ABS

  • Portuguese servicing partnership agreed

    Arrow Global Group and CarVal Partners have partnered to jointly originate and service Portuguese loan portfolios over a five-year period. The agreement includes the purchase of €565.6m in face value of portfolios for €37m by Arrow Global, of which 61% of the purchase price is underpinned by secured assets. The portfolio purchases principally comprise the acquisition of securitisation notes.

    In .......

    Job Swaps 1 April 2015

  • Greek sovereign ceiling lowered

    Fitch has downgraded 19 tranches from eight Greek structured finance (SF) transactions, covering one ABS and seven RMBS. The agency has assigned a negative outlook to all 18 RMBS tranches.

    In addition, Fitch downgraded five covered bond programmes and maintained their ratings on rating watch negative. These rating actions follow the agency's recent downgrade of Greece's issuer default ratings from .......

    News Round-up 1 April 2015

  • Montpelier Re acquired

    Endurance Specialty Holdings is set to acquire Montpelier Re Holdings for a consideration of 0.472 shares of Endurance and US$9.89 in cash for each Montpelier common share. This represents US$40.24 per Montpelier common share, or US$1.83bn in aggregate, based on Endurance`s closing price on 30 March.

    As a result of the transaction, Endurance expects to achieve meaningful transaction synergies through .......

    Job Swaps 1 April 2015

  • Senior sales pro recruited

    Vanessa Bradford has joined RBS as a senior sales person on asset-backed product (ABP) sales. She reports to Patricio Silva, head of ABP sales for EMEA.

    Bradford arrives from Cantor Fitzgerald, where she worked in fixed income sales, focusing on structured credit. Prior to this, she worked for Lehman Brothers as head of hedge fund sales for European structured products.

    .......

    Job Swaps 1 April 2015

  • Broadening the field

    Diverse issuance signals deepening primary market

    The European securitisation market has witnessed an influx of diverse primary issuance in recent weeks. Supply has bumped Q1 volumes up by nearly 50% over the same period last year and underlines the increasing depth of the sector.

    Notable recent transactions include Australian RMBS, UK buy-to-let RMBS, Dutch RMBS, Italian consumer ABS, Portuguese future flow ABS, European CLOs and the .......

    News Analysis 1 April 2015

  • Euro ABS/MBS sees pockets of activity

    Despite a generally quiet week the European ABS/MBS secondary market is continuing to see pockets of activity.

    "As you would expect for quarter-end, yesterday was quiet with most people busy with valuations and so on," says one trader. "However, we did see a couple of portfolio rebalancing BWICs from real money that mainly consisted of Dutch names and traded tight."

    SCIWire 1 April 2015

  • Corporate development head named

    Wells Fargo has appointed Julie Caperton as head of corporate development. Caperton will be responsible for supporting business leaders across the bank by managing its acquisition and divestiture process. She will report to Wells Fargo corporate treasurer Paul Ackerman.

    Caperton joins corporate finance after serving as head of wholesale banking's asset-backed finance and securitisation team at Wells Fargo Securities. In this role, she .......

    Job Swaps 1 April 2015

  • Non-traditional cat coverage enhanced

    BMS Capital Advisory has appointed Steve Korducki evp of BMS Intermediaries, serving as general securities representative. Korducki currently serves on the BMS Intermediaries US executive committee as the leader of its Florida strategy. In his new role, he will assist the firm in the expansion of non-traditional catastrophe coverage solutions for BMS' clients and new business prospects.

    .......

    Job Swaps 31 March 2015

  • CRA code of conduct revised

    IOSCO has published a final report on its code of conduct fundamentals for credit rating agencies (CRAs), which includes significant revisions and updates to the current code. The move follows the organisation's request for comment on proposed changes to the code (SCI 11 February 2014).

    The revisions to the code aim to enhance provisions protecting the integrity of the credit .......

    News Round-up 31 March 2015

  • Reinvestment opportunities limited

    The rest of 2015 will see almost €20bn repaid to European RMBS investors, with around 75% coming from UK prime and Dutch RMBS. While months with large redemptions can be expected to coincide with investors looking to reinvest, those investors are likely to remain starved of paper.

    The €20bn yet to be repaid this year excludes master trusts, with a .......

    News 31 March 2015

  • Euro ABS/MBS keeps quiet

    Month-end and a lack of substantial BWIC volume are keeping the European ABS/MBS secondary market quiet, but there are still patches of activity.

    "It was very quiet yesterday as you'd expect with month-end and a short week and today looks to be more of the same," says one trader. "That said, we got quite a bit done yesterday around the .......

    SCIWire 31 March 2015

  • US lodging fundamentals supported

    Fitch suggests that accelerating US GDP growth and low levels of new supply will support strong US lodging industry fundamentals during 2015. Robust demand has boosted occupancy rates, providing hotels with material pricing power, while US RevPAR is expected to increase by 6% this year based on a 1% occupancy gain and 5% average daily room rate growth.

    Trailing 12-month .......

    News Round-up 30 March 2015

  • Euro ABS/MBS slows

    The European secondary securitisation market appears to be slowing into month- and quarter-end.

    Friday saw a late flurry of activity after a sizeable mixed BWIC went through at 15:00 and drove some activity off the back of it. This went some way to redressing the slightly softer tone that had been emerging in ABS/MBS secondary, albeit without any major spread .......

    SCIWire 30 March 2015

  • Bank names team leader

    Miray Muminoglu has joined Barclays' treasury capital markets execution team to head up its long term unsecured funding and capital issuance capability. He will begin in April and will replace Jennifer Moreland, who was promoted to head of capital and leverage management.

    Muminoglu moves from his position as director on the fixed income syndicate desk for Barclays, where he focused .......

    Job Swaps 27 March 2015

  • Spanish spending to boost ABS

    Stronger household spending will contribute to Spain's economic recovery and support SMEs, says Moody's. This, in turn, should benefit ABS backed by SME loans.

    Household spending grew by 2.4% in 2014, outpacing economic growth, notes Moody's. Consumer confidence is also at its highest peak in a decade.

    The rating agency notes that a positive consumer outlook is likely to keep .......

    News Round-up 27 March 2015

  • Economy supporting UK auto ABS

    Improving macroeconomic and lending trends and healthy signs in the underlying auto market continue to support the UK auto ABS market, says Bank of America Merrill Lynch. New passenger car registrations continue to grow faster than most of the other major European markets, with total registrations in the 12 months up to February 2015 9.5% higher than the previous 12 .......

    News Round-up 26 March 2015

  • Proposed bill could add to SLABS risk

    The introduction in the US of the Bank on Students Emergency Refinancing Act of 2015 by Senator Elizabeth Warren and Representative Joe Courtney is the latest in a series of moves to modify the treatment of student loans in the bankruptcy process. Barclays Capital analysts believe this could pose headline risks for student loan ABS and could act as a .......

    News Round-up 26 March 2015

  • Euro investors weigh UK opportunities

    European investors are increasingly looking beyond euro-denominated assets in the search for yield. UK pound-denominated ABS is up 69% from last year and accounts for over a quarter of total placed European issuance year-to-date.

    New lending by challenger banks and the ECB-induced scarcity of high-yielding assets have improved UK issuance prospects. If investors do rotate from low yielding euro assets .......

    News 26 March 2015

  • Credit card issuance starts slowly

    US credit card ABS supply so far this year is half what it was at the same time in 2014, but this is anomalous for US ABS as a whole, as JPMorgan figures put non-card ABS supply at US$46.4bn for the year so far, having only hit US$38.5bn in the same period of 2014. By contrast, credit card ABS supply .......

    News 26 March 2015

  • Tax impact 'limited' on Japan auto ABS

    A 50% increase in Japan's ownership tax for mini-vehicles from April to ¥10,800 (US$90) a year will have a limited impact on the performance of new auto loan ABS, says Moody's. Although mini-vehicles account for approximately 40% of new car sales in 2014 in Japan, the agency says that the tax amount is still relatively low.

    Furthermore, Moody's says that .......

    News Round-up 25 March 2015

  • Oil prices mildly positive for Euro ABS

    The sharp fall in oil prices will have a positive, yet limited, credit impact for most European ABS collateralised by loans granted to SMEs, Moody's says. However, the agency observes that securitised portfolios have very low direct exposure to the oil and gas industries, for which lower prices are credit negative.

    For pools where borrowers are indirectly exposed to these .......

    News Round-up 25 March 2015
×