ABS

  • Credit quality measures continue to improve

    Caution still reigns supreme among US consumers as credit quality measures improve rapidly, according to the latest Credit Card Index results from Fitch.

    Credit card defaults registered the second largest monthly decline since the passage of the Bankruptcy Reform Act in 2005 and are now back in line with historical averages. In addition, both prime card monthly payment rate (MPR) .......

    News Round-up 10 August 2011

  • Euro SF downside risk remains

    Fitch says in a new report that the performance of European structured finance (SF) transactions continued to stabilise over 1H11. However, downside risks remain as performance is heavily dependent on the macroeconomic environment. In Fitch's view, the key risks affecting SF transactions are interest rate risk, the potential for further housing market falls and the limited availability of credit.

    The .......

    News Round-up 10 August 2011

  • APAC consumer ABS criteria updated

    Fitch has published a new Asia-Pacific (APAC) consumer ABS criteria report, which details the agency's approach to analysing credit risk inherent in consumer ABS backed by portfolios of homogenous amortising loans or lease products advanced to a diversified pool of individuals.

    The criteria outline the qualitative and quantitative factors considered in the agency's approach when assigning new ratings and monitoring .......

    News Round-up 10 August 2011

  • US-linked ABS ratings review underway

    S&P says that its ratings on 744 structured finance transactions remain on credit watch negative (SCI 18 July) following the lowering of its long-term credit rating on the US to double-A plus with a negative outlook and the removal of its long- and short-term ratings from credit watch negative. The rating actions also included the affirmation of the A-1+ short-term .......

    News Round-up 9 August 2011

  • German pricing service expands

    Interactive Data Corporation has expanded its evaluated pricing services capabilities in Germany. A new team of evaluators based in the firm's Frankfurt office will provide local market knowledge and expertise in the evaluation of German domestic fixed income securities.

    Anthony Belcher, European fixed income director at Interactive Data, comments: "Our local evaluators are closer to the market and can obtain .......

    Job Swaps 9 August 2011

  • Law firm taps commercial finance pros

    Peter Seiden and Bryan Petkanics have joined Loeb & Loeb's New York office as partners in the commercial finance practice. The pair were previously partners in LeClairRyan's New York office, prior to which they were partners at Seiden Wayne. They will be joined by Raymond Dusch, senior counsel, and John Oberdorf, associate, who also come from LeClairRyan.

    Seiden's practice concentrates .......

    Job Swaps 8 August 2011

  • US broker bolsters sales and trading

    US broker-dealer Mizuho Securities has expanded its sales and trading department with a number of senior appointments across its fixed-income business, including high-yield, interest rate derivatives, mortgages and corporate credit.

    Among the recent hires are Roger Yao in RMBS trading, Franklin Amoo, strategic credit trading and Tyler Patla in agency MBS trading. Fixed-income sales have been bolstered with the appointments .......

    Job Swaps 5 August 2011

  • Reps and warranties comparisons added to presales

    As of September 26, all reports accompanying new ratings from Moody's on ABS will include comparisons to standard benchmarks for each transaction's representations and warranties and enforcement mechanisms. The new feature responds to Rule 17g-7, adopted by the US Securities and Exchange Commission last January.

    The securities affected are both US and non-US securities, including RMBS, CMBS, ABS, commercial paper .......

    News Round-up 5 August 2011

  • Warning over unintended risk retention consequences

    Evolving US risk retention regulations require careful navigation by securitisation market participants, according to Fitch. The rating agency has issued a new report in which it assesses the potential effect that pending risk retention rules could have on securitisation market dynamics and how US requirements compare to rules already implemented by European Union regulators.

    Fitch remains supportive of aligning issuer .......

    News Round-up 5 August 2011

  • Global SF criteria updated

    Fitch has updated its global criteria for rating structured finance (SF) transactions. The update incorporates additional information with respect to the treatment of credit events withint the surveillance process, rating sensitivity analysis and reasonable investigation. No rating changes are expected to result from the criteria update.

    .......

    News Round-up 4 August 2011

  • EMEA SF losses lower than expected

    Realised losses for EMEA structured finance (SF) transactions are low and total credit losses will remain less than many commentators have suggested, Fitch says in a new report. Transaction performance varies significantly across asset classes, with the strongest performance visible in consumer assets.

    In the four years since the onset of the credit crisis, many comments have been made about .......

    News Round-up 4 August 2011

  • US-linked ABS confirmed

    Moody's has confirmed the triple-A ratings of financial institutions directly linked to the US government, including Fannie Mae and Freddie Mac. It has also confirmed the triple-A ratings of securities guaranteed by, backed by collateral securities issued by or otherwise directly linked to the US government.

    These actions follow the confirmation of the triple-A rating assigned to the US government. .......

    News Round-up 3 August 2011

  • Japan SF performance subject to stress

    Moody's says in a new report that the performance of structured finance assets in Japan remains subject to the stress of a macroeconomic downturn. While Japan is likely to post a V-shaped recovery later this year, subsequent economic growth may subside to a lack-luster pace, according to the agency. Furthermore, the employment situation remains severe and the business environment for .......

    News Round-up 3 August 2011

  • Capita expands financial services remit

    Capita is set to acquire AIB's international financial services business (AIBIFS) for a cash consideration of £29m, on a cash-free, debt-free basis. AIBIFS provides outsourced services - including corporate administration, treasury management, securitisation and middle/back office services - to financial institutions and corporate clients.

    Paul Pindar, Capita ceo, comments: "The acquisition of AIBIFS is an excellent strategic fit for Capita. .......

    Job Swaps 2 August 2011

  • Aviation finance pro recruited

    Christian Wulf has joined BNP Paribas' aviation finance group as director in charge of Latin America. He is based in New York and reports to Olivier Trauchessec, head of aviation finance, Americas.

    Wulf joins from KfW's aviation finance group in Frankfurt, where he headed its North American activities. Prior to KfW, he was responsible for WestLB New York branch's transportation .......

    Job Swaps 2 August 2011

  • Growth predicted for Argentinean ABS

    Argentina's domestic securitisation activity should continue to grow during the second half of the year, dominated by infrastructure deals and consumer loan-backed transactions, according to Moody's. During the first six months of 2011, structured finance issuance totalled the equivalent of US$2.4bn - an increase of 20% over the same period of last year, excluding infrastructure transactions.

    Delinquencies higher than 90 .......

    News Round-up 2 August 2011

  • Further Greek rating actions taken

    Moody's has taken rating actions on a limited number of Greek structured finance transactions that have high linkage to the Greek government or Greek banks. The actions follow the downgrade to Ca from Caa1 of the Greek government debt rating and the placement on review for downgrade of the ratings of Greek banks on 25 July.

    The rating actions comprise: .......

    News Round-up 1 August 2011

  • Spanish guaranteed deals on review

    Moody's has placed on review for downgrade the Aa2 ratings of six Spanish SME CLOs and the ratings of four notes in an ABS transaction backed by payment rights related to Spanish electricity tariff deficits. At the same time, the agency placed on review for downgrade the junior notes of one of these six affected SME transactions - GC FTPYME .......

    News Round-up 1 August 2011

  • Tranche thickness metric introduced

    Fitch has introduced new tranche thickness metrics designed to convey the relative thickness of a tranche in new structured finance transactions. At the same time, the agency has withdrawn its loss severity (LS) ratings criteria, which will be replaced by the new metrics.

    "LS ratings were originally introduced by Fitch in 2009 as an ancillary rating scale, largely to highlight .......

    News Round-up 29 July 2011

  • Euro auto ABS performance remains stable

    Fitch says in a quarterly report that the overall performance of the European auto ABS sector remained stable in 2Q11.

    A breakdown of the second quarter's performance shows that the Fitch 60-180 day Delinquency Index increased to 1% from 0.9% in 1Q11. The Fitch Net Loss Index remained stable at 0.5% and the Fitch Excess Spread Index increased by 0.3% .......

    News Round-up 28 July 2011

  • SunTrust fined over ARS violations

    FINRA has fined SunTrust Robinson Humphrey and SunTrust Investment Services, for violations related to the sale of auction rate securities (ARS). SunTrust RH - which underwrote the ARS - was fined US$4.6m for failing to adequately disclose the increased risk that auctions could fail, sharing material non-public information, using sales material that did not adequately disclose the risks associated with .......

    Job Swaps 27 July 2011
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