ABS

  • Tobacco bond review completed

    Moody's has concluded its review of tobacco settlement revenue bonds, following the 25 May publication of its updated cashflow modelling assumptions for the sector. The agency has downgraded 60 tranches in 13 securitisations, accounting for approximately US$3.5bn. It has also confirmed seven tranches in three securitisations (US$1.1bn) and upgraded 134 tranches in 27 securitisations (approximately US$3.5bn).

    The primary reason for .......

    News Round-up 9 September 2011

  • Advisory hires new London principal

    Amir Hoveyda has joined StormHarbour in London as a managing principal. His responsibilities will include developing and implementing the growth strategies of the firm's European capital markets and advisory businesses, helping manage the firm's overall European operations, and supporting the leadership of the firm worldwide as a member of the firm's global governance group. Hoveyda was most recently md and .......

    Job Swaps 8 September 2011

  • FICC md recruited

    Emmanuel Androulidakis has joined Macquarie Bank as md in fixed income, currencies and commodities. He was previously md, European asset-backed finance and trading at Cantor Fitzgerald. Before that, he was director and ABS/RMBS trader at RBS.

    .......

    Job Swaps 7 September 2011

  • EAF gets new investment officer

    Accounts receivables firm Equable Ascent Financial (EAF) has hired Trish Mattler as cio, responsible for business development, M&A and investor relations. She previously spent four years with Cerberus Capital Management, during which time she served as EAF's interim cfo and was a member of its board. Mattler has significant experience in finance, especially in the areas of M&A and structured .......

    Job Swaps 7 September 2011

  • Esoteric ABS pro added

    KGS-Alpha Capital Markets has recruited Robert Piano to its new ABS team. He joins from Barclays Capital after nine years in its asset securitisation group, where he was most recently a director specialising in esoteric asset transactions. At KGS-Alpha, Piano will lead the origination of secured financings in the institutional debt markets, including bank, ABS and private placements for primarily .......

    Job Swaps 7 September 2011

  • Improvements seen in timeshare delinquencies

    US timeshare delinquencies fell again this past quarter, according to Fitch's latest index results for the sector.

    The decline in delinquencies reflects not only the seasonal improvement that timeshare loans typically see in the spring and summer, but also year-over-year improvement. Now within range of historical averages, Fitch expects delinquencies to continue to follow seasonal patterns, but that year-over-year improvements .......

    News Round-up 7 September 2011

  • Walkers forms ILS group

    Law firm Walkers is launching an insurance-linked securities (ILS) group, bringing together the expertise within the firm covering all alternative risk transfer instruments. The new group comprises dedicated, multi-jurisdictional lawyers advising clients on the legal and practical aspects of trading, financing and securitising risk involving Cayman Islands and Irish entities, including cash and synthetic catastrophe bonds, captive insurers, sidecars and .......

    Job Swaps 7 September 2011

  • 'Tapable' WBS upgraded

    In what has been described as an unprecedented move for the agency, Fitch has upgraded a tapable transaction, raising both the class A and B notes of Dignity Finance a single notch to A plus and triple-B plus respectively. The upgrades are mainly driven by the deal's strong performance to date, the agency says.

    Fitch's adjusted 52-week ending 1 July .......

    News Round-up 7 September 2011

  • Subprime auto ABS criteria explained

    S&P has updated the market on its rating approach for subprime auto loan ABS transactions, given the new originators entering the market and the re-emergence of others that remained inactive during the credit crisis.

    "We believe this is particularly important now due to the absence of bond insurers, who had previously provided a significant portion of credit enhancement to this .......

    News Round-up 7 September 2011

  • ABS trading md added

    RBS Securities has recruited Pat Beranek as an md on its ABS trading desk, where he will be responsible for trading non-mortgage ABS with Alan Johannsen. Beranek will report to Adam Siegel, co-head of US ABS, MBS and CMBS trading, and will be based in Stamford, Connecticut.

    Beranek has 20 years of experience across the securitisation markets. He joins RBS from .......

    Job Swaps 6 September 2011

  • Counterparty criteria dominate Q2 rating actions

    Credit watch resolutions linked to S&P's 2010 counterparty criteria dominated the agency's European structured finance rating actions in 2Q11. The total number of downgrade actions accelerated during the quarter, outpacing the number of upgrades sixfold.

    "To put this in perspective, we took 937 rating actions in the quarter, comprising 812 downgrades and 125 upgrades, compared with 240 downgrades and 72 .......

    News Round-up 6 September 2011

  • Japan ABS stabilising on household debt decline

    Moody's expects the ongoing decline in Japanese household debt levels to help stabilise ABS asset performance in Japan. The country's consumer credit balance decreased significantly to ¥26trn in 2010 from ¥39trn in 2005 - a credit positive for consumer ABS in Japan, according to the rating agency.

    The trend is expected to result in less burdensome repayments for many underlying .......

    News Round-up 6 September 2011

  • EMEA ratings migration examined

    The ratings of the majority of EMEA structured finance (SF) bonds that were outstanding in July 2007 have been stable, according to Fitch. The ratings migration differs across the asset classes within SF, with the ratings for transactions backed by consumer assets showing greater resilience.

    In the four years since the onset of the credit crisis, approximately 40% of the .......

    News Round-up 5 September 2011

  • FSB to dig deeper into shadow banking

    The Financial Stability Board's Shadow Banking Task Force reports that it has developed general principles for designing and implementing regulatory measures for strengthening the oversight and regulation of the shadow banking system. It has also conducted a regulatory mapping exercise to take stock of existing national and international initiatives on the four broad categories of possible regulatory measures set out .......

    News Round-up 2 September 2011

  • Connemara duo recruited

    MHT Partners has recruited John Mullen, md, and Taylor Curtis, director, to lead its financial institutions coverage and private placement units. They are joined by three analysts, who will focus on providing advisory and transaction execution services to technology-enabled service, education, business services and consumer-focused companies.

    Prior to joining MHT, Mullen was managing partner of Connemara Capital, a boutique financial .......

    Job Swaps 2 September 2011

  • REIT rethink underway

    The US SEC is requesting public comment on the treatment of asset-backed issuers, as well as REITs and other mortgage-related pools under the Investment Company Act. Through an advance notice of proposed rulemaking, the agency is seeking public input on possible amendments it might consider proposing to Rule 3a-7, which excludes certain ABS issuers from having to comply with the .......

    News Round-up 1 September 2011

  • Paris partner appointed

    Linklaters has appointed Patrice Doat partner in its Paris office. He joins from Gide Loyrette Nouel, where he started in 1994 and became partner in 2004. He brings expertise in French and pan-European securitisation and structured products.

    .......

    Job Swaps 31 August 2011

  • Affirmations for some FFELP ABS

    S&P has affirmed its ratings on 239 classes from 178 US FFELP student loan ABS deals and removed them from credit watch, where they were placed with negative implications on 15 July, following the placement of the US sovereign ratings on credit watch negative.

    The rating affirmations include 26 classes of triple-A rated senior bonds from 22 transactions. The remaining .......

    News Round-up 31 August 2011

  • Structuring vet moves to SG

    Tareck Safi has left his role at RBS, where he was head of secured asset solutions, and is set to join Société Générale in November. He will join the European loan syndicate on the sales and trading desk, tasked with developing coverage of institutional investors.

    Safi will report to Richard Hill, EMEA head of loan sales and trading. He spent .......

    Job Swaps 31 August 2011

  • ABS trader returns to BNPP

    BNP Paribas has hired Bjoern Bauermeister as an ABS and MBS trader in London. He reports to Olivier Morand-Duval, European head of ABS trading.

    Bauermeister joins from Cantor Fitzgerald, where he spent two years in non-US ABS and MBS trading after a previous stint at BNP Paribas. He has also worked for WestLB, trading ABS and ABS CDOs.

    .......

    Job Swaps 31 August 2011

  • Auto ABS loss expectations lowered

    Credit performance has remained strong across all types of US auto loan ABS since mid-2009, says Moody's in a new quarterly sector summary. The strong performance is driven by the improvement of consumer credit and the exceptionally strong used vehicle market.

    "Delinquencies remain at historical lows and excess spread, the first level of credit protection against losses, has on average .......

    News Round-up 26 August 2011
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