ABS

  • Auto performance to slow?

    The shift away from smaller, more fuel-efficient vehicles could result in lower wholesale vehicle prices and marginally slow the asset performance of US auto ABS in 2015, Fitch suggests. Sales of trucks and SUVs reached the highest level in over three years through end-2014, while sales of cars have been declining since 2012.

    Fitch expects used vehicle supply to rise .......

    News Round-up 30 January 2015

  • 'Banner year' for BSX

    Bermuda has been the domicile of choice for 57% of ILS issued during 2014, according to the Bermuda Stock Exchange (BSX), with a record nearly US$16bn listed in the jurisdiction. However, the exchange notes that it is facing strong competition in the catastrophe bond sector from newcomers - such as Malta, Gibraltar and Puerto Rico - as well as the .......

    Job Swaps 30 January 2015

  • Euro secondary stays firm

    Despite broader market volatility European secondary spreads held firm throughout yesterday and into today.

    The large volume of BWICs dominated the market yesterday, but all traded at or above talk. Off the back of the lists and in secondary more broadly there was healthy activity notably again in UK non-conforming and buy-to-let RMBS as well as increased, but patchy, trading around .......

    SCIWire 30 January 2015

  • Marketplace lending deal debuts

    The inaugural rated securitisation of consumer instalment loans originated on the Prosper Funding P2P platform has hit the market. The US$345.85m Consumer Credit Origination Loan Trust 2015-1 (CCOLT 2015-1) is an SPE created by BlackRock Financial Management on behalf of funds and accounts under management.

    Prosper Funding has partnered with WebBank, a Utah state-chartered industrial bank, to originate consumer instalment .......

    News Round-up 30 January 2015

  • Savings provide 'buffer' for Chinese ABS

    Moody's says that China's high household savings rate is credit positive for the country's fledging CNY249bn securitisation market because it provides a buffer against potential defaults for loans backing securitised transactions. The underlying assets of these transactions include retail loans and credit extended by banks and non-bank financial companies for the purchase of vehicles, houses and other consumer loans.

    However, .......

    News Round-up 29 January 2015

  • Auto ABS names abound

    SCI's PriceABS data captured 26 unique US ABS tranches yesterday as bid-list supply surged, after weather concerns had curtailed Tuesday's activity. Total BWIC volume was comfortably above US$360m.

    A considerable number of tranches on Wednesday's BWICs came from auto ABS. Among these was Ally's AFIN 2013-2 A3, which was covered at 44.

    A US$5m piece of .......

    Market Reports 29 January 2015

  • Pillar 3 standard finalised

    The Basel Committee has issued its final standard for the revised Pillar 3 disclosure requirements, which aim to enable market participants to compare banks' disclosures of risk-weighted assets. The revisions focus on improving the transparency of the internal model-based approaches that banks use to calculate minimum regulatory capital requirements.

    The revised requirements will take effect from end-2016 and supersede the .......

    News Round-up 29 January 2015

  • Euro ABS/MBS scope broadens

    ECB-eligible ABS/MBS are mostly continuing their rise but non-eligible bonds are also finding buyers.

    Yesterday and this morning has seen further strengthening across most European ABS/MBS with the exceptions of Greek RMBS, which continues to drift wider, and Portuguese paper that retraced some of the gains made over previous sessions. Dutch bonds continue to lead the way grinding ever tighter, .......

    SCIWire 29 January 2015

  • Different strokes

    HQS consultations reflect divergent approach

    The HQS consultations being undertaken by the EBA and the Basel Committee/IOSCO joint taskforce appear to reflect the different motivations of European and US policymakers. Indeed, the former consultation could potentially be instrumental in shaping a 'Basel-lite' approach for the European securitisation market.

    Peter Nowell, head of ABS trading at BNP Paribas, notes that the ECB has long been trying .......

    News Analysis 29 January 2015

  • Lebanese auto deal debuts

    Bemo Securitisation has launched and co-placed with Fransa Invest Bank an auto loan ABS issuance for Century Motor Company (CMC). CMC Automotive SIF is the first securitisation transaction for CMC and the first securitisation for a Korean brand automobile dealer in the Lebanese market.

    The transaction consists of a portfolio of auto loans valued at US$8.6m granted by CMC to .......

    News Round-up 28 January 2015

  • Euro secondary activity up

    The European secondary markets are seeing increased activity across jurisdictions and securitisation asset classes.

    "There have been good two-way flows over the past two days," confirms one trader. "Most price levels are up in ABS, CLOs and MBS."

    Dutch prime paper continues lead the way hitting record lows again yesterday. For example, a five-year DOLPH senior covered at around 25 .......

    SCIWire 28 January 2015

  • Analytics partnership agreed

    SCI's PriceABS secondary market price service is now available on the Thetica Systems platform. Common licensees can view SCI's daily trade colour and prices via the Thetica Trader Tools analytics. The Thetica platform offers a high-speed analytics module capable of running multiple bonds simultaneously under various scenarios, to allow for precise forecasting and analysis.

    .......

    Job Swaps 28 January 2015

  • CPS in subprime auto probe

    Consumer Portfolio Services has disclosed in a regulatory filing that it has received a civil investigative subpoena from the US Department of Justice, pursuant to the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The subpoena directs the firm to produce documents relating to its subprime auto finance and related securitisation activities. Santander and GM were issued with similar .......

    Job Swaps 26 January 2015

  • Greek RMBS soften

    Broader market pessimism over the Greek election result and subsequent coalition formation is reflected in the European RMBS market this morning.

    Although no significant trade flow has yet been seen today dealers' offers have been reduced on Greek RMBS. For example GRIF 1A finished last week at 75 and is currently being quoted around two points lower.

    Other peripheral ABS/MBS markets .......

    SCIWire 26 January 2015

  • SLABS amortisation highlighted

    Moody's reports in its latest ABS Spotlight that the College Loan Corporation Trust I Series 2007-2 class A1 Libor-based notes are behind their amortisation schedule and are at risk of failing to fully amortise by their final maturity date in 2024. The notes should have paid off in 2010, but the transaction administrator has not made any principal payments to .......

    News Round-up 23 January 2015

  • Hertz waiver 'credit positive'

    Holders of rental car term ABS notes issued by Hertz Vehicle Financing (HVF) have extended through 31 August their waiver of a lease EOD related to Hertz's failure to timely furnish its financial statements (SCI passim). Moody's notes in its latest ABS Spotlight publication that the move is credit positive for the notes because it lifts the immediate threat of .......

    News Round-up 23 January 2015

  • Euro ABS up and running

    The European ABS market has begun to pick up steam over the last week and will be further boosted by yesterday's highly anticipated QE announcement from the ECB. However, the immediate ABS spread reaction to the QE announcement has been limited, as the market started pricing it in well in advance.

    "It was a pretty slow start to the year .......

    Market Reports 23 January 2015

  • Euro ABS/MBS slips into gear

    After a brief pause to digest the ECB's QE announcement yesterday, the European ABS/MBS has slipped back into gear.

    The wholesale buying activity seen in broader markets has not been seen in ABS/MBS, but two-way flows were evident across asset classes from mid- to late-afternoon yesterday and the tone remains positive this morning. Peripherals in particular benefitted from increased activity .......

    SCIWire 23 January 2015

  • Euro ABS/MBS unmoved

    The ECB's QE announcement earlier has found favour elsewhere, but the European ABS/MBS market is unmoved.

    "There has been no ABS market reaction to the news, literally nothing," says one trader. QE was to an extent already priced into the market but there could even be an eventual adverse reaction, the trader suggests. "Obviously the fear is now that the .......

    SCIWire 22 January 2015

  • Solar ABS ready to shine

    The US rooftop solar industry has achieved the scale and maturity to tap the securitisation markets as a distinct asset class, says Moody's. The agency believes the declining cost of solar technology, along with regulatory and policy support for solar power has made securitisation viable and attracted institutional investors.

    Solar ABS are backed by pools of rooftop solar photovoltaic systems .......

    News Round-up 22 January 2015

  • Safe harbour clarifications proposed

    The FDIC has proposed a rule that would revise certain provisions of its securitisation safe harbour rule, in order to clarify requirements as to the retention of an economic interest in the credit risk of securitised financial assets upon and following the effective date of the credit risk retention regulations adopted under Section 15G of the Securities Exchange Act. A .......

    News Round-up 22 January 2015
×