ABS

  • Corporate trust team bolstered

    BNY Mellon has appointed Adam Gelder as head of financial institutions for its EMEA corporate trust team. Gelder will be responsible for the growth and development of the company's financial institutions business in EMEA, reporting to Robert Wagstaff, head of UK sales and relationship management at BNY Mellon. Gelder has worked at Deutsche Bank for the last 18 years in .......

    Job Swaps 15 June 2015

  • CFPB oversight extended

    The US Consumer Financial Protection Bureau has published a rule that will allow the agency to supervise larger non-bank auto finance companies for the first time. The agency also released the examination procedures that examiners will use to ensure that auto finance companies are following the law.

    Currently, the CFPB supervises auto financing at the largest banks and credit unions. The .......

    News Round-up 15 June 2015

  • European regulatory barriers discussed

    The European securitisation market's regulatory capital costs are a barrier to demand and liquidity, according to a recent Moody's roundtable discussion. The agency reports that investors do not believe the capital treatment of European structured finance instruments reflects their associated risks.

    Investors noted in the discussion that if the current levels of regulatory capital associated with structured finance instruments remain the .......

    News Round-up 15 June 2015

  • Agency grabs Europe head

    DBRS has hired Detlef Scholz as group md, head of Europe. In the newly created position, Scholz will be responsible for overseeing all of the agency's day-to-day operations in the EMEA region, focusing on the strategic development of its rating business and senior outreach activities. He will report to ceo Dan Curry.

    Prior to joining DBRS, Scholz held a range of positions at Moody's, .......

    Job Swaps 15 June 2015

  • Securitisation head tapped

    Richard Burke has joined Mizuho as head of securitisation. He replaces Shinichi Nochiide, who is relocating to Japan for the bank.

    Burke arrives from HSBC, where was md and head of asset-backed finance for the Americas. He has additionally held senior roles at JPMorgan and Merrill Lynch.

    .......

    Job Swaps 15 June 2015

  • Liquidity squeeze

    Osmo Timonen, an expert in bank regulation at management and...

    Since 2012, the Basel Committee on Banking Supervision has been working on a major overhaul of market risk capital requirements for banks´ trading-book positions. The regulatory initiative - entitled the Fundamental Review of the Trading Book (FRTB) - will increase regulatory capital requirements and, as a result, drive up the cost of trading. The secondary market for securitised products is .......

    Talking Point 15 June 2015

  • More of the same for European ABS/MBS?

    Last week's weaker tone in the European ABS/MBS secondary market looks set to continue.

    Last week saw overall ABS/MBS spread widening on the back of negative market sentiment, poor liquidity and broader rates volatility. This week is likely to see even more of the same with continuing Greek concerns and most market participants away from their desks in Barcelona.

    There .......

    SCIWire 15 June 2015

  • Toro investments underway

    Chenavari affiliate Toro Limited has closed its first primary investment under its private asset-backed finance portfolio strategy. The move comes after the company last month raised net proceeds of approximately €330m in a share placement on the LSE in connection with the voluntary liquidation of the Toro Capital I ABS fund.

    In its first investment, Toro has acquired €26.5m in .......

    Job Swaps 12 June 2015

  • Euro ABS/MBS struggles on

    The European ABS/MBS secondary markets continue to struggle with poor liquidity and broader market volatility.

    Market tone continued to be weak on light volumes yesterday and looks unlikely to change today in the penultimate gasp before Barcelona amid further Greek concerns. Prime assets continue to attract what activity there is and spreads there are holding up reasonably well, while peripheral .......

    SCIWire 12 June 2015

  • Payment holiday 'credit positive'

    The Italian Banking Association's two-year renewal of its payment holiday scheme will support both Italian companies and individuals whose liquidity position is stretched amid the sluggish economy, according to Moody's. The agency says that the new moratorium is credit positive for SME, ABS and RMBS transactions, as it will reduce payments on loans and thus lower borrowers' propensity to default.

    News Round-up 11 June 2015

  • Duo hired for SF push

    Watson Farley & Williams (WFW) has hired Rob McBride and Sian Withey to help establish and lead a new debt securities and structured finance practice for the firm. Both partners arrive from Fried, Frank, Harris, Shriver & Jacobson, where they were part of the firm's global capital markets and finance practice.

    In accordance with establishing a new practice, McBride and .......

    Job Swaps 11 June 2015

  • Euro ABS/MBS drifts

    The European ABS/MBS secondary market is continuing to drift without volume or direction.

    "The combination of Greek headlines and the run up to Barcelona is making for a difficult environment," says one trader. "Liquidity continues to be exceptionally poor with a lot of investors sitting on the sidelines. There are still quite a few BWICs but we're only seeing very limited .......

    SCIWire 11 June 2015

  • Lift off?

    Institutional investors boost marketplace lending securitisation

    The marketplace lending securitisation sector appears set for take-off, fuelled by the proliferation of online lending platforms and an influx of institutional investor capital. However, increased visibility around credit criteria and better representations and warranties are necessary for the asset class to become mainstream.

    An estimated 100 platforms are already active in the marketplace lending space, including the biggest brands .......

    News Analysis 10 June 2015

  • ABS fund manager named

    Amundi Asset Management has recruited Francois Morin as senior portfolio manager of the Amundi ABS Fund. He arrives from Natixis, where he was head of European ABS and CLO trading. Morin has also held various positions in CDC Ixis Capital Markets' credit risk department.

    .......

    Job Swaps 10 June 2015

  • Auto ABS sets 'poor benchmark'

    An international rating - assigned by Moody's - for the Rongteng Individual Auto Mortgage Backed Securitization 2015-1 transaction has set a global precedent, according to Fitch, as the deal does not have an initial liquidity facility available to protect against any payment disruption nor back-up servicing arrangements in place. Liquidity facilities or reserve funds that are available or pre-funded at closing are .......

    News Round-up 10 June 2015

  • Euro ABS/MBS hindered

    The risk-off attitude across the European ABS/MBS secondary market is continuing to hinder activity.

    "Liquidity is pretty terrible at the moment," says one trader. "The tone of the market is generally weak with concerns about Greece hampering broader markets and ABS specific issues around the disappointment over the ABSPP."

    BWICs continue to be churned out however and are going through .......

    SCIWire 10 June 2015

  • Spanish legal exceptions highlighted

    Scope believes that the new Spanish corporate finance promotion law (Ley 5/2015 de fomento de financiación empresarial) governing changes to corporate financing allows for more flexible financing of Spanish SMEs and, in certain cases, may positively affect their creditworthiness. The main purpose of the new law is to promote financing of Spanish SMEs by making it both more accessible and .......

    News Round-up 9 June 2015

  • ABS, RMBS principal losses drop

    Moody's expects the resilience of senior European ABS and RMBS tranches to deterioration in collateral performance and counterparty risk to continue this year. None of the European ABS and RMBS bonds that the agency has rated triple-A have incurred principal losses to date.

    "On the back of macroeconomic re-balancing, we expect the number of notes that are likely to incur .......

    News Round-up 9 June 2015

  • Euro secondary stabilises

    After a week of softening and amid continued broader market volatility the non-peripheral European securitisation secondary markets stabilised yesterday and have opened unchanged this morning.

    "It was a bit more active yesterday and the market appears to have stabilised," says one trader. "We saw two-way flows in quite a few sectors, though mainly in prime paper - from autos, to .......

    SCIWire 9 June 2015

  • Euro ABS/MBS mixed

    Despite wider market volatility and an overall weakening tone European ABS/MBS secondary market sectors continue to see mixed fortunes.

    The latter half of last week saw an upswing in BWIC supply, but was not met with sufficient demand as many line items did not trade. Overall market tone softened on the back of Greek concerns and broader credit weakness, but some sectors .......

    SCIWire 8 June 2015

  • Auto ABS recoveries divided

    Moody's assumes that European auto ABS presents higher recovery rates in its core markets compared to those markets in the periphery. A key determinant in the agency's recovery rate assumptions is the security interest in the underlying vehicle that vests with the issuer, which happens to vary in European markets.

    In the main auto ABS markets, such as Germany, the UK and France, .......

    News Round-up 4 June 2015
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