ABS

  • Card performance improvement continues

    Performance trends observed in the US bankcard trusts in S&P's Credit Card Quality Index (CCQI) in April showed continued improvement, despite a 20bp increase in the the country's unemployment rate to 9%. However, the overall performance of the US private-label card trusts in the CCQI declined moderately, while performance trends for the trusts in the agency's Canadian CCQI were stable.

    News Round-up 14 June 2011

  • Call for risk retention rethink

    SIFMA has followed the American Securitization Forum in calling for a new round of proposed rules on risk retention (SCI 8 June). It says that the lack of clarity on certain basic concepts, such as the meaning of 'par value' and 'ABS interest', make it difficult for market participants to fully understand the impact of the proposed rules.

    Because this .......

    News Round-up 13 June 2011

  • Advisory strengthens Nordic coverage

    StormHarbour has strengthened its client coverage in the Nordic region with the appointment of two new senior investment banking professionals in its recently launched Copenhagen branch. Torben Lykke Hansen and Ole Witmeur, former partners of Nordic securities firm AGL in Copenhagen, will join StormHarbour as directors. The pair will report to Jacoob Nielsen, md and head of the Copenhagen branch, .......

    Job Swaps 13 June 2011

  • Card delinquencies dip again

    Despite mixed collateral performance for credit card ABS, improving US consumer credit quality continues to gain momentum, according to Fitch's latest credit card performance indices.

    Credit card defaults and delinquencies fell again while yield and monthly payment rate (MPR) dipped during the April collection period. Three-month average excess spread improved at the same time, the agency says.

    "Charge-offs are diverging .......

    News Round-up 10 June 2011

  • Further downgrades for Greek ABS

    Moody's has downgraded 10 tranches of five ABS transactions, 14 tranches of eight RMBS transactions and confirmed the ratings of two ABS and seven tranches of five RMBS transactions that are backed by Greek assets and serviced by Greek entities.

    Additionally, the agency downgraded the senior note ratings of two Greek ABS transactions - serviced by Cypriot entities - to .......

    News Round-up 10 June 2011

  • SF advisory team hired

    Lazard has recruited a structured credit advisory team to broaden its capital structure advisory business.

    Led in Europe by md Alan Patterson, the team brings a broad range of complementary skills in structured credit products and credit derivatives, including capital and balance sheet analytics, structuring, syndication, placement, valuation and portfolio management. It is based in London and will advise a .......

    Job Swaps 9 June 2011

  • Trade receivables programme closed

    Finacity Corporation has closed a global trade receivables securitisation programme for Bunge Limited. The securitisation programme will contribute an additional source of funding for Bunge operations, while also providing it with cash proceeds of up to US$700m through the ongoing purchase of receivables.

    Finacity helped Bunge to launch the securitisation by providing analytic and structuring support, and serves as ongoing .......

    News Round-up 9 June 2011

  • Acquisition strengthens MBS desk

    CRT Capital Group has acquired Braver Stern Securities' institutional sales and trading platform. Braver Stern's team, led by Joseph Valentine and Rus Margolin, will join CRT's existing securitised products platform. The group will focus on agency and non-agency RMBS and CMBS, ABS CDOs and mortgage-backed pass-through securities.

    Joseph Valentine, who served as head of institutional fixed income trading at Braver .......

    Job Swaps 9 June 2011

  • ABS cash bond index launched

    Markit has launched its iBoxx European ABS index, a cash bond index designed to track the performance of the European floating-rate ABS market. The index provides investors with a benchmark to assess returns available on European ABS assets denominated in euro, sterling and US dollars, while also measuring the relative performance of their portfolios, the firm says.

    Rob Ford, ABS .......

    News Round-up 8 June 2011

  • Risk retention comment period extended

    Six federal agencies are to submit a Federal Register notice to extend the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Act. The comment period - originally due to end on 10 June 2011- is extended to 1 August 2011 to allow interested persons more time to analyse the issues and prepare .......

    News Round-up 8 June 2011

  • Fund outlines expansion plans

    Oracle Capital, the Hong Kong-based structured credit opportunities hedge fund, is to embark on a US investor roadshow. The firm is seeking to raise US$200m in AUM.

    Launched a year ago, the firm is approaching US$50m in AUM and in the first five months of the year generated a 22.36% net return (62.27% on an annualised basis). Leon Hindle, cio .......

    Job Swaps 7 June 2011

  • Law firm adds investment funds pair

    David Goldstein and Gerald Rokoff, both formerly with White & Case, have joined DLA Piper as partners in New York. Goldstein joins the firm's global finance group and will lead its investment funds practice. Rokoff joins the tax group.

    At White & Case, Goldstein served as co-head of the investment funds practice and advised on the formation and regulation of .......

    Job Swaps 6 June 2011

  • Lebanese trade receivables deal closed

    Bemo Securitisation has closed a trade receivables securitisation for Cherfane Tawil & Co - the distributor in Lebanon of Samsung electronics. The transaction is backed by a diversified portfolio of trade receivables granted by Cherfane Tawil & Co to its clients, mainly dealers and sub-dealers. It is the first term trade receivables securitisation established under Lebanese Law.

    The transaction is .......

    News Round-up 3 June 2011

  • Hong Kong CRA regime up-and-running

    The new regulatory regime governing credit rating agencies (CRAs) is now operating in Hong Kong. The new regime is designed to ensure that CRAs in Hong Kong are regulated in a manner that is consistent with the enhanced standards that have been adopted in other jurisdictions

    Under the new regime, CRAs and their rating analysts are required to be licensed .......

    News Round-up 2 June 2011

  • SF partner recruited

    Macfarlanes has appointed former Clifford Chance lawyer Rachel Kelly as partner. She will play a key role in the firm's ongoing strategic development in structured finance and debt capital markets.

    .......

    Job Swaps 2 June 2011

  • Acquisition strengthens structured credit desk

    Ticonderoga Securities has completed its acquisition of Soleil Securities Corporation, resulting in a research-based securities business with 21 analysts covering 17 sectors. The combined business has an international market-making capability, a growing investment banking group and an innovative structured credit desk, the two firms say. The group will operate from headquarters in New York, with satellite offices in Boston, Minneapolis .......

    Job Swaps 1 June 2011

  • Loss expectations lowered for US autos

    The US auto loan ABS market has improved considerably over the past two years, primarily as a result of the stronger economy and a better collateral mix in some of the more recent pools, according to S&P. As a result of this improvement, the agency has lowered its loss expectations for both newly issued 2011 and outstanding 2010 transactions.

    S&P .......

    News Round-up 1 June 2011

  • Bank expands Asia development group

    BNP Paribas has appointed Sam Shi in the newly created role of sales director, Greater China, for asset owners and asset managers. Based in Hong Kong, he will lead the bank's business development activities targeted at key institutional investor clients in China, Hong Kong and Taiwan.

    Shi was most recently a sales and relationship manager at Brown Brothers Harriman.

    .......

    Job Swaps 31 May 2011

  • US ABS remains stable

    Although housing-related sectors suffered during the recent economic downturn, ratings on US ABS have generally remained stable, S&P says. More specifically, 94.3% of triple-A rated US ABS maintained their ratings or were paid off in full during the last 12 months, the agency says.

    Despite continued high unemployment rates, upgrades continued to dominate auto loan ABS rating transitions during the .......

    News Round-up 31 May 2011

  • Structured trade finance md appointed

    The Bank of Tokyo-Mitsubishi (BTMU) has appointed Erich Michel as md and head of the structured trade finance group within its investment banking division for the Americas (IBDA). He will be responsible for growing BTMU's trade finance business throughout the Americas, while working closely with the bank's regional offices. He will report to Yoshihiro Kubo, group head of the commodities .......

    Job Swaps 31 May 2011

  • Further woes for Greek SF

    Fitch has downgraded 38 tranches (35 RMBS and three ABS) of 16 Greek SF transactions (comprising 13 RMBS and three ABS). Further, all Greek tranches have been placed on rating watch negative (RWN).

    The rating actions follow the agency's downgrade of Greece's long-term foreign and local currency issuer default ratings (IDRs) to single-B plus and placement on RWN from double-B .......

    News Round-up 31 May 2011
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