ABS

  • Prudent valuations practices examined

    SCI is hosting a complimentary webinar exploring how IPV and prudent valuations practices are adjusting to new European regulatory requirements. The event is being held at 12pm UK time on 21 May, but will also be available to download from the SCI website afterwards.

    The webinar will attempt to define what constitutes a prudent valuation under the EBA .......

    News Round-up 15 May 2015

  • Euro ABS/MBS looks ahead

    With a quiet end to the week likely the European ABS/MBS secondary market is looking ahead.

    As anticipated yesterday was a much quieter day in European secondary though a few more trades went through than first thought to be likely. On-BWIC the bonds that did trade did so broadly in line with recent levels and off-BWIC flows were constrained to .......

    SCIWire 15 May 2015

  • Marketplace lending event unveiled

    SCI is holding a marketplace lending securitisation seminar on 25 June in New York. The event will be hosted by Kaye Scholer, located at 250 West 55 Street.

    SCI's Marketplace Lending Securitization Seminar will provide an in-depth examination of the nascent marketplace lending securitisation landscape. Together with overviews of transaction structuring/credit considerations and the biggest platforms involved, panel discussions will .......

    News Round-up 14 May 2015

  • Euro ABS/MBS ebbs

    The recent flow of secondary market activity is likely to ebb away today because of the Ascension Day holiday.

    "Secondary has picked up over the past couple of days and a couple of primary deals have priced at the tight end of guidance, so there's still a good amount of demand for assets," says one trader. "However, I expect it .......

    SCIWire 14 May 2015

  • CMU, HQS responses released

    AFME has published its responses to the European Commission's Green Paper on Building a Capital Markets Union (CMU) and to its consultations on high quality securitisation. The responses provide guidance as to what AFME's members view as immediate objectives and overarching priorities.

    The association says that the consultation is a clear indication that the Commission recognises the positive benefits of .......

    News Round-up 13 May 2015

  • Spotlight on P2B lending

    Moody's says that European market participants and policymakers are increasing the spotlight on peer-to-business (P2B) lending to help fund SMEs where traditional bank lending has been declining. The agency expects securitisation to positively affect the development of P2B lending, which relies on online platforms that match businesses with lenders.

    "The development of non-bank funding alternatives such as P2B and securitisation .......

    News Round-up 13 May 2015

  • Euro secondary liquidity on the rise

    European securitisation secondary market liquidity is continuing its rise this week.

    "There's more activity this week than last overall," says one trader. "With more and more trades getting done off-BWIC."

    While market tone remains broadly positive, some areas are softer than others. "There is some weakness in peripherals," notes the trader. "That's particularly true in Portuguese names, where, for example, .......

    SCIWire 13 May 2015

  • SPV loss case concluded

    The English High Court's ruling in the 'Fondazione Enasarco v (1) Lehman Brothers Finance S.A. and (2) Anthracite Rated Investments (Cayman) Limited [2015] EWHC 1307 (CH)' case yesterday has repercussions for the structured products and derivatives markets. Among the judge's findings is that a structured product SPV can calculate its loss by reference to the cost of a replacement transaction .......

    News Round-up 13 May 2015

  • Law firm taps CMBS vet

    Ropes & Gray has appointed Partha Pal to its finance group. He will focus on structured finance transactions and related restructurings, regulation and dispute resolution, with particular emphasis on matters that involve CRE assets with real estate lending and CMBS transactions.

    Prior to joining Ropes & Gray, Pal was a partner at Chadbourne & Parke. He has also held roles .......

    Job Swaps 12 May 2015

  • Origination head recruited

    Demica has hired Tim Davies as head of origination for Europe. In the newly created role, he will seek emerging opportunities in the trade receivables finance landscape by forming new customer relationships, originating, structuring and placing structured finance and securitisation transactions, and helping Demica's clients to optimise their working capital positions. Davies will report directly to the firm's ceo Matt Wreford.

    Job Swaps 12 May 2015

  • Transparency recommendations released

    The Joint Committee of the three European Supervisory Authorities has published a report detailing its findings and recommendations regarding the disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on structured finance instruments (SFIs). The report's recommendations include the need to harmonise due diligence requirements across EU sectorial legislation.

    The report says that, irrespective .......

    News Round-up 12 May 2015

  • Euro ABS/MBS holds steady

    European ABS/MBS secondary spreads are holding steady despite broader market weakness.

    As expected, volumes on- and off-BWIC picked up yesterday and look set to continue to do so today. Market tone is improving and secondary spreads are holding steady initially unfazed this morning by the overnight sell-off in rates.

    The focus of activity still surrounds autos, UK non-conforming and UK .......

    SCIWire 12 May 2015

  • Secured finance group beefs up

    Pritesh Solanki has joined Insight Investment's secured finance group. He arrives from MKP Capital Management, where he served as vp. Prior to MKP, Solanki was an associate at HSBC, focusing on UK and European RMBS, global consumer cash structured credit and US private student loan ABS.

    .......

    Job Swaps 11 May 2015

  • Slow return for European secondary

    European securitisation secondary markets look set to return to life this week, but progress is slow.

    Wider market positivity on the back of the UK election and US non-farm payrolls has improved the tone in European ABS/MBS secondary markets. However, spreads remain broadly unchanged for now as activity is only slowly picking up again.

    Many buy-side participants are still sitting .......

    SCIWire 11 May 2015

  • Credit assessment practices proposed

    IOSCO has published a consultation report on alternatives to the use of credit ratings to assess creditworthiness. The report proposes 13 'sound practices' for large market intermediary firms to consider in the implementation of their internal credit assessment policies and procedures.

    IOSCO believes that identifying sound practices should help reduce the potential overreliance of large intermediaries on credit rating agencies. .......

    News Round-up 8 May 2015

  • Structured credit platform bolstered

    Fifth Street Asset Management has hired David Heilbrunn as md and a member of its management committee. He will be responsible for expanding the firm's growing structured credit products platform, developing its institutional client relationships and optimising its various financing arrangements.

    Heilbrunn arrives from The Carlyle Group, where he was md. Prior to that, he was a senior md and .......

    Job Swaps 8 May 2015

  • Transport pro to head new team

    Bill Bowers has joined Winston & Strawn as chair of transportation structured finance. In this newly created team, he will represent underwriters, placement agents, issuers, lessors, lenders and liquidity providers in a variety of structured finance and securitisation transactions.

    The team will focus on transactions on a full range of transportation assets, including aircraft, aircraft engines, ships, railroad rolling stock .......

    Job Swaps 8 May 2015

  • Agency banks credit officer

    Kroll Bond Rating Agency (KBRA) has appointed Ira Powell as chief credit officer. He will report to Jim Nadler, president and coo of KBRA.

    Powell joins from Goldman Sachs, where he was vp and head of money market origination within the investment banking division. Prior to Goldman Sachs, he was vp at Merrill Lynch.

    Powell has also held roles at .......

    Job Swaps 8 May 2015

  • ECAI consultation underway

    The EBA has launched a consultation regarding draft implementing technical standards (ITS) on the mapping of external credit assessment institutions' (ECAIs) credit assessments for securitisation positions. The ITS will become part of the Single Rulebook in banking aimed at enhancing regulatory harmonisation across the EU and will allow the credit ratings of all registered credit rating agencies to be used .......

    News Round-up 8 May 2015

  • Euro ABS/MBS stays stable

    In the face of heightened broader credit market volatility yesterday the European ABS/MBS secondary market remained relatively stable with spreads unchanged to slightly softer.

    However, volumes remained low with many investors opting to wait it out for now. Consequently, BWICs saw an increase in DNTs and bid-offers continued the week's widening trend. Little is expected to change today with sentiment .......

    SCIWire 8 May 2015

  • Euro secondary mixed

    European secondary securitisation markets are seeing a mixed tone amid continuing low volumes.

    Volumes were light again yesterday though a few more BWICs joined the schedule as the day wore on and there is a considerable increase in lists circulating for trade today. Prime assets remain the strongest ABS/MBS sector across autos and UK and Dutch RMBS, while CLOs continue .......

    SCIWire 7 May 2015
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