ABS

  • APRA clarifies liquidity treatment

    The Australian Prudential Regulation Authority (APRA) has clarified the treatment of high quality liquid assets it will apply when implementing Basel's new global liquidity standard, known as the liquidity coverage ratio (LCR) requirement. The LCR aims to ensure that banking institutions hold a stock of high quality liquid assets sufficient to survive an acute stress scenario lasting for one month.

    News Round-up 1 March 2011

  • Safe harbour comfort 'attainable'

    Recent clarifications by the FDIC regarding treatment of securitisation-related asset transfers by banks and certain non-bank financial institutions have provided comfort that ABS ratings can continue to be de-linked from those of the sponsoring entity, according to Fitch.

    Uncertainty over FDIC treatment of certain securitisation-related asset transfers arose late in 2010 following passage of the FDIC's final rule, which set .......

    News Round-up 28 February 2011

  • UK bond fund launched

    PIMCO has launched its Select UK Income Bond Fund, available via its UCITS III platform. The fund will be managed by Mike Amey, md and portfolio manager for sterling portfolios, and aims to achieve enhanced income growth in a low yielding environment while assuming minimal risk.

    "Growth in the UK is expected to remain subdued for a number of years, which .......

    News Round-up 28 February 2011

  • Law firm boosts real estate practice

    King & Spalding has appointed Scott Stengel as a partner in its capital transactions and real estate practice. Based in Washington DC, he will advise clients on a broad range of banking issues across the firm's capital transactions and real estate, corporate/mergers and acquisitions, and financial restructurings practices. A specialist in bank regulatory, capital markets and restructuring matters, Stengel joins .......

    Job Swaps 28 February 2011

  • ABS trading co-head named

    RBS has promoted Adam Siegel to co-head of US ABS/MBS/CMBS trading for the Americas. He will report to Scott Eichel, global head of securitised products and head of US credit markets. Siegel was previously md and head of ABS credit trading at the bank.

    .......

    Job Swaps 25 February 2011

  • Polarisation expected for Euro auto ABS

    Robust performance among most European auto ABS has contributed to a return in investor confidence, favourable issuer economics and a consequent renaissance in new issuance, according S&P.

    "According to our data, in the first four weeks of 2011, auto ABS accounted for almost half of all European investor-placed securitisation issuance, with more transactions in the pipeline," says S&P analyst Sabine .......

    News Round-up 24 February 2011

  • Further improvement in credit card charge-offs

    Moody's reports that charge-offs on US credit cards fell for a fifth consecutive month in January to 7.45%, down from 8.03% in December. The agency expects the charge-off rate to increase for the next month or two, before resuming a steady pace of decline that leads it to fall below 7% during the second quarter of the year (see also .......

    News Round-up 24 February 2011

  • Auto loan ABS losses spike

    US prime auto loan ABS losses rose by 12% last month, although seasonal factors are likely to drive both delinquency and loss rates down during the next couple of months, according to Fitch.

    "The arrival of tax refunds, annual bonuses and salary increases make the February-April period typically one of the strongest for auto ABS asset performance. Despite the rise .......

    News Round-up 23 February 2011

  • Used vehicle market supports auto ABS

    Strong recovery rates and residual realisations among both new and used vehicles should continue to benefit asset and ratings performance for US auto ABS into next year, according to Fitch.

    Robust used vehicle values will likely continue to be supported by the notable reduction in supply of vehicles coming into the used vehicle market that began in 2009, the agency .......

    News Round-up 23 February 2011

  • Credit trading head hired

    RBC Capital Markets has hired Ian Pearce as head of European credit trading. He joins the team in London from UBS, where he was most recently co-head of sterling credit and European ABS. Pearce will report to John Greenslade, head of fixed income and currencies for Europe.

    Harry Samuel, global co-head of fixed income and currencies, comments: "Ian is a .......

    Job Swaps 22 February 2011

  • Analytics providers team up on ABS

    Moody's Analytics is set to make its structured finance deal data and analytics available to DelphX subscribers. The agency will also establish a link to connect its users to the DelphX network from Structured Finance Workstation (SFW), Moody's cashflow and valuation platform for structured finance.

    Additionally, Moody's SFW users will be able to enter, negotiate and execute orders on the DelphX .......

    Job Swaps 17 February 2011

  • Eaton Vance exec recruited

    Prytania has appointed Walter Shulits as a non-executive director. Shulits was previously director of institutional marketing at Eaton Vance Asset Management and still acts as a consultant to Eaton Vance. He will assist Prytania in further developing senior client relationships with institutional investors, as well as providing strategic advice to the firm.

    .......

    Job Swaps 15 February 2011

  • Stable outlook for non-Japan Asia SF

    Fitch says that most outstanding ratings of non-Japan Asia structured finance transactions will be stable in 2011. The key performance indicators - such as delinquencies, payment rates and default rates - for ABS and RMBS, as well as debt service coverage ratios for CMBS are in line with the agency's expectations.

    The four economies of Korea, Singapore, Taiwan and Thailand .......

    News Round-up 15 February 2011

  • Aussie ABS performance to remain stable

    Moody's reports that collateral performance in all asset classes of the Australian structured finance market is likely to remain stable over the next 12-18 months.

    "Seasoning for older deals and over-enhancement - relative to Moody's-calculated Aaa numbers - for newer transactions will help support ratings stability. Specifically, we are referring to conforming and non-conforming RMBS, ABS and CMBS," says Rich .......

    News Round-up 15 February 2011

  • CFO steps down on Wells notice

    CoreLogic cfo Anthony Piszel has resigned from his duties following the receipt of a Wells notice from the US SEC for disclosure matters during his tenure as cfo with Freddie Mac. He will continue to serve in a non-executive capacity until 1 June 2011 to assist in a smooth transition of his responsibilities.

    Piszel, who joined CoreLogic from Freddie Mac in .......

    Job Swaps 14 February 2011

  • Trade receivables platform prepped

    BayernLB has launched a new securitisation programme, through which its Mittelstand and corporate clients can finance their receivables portfolios. The minimum volume for a transaction on the platform, dubbed Corelux, is €25m.

    The firm says that demand for such financing solutions is particularly high among retail and industrial companies, as well as leasing companies. "For these firms, having liquidity available .......

    News Round-up 14 February 2011

  • Pair departs auction platform

    SecondMarket has seen a couple of high-profile departures this week. Head of the structured products group, Elton Wells, and CDO market specialist Sal Cincinelli have both left the firm. Wells is said to be considering his options, while Cincinelli is leaving the industry altogether.

    .......

    Job Swaps 11 February 2011

  • Market awaits second op risk hit

    Moody's expects to publish its operational risk guidelines for global structured finance transactions by the end of February. The agency says the new guidelines could affect the senior ratings of up to 200 transactions worldwide, including approximately 80 RMBS, 30 ABS and 20 CMBS in Europe, as well as 47 student loan ABS in the US.

    "The performance of a .......

    News Round-up 10 February 2011

  • Rating removal rule proposed

    The US SEC has voted unanimously to propose amendments that would remove credit ratings as one of the conditions for companies seeking to use short-form registration when registering securities for public sale.

    Section 939A of the Dodd-Frank Act requires federal agencies to review how existing regulations rely on credit ratings and remove such references from their rules as appropriate. This .......

    News Round-up 10 February 2011

  • Global ABS head appointed

    RBS has promoted Scott Eichel to global head of securitised products and US credit within its global banking and markets division. He will continue to report globally to Peter Nielsen, the bank's global head of markets, and regionally to Michael Lyublinsky, co-head of global banking and markets division in the Americas, and global co-head of fixed income, commodities and currencies.

    Job Swaps 10 February 2011

  • Business development svp named

    Jeremy Harrison has been appointed svp and senior business development officer in Bank of America business capital (BABC). Based in London, he will report to Joseph Powers, BABC business development manager for EMEA.

    With over 20 years of marketing and credit experience, Harrison was most recently manager of US-based asset-based lending operations at Lloyds Banking Group. Prior to that, he worked .......

    Job Swaps 10 February 2011
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