ABS

  • Debut Russian consumer ABS discussed

    Moody's discusses in its latest Credit Insight publication the innovative features of Home Credit & Finance Bank's recent HC Finance transaction. The deal is the first rouble-denominated Russian consumer loan ABS issued in Russia.

    The principal innovation highlighted by Moody's is the absence of FX and interest rate risks. The assets are fixed-paying rouble loans, so the transaction's ability to .......

    News Round-up 14 November 2013

  • Asian market prospects 'steady'

    The strong performance of the ABS, CLO, CMBS and RMBS markets in Asia ex-Japan will continue next year, Moody's predicts. However, issuance volumes are not expected to pick up significantly.

    Tight government regulation of credit card companies in Korea is expected to benefit credit card ABS by limiting the growth in credit card receivables, thus lowering the risks in the .......

    News Round-up 14 November 2013

  • SLABS ARS repurchased

    Approximately US$10.95m of outstanding auction rate securities (ARS) have been repurchased and cancelled from Pennsylvania Higher Education Assistance Agency's (PHEAA) 1997 student loan ABS trust. The student loan receivables balance will decrease by US$8m as those loans are sold and released from the lien of the trust. The amount of the loan sale combined with past loan sales for this .......

    News Round-up 13 November 2013

  • Vitality Re rating upgraded

    S&P has raised its ratings on Vitality Re II Series 2011-1 class B notes to triple-B minus from double-B plus. At the same time, the agency affirmed its triple-B plus rating on the Vitality Re 2010-1, Vitality Re II Series 2011-1 and Vitality Re III class A notes, as well as its double-B plus rating on the Vitality Re III .......

    News Round-up 13 November 2013

  • Swap linkage approach finalised

    Moody's has updated its approach to assessing the rating impact of swap counterparties in structured finance cashflow transactions, following the publication of an updated RFC this summer (SCI 23 July). The agency says that the new methodology is rating-neutral for most structured finance transactions, but will result in rating actions to a limited number of deals, particularly those with large .......

    News Round-up 13 November 2013

  • Italian project bonds gaining traction?

    Legislation introduced last year by the Italian government could see the use of bond financing for infrastructure projects take off in the country, according to S&P. The agency says that new laws promoting the development of an Italian public-private partnership (PPP) programme and ready access to the capital markets should encourage institutional investors to participate in the country's project finance .......

    News Round-up 12 November 2013

  • Solar ABS debuts

    SolarCity Corp's inaugural solar securitisation has hit the market via Credit Suisse. Rated triple-B plus by S&P, the US$54.43m SolarCity LMC Series I (series 2013-1) is secured by 5,033 photovoltaic (PV) systems.

    The transaction's cashflows depend on a number of key inputs, some of which were derived from contractual terms, while others were modelled based on historical performance, rating-dependent economic .......

    News Round-up 12 November 2013

  • CLO chief moves on

    Florian Bita has joined RBC Capital Markets in New York as a trader, specialising in CDOs and CLOs. He was previously head of CLO trading at Cantor Fitzgerald (SCI 16 May) and before that held a similar role at UBS. He has also worked for Deutsche Bank, Goldman Sachs and Salomon Brothers.

    .......

    Job Swaps 12 November 2013

  • AIFMD exemption clarified

    The Central Bank of Ireland has published a clarification of the exemption for securitisation vehicles from AIFMD.

    According to law firm Matheson, the central bank has clarified that securitisation companies registered as 'financial vehicle corporations' pursuant to ECB Regulation No24/2009 and/or funded by debt or other non-equity instruments are outside the scope of the Alternative Investment Fund Managers Directive. As .......

    News Round-up 11 November 2013

  • Aussie ABS index rolled out

    Fitch has published its first Australian Dinkum ABS Index report. The index is designed to enable investors track the arrears and losses of prime auto loans and leases collateralising Australian auto ABS, of which there is currently A$9bn outstanding.

    Australian prime auto ABS issuance slowed this year, arguably due to the uncertainty surrounding the federal government's announcement in July to .......

    News Round-up 11 November 2013

  • ABS leader brought in

    Guggenheim Securities has appointed Cory Wishengrad as a senior md to focus on developing the firm's ABS capabilities. He joins from Barclays Capital, where he was co-head of securitised products origination for the Americas and he has previously served as head of the esoteric ABS group at Lehman Brothers.

    .......

    Job Swaps 11 November 2013

  • UK credit card improvement continues

    UK credit card ABS performance in the third quarter was the strongest since 2008-2009, says Fitch. Charge-off and delinquency rates continued to decline from the historical lows reached in 2Q13 and payment rates continued to improve.

    The strong performance is a result of both an uptick in the UK economy and the continuing long-term impact of tighter underwriting. Fitch's latest .......

    News Round-up 8 November 2013

  • Ratings withdrawn on equipment ABS

    Moody's has downgraded and withdrawn its provisional ratings of four classes of notes to be issued by Temese Funding 1. The agency says these actions are driven by a correction to one key input of the rating model it used for the transaction.

    The £226m class A notes have been downgraded from Aaa to A2 and the £16m class B .......

    News Round-up 7 November 2013

  • Cards extend positive performance

    US credit card ABS performance extended its positive trend during the September collection period, according to Fitch's latest index for the sector. 60+ day delinquencies remained flat month-over-month and charge-offs descended to levels only observed once before in the 23-year history of the indices.

    The Fitch Prime 60+ Day Delinquency Index increased by 1bp month-over-month (MOM) to 1.28% and remains .......

    News Round-up 6 November 2013

  • Law firm eyes frontier markets

    Fasken Martineau has appointed Elizabeth Uwaifo and Francis Nwokedi as partners in the firm's London banking and finance group. They each have over 20 years' experience in derivatives and structured finance, and have been brought in to enhance the firm's offering of customised financing solutions, especially in the nascent frontier markets. Uwaifo was previously a partner at Sidley Austin, while .......

    Job Swaps 6 November 2013

  • TRACE expansion proposed

    FINRA last week filed a proposed rule change with the US SEC to amend the TRACE dissemination protocols to include additional ABS transactions and to reduce the reporting periods for such securities. The agency also proposes to re-name as 'securitised products' the broad group of securities currently defined as 'asset-backed securities' and to redefine the term asset-backed security more narrowly. .......

    News Round-up 5 November 2013

  • Near-term student loan risks unlikely

    Rising student loan default rates are unlikely to present risk to federal student loan ABS over the near term, Fitch says. The US Department of Education recently announced that the 2011 two-year national cohort default rate increased to 10% from 9.1%, while the rate for the Federal Family Education Loan Program decreased from 6.5% to 6.26%.

    Over the longer term, .......

    News Round-up 4 November 2013

  • Upside potential for Spirit A7s

    Spirit has released the results of its tender offer for its class A1 and A3 bonds (SCI 22 October), with £126.2m tendered in the A1s (87% of the outstanding) and £107.8m of the A3s (92% of the outstanding). The pubco will accept 80% of those tendered for the A1s and 54% for the A3s to reach the original target acceptance .......

    News Round-up 4 November 2013

  • Origination exec promoted

    Barclays Capital has promoted Martin Attea to co-head of securitised products origination in its Americas global finance and risk solutions group. He will work alongside Cory Wishengrad and report to head of DCM Jim Glascott and head of global securitised products trading Scott Wede.

    Wishengrad will continue to lead the esoteric group, reporting to head of global leveraged finance JF .......

    Job Swaps 4 November 2013

  • Structured credit desk expands

    Cantor Fitzgerald Europe has further expanded its European structured credit desk with the appointment of Sheil Aggarwal as md. Based in London, he will focus on ABS, MBS and CLOs.

    Aggarwal joins Cantor from Pamplona Credit Opportunities, where he was a partner (SCI 25 June 2008). Before that, he was a senior md at Bear Stearns, overseeing the trading and .......

    Job Swaps 31 October 2013

  • Retention refinements recommended

    CRE Finance Council and SIFMA have submitted comments to federal regulators in response to the re-proposed rulemaking on credit risk retention. The associations express support for many of the changes that have been made to the proposed rules, but believe that further refinement of the rules is required.

    SIFMA notes that the re-proposal represents a significant improvement over the original .......

    News Round-up 31 October 2013
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