ABS

  • Valuations subsidiary established

    Clayton Holdings has formed Asset Backed Solutions, an independent financial analysis and consulting group providing litigation support and valuation services of complex structured products and related assets. Based in New York, David Lehman will head the new group as president, reporting to Clayton ceo Paul Bossidy.

    Lehman joins Clayton from Navigant Economics, where he provided valuation and advisory services for .......

    Job Swaps 29 March 2011

  • Risk retention NPR awaited

    The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the SEC, the Federal Housing Finance Agency and the Department of Housing and Urban Development have confirmed that they will this week consider for approval a notice of proposed rulemaking on risk retention (see SCI 24 March). The NPR addresses section 941 of the .......

    News Round-up 29 March 2011

  • Independent dealer floorplan ABS debuts

    Dealer Services Corporation (DSC) has closed a US$252.2m ABS, which is believed to be the first independent dealer floorplan deal to come to market. The securities - issued via the DSC Floorplan Master Owner Trust shelf - comprise US$225m triple-A rated (DBRS) senior-secured notes and US$27.2m triple-B subordinate-secured notes. The Rule 144A series 2011-1 offering was led by Deutsche Bank .......

    News Round-up 28 March 2011

  • Portuguese ABS on review

    Fitch has placed 41 tranches of 38 Portuguese structured finance transactions - 32 RMBS, one ABS and five structured credit deals - on rating watch negative (RWN). All other Portuguese RMBS tranches have a negative outlook.

    The rating actions follow Fitch's downgrade of Portugal's long-term foreign and local currency issuer default ratings to single-A minus from single-A plus on 24 .......

    News Round-up 28 March 2011

  • Dealer networks boost floorplan ABS

    Dealer floorplan ABS performance has been boosted by the economic recovery in the US as it has strengthened auto dealership networks, says Fitch. The agency expects dealer floorplan ABS to continue to benefit from improved credit and financial metrics throughout 2011.

    Lower inventory aging, stronger monthly payment rates (MPR), improved dealer credit profiles and fewer dealer failures and bankruptcies are .......

    News Round-up 25 March 2011

  • SCI conference line-ups announced

    Final panellist line-ups have been announced for both SCI's European CDS and OTC Derivatives Seminar in London and its Pricing, Trading & Risk Management Seminar in New York. The London event takes place on 28 March at Adelaide House, London Bridge, while the New York event is being held on 31 March at India House, One Hanover Square.

    The London .......

    News Round-up 24 March 2011

  • Credit card charge-offs tick higher

    Charge-offs on US credit cards ticked higher in February to 7.56%, up from 7.45% in January, according to Moody's. Although the charge-off rate is expected to resume its pace of steady declines, it will still break below the 7% mark during the 2Q11, the agency says.

    "Familiar seasonal patterns and the roll-through of elevated delinquencies in September influenced the charge-off .......

    News Round-up 23 March 2011

  • First post-crisis fall for Euro downgrades

    The European structured finance downgrade rate fell for the first time last year since 2007, though it remained well above the long-term average, according to S&P. The gathering pace of Europe's economic recovery was broadly reflected in improved aggregate credit performance among SF transactions in 2010, the agency says.

    "While some countries have powered out of recession...others have been left .......

    News Round-up 22 March 2011

  • Brokerage names ceo

    Yorvik Partners has appointed Paolo Taddonio as ceo. Prior to joining the firm, he spent most of his 20-year career at Société Générale, where his last position was head of fixed income, currencies and commodities in New York. Previously, Taddonio held various positions in the fixed income, foreign exchange and treasury departments in London and Paris.

     

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    Job Swaps 21 March 2011

  • Interest rate risk criteria updated

    Fitch has updated its criteria for stressing interest rate risk in existing and new structured finance transactions. The updated criteria have also been extended to transaction cashflows indexed to interest reference rates for Australian dollars (AUD), New Zealand dollars (NZD), Korean Won (KRW), Singapore dollars (SGD), Taiwanese dollars (TWD), Indian rupee (INR) and South African rand (ZAR). All previously published .......

    News Round-up 21 March 2011

  • Select fund range expands

    PIMCO has launched two funds on the Skandia Investment Solutions platform as part of a further distribution partnership for the PIMCO Select fund range. The partnership with Skandia is the second in a series of strategic alliances for PIMCO Select. It aims to offer UK investors direct access to PIMCO's investment expertise via savings, insurance and defined contribution schemes.

    The .......

    News Round-up 21 March 2011

  • Risk disclosure practices reviewed

    The Financial Stability Board (FSB) has published a thematic peer review report of risk disclosure practices by financial institutions in respect of exposures to structured credit products. The report reviews both financial institutions' public disclosures of these risk exposures, as well as the actions undertaken by FSB member jurisdictions and private sector participants to enhance disclosure practices.

    The review finds .......

    News Round-up 21 March 2011

  • New regulation bolsters Indian ABS liquidity

    The Securities and Exchange Board of India (SEBI) has taken action to develop the country's securitisation market by issuing regulations for listing asset-backed transactions on the stock exchange. The move is expected to bolster secondary market liquidity for Indian ABS.

    The new regulations from the SEBI provide a framework for issuance and listing securitised debt instruments by a special purpose .......

    News Round-up 18 March 2011

  • CMBS resolutions drive commercial debt drop

    The level of commercial/multifamily mortgage debt outstanding decreased by 0.5% in 4Q10 to US$2.4trn, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2010 was US$67bn lower than at the end of 2009, a decline of 2.7%, the MBA reports.

    The outstanding US$2.4trn in commercial/multifamily mortgage debt recorded .......

    News Round-up 18 March 2011

  • Outlook changes for US credit cards

    Moody's outlook for the US credit card industry is now stable. This is due to the recovery of card issuers' asset quality and profitability in an improved economic environment, the agency says.

    "Industry asset quality has rebounded in the past year. Delinquencies and charge-offs [have declined] among the 'big six' issuers in recent quarters and we expect this trend to .......

    News Round-up 17 March 2011

  • Rise in rehab student loans expected

    With the supply of rehabilitated US student loans likely to grow as borrowers that previously defaulted begin to re-perform on their loans, Fitch expects to see larger portions of rehab student loans in US FFELP ABS going forward. While rehab loans have always comprised a portion of the FFELP student loan ABS spectrum, their unique characteristics and performance history call .......

    News Round-up 16 March 2011

  • Social media investment platform launched

    SecondMarket has launched a new online platform that harnesses social media tools. The platform enables participants to add biographical and investing information, including investment objectives, strategies and holdings, while creating a network of trusted investors.

    Additionally, the new platform provides enhanced corporate information regarding thousands of private companies which was not previously accessible. Participants can add companies to their 'watch .......

    Job Swaps 16 March 2011

  • ABCP op risk guidelines planned

    Moody's plans to propose operational risk guidelines for ABCP programmes, which will be made public through either a request for comment or press release by the end of April 2011. The agency will then invite ABCP participants to review and comment on its suggested approach to operational risk.

    The proposed guidelines focus on operational risk arising from a transaction party .......

    News Round-up 15 March 2011

  • Ratings advisor appointed

    Rabobank International has appointed Serge Haller as a ratings advisor in the capital markets solutions (CMS) team within its global financial markets division. Based in London, he will report to Ronan Donohue, the bank's head of CMS.

    Haller will be responsible for offering ratings advice and services to all Rabo wholesale clients, including first time ratings, ratings defence, internal ratings .......

    Job Swaps 15 March 2011

  • Bank adds fixed income head

    SG CIB has appointed Mark Landis to head its fixed income and currencies sales for the Americas. Landis will be responsible for managing the firm's client relationships in interest rate, credit, foreign exchange and securitised products. Based in New York, he will report to Vincent Bonamy, the bank's head of fixed income and currencies for the Americas, and to David .......

    Job Swaps 15 March 2011

  • ABS sales md named

    Aladdin Capital has appointed James Showers as md covering ABS and MBS sales. Based in Stamford, he will report to the firm's structured product sales chief, Rich Barry. Showers previously held a similar role at Hexagon Securities.

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    Job Swaps 15 March 2011
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