ABS

  • Aviation attorney recruited

    Vanessa Gage has joined Reed Smith as a partner in San Francisco, where she is a member of the firm's financial industry group. Gage was previously an attorney in Mayer Brown's New York office, where she focused her practice on asset-based lending, securitisation and other structured products. She is especially known for her work on major aviation and rail deals.

    .......

    Job Swaps 19 August 2014

  • Valuations handbook released

    Voltaire Advisors has published its 2014 Valuation Risk Handbook, which aims to provide a true 'state of the nation' picture of the current valuations of financial assets landscape. The report covers ongoing developments in the regulatory and standards fields, including global valuations standards efforts, the fair value pricing of US mutual funds and the implications for valuation of the AIFMD .......

    News Round-up 18 August 2014

  • Punch seeking further support

    Punch Taverns has announced that its restructuring proposals for the Punch A and Punch B securitisations have the support of a broad range of stakeholders, which in aggregate own or control around 65% of the notes and around 54% of the equity share capital of the pubco. However, implementation of the proposals is conditional upon the approval of shareholders, all .......

    News Round-up 18 August 2014

  • Auto lending examined

    In its Q2 report on household debt and credit, the New York Fed finds that housing-related debt shrank, while non-housing debt balances increased across the board - with especially strong gains in auto loans. Auto loan balances - including leases - have increased for thirteen straight quarters and originations have not been this high since 3Q06.

    Against the backdrop of .......

    News Round-up 15 August 2014

  • Alta Group adds ABS pro

    The Alta Group has appointed Daryl Ching as md in Canada. He has more than 10 years of securitisation experience and was most recently at RBC Capital Markets, having previously worked at Coventree.

    .......

    Job Swaps 15 August 2014

  • Further capital charge reductions for Solvency 2

    Fitch reports that under the latest revisions to Solvency 2, capital charges for type 1 securitisation positions rated double-A, single-A and triple-B will be reduced by 29%, 46% and 41% respectively. The changes appear to be targeted at the issuance of securitisations backed by residential mortgages, consumer loans and particularly SME lending from southern European countries that cannot achieve triple-A .......

    News Round-up 14 August 2014

  • Euro markets unexpectedly busy

    Weakness in the broader financial markets brought volatility to the European ABS sector last week. An unseasonably high number of ABS bid-lists were observed, while activity is building in RMBS and the focus on CMBS has been on the unexpected postponement of a new issue.

    "The last week and a half has seen activity picking up strongly. It was quiet .......

    Market Reports 13 August 2014

  • Chinese ABS to 'build on recent successes'

    S&P reports that 23 financial institutions issued 43 securitisation transactions in the Chinese interbank bond market between the market's inception in 2006 and 31 May 2014, with an aggregate issuance amount of RMB179.3bn. The agency notes that recent growth of the sector has been significant, with about 40% of this volume being issued this year.

    "The market expects securitisation in .......

    News Round-up 13 August 2014

  • LMA enhancements highlighted

    Credit Agricole recently amended its ABCP programme LMA by adding the capacity to issue structured notes with interest paid at fixed or floating rates, becoming the first bank-sponsored conduit outside of the US to do so. Enhanced liquidity coverage tests ensure that LMA investors will still receive full and timely repayment on their CP up to the final maturity date, .......

    News Round-up 12 August 2014

  • MSA payments drop

    Fitch has completed its annual ratings review of tobacco ABS, accounting for the amount of Master Settlement Agreement (MSA) payment received by each trust in 2014. The agency reports that this year the aggregate MSA payment is 18.46% lower than the amount in 2013.

    This drop is due to the one-time settlement payment received by 20 settling states and territories .......

    News Round-up 11 August 2014

  • SMB completes debut SLABS

    Sallie Mae has completed its first student loan ABS as a standalone consumer banking business, as well as the definitive agreement for its first loan sale. Dubbed SMB Private Education Loan Trust 2014-A, the securitisation was secured by approximately US$380m of Smart Option student loans. All securities - including the entire residual interest in the loans - were privately placed .......

    News Round-up 11 August 2014

  • RFC issued on trustee role

    SEBI has released for comment a concept paper regarding the introduction of a standardised term sheet for securitisation transactions. The aim is to rationalise, clarify and enhance various aspects of the Indian market, such as eligibility criteria, roles and responsibilities associated with securitisation trustees.

    Schedule III of the country's Securitised Debt Instruments Regulations states that it is the duty of .......

    News Round-up 11 August 2014

  • Element beefs up SF team

    Element Financial Corporation has appointed a team of structured finance veterans in Stamford, Connecticut, who previously worked at Credit Suisse. The members of the team specialise in structuring, investing and syndicating rail and aviation equipment finance deals.

    The team is led by Scott Corman. He is joined by Imran Hussein - who has been named md - as well as .......

    Job Swaps 11 August 2014

  • Subprime auto investigation widens

    Santander Consumer USA disclosed in its latest 10-Q filing that it has been issued a civil subpoena by the US Department of Justice requesting documents relating to the underwriting and securitisation of non-prime auto loans since 2007. This follows the subpoena of GM in connection with a DOJ investigation in contemplation of a civil proceeding for potential violations of the .......

    News Round-up 11 August 2014

  • ECB to hire ABS consultant

    Mario Draghi, president of the ECB, disclosed in a press briefing following yesterday's Governing Council meeting that the bank is set to hire a consultant to help it design its ABS QE programme. He said that the ECB has intensified its preparations in connection with the securitisation market, with various committees of the bank involved in these efforts.

    "Our monetary .......

    News Round-up 8 August 2014

  • UK card delinquencies hit all-time low

    UK credit card charge-offs and delinquencies fell to a new all-time low in 2Q14, after losing momentum in the first three months of the year, according to Fitch's latest indices for the sector. The improvements were slightly exaggerated by the exclusion of the fully repaid Sherwood trust from the indices.

    Fitch expects charge-offs to keep falling slightly or remain stable .......

    News Round-up 8 August 2014

  • Japanese credit quality correlations examined

    Japanese structured finance credit performance and fundamentals have generally remained stable for the past couple of years. However, transaction-specific risks and certain macroeconomic elements remain key factors with the greatest potential to undermine this stability, according to S&P.

    The agency says the top-five macroeconomic factors that have been leading indicators of the credit quality of Japanese structured finance deals in .......

    News Round-up 8 August 2014

  • Servicer swap for Spanish card ABS

    Fitch says that it does not expect any immediate performance or rating impact on the IM Citi Tarjetas 1 credit card ABS, following Citibank Espana's exit of the Spanish credit card market. Citibank Espana is asset servicer for the securitisation.

    Bancopopular-e, an independent banking franchise of Banco Popular Espanol, is expected to acquire Citibank Espana's credit card business and thus .......

    News Round-up 8 August 2014

  • Conflict of interest

    Litigation activity turning towards trustees

    The focus of US financial crisis-related litigation activity is turning towards the trustee community. The fundamental issue at stake in this new breed of dispute is who's going to pay.

    Pre-crisis securitisations were often structured with little consideration for the conflict of interest between parties seeking resolution to an issue and those with the ability to authorise the pursuit of .......

    News Analysis 8 August 2014

  • Green bond committee formed

    After support for a set of green bond principles (GBP) was announced earlier in the year (SCI 14 January), an initial executive committee has now been appointed to oversee the GBP governance framework. The committee consists of representatives from 18 organisations, including investors, issuers and underwriters.

    The committee's key priority will be to oversee the 2015 update of the principles .......

    Job Swaps 7 August 2014

  • LatAm receivables ABS gaining track record

    S&P reports that it has rated 107 Latin American trade receivables ABS transactions, with 224 classes of debt, since it began rating these types of securitisations in the region 10 years ago. Of this approximately US$6.2bn of rated volume, 81% was backed by Brazilian assets.

    S&P notes that successful examples of how this funding technique has benefitted both companies and .......

    News Round-up 7 August 2014
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