ABS

  • Untapped markets

    French NPLs gaining attention

    Southern European jurisdictions continue to witness strong activity in the non-performing loan space, especially in Greece and Cyprus. At the same time, investor interest in French NPLs is on the rise.

    “Investors are looking further afield for opportunities in such markets where others aren’t necessarily looking. They are exploring opportunities everywhere that they can,” observes Amo Chahal, md .......

    News 6 October 2021

  • Libor warnings

    Senior Fed governor spells things out for the SFA

    Federal Reserve vice chair of supervision Randal Quarles fired a shot across the bows – very close to the bows – of the structured finance market this morning (October 5th) when he addressed the SFA conference in Las Vegas on the topic of Libor transition.

    “The year of magical thinking is over,” he said, quoting the title of Joan Didion’s book on .......

    News 5 October 2021

  • CRT crush

    Mayer Brown working with 'many' imminent issuers

    Mayer Brown is currently working on “many” US private label capital relief trades which will “come to fruition” in the near future, according to partner Carol Hitselberger. She was speaking yesterday (4 October) at the Structured Finance Association (SFA) annual conference in Las Vegas.

    Two US regionals – Texas Capital Bank and Western Alliance Bancorporation – have issued .......

    News Analysis 5 October 2021

  • CIFC, TRS launch leveraged loan partnership

    Sector developments and company hires

    CIFC, TRS launch leveraged loan partnership
    Teacher Retirement System of Texas (TRS) and CIFC Asset Management have established a new leveraged loan investment fund platform known as Texas Debt Capital (TDC). A CIFC affiliate is the general partner and investment manager of TDC, while TRS is the anchor investor limited partner and has committed significant equity to the fund. The .......

    Market Moves 4 October 2021

  • Capitalising Mobility-as-a-Service

    SDG Investments partner Stefan Bund and senior structurer To...

    The trade-off between urbanisation, individualisation and sustainability has led to the emergence of new business models around individual and micro-mobility. New mobility providers enter the market and shape the urban landscape with their cars, mopeds, bicycles and scooters.

    To cover the associated capital requirements, they need financing solutions that are as sustainable as the business models themselves. This offers the .......

    Talking Point 4 October 2021

  • Libor risks

    Securitized products with swaps at most risk when Libor dies

    While the potential damage to US securitized markets inflicted by the abolition of Libor appears less than seemed likely only a few months ago, pockets of concern remain, say credit analysts.

    Deals which include swaps, particularly cross currency swaps, are most vulnerable. Any interest rate swap incorporates a floating rate leg indexed against Libor, while a dollar versus yen cross currency swap, .......

    News Analysis 1 October 2021

  • Lack of clarity

    Positive signs for Indian ABS, but challenges remain

    The Indian ABS market has demonstrated resilience during the Covid-19 pandemic. However, going forward, the lack of a central data depository and secondary market poses challenges to the growth of securitisation in this jurisdiction.

    “The Indian securitisation market has crossed 30 years of existence – since then we have come a long way. The Indian market has grown .......

    News 1 October 2021

  • Synthetic Libor settings confirmed

    Sector developments and company hires

    Synthetic Libor settings confirmed
    The UK FCA has confirmed that to avoid disruption to legacy contracts that reference the one-, three- and six-month sterling and Japanese yen Libor settings, it will require ICE Benchmark Administration to publish these settings under a 'synthetic' methodology, based on term risk-free rates, for the duration of 2022. However, these six Libor settings will be .......

    Market Moves 29 September 2021

  • Mobilising capital

    Call for risk transfer adoption in development finance

    Aid agencies, development finance institutions (DFIs) and multilateral development banks (MDBs) must make development finance work harder to achieve impact, according to a new OECD policy briefing. Entitled ‘Making blended finance work for sustainable development: the role of risk transfer mechanisms’, the report calls for the adoption of portfolio approaches that connect large-scale commercial finance supply with small-scale borrower .......

    News 28 September 2021

  • Fraud charges for Honor Finance pair

    Sector developments and company hires

    Fraud charges for Honor Finance pair
    The US SEC has announced fraud charges against James Collins and Robert DiMeo, the former principals of Honor Finance, for misleading investors about the subprime automobile loans that backed its US$100m offering. The SEC's complaint, filed in US District Court for the Northern District of Illinois, alleges that the pair were responsible for false .......

    Market Moves 24 September 2021

  • Excellent shape

    European ABS/MBS market update

    September is living up to its reputation as a busy month for the European ABS/MBS primary market. Even though four deals are due to price today and tomorrow and three printed yesterday spreads remain tight and demand is still strong.

    “It’s pleasing to see that the primary ABS market is in excellent shape,” notes one trader. “Although there is an .......

    News 23 September 2021

  • Risk transfer round-up - 23 September

    CRT sector developments and deal news

    News 23 September 2021

  • New frontiers?

    Prospects for further NPL ABS guarantee schemes weighed

    Given the success of both GACS and HAPS in facilitating the development of a market for non-performing loans, and consequently bank deleveraging, could similar government-backed measures emerge in other European jurisdictions? This Premium Content article examines the prospects for the introduction of further national guarantee schemes.

    Italy and Greece appear to have embraced the most efficient model for de-risking ......

    News Analysis 23 September 2021

    Premium Content

  • US CLOs, Trups CDOs under observation

    Sector developments and company hires

    US CLOs, Trups CDOs under observation
    Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by seven Trups CDOs under criteria observation (UCO), following the publication of its CLO and corporate CDO rating criteria last week (SCI 17 September). The agency intends to resolve the UCO status by applying the updated criteria to each .......

    Market Moves 22 September 2021

  • Pandemic 'feedback loop' highlighted

    Sector developments and company hires

    Pandemic ‘feedback loop’ highlighted
    Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors, Fitch suggests. The city is the largest US office market and the rating agency says it provides a good case study of the potential feedback loop of .......

    Market Moves 21 September 2021

  • Pagaya goes public via SPAC

    Sector developments and company hires

    Pagaya goes public via SPAC
    Fintech securitisation issuer Pagaya Technologies and EJF Acquisition Corp (EJFA), a publicly traded SPAC, have entered into a definitive business combination agreement. As a result of the transaction, which values the combined company at an estimated enterprise value of approximately US$8.5bn at closing, Pagaya will become a publicly listed entity.

    Founded in 2016 by .......

    Market Moves 20 September 2021

  • Downward pricing

    Deutsche Bank completes CRT

    News 20 September 2021

  • Securitisation execs promoted in PGIM reorg

    Sector developments and company hires

    Securitisation execs promoted in PGIM reorg
    PGIM Fixed Income has reorganised its senior management team, with the appointments effective from 1 January 2022. Under the reorganisation, md John Vibert has been promoted to the newly created role of president.

    Vibert joined PGIM Fixed Income in 2014 as the head of securitised products and serves in that role currently. Prior .......

    Market Moves 17 September 2021

  • Tight pricing

    Santander sets post-Covid record

    Santander has completed a €580.8m 14-year full-stack significant risk transfer transaction that references a portfolio of Spanish auto loans. Dubbed SC Spain Auto 2021, the transaction’s first loss tranche achieved the tightest print at that level for a full-stack SRT following the onset of the coronavirus crisis, as pre-pandemic dynamics return to the ABS market (SCI 15 September).

    News 17 September 2021

  • Traffic jam

    Bumper two days in auto ABS underlines strength of fundamentals

    No less than eight US auto loan-backed ABS deals have been priced in the last two days, making the last 48 hours the busiest two day period in the sector in recent memory as borrowing costs continue to be alluring and investor appetite vigorous.

    This follows $9.6bn of issuance in August, in the form of 12 prime, non-prime and leasing deals. In .......

    News Analysis 16 September 2021

  • NPR issued on GSE capital framework

    Sector developments and company hires

    NPR issued on GSE capital framework
    The FHFA is seeking comment on a notice of proposed rulemaking that would amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac. The proposed amendments would refine the prescribed leverage buffer amount (PLBA) and the capital treatment of credit risk transfers (CRT) to better reflect the risks inherent in the .......

    Market Moves 16 September 2021
×