ABS

  • Euro ABS settles down

    European ABS and MBS secondary markets have started to settle down this morning after the heightened activity seen last week.

    "It's been quiet this morning - we've only done a few trades," says one trader. "It looks like following on from the price movements around the ECB last week the market is settling down and looking through every detail of .......

    SCIWire 6 October 2014

  • Peripherals trade strongly

    The majority of both peripheral BWIC lists today traded at or above talk and covers were high on two bonds that DNT.

    Three of the bonds traded with prices on the 13:30 €40m list, covering as follows: AEOLO 1 A at 94.46, GRIF 1 A at 90.02 and TDAC 1 B at 94.55. CORDR 2 C was just reported to .......

    SCIWire 3 October 2014

  • RMBS seniors up after ECB update

    The market has reacted cautiously to yesterday's ABSPP update from the ECB. Peripheral RMBS has been most active, although the CMBS market is quiet.

    "Most of the activity over the last 24 hours or so has been in Spanish and Italian RMBS. Really people are looking to get whatever Spanish and Italian paper they can, but mainly that has been .......

    Market Reports 3 October 2014

  • Flexible approach

    Lack of ABSPP detail disappoints

    The lack of detail in yesterday's ECB announcement is being seen as a reflection of the complexity of its ABS purchase programme (ABSPP). Nevertheless, secondary market reaction to the news was positive, with best-in-class peripheral bonds tightening marginally.

    European ABS strategists at Deutsche Bank suggest that "flexibility was the name of the game" in yesterday's ABSPP announcement - flexibility in .......

    News Analysis 3 October 2014

  • Post-ECB peripheral test

    Yesterday saw spread volatility across peripheral secondary markets surrounding the ECB meeting, but two BWICs circulating today will provide a clearer test of investor demand after the ABSPP announcement.

    Peripheral ABS spreads compressed across the board in the run up to the ECB meeting, but afterwards there were diverse intra-market, -country and even -deal moves leaving Spanish seniors the winners .......

    SCIWire 3 October 2014

  • FFELP default improvements welcomed

    The improvement in the FFELP default rate is positive for FFELP student loan ABS, Fitch says. The decline was anticipated, given the moderate macroeconomic improvement since the peak of the crisis, but the agency believes that part of the improvement is also attributable to a more aggressive push by the government to enroll borrowers in various income-based repayment plans. Both .......

    News Round-up 2 October 2014

  • Cantor adds CLO trader

    Cantor Fitzgerald has appointed Ervin Pilku as an md. He will be based in New York and focus on trading CLOs, CDOs and Trups.

    Pilku was previously head of fixed income trading at White, Weld & Co. Before that he traded CLOs, CDOs and ABS at Tejas Securities Group and he has held a range of structured products posts at .......

    Job Swaps 2 October 2014

  • SF impairments hit post-crisis low

    The global structured finance 2013 new impairment count declined to 1,138 from 2,189 in 2012, according to Moody's. This marks the lowest number of new impairments observed since 2007.

    Moody's findings are based on ratings, impairment and loss information for over 72,000 global structured finance tranches from roughly 11,500 deals. "The performance of structured finance securities, as measured by impairment .......

    News Round-up 2 October 2014

  • Cat bond rating affirmed

    S&P has affirmed its double-B plus rating on Nakama Re Series 2013-1, after the probability of attachment was reset to a percentage consistent with the transaction documents and the current rating. The agency also reviewed the creditworthiness of the ceding company - National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren) - and the rating on the collateral that, barring the .......

    News Round-up 1 October 2014

  • Servicer branches out

    Situs has appointed Tim Keast as executive md, based in the firm's European headquarters in London. Working with Situs coo Bruce Nelson, Keast will be responsible for the expansion of the firm's traditional services beyond commercial real estate to include other asset classes, such as residential, consumer, SME and other structured finance debt.

    In his new role, Keast will assist .......

    Job Swaps 1 October 2014

  • Differing day ahead for euro CLOs and ABS

    The European CLO market should see a continuation of recent healthy levels of activity today, while a relatively quiet day is expected in European ABS and MBS.

    Traders report a continuation of two-way flows and strong execution in the European CLO secondary market this week, with the expectation that this will continue right up to tomorrow's ABSPP announcement. There are .......

    SCIWire 1 October 2014

  • AIF securitisations explained

    Scope Ratings has released a report that discusses the repackaging of alternative investment funds (AIF) into securitisation-like rated debt products. Entitled 'Securitisation of Alternative Investment Funds - Analytical Considerations', the report discusses the main challenges in analysing such 'fund-turned-debt' instruments.

    "Investors' search for yield has helped pioneer a new form of structured finance debt. Shares in an AIF are an .......

    News Round-up 1 October 2014

  • Italian factoring law utilised

    Fitch says that the application of Italy's factoring law to portfolio transfers can increase transparency in Italian revolving securitisations, bringing Italian practice into line with all other European jurisdictions. The agency's comments come after it assigned its first ratings on an Italian securitisation that uses the factoring law to complete the sale of loans to the SPV, as provided for .......

    News Round-up 30 September 2014

  • CRA RTS adopted

    The European Commission has adopted three regulatory technical standards (RTS) needed to implement key provisions of the Regulation on Credit Rating Agencies (CRAs). These RTS set out: the disclosure requirements for issuers, originators and sponsors on structured finance instruments; reporting requirements to CRAs for the European Rating Platform; and reporting requirements for CRAs on fees for the purpose of ongoing .......

    News Round-up 30 September 2014

  • RFC issued on insurance-linked funds

    AM Best is requesting comment from market participants on a new draft criteria report relating to insurance-linked fund ratings (ILFR). An AM Best ILFR is an opinion on an insurance-linked fund's (ILF) average credit quality and vulnerability to losses due to credit defaults in a portfolio constituted primarily of insurance-linked assets and the inability of the fund to fulfil specific .......

    News Round-up 30 September 2014

  • ECB Thursday looms

    The general spread tightening seen in European ABS, CLOs and MBS over last week is expected to hold firm or increase in the run-up to the ECB meeting and promised further details on ABSPP on Thursday. Given current levels the possibility now looms that anything other than entirely positive news from the ECB could send prices lower across the board.

    SCIWire 29 September 2014

  • Iberian TD sector sustainable?

    Electricity tariff deficits (TD) in Spain may have peaked in 2013, while Portuguese TD will peak next year, Fitch suggests. The agency expects the total stock of TD in both countries to start falling in the coming quarters, potentially restoring financial sustainability to their electricity systems, although risks to system sustainability have not disappeared.

    Fitch's base-case forecasts see Spain's cumulative .......

    News Round-up 26 September 2014

  • Conference end brings BWIC boost

    The US ABS market was fired up again yesterday as participants returned from IMN's ABS East conference. BWIC volume reached close to US$500m during the session, with SCI's PriceABS data capturing a plethora of credit card ABS bonds, as well as a number of auto, student loan, container and franchise names.

    Several covers were recorded in the credit .......

    Market Reports 25 September 2014

  • ILS fund to liquidate

    Listed ILS fund DCG IRIS has been put into members' voluntary liquidation, following a shareholder extraordinary general meeting. The company's directors announced in June a proposal for the voluntary winding up of the fund.

    "The directors consider that the winding-up is in the best interests of shareholders as a whole because it has come to the directors' knowledge that a .......

    Job Swaps 25 September 2014

  • Peripherals to the fore

    Each of the three European ABS/RMBS BWIC lists scheduled for this afternoon contain peripheral names. At the same time, such deals are being traded in the bilateral market.

    Today's auctions are dominated by peripherals, first up at 14:00 is a 53m four line list containing FGOLD 1 B, ITALF 2005-1 A, PPAF 3 A2 and SANFI 2006-1 D. None of .......

    SCIWire 24 September 2014

  • Analytics portal strengthened

    Moody's Analytics is expanding the coverage of its Structured Finance Portal to include auto, credit card and student loan ABS. The service offers innovative content and analytics, delivered in real-time in an easy-to-use web-based format.

    Initially focused on CLOs, the portal includes loan-level data to show which deals and managers are most exposed to a loan and who has been .......

    News Round-up 23 September 2014
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