ABS

  • BWIC information offered

    JPMorgan plans to provide BWIC trading volume information to clients via its DataQuery application, with the aim of providing more transparency on ABS secondary activity. The data will be available on aggregate and multiple asset class levels, capturing all of the bid-lists seen by the bank's ABS trading desk.

    The data is grouped across the major consumer ABS sectors, with .......

    News Round-up 8 September 2014

  • ABSPP effect to take time

    Moody's says that while measures announced by the ECB last week are broadly credit positive for the euro area, the immediate impact on the economy is likely to be limited. In particular, the rating agency notes that it will take considerable time for purchases of ABS to engender significant alternative credit flows.

    The planned purchase programmes represent a clear commitment .......

    News Round-up 8 September 2014

  • Japanese cross-border ABS prepped

    Orico is in the market with a cross-border Japanese prime retail instalment auto loan ABS. OSCAR US 2014-1 will issue US dollar-denominated notes, but is secured by Yen-denominated receivables.

    Arranged by Mizuho, the transaction is expected to be sized at US$300m and securitise a ¥39.95bn portfolio of assets. Moody's has assigned provisional ratings to the four classes of notes: P-1 .......

    News Round-up 8 September 2014

  • European ABS/RMBS edge tighter

    Trading activity seen so far this morning in European ABS and RMBS indicates a further move tighter following on from the post-ECB rally seen at the end of last week.

    Traders expect the market to remain solid overall until the next ECB announcement on the ABSPP scheduled for October. However, some profit taking from fast money accounts is expected this .......

    SCIWire 8 September 2014

  • Reporting deadline extended

    The ECB is to modify the loan-level reporting requirements for ABS backed by auto loans, leasing receivables, consumer finance loans and credit card receivables that are used as collateral in Eurosystem monetary policy operations and are unable to satisfy the timeline announced on 27 November 2012. As of 1 October, bonds for which the mandatory level of compliance with reporting .......

    News Round-up 5 September 2014

  • SF vet nets top role

    The Investment Industry Regulatory Organization of Canada (IIROC) has appointed Andrew Kriegler as incoming president and ceo. He will also become a member of the IIROC Board of Directors.

    Kriegler currently serves as Deputy Superintendent of the Office of the Superintendent of Financial Institutions (OSFI), an executive position he has held since August 2013, with responsibility for the supervision of .......

    Job Swaps 5 September 2014

  • Strong growth expected for sovereign sukuk

    Moody's expects the strong growth momentum in the sovereign sukuk market to be sustained, as both Islamic and non-Islamic governments aim to tap increased demand for Shariah-compliant financial assets and further support their policy goals for Islamic finance. The agency says that demand and liquidity in the market should improve as the sector attracts more global investors.

    "The year 2014 .......

    News Round-up 4 September 2014

  • Floorplan ABS set for strong performance

    Profitable auto dealer networks supported by healthy demand for and sales of new and used vehicles are helping to position US dealer floorplan ABS for strong performance headed into next year, according to Fitch's annual portfolio review. The agency projects solid asset trust metrics for the sector, including stable monthly payment rates and agings, together with virtually zero trust losses.

    News Round-up 4 September 2014

  • Basel 3 'impediment' highlighted

    Capital charges for securitisation exposures under the latest Basel 3 proposals represent an impediment to the development of a confident investor base underlying a healthy European securitisation market, Fitch says. The agency notes that while the proposed Basel securitisation framework involves lower capital charges than under the first exposure draft, the proposals for the external ratings-based approach would still significantly .......

    News Round-up 4 September 2014

  • Reg AB 2 to increase data integrity

    Moody's says that the US SEC's adoption of Regulation AB 2 will enhance transparency in publicly offered ABS, which is credit positive for RMBS and auto ABS but credit neutral for CMBS. Overall the agency expects the requirement for loan-level data to result in more scrutiny by sponsors, thereby increasing data integrity.

    Third-party diligence firms currently review key loan-level data .......

    News Round-up 4 September 2014

  • LCR, SLR requirements finalised

    The US Fed, the FDIC and the OCC have released a notice of final rulemaking that implements minimum liquidity coverage ratio (LCR) requirements for banks and depository institutions. They have also issued a final rule modifying the definition of the denominator of the supplementary leverage ratio (SLR).

    In response to industry comment, the final LCR rule has been amended to .......

    News 4 September 2014

  • Peripherals pause as UK tightens

    Since late yesterday and into this morning, peripheral European ABS secondary trading volume has eased and prices have stayed flat as the market awaits the outcome of the ECB meeting at 13:30 London time today. However, UK RMBS is seeing some action with a number of big names trading off-BWIC and the market as a whole edging tighter.

    Feeding off that .......

    SCIWire 4 September 2014

  • European ABS expands

    The talk surrounding a potential European asset purchase plan is expanding investor interest in ABS.

    "We're finding a few accounts that have been out of the European ABS market for a couple of years are coming back in," confirms one trader. "There's a lot of new interest round the ECB."

    Heightened activity is yet to filter through to European CLOs, .......

    SCIWire 3 September 2014

  • Pub performance to prompt upgrades

    Spirit's latest quarterly trading statement confirms strong performance for both the managed and tenanted businesses over the last fiscal year. With profit exceeding market expectations of £57.3m, Barclays Capital analysts expect Sprit's bonds to be upgraded back to investment grade.

    The analysts note that the current leverage ratios are already consistent with an investment grade rating. Greene King's class B .......

    News Round-up 3 September 2014

  • US BWIC activity picks up

    As the US BWIC markets got back up and running yesterday most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments.

    Bid-list volume for US ABS reached over $250m yesterday, with credit card bonds providing the majority of the paper. In addition, some auto paper was circulating during the session.

    Meanwhile, generic .......

    SCIWire 3 September 2014

  • US secondary activity picks up

    The US secondary markets were back up and running yesterday after the Labor Day holiday. Most activity was concentrated in ABS, but supply was also seen in the CMBS and non-agency RMBS segments.

    Bid-list volume for US ABS reached over US$250m yesterday, with credit card bonds providing the majority of the paper. A number of names were captured by SCI's .......

    Market Reports 3 September 2014

  • Ceasefire increase

    News of a ceasefire in the Ukraine has pulled credit indices tighter this morning and is expected to move European ABS spreads in the same direction on the back of increased trading activity.

    Peripherals remain the main focus of the market as real and fast money accounts seek to grow positions ahead of tomorrow's ECB meeting. Peripheral RMBS in particular .......

    SCIWire 3 September 2014

  • Mixed day so far

    The US structured finance markets are taking a while to find their feet today while off-BWIC Europe appears to be building up a head of steam - strong trading is continuing in European RMBS now including non-peripheral bonds.

    On the BWIC front, both sides of the Atlantic aren't seeing many new lists circulating. The CLO market has not so far .......

    SCIWire 2 September 2014

  • Euro markets hit re-set

    The European ABS market appears to have hit the re-set button this morning to signal the true end of summer with the return of the US today and in anticipation of the ECB meeting on Thursday - most ABS sectors are better bid but peripherals are once more leading the way.

    Meanwhile, a €5m slice of Dutch CMBS MESDG DELT .......

    SCIWire 2 September 2014

  • TRACE update to impact esoteric liquidity?

    The US SEC has approved amendments to TRACE dissemination rules, stipulating that CUSIP-level execution prices and original face values be publicly disclosed on ABS trades starting on 27 April 2015. The new rules are expected to have a limited impact on traditional ABS sectors, but could affect liquidity in non-traditional asset classes.

    SEC-registered and 144a ABS - defined as securitised .......

    News 1 September 2014

  • LCR vote scheduled

    The US Fed is to hold an open meeting on 3 September to vote on final regulations implementing the liquidity coverage ratio (LCR) requirement in the US. Proposed rulemaking regarding margin requirements for non-cleared swaps will also be discussed during the meeting.

    Together with the FDIC and the OCC, the Fed had initially proposed LCR regulations that would assign a .......

    News Round-up 28 August 2014
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