ABS

  • Life securitisation marketing

    Credit Agricole Securities (USA) is marketing an embedded value life securitisation for Aurigen Reinsurance, dubbed Vecta 1. The deal has been assigned a preliminary rating of triple-B plus by S&P.

    The deal stems from a reinsurance agreement entered into in September 2008 by Aurigen Reinsurance Ltd (ARL) and Aurigen Reinsurance Co (ARC). Under the agreement, ARL provided permanent aggregate stop-loss .......

    News Round-up 19 December 2011

  • Weak performance expected for private SLABS

    Moody's expects the credit performance of private student loan ABS to remain weak in 2012 because of a variety of macroeconomic factors.

    "Continued high unemployment, combined with high debt burdens and declining income means that recent college graduates and, to a lesser extent, their co-signers will continue having difficulty repaying their student loans," says Moody's avp Tracy Rice.

    Delinquency and .......

    News Round-up 16 December 2011

  • Bank credit quality weighs on ABCP

    Deterioration in the credit quality of euro area banks will be the key credit exposure for ABCP holders in 2012, according to Moody's. The agency says that European bank ratings will be influenced by a reduction of government support, which had otherwise provided uplift to bank ratings, and the sovereign debt crisis putting additional downward pressure on bank ratings.

    Moody's .......

    News Round-up 15 December 2011

  • ED counsel appointed

    Morrison & Foerster has been appointed as legal counsel for the European DataWarehouse (ED). Elana Hahn, capital markets group partner, will lead the counsel to ED, with Andrew Crotty serving as principal associate on the project.

    Hahn comments: "We are delighted to be working for ED in the creation of this data system which is fundamental to the development of .......

    Job Swaps 15 December 2011

  • Broker-dealer increases CDS, ABS coverage

    ICE's inter-dealer broker Creditex has increased its coverage of corporate CDS and expanded its hybrid trading capabilities in emerging markets and ABS. The new hires are Gwilym Jennett, Conor Murphy and Eduardo Godinho.

    Jennet joins as head of ABS. His background in trading and broking ABS includes senior roles at Rabobank and Barclays and he will work with Ian Vogt, .......

    Job Swaps 15 December 2011

  • NZ law firm promotes partners

    Russell McVeagh has promoted two new partners, effective 1 December. The new partners are Deemple Budhia, based in Auckland, and Nick Hegan, based in Wellington.

    Budhia's practice covers all areas of finance law, including securitisation and structured finance, debt capital markets and derivatives. Before joining Russel McVeagh Budhia worked for Citibank's European commercial property and securitisation team and Allen & .......

    Job Swaps 13 December 2011

  • Euro outlook divided

    Moody's outlook for the collateral performance of ABS and RMBS transactions in 2012 is negative for Greece, Ireland, Italy, Portugal and Spain, but stable for prime assets in the UK, the Netherlands, France and Germany. Rising unemployment levels and austerity measures are expected to negatively affect collateral performance.

    While government and regulatory pressure led to tighter loan underwriting criteria in .......

    News Round-up 7 December 2011

  • Macro issues cloud US outlook

    Macro issues will continue to cloud an otherwise improving forecast for US structured finance performance next year, according to Fitch.

    After a fast start to the year, macro concerns and regulatory developments slowed the pace of recovery. Fitch is expecting improvements to continue at a modest pace next year.

    The outlook for the four US structured finance sectors is stable .......

    News Round-up 7 December 2011

  • Asian SF ratings to remain stable

    Fitch says that it expects most outstanding ratings of non-Japan Asia (NJA) structured finance (SF) transactions to be stable in 2012.

    "The uncertainties surrounding the global economy are not expected to materially affect NJA SF transactions. Asset performance in South Korea is projected to deteriorate mildly, though the triple-A ratings remain sustainable. In Singapore, cashflows of the Fitch-rated CMBS transactions .......

    News Round-up 6 December 2011

  • British bank builds SF team

    Aldermore has recruited a structured finance team, to be led by Ian Flaxman. The team will develop flexible and bespoke structured funding solutions for small and medium sized businesses throughout the UK.

    Flaxman joins from Credit Agricole Commercial Finance as head of structured finance. Before that he was managing partner at Yorkshire Bank.

    Simon Maddocks and Peter Raybould also join .......

    Job Swaps 5 December 2011

  • ABS sales md moves

    Benita Levy has joined Mesirow Financial's institutional sales and trading department as md. She reports to senior md Dominick Mondi in Chicago and will focus on ABS, residential and commercial mortgage bonds and CDOs.

    Levy has previously worked for Salomon Brothers (and its successor Citigroup) and FTN Financial. Her most recent role was at MF Global, which she joined in .......

    Job Swaps 5 December 2011

  • DSB deals downgraded

    Moody's has downgraded the ratings of one RMBS (Monastery 2004-1) and two ABS (Chapel 2003-1 and Chapel 2007-1), as well as confirmed the ratings of another RMBS (Monastery 2006-1). The action reflects the impact of compensation that will likely be granted to borrowers by way of set-off in respect to due care claims related to DSB's lending and intermediation practices .......

    News Round-up 2 December 2011

  • Positive post-crisis performance for US ABS

    Fitch has published a study analysing US credit card, auto and student loan ABS ratings outstanding on 1 July 2007 and their respective rating performance during the credit crisis to 30 June 2011.

    US consumer ABS exhibited positive rating performance from the mid-2007 to mid-2011 period. The overwhelming majority of tranche ratings remained stable, were upgraded or were paid in .......

    News Round-up 1 December 2011

  • Timeshare delinquencies near historical norms

    US timeshare delinquencies rose during the last quarter as expected, yet remain consistent with levels from a year ago, according to Fitch's latest timeshare ABS index results.

    Total delinquencies for 3Q11 were 3.56%, up from 3.28% in 2Q11. This reflects the seasonal deterioration that takes hold in the autumn and winter, Fitch says.

    Total delinquencies are virtually unchanged from the .......

    News Round-up 1 December 2011

  • Stable outlook for Euro SF

    Fitch is maintaining its overall stable outlook for European structured finance transactions, despite the weakening macroeconomic backdrop and the negative effects that this could have on the performance of some of the underlying asset markets.

    Current ratings already reflect the agency's expectation of further deterioration across most markets and asset classes. The structural protection available to the notes, alongside the .......

    News Round-up 1 December 2011

  • Strong US auto ABS performance continues

    Prime US auto loan ABS performance remained strong in October as seasonal weaknesses trended lower than usual, according to Fitch.

    Delinquencies edged lower in October month-over-month, while losses crept up at a slow pace relative to prior years. The solid wholesale vehicle market continues to contain loss severity on repossessed vehicles, the agency notes.

    The September-October period did not exhibit .......

    News Round-up 1 December 2011

  • Counterparty criteria downgrade warning

    European transactions that did not implement changes to address counterparty exposures following the revision to S&P's rating criteria earlier this year and whose ratings are linked to a bank recently downgraded by the agency are expected to see knock-on downgrades in the next few days.

    S&P on 29 November revised its ratings on 37 of the largest financial institutions as .......

    News Round-up 1 December 2011

  • Indian ABS stable, despite slower growth

    Fitch attributes the stable performance of Indian ABS transactions despite moderating economic growth in the country to the robust performance of the underlying transactions.

    The agency reports that there has been a substantial build-up of credit enhancement across all asset classes driven by the robust performance of the fully amortising underlying loans. This led to the upgrade of 18 tranches .......

    News Round-up 30 November 2011

  • Negative outlook for US-linked deals

    Fitch says it expects to revise the rating outlook to negative for certain US structured finance ratings as a result of the change in the US sovereign's rating outlook to negative from stable. For deals that benefit from guarantees or insurance from the US government, the agency expects to revise its rating outlook on triple-A rated classes to negative from .......

    News Round-up 30 November 2011

  • OCC proposes ratings rule

    The OCC has proposed a rule to remove references to credit ratings from its non-capital regulations and related guidance to assist national banks and federal savings associations in meeting Dodd-Frank due diligence requirements in assessing credit risk for portfolio investments.

    In particular, the OCC proposes to amend the definition of "investment grade" in 12 CFR Part 1 to no longer .......

    News Round-up 30 November 2011

  • Law firm names partners

    Sullivan & Cromwell has elected new partners to the firm, including William Monahan and Amanda Davidoff. They will assume their new roles on 1 January 2012.

    Monahan is currently an associate at the firm, based in New York. His practice focuses on representing clients and individuals at trial and on appeal, including complex securities class and derivative actions.

    Davidoff is .......

    Job Swaps 30 November 2011
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