ABS

  • SLABS EOD likelihood gauged

    Approximately US$7bn FFELP student loan ABS bonds tracked by JPMorgan ABS strategists have a legal final maturity date that is within the next five years. At current speeds, the strategists expect most of the outstanding bonds with final maturities that are within the next three years to pay off without triggering an EOD. Only one of the bonds in their .......

    News 27 April 2015

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015

  • SME issuance faces obstacles

    Public issuance of European SME CLOs is currently hindered by two main obstacles, says Scope Ratings. One of these is the regulatory framework surrounding capital charges and liquidity coverage ratios, which make SME CLOs less appealing to institutional real money investors than other products, such as covered bonds.

    In addition, the ECB eligibility rules under the repo collateral framework favour .......

    News Round-up 24 April 2015

  • Euro secondary staid but stable

    Yesterday was quieter in European secondary securitisation markets than previous days and spreads remained stable. Today looks set to be the same with a limited total volume on the BWIC calendar and the market opening flat this morning.

    Yesterday's quieter day was partly a result of very heavy focus on the previously mentioned 14:00 peripheral BWIC, for which the covers .......

    SCIWire 24 April 2015

  • Euro decline sparks SME benefits

    SMEs in the euro area are poised to reap greater potential gains from the falling value of the euro than previously thought, according to Moody's. The sectors that benefit the most could weigh up to about 10% of European SME ABS portfolios.

    "The overall effect of the euro's depreciation is limited on the euro area economy in general and subsequently .......

    News Round-up 23 April 2015

  • SF team strengthened

    TMF Group has appointed Michael Adams as global head of structured finance. He is promoted from regional md for the UK, Ireland and the Channel Islands.

    Prior to TMF Group, Adams was md and business manager for BNY Mellon's corporate trust EMEA structured finance business. He was responsible for the business development, strategy and growth of ABS, MBS and CMBS. .......

    Job Swaps 23 April 2015

  • ILS broker poached

    TigerRisk Partners has appointed Paul Karon as vice-chairman. In his new role, he will be a senior leader, dealmaker, mentor and strategic advisor to the Tiger leadership team. This is the second high-profile hiring by the firm in the last week, following the appointment of Tony Ursano as chairman (SCI 17 April).

    Karon joins from AQR Re, where he was .......

    Job Swaps 23 April 2015

  • Euro ABS/MBS BWICs trade well

    Yesterday saw another active day in European ABS/MBS BWICs with almost all line items trading well.

    "There were a lot of BWICs yesterday and everything traded well, with the big blocks of EPICP DRUM A and WINDM XIV-X B a particular highlight," one trader says. "At the same time, UK non-conforming is feeling softer but the BWIC execution levels of .......

    SCIWire 23 April 2015

  • Europe focuses on BWICs

    Quiet bilateral activity and consequently static spreads are increasing European secondary market focus on BWICs.

    "It's generally pretty static," says one trader. "Greek paper is still drifting downwards but that's pretty much it on light flows."

    The trader continues: "The primary market continues to be active, but it's not having any impact on secondary. A new issue premium is in .......

    SCIWire 22 April 2015

  • ABS franchise strengthened

    SG has hired Daniel McGarvey and a team of senior ABS bankers from RBS. McGarvey will manage an expanded team of ABS and CMBS professionals with the objective of building a US ABS franchise, both in mortgage and non-mortgage ABS segments.

    McGarvey most recently headed RBS's non-mortgage ABS business. Prior to this, he marketed, structured and executed term ABS distribution .......

    Job Swaps 21 April 2015

  • Auto ABS collateral weakening

    US prime auto ABS collateral has been marginally weakening in recent months, says Fitch. This is due, in part, to heightened competition among auto finance companies.

    Since 2011, credit quality of the underlying pools has declined marginally, but remains stronger than pre-recessionary levels. Fitch explains that competition and low loss levels are encouraging slightly riskier loan attributes for auto ABS. .......

    News Round-up 21 April 2015

  • Euro ABS/MBS holds up

    The European ABS/MBS secondary market was very quiet again yesterday and into this morning, but spreads are holding up.

    Activity varies by sector, according to one trader. "Most of the activity in prime over the last few days has been around small size BWICs, which have traded well including some Italian bonds."

    Away from BWICs, the trader adds: "We saw .......

    SCIWire 21 April 2015

  • Correlation trader reassigned

    HSBC has reassigned Billy Burke to its ABS trading desk. Burke is a vp in structured credit products and focuses on credit correlation trading. He reports to Mark Wirth, md at the bank.

    .......

    Job Swaps 20 April 2015

  • Euro ABS/MBS stays in range

    The European ABS/MBS secondary market stayed range-bound on Friday and opened little changed this morning.

    Broader market volatility meant that Friday saw a drop in ABS/MBS liquidity and bid-offer spreads move out. Both the Street and the buy-side were looking to sell peripheral paper weakening the tone there still further, but core assets remained firm.

    BWIC activity slowed on Friday, but .......

    SCIWire 20 April 2015

  • MBS sales pro tapped

    Joseph Bevilacqua has joined Robert Baird & Co as a director. He arrives from Stifel Financial, where he worked in institutional sales for fixed income securities, with a particular focus on RMBS. He has also held senior sales roles at firms such as Piper Jaffray, First Empire Securities and Cantor Fitzgerald.

    .......

    Job Swaps 17 April 2015

  • Slow pay-downs spur SLABS default risk

    Some FFELP student loan ABS are at risk of default because certain tranches are not amortising fast enough to pay off by their final maturity dates, Moody's reports. The slow pay-down speed is a result of loan repayment trends that began during the financial crisis and have been accelerated by newer programmes to ease burdens on borrowers.

    The percentage of .......

    News Round-up 17 April 2015

  • GE sales spark servicing concerns

    Moody's says that General Electric's divestiture of most of its GE Capital unit will impact ABS that the unit sponsors, due to the potential transfer of servicing in the transactions to other entities. The asset sales are expected to affect three ABS sectors, in particular - asset-based loans, floorplan loans and equipment loans/leasing.

    GE Capital has issued about US$4.8bn in .......

    News Round-up 17 April 2015

  • Structuring heads on the move

    Citi has hired Olivier Renault as head of financial institutions solutions for EMEA. He was formerly head of structuring and advisory at Stormharbour Securities and has been subsequently replaced in this role by Francesco Dissera.

    Before Stormharbour, Renault was a director in global structured credit products at Citi and was also previously associate director for S&P's risk solutions services.

    Dissera .......

    Job Swaps 17 April 2015

  • Euro peripherals weaken

    Concerns over Greece have finally fed into the European ABS/MBS secondary market.

    Amid a short spike in activity on- and off-BWIC yesterday the bulk of peripheral bonds saw a weaker tone. Greek assets inevitably led the way with GRIF 1 A dropping two points before recovering by a half to close in the 65 area.

    Portuguese and Spanish spreads have also .......

    SCIWire 17 April 2015

  • Corporate trust survey launched

    SCI's 2015 European Corporate Trust Survey is open for participation (click here to take part). The survey is an in-depth questionnaire that seeks to identify which corporate trust service providers offer the best-in-class services across a number of key delivery areas focused on the ABS market.

    The aim of this exercise is to enable clients of trustees to .......

    News Round-up 16 April 2015

  • ABSPP rethink proposed

    While the ECB's ABSPP has brought benefits to the market, it has also underwhelmed. Increasing transparency could do more to support the recovery of eurozone ABS and translate into improved credit flows to the real economy.

    ECB purchases after the first full quarter of ABSPP activity have been put at €4.89bn by JPMorgan analysts. As a proportion of the distributed .......

    News 16 April 2015
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