2015-PM1 comprises three .......

    News Round-up 23 July 2015

  • Capital markets vet hired

    Patrick Beranek has joined Mischler Financial Group's capital markets division as md, structured products. In this newly-created role, he will oversee structured products primary market activities and report to Robert Karr, Mischler's head of capital markets.

    Beranek moves from RBS, where he was head of asset-backed trading. He has also run asset-backed trading and syndicate for Mizuho and Bank of .......

    Job Swaps 23 July 2015

  • Euro secondary improves again

    The European securitisation secondary market volume again saw a little improvement yesterday as spreads remain firm.

    Secondary trading activity continues to improve across the board with each session. Yesterday saw continuing investor interest in the prime segment and 1.0 CLOs. UK non-conforming had a better day than of late, but the primary market continues to weigh heavily on the sector, .......

    SCIWire 23 July 2015

  • Italian ABS legal risks identified

    Fitch says that Italian ABS issuers are exposed to legal risks when the securitised pools contain loans that finance insurance policies in addition to the product purchased with the loan agreement. An example scenario could be a theft and fire protection contract combined with the purchase of a car.

    The agency explains that the insurance premiums are typically paid upfront by the .......

    News Round-up 22 July 2015

  • Business development pro poached

    Mt Logan RE has hired Chris Caponigro as head of business development. He joins from Platinum Underwriters, where he served as head of North American catastrophe lines, prior to its acquisition by Renaissance Re. Previous to this, Caponigro was involved in a number of roles at St Paul Re, covering property, specialty and structured underwriting.

    .......

    Job Swaps 22 July 2015

  • PartnerRe opens EXOR talks

    PartnerRe has responded to a revised proposal from EXOR offering a special dividend of US$3 per common share (SCI 21 July). The offer is the sixth revised proposal by EXOR in its attempt to outbid AXIS for the acquisition of PartnerRe (SCI passim).

    In response to the offer, the PartnerRe board has determined that the proposal would reasonably be likely .......

    Job Swaps 22 July 2015

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015

  • EXOR offer increased again

    EXOR is offering PartnerRe common shareholders a pre-closing dividend of US$3 per share in addition to its confirmed US$137.5 per share all-cash offer in relation to a potential deal to purchase PartnerRe. The offer is in response to AXIS' enhancements to its rival offer for the firm (SCI 20 July) and brings EXOR's total consideration to US$140.5 per share.

    EXOR says it has added the US$3 .......

    Job Swaps 21 July 2015

  • SLABS rating corrections made

    Moody's recently placed on review for downgrade one US FFELP student loan ABS tranche and corrected erroneous review actions on three other tranches, affecting in total approximately US$1.1bn of securities. The agency's amendments reflect the correction of an error in assessing the risk that the tranches will not fully pay-down by their respective final maturity dates.

    Moody's says that it used .......

    News Round-up 21 July 2015

  • CPUK note exchange due

    A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition of the Center Parcs group by an affiliate of Brookfield Asset Management. The move is considered a change of control under the class B note issuer/borrower loan agreement and, following the acquisition, the borrowing group is required to offer to repurchase the class .......

    News Round-up 21 July 2015

  • Hertz acceleration avoided

    Hertz has filed its 2014 10-K, including restated financials for 2012-2013 and some restated financial information for 2011. In addition, the company filed its 1Q15 financials and is now up-to-date on all filings with the US SEC.

    The filings cure Hertz's filing deficiency notice from the NYSE and bring the company back into compliance with NYSE listing requirements (SCI 7 .......

    News Round-up 21 July 2015
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