ABS

  • Insurance merger agreed

    Willis Group and Towers Watson have signed a definitive merger agreement under which the companies will combine in an all-stock merger of equals transaction, with the new company named Willis Towers Watson. Based on the closing prices of Willis and Towers Watson common stock on 29 June, the implied equity value of the transaction is approximately US$18bn.

    Upon completion of .......

    Job Swaps 30 June 2015

  • SF vet appointed

    Oppenheimer has appointed John Tonelli as md and head of debt capital markets and syndication. He brings over 20 years of fixed income experience, especially in structured credit and secured financings, first as an attorney at Cadwalader, Wickersham & Taft and later as senior md and head of international structured finance at Bear Stearns and JPMorgan.

    Tonelli most recently served .......

    Job Swaps 30 June 2015

  • Euro secondary stays calm

    Tone continues to be weak across European securitisation secondary, but the market has remained calm.

    "Not much happened yesterday - as broader markets headed down volumes in ABS/MBS were very thin," says one trader. "Peripherals were better offered in the Street, but there was no panic selling from customers."

    Indeed, the trader adds: "There was very little customer activity at .......

    SCIWire 30 June 2015

  • QS recommendations weighed

    The EBA has adequately addressed most of the valid concerns raised by parties interested in the prudentially sound revival of the European securitisation market, according to Bank of America Merrill Lynch research analysts. In its qualifying securitisation recommendations, the Authority calls for the risk weight floor for senior tranches to be lowered from 15% to 10% under the IRB and .......

    News 29 June 2015

  • FFELP SLABS under review

    Fitch has placed 57 tranches from 23 US FFELP student loan ABS on rating watch negative, affecting approximately US$8bn of securities. The action is based on analysis conducted by the agency that identified trusts with tranches that have heightened risk of missing legal final maturity dates based on principal repayment to date.

    The transactions identified will be subject to additional .......

    News Round-up 29 June 2015

  • Euro secondary hesitates

    The European securitisation secondary markets are making a hesitant start following the weekend's events surrounding Greece.

    For now at least, participants are holding off any real trading activity until there is a clearer idea of where pricing levels should now be. While the market tries to find a firmer footing few prices are being shown.

    Those that are unsurprisingly reflect .......

    SCIWire 29 June 2015

  • SLABS purchase flexibility highlighted

    Navient has bought receivables from nine student loan ABS amounting to US$421.38m since it amended the servicing agreements for 17 trusts last year (SCI 27 April), two-thirds (US$284.44m) of which occurred in May, according to Citi figures. Navient has also called two transactions so far this month - SLMA 2002-4 and 2002-5 - committing US$82.61m of proceeds to redeem them.

    News Round-up 26 June 2015

  • Railcar rules impact outlined

    New regulations for railcars transporting crude oil and other hazardous material will be costly for railcar manufacturers and lessors, given their short implementation timeframes, Fitch says. Since all mandatory expenses are paid at the top of securitisation waterfalls, certain outstanding railcar ABS transactions could see decreased available funds for interest and principal, depending on their respective levels of tanker concentrations .......

    News Round-up 26 June 2015

  • RRL disclosures adopted

    Fitch is set to adopt disclosures highlighting rating agency removal language (RRL) in its rating communications for new covered bond (CVB) programmes and structured finance (SF) transactions, following a recent request for market feedback (SCI 14 April). The disclosures will show where RRL is present and what its implications could be for contractual obligations, credit protection and ratings, if exercised.

    News Round-up 26 June 2015

  • QS framework unveiled

    The EBA presents its recommendations on an EU framework for qualifying securitisations at a public hearing at its offices today. The European Commission last year requested the EBA's advice on criteria for identifying a prudentially sound securitisation market and its regulatory treatment. The EBA will deliver the opinion to the Commission early next month and today's hearing is intended to .......

    News Round-up 26 June 2015

  • Euro secondary stalemate

    The European securitisation secondary markets remain in stalemate as uncertainty over Greece and a consequent risk-off attitude pervades.

    Secondary spreads remained unchanged yesterday on the back of very limited liquidity and only some isolated small pockets of flow trading. Equally, the flurry of BWICs yesterday saw covers lower than earlier in the month for similar assets and a significant number .......

    SCIWire 26 June 2015

  • Valuations team beefs up

    MountainView IPS has added Alvin Hsu in a vp role and Alex Kolesnikoff in a senior analyst role. The two hires fill vacant positions while addressing a strategic plan to enhance the company's valuation processes and expand into new asset classes.

    Hsu joins MountainView IPS with over 10 years of experience in structured products and credit markets. He previously spent .......

    Job Swaps 25 June 2015

  • ILS upgraded on final reset

    S&P has raised its rating on the US$250m Everglades Re Series 2013-1 notes to single-B plus from single-B. The action follows the final reset for the catastrophe bond.

    When S&P initially rated the notes, the baseline probability of attachment was 2.91% and the warm surface sea temperature (WSST) probability of attachment was 3.29%. At each reset, the baseline probability of .......

    News Round-up 25 June 2015

  • Euro ABS/MBS illiquid again

    The European ABS/MBS secondary market is once again hampered by illiquidity.

    "Flows are once again very poor," says one trader. "The bounce we saw on Tuesday, particularly in Portuguese and Spanish names, was short lived and we've been pretty flat to weaker since then."

    The trader expects little to change in the near future. "With the continued volatility surrounding Greece .......

    SCIWire 25 June 2015

  • Rates impact 'largely credit neutral'

    Moody's expects rising short-term interest rates in the US to have varied credit effects on new and existing mortgage-backed, asset-backed and other securitisations. The agency suggests that rising rates will be credit negative for CMBS and largely credit neutral for most consumer and commercial ABS sectors, RMBS and CLOs.

    For newly originated loans backing CMBS deals, rising interest rates are .......

    News Round-up 24 June 2015

  • Euro ABS/MBS firms up

    The European ABS/MBS secondary market is showing a firmer tone, but is not yet fully back up to speed.

    "Yesterday was very busy especially in peripherals with Spanish and Portuguese names the big movers," says one trader. "Overall, market tone is much better than we've seen for a while."

    However, the trader adds: "I'm not reading too much into it .......

    SCIWire 24 June 2015

  • Opportunity knocks

    ECB presence expanding ABS investor mandates

    The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on European securitisation spreads. Panellists noted an expanding mandate among many investors, with relative value opportunities shifting towards the UK non-conforming RMBS and European CLO sectors.

    Jefferies md Craig Tipping pointed to a shift in investor mandate when he admitted .......

    News Analysis 24 June 2015

  • Chinese expansion completed

    Intex Solutions has opened an office in Shanghai, which the firm hopes will further enhance its ability to support its worldwide client base and enable it to proactively meet the demands of the emerging Chinese securitisation market. Yunwen Zeng has been appointed general manager of the new location.

    She comments: "The recent surge in government support and market interest has .......

    Job Swaps 23 June 2015

  • EXOR 'material risks' outlined

    PartnerRe has made available additional shareholder information relating to what it describes as the "significant walk-away, regulatory and timing risks" posed by EXOR's unsolicited and "opportunistic" bid for the firm. PartnerRe claims that EXOR has refused to address such material risks inherent in its offer.

    "In addition to a wholly inadequate price, the EXOR offer presents an unacceptable level of .......

    Job Swaps 23 June 2015

  • RFC on tobacco ABS approach

    Fitch has published an exposure draft with respect to its criteria for rating US tobacco settlement ABS. The agency expects about 64 notes to be downgraded due to the proposed changes.

    The main proposals include: the application of the most recent MSA payment received as the starting point on Fitch's cashflow model; and revising the rating floor to triple-C from .......

    News Round-up 23 June 2015

  • Business development team bolstered

    Leadenhall Capital Partners has appointed Edward Johnson to its business development team, reporting to business development head Lorenzo Volpi. Johnson was previously at Aon Benfield in London, where he advised on and structured catastrophe bonds, collateralised reinsurance and sidecars. Before that, he worked at Lane, Clark & Peacock and JPMorgan.

    .......

    Job Swaps 23 June 2015
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