Securitization - Article Archive

  • Ocwen downgrade spurs need for better servicers

    Moody’s Investors Service downgraded Ocwen Loan Servicing's subprime and special servicer quality (SQ) assessments last Thursday. The move puts more pressure on banks to choose the right buyer when they offload loan servicing rights. At the same time, concerns persist over the capacity of fast-growing non-bank servicing firms and how that growth could weigh on the performance of mortgage collateral.

    • 29 Aug 2014
  • Lending Club IPO revives peer-to-peer securitization debate

    Lending Club announced a $500m initial public offering on Wednesday, sparking renewed speculation over how the company’s peer-to-peer lending assets could be acquired by banks and securitized.

    • 28 Aug 2014
  • CLO issuance continues apace as risk retention nears

    New CLOs continued to hit the US market this week even as issuance of other securitized products slumbered — and that will only continue next week after Labor Day, as regulators turn their attention to risk retention rules after passing Reg AB II on Wednesday.

    • 28 Aug 2014
  • Autos could go private to avoid enhanced disclosure

    After the SEC approved loan-level disclosure rules for public transactions, auto lenders may be pushed towards issuing their ABS deals in the private market, said analysts this week. The shift could come even as the sector comes under increased regulatory scrutiny.

    • 28 Aug 2014
  • Bankers brace for ABS buying as BlackRock joins ECB team

    The European Central Bank took a big step closer to launching outright European securitization purchases this week as it hired BlackRock to help design the long-awaited plan. But ABS bankers are warning it will take time for a depleted investor pool to grow sufficiently to support president Mario Draghi’s ultimate goal of delivering more funding to the continent’s smaller companies.

    • 28 Aug 2014
  • UK mortgages down but lenders preparing RMBS

    Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.

    • 28 Aug 2014
  • CBA heads for size increase as RMBS orders top A$3bn

    Commonwealth Bank of Australia may print more than the A$1bn original size indicated for its Medallion Trust Series 2014-2 RMBS transaction after having the deal covered three times over by Thursday morning in London. The price guidance is 10p inside the level of the bank’s last deal, as RMBS funding continues to cheapen for Australian banks.

    • 28 Aug 2014
  • FCA says just 1.2% of RBS mortgage advice sound

    The Financial Conduct Authority fined Royal Bank of Scotland just under £15m this week for “serious failings” in its advised mortgage sales business, saying that only two of the 164 sales reviewed were considered to meet the regulator’s standard.

    • 28 Aug 2014
  • Revved up auto ABS to welcome new Merc

    Mercedes-Benz Bank has mandated for its first euro denominated auto ABS transaction of the year, with securitization bankers expecting the issuer’s scarcity value relative to other German credits to help drive it towards the tight end of the market. The deal is expected to precede a flurry of European auto ABS in the coming days.

    • 28 Aug 2014
  • Moves In Brief, August 28, 2014

    Senior levfin banker joins Credit Suisse — DB promotes banker to Chile chief — One in, one out at CIFC board — Covenant covets analyst

    • 28 Aug 2014
  • Mercedes-Benz brings scarcity value to revved up auto mart

    Mercedes-Benz Bank has mandated banks for its first euro denominated auto ABS transaction of the year, with securitization bankers expecting the issuer’s scarcity value relative to other German credits to help drive it towards the tight end of the market. The deal is expected to lead precede a raft of European auto ABS to be announced in the coming days.

    • 28 Aug 2014
  • StormHarbour confident of success whatever the weather

    So often boutiques provides shelter for senior bankers during the downturn, only to see them lured back when bulge bracket firms resume their expansion in an upward cycle. Can StormHarbour prove the exception and keep its key staff onboard? David Rothnie investigates.

    • 28 Aug 2014
  • SME lending down despite mortgage-free FLS

    The UK government’s Funding for Lending (FLS) scheme has turned in another set of disappointing net lending figures for small and medium sized enterprises in the second quarter of this year, Bank of England figures showed on Thursday. That is despite Q2 being the first full quarter since the central bank revamped the scheme to discount mortgage lending in a bid to focus more heavily on businesses.

    • 28 Aug 2014
  • California Republic preps third prime auto deal of year

    California Republic Bank announced plans to tap the US ABS market for the third time this year, with a $275m issue backed by prime auto receivables. The deal comes amid growing regulatory scrutiny of the auto lending sector, focused primarily on subprime.

    • 27 Aug 2014
  • Public deals could go private to escape Reg AB II rules

    Issuers of securitized debt could be encouraged to sell their deals as private placements rather than public transactions, in order to avoid onerous collateral disclosure and execution rules approved by the US Securities and Exchange Commission on Wednesday.

    • 27 Aug 2014
  • Up-and-coming CLO shop adds analyst

    A new North Carolina-based CLO manager is continuing to build up its small team, adding another analyst with the eventual aim of run high-diversity portfolios.

    • 27 Aug 2014
  • Trio of countries drags down European consumer ABS ratios

    Deteriorating performance of Italian transactions was the main reason for a recent jump in delinquency rates on consumer loan asset-backed securities in Europe, a Moody’s report revealed on Wednesday. France and Spain are also contributing to the worsening figures.

    • 27 Aug 2014
  • CBA heads for increase as MBS orders top A$2.5bn

    Commonwealth Bank of Australia may print more than the A$1bn original size indicated for its Medallion Trust Series 2014-2 RMBS transaction after having the deal covered more than twice over by Wednesday morning London time.

    • 27 Aug 2014
  • FCA says 1.2% of RBS mortgage advice was sound

    The Financial Conduct Authority has fined Royal Bank of Scotland just under £15m for “serious failings” in its advised mortgage sales business, saying that only 2 of the 164 sales reviewed were considered to meet the regulator’s standard.

    • 27 Aug 2014
  • Ally retains two classes of non-prime auto ABS

    Ally Financial priced its $750m non-prime auto ABS on Tuesday afternoon, with all tranches oversubscribed save two subordinated classes, which were retained.

    • 26 Aug 2014
  • Venture debt backed ABS face Moody’s downgrades

    Asset backed securities issued by firms that lend to venture capital backed tech start-ups could be downgraded by up to two notches if Moody’s changes its ratings approach to include its default correlation framework.

    • 26 Aug 2014
  • One in, one out at CIFC board

    CIFC Asset Management, one of the most active CLO managers in the US, has appointed a former Ares Management senior partner to its board of directors. Another CIFC board member has resigned.

    • 26 Aug 2014
  • UK mortgages down as lenders eye RMBS

    Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.

    • 26 Aug 2014
  • CBA to set latest benchmark for Aussie RMBS

    Commonwealth Bank of Australia has mandated banks for its second Medallion Trust RMBS of the year, setting price guidance for the senior notes 10bp inside the corresponding level achieved on its first deal in February, as RMBS funding continues to cheapen for Australian banks.

    • 26 Aug 2014
  • Ally set to follow AmeriCredit with wider pricing

    Guidance on Ally Financial’s latest non-prime auto loan securitization is up to 25bp wider than where its last deal from the same shelf priced. The deal comes after AmeriCredit paid up last week for its latest subprime auto ABS, amid increased regulatory scrutiny of the auto lending sector.

    • 25 Aug 2014
  • Risk retention on horizon after Reg AB II vote

    The Securities and Exchange Commission is holding a meeting this Wednesday to vote on amendements to Regulation AB II, which could force issuers of securitized debt to disclose more loan-level data about the collateral backing their deals. Once done with Reg AB II, regulators are likely to turn their attention to risk retention rules.

    • 25 Aug 2014
  • Deutsche and Monroe break ground with 50% originator CLO

    Deutsche Bank and middle-market lender Monroe Capital have priced one of the first US collateralised loan obligations to use a 50% originator structure in order to comply with European risk retention rules, enabling a large European institutional investor to buy a big chunk of the senior tranche.

    • 22 Aug 2014
  • Well covered AYR Issuer another victory for struggling CMBS product

    Avenue Capital’s AYR Issuer student housing CMBS priced on Thursday was another sign that there is enough appetite for the product to make it viable for a wide range of assets. But bankers are frustrated with the lack of translation from rumour into fact in the European public market.

    • 22 Aug 2014
  • UK wage stagnation threatens RMBS performance

    Mark Carney, the Bank of England's governor, and his fellow Monetary Policy Committee members are not the only ones who should be worried about meagre wage growth in the UK, according to Standard & Poor’s, which has warned stagnant wages could translate into poorer RMBS performance in the next few quarters.

    • 22 Aug 2014
  • Impact of leveraged lending guidance on CLOs uncertain

    New leveraged lending guidelines issued by US regulators could change the make-up and risks of CLO portfolios, as non-traditional lenders move into the market to make up for lower lending volumes from more highly regulated banks, according to Moody's.

    • 21 Aug 2014
  • Chinese RMBS needs more investors after ‘milestone’

    Moody’s has called the first Chinese RMBS since the financial crisis, printed by Postal Savings Bank of China last month, a milestone for the market but warned that disclosure levels must be maintained to draw the breadth of investor base necessary to make transactions economic for originators.

    • 21 Aug 2014
  • Pipeline builds as wider euro CLOs pull in buyers

    CLO investors told GlobalCapital this week that a recent widening in European CLOs has represented a buying opportunity, as they expect spreads to track inwards again once the next clutch of euro-denominated deals emerge into the primary market.

    • 21 Aug 2014
  • CMBS reawakened as BAML sells Coeur Défense debt

    European CMBS supply rose unexpectedly this week as Bank of America Merrill Lynch privately placed €410m of securities backed by debt used by Lone Star to purchase the Coeur Défense office complex in Paris. Elsewhere, Avenue Capital quickly executed its £107.3m AYR Issuer student housing CMBS.

    • 21 Aug 2014
  • Big September for Europe ABS as VW hits UK

    Volkswagen Financial Services is set to print just its second UK auto ABS transaction in September, and European ABS bankers predict the deal could have plenty of competing supply next month as issuers try to take advantage of a build-up of cash on investors’ balance sheets.

    • 21 Aug 2014
  • Wider euro CLO paper attracting more buyers as pipeline builds

    CLO investors told GlobalCapital this week that a recent widening in European CLOs has represented a buying opportunity, as they expect spreads to track inwards again once the next clutch of euro denominated deals emerge into the primary market.

    • 21 Aug 2014
  • Big September coming for European ABS as VW heads for UK

    Volkswagen Financial Services is set to print just its second UK auto ABS transaction in September, and European ABS bankers are predicting the deal could have plenty of competing supply next month as issuers try to take advantage of a build-up of cash on investors’ balance sheets.

    • 21 Aug 2014
  • GMAC’s crisis-era Dutch RMBS hit by downgrades

    Fitch has downgraded a number of RMBS tranches from GMAC RFC Nederland’s E-MAC NL series originated in the run up to the financial crisis, saying the pipeline of potential defaults mean losses are set to accelerate further.

    • 21 Aug 2014
  • AmeriCredit gets away but timing questioned

    GM Financial’s subprime auto lending unit, AmeriCredit, managed to price its $1bn AMCAR 2014-3 securitization inside guidance on Wednesday. But observers continued to question the wisdom of bringing the deal in the middle of the summer amid a wave of negative sentiment around the sector.

    • 20 Aug 2014
  • Correction time for subprime autos as AmeriCredit squeezes through

    US auto lender AmeriCredit paid up for its latest subprime loan securitization this week, after a period of widening in the sector sparked by increased regulatory scrutiny. While the deal did get away successfully, market participants were left wondering why it was brought to market in such poor conditions.

    • 20 Aug 2014
  • Counterparty’s over as Delta Lloyd leads way out of swap trap

    Delta Lloyd offered plenty of encouragement to fellow RMBS issuers fed up with the uncertainty and costs associated with interest rate swap agreements this week, introducing an innovative interest rate cap to its privately placed Arena 2014-1 transaction and paying only a small premium to investors.

    • 20 Aug 2014
  • Investors charge small premium for Delta Lloyd’s swap cost escape

    Delta Lloyd paid a small premium to investors for the lack of a standard interest rate swap in its latest RMBS transaction, according to arranger ABN Amro, which has been fielding calls from a number of issuers keen to explore swap alternatives with costs becoming an increasing irritation for RMBS issuers.

    • 20 Aug 2014
  • BOQ to visit Europe for next REDS ABS

    Bank of Queensland has broken a recent silence in Australian ABS by mandating banks for its first REDS EHP programme transaction of the year, and will be visiting European investors just as supply in the region is expected to ramp up.

    • 20 Aug 2014
  • GM Financial subprime deal ‘struggling’ amid market malaise

    A new $1bn subprime auto ABS from GM Financial’s AmeriCredit unit was said to be struggling on Tuesday afternoon, with market participants saying it was strange to see the deal hit the market barely a week after GM Financial revealed it had been subpoenaed by the US Justice Department.

    • 19 Aug 2014
  • Delta Lloyd goes swapless for return to Dutch RMBS

    ABS bankers confessed themselves disappointed on Tuesday when they learned Delta Lloyd would not be publicly syndicating its first RMBS since 2012, but they perked up when they saw the Dutch insurer had decided to forego an interest rate swap and instead introduce an innovative cap.

    • 19 Aug 2014
  • AmeriCredit brings new subprime deal after secondary wobble

    GM Financial’s subprime auto lending unit, AmeriCredit, is in the market with a new subprime auto loan securitization, just a week after its legacy paper traded at a discount following the Justice Department’s increasing focus on the sector.

    • 18 Aug 2014
  • Moelis-backed CLO manager hires analyst from CIFC

    A CLO manager set up earlier this year by Moelis Asset Management has hired a fund analyst from CIFC Asset Management to join its growing team.

    • 18 Aug 2014
  • BMW drops return to South African auto ABS

    BMW Finance has abandoned its return to the South African auto loan securitization shelf it set up with Standard Bank in 2011, blaming volatility in the wake of the rescue of African Bank earlier this month.

    • 18 Aug 2014
  • CMBS to fund UK students again in Avenue Capital deal

    CMBS investors are about to encounter the problem experienced by parents across the UK every August, as they are asked to participate in Avenue Capital’s £107.3m ‘AYR Issuer’ transaction to help keep a roof over thousands of UK students’ heads.

    • 18 Aug 2014
  • Fisher & Paykel prices first antipodean cards ABS

    Fisher & Paykel Finance, the New Zealand consumer lender that is owned by Chinese white goods maker Haier, this week priced NZ$283.25m (€180m) of credit card ABS, the first time credit card receivables have been used as collateral for a transaction in either New Zealand or Australia.

    • 14 Aug 2014
  • CLO deal flow piques interest of listed fund

    Fair Oaks Income Fund, the first CLO fund to float on the London Stock Exchange since the financial crisis, has said developments in the European market have opened the door to it becoming an originator.

    • 14 Aug 2014
  • ECB influence revealed as Solvency II tweaks mean concessions for ABS

    ABS experts have suggested to GlobalCapital that new revisions to ABS capital charges for insurers are a welcome demonstration of European Central Bank influence over regulators. But they insisted the changes will have little impact on the market because they focus on lower-rated assets in a market dominated by triple-A paper.

    • 14 Aug 2014
  • Crédit Agricole sets up for European structured ABCP

    Crédit Agricole has adapted the documentation of its European asset backed commercial paper (ABCP) programme to enable it to issue floating rate structured notes, in what Moody’s said is the first such move by a bank sponsored conduit outside the US.

    • 14 Aug 2014
  • Alcentra warned by shrunken Toro in CLOs

    Alcentra may be next to tackle the primary European CLO market after releasing the structure of its third euro deal of the year this week, but the manager may be faced with the same wider junior tranche spreads that hit Chenavari’s Toro transaction a week ago.

    • 14 Aug 2014
  • Macquarie preps tech equipment ABS

    Macquarie Group’s US equipment finance unit is preparing to sell a $285m mid-ticket asset-backed security backed by commercial leases on various information technology, business-use and medical equipment.

    • 14 Aug 2014
  • Fitch seeks RPL ratings input

    Fitch Ratings is responding to investor demand for higher yielding, reperforming residential mortgage loan securitizations, which have not previously carried credit ratings, and is looking for ways to rate potential collateral pools.

    • 14 Aug 2014
  • Another CLO expert leaves RBS

    A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.

    • 14 Aug 2014
  • ECB influence revealed with Solvency II concessions for ABS

    ABS experts have suggested to GlobalCapital that the latest revisions to ABS capital charges for insurers are a welcome demonstration of European Central Bank influence over regulators. But they insisted the changes will have little impact on the market because they focus on lower-rated assets in a market dominated by triple-A paper.

    • 14 Aug 2014
  • Fitch to cap 'new and untested' Chinese autos at AA

    Fitch has said it will cap the international rating of Chinese auto ABS transactions at AA because of the market’s immaturity, but it is expecting a rapid expansion in the next few years as financing products penetrate further into the world’s biggest car market.

    • 14 Aug 2014
  • Echoes of pre-crisis ratings battles as S&P tweak offers CLO hope

    Standard & Poor’s may have handed bank investors — at loggerheads with CLO equity holders over implementation of the Volcker rule — a powerful advantage after the rating agency tweaked its corporate recovery rating process. But some see it as a thinly veiled attempt to regain market share from Moody’s, writes Will Caiger-Smith.

    • 13 Aug 2014
  • Lloyds goes for securitization growth as RBS’s structured exodus accelerates

    Lloyds Banking Group is continuing its push into the US credit and asset-backed securities markets but is taking a very different approach to that of Royal Bank of Scotland, whose Connecticut office had several more structured credit departures this week amid its retrenchment in the country.

    • 13 Aug 2014
  • Investors vote with feet in response to subprime auto probe

    Subprime auto investors are responding to US federal inquiries into origination and securitization standards by becoming increasingly choosy about the notes they hold. Asset-backed paper from GM Financial's subprime auto unit AmeriCredit traded at a discount on Monday in response to the Justice Department's focus on the sector.

    • 13 Aug 2014
  • FHFA requests comment on single security

    The Federal Housing Finance Agency on Tuesday released a request for public comment about a single security type to be issued by government sponsored enterprises Fannie Mae and Freddie Mac.

    • 13 Aug 2014
  • The market is the loser in the rating agency war

    Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after preferring Moody’s. What a coincidence.

    • 13 Aug 2014
  • RBS continues cuts into US mortgage team

    At least two more mortgage experts have left Royal Bank of Scotland in Connecticut as the bank shrinks its US footprint across multiple businesses.

    • 13 Aug 2014
  • South Carolina sells student loan ABS

    South Carolina Student Loan Corporation has sold a $501m student loan asset-backed security, according to rating agencies.

    • 13 Aug 2014
  • CLO experts leave RBS for CIFC

    CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.

    • 13 Aug 2014
  • Alcentra presses on through CLO junior pressure

    Alcentra may be next to tackle the primary European CLO market after releasing the structure of its third euro denominated deal of the year, but the manager will be facing tougher conditions than it did for its two previous efforts following a material and sustained widening in issuance spreads on junior tranches.

    • 13 Aug 2014
  • Italian recession hits pharma ABS

    Italy’s moribund economy, which officially slipped back into recession this week, is taking a heavy toll on the country’s pharmacists with 25 of the 146 borrowers in the Pharma Finance 3 SME ABS having now defaulted.

    • 13 Aug 2014
  • Fitch caps 'untested' Chinese autos at AA

    Fitch has said it will cap the international rating of Chinese auto ABS transactions at AA because of the market’s immaturity, but it is expecting a rapid expansion in the next few years as financing products penetrate further into the world’s biggest car market.

    • 12 Aug 2014
  • Guidance ranges set for Honda and VW

    Syndicates have issued price guidance on new deals this week for Honda Motor Company and Volkswagen Financial Services as the August pipeline continues to slowly churn out deals.

    • 12 Aug 2014
  • The market is the loser in the ratings agency war

    Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence…

    • 12 Aug 2014
  • Bayview preps latest NPL RMBS

    Bayview Financial and Bank of America Merrill Lynch are planning a new $93.5m non-performing loan securitization, which could be priced this week.

    • 12 Aug 2014
  • Shrunken Toro CLO highlights investor risk fears

    Chenavari Investment Managers’ downsized European CLO 2.0 debut was the latest in a clutch of ABS transactions that have had a hard time placing riskier paper in recent weeks, as a broad sell-off across markets has hit the primary market for securitizations in Europe.

    • 12 Aug 2014
  • Crédit Agricole targets structured ABCP from Europe shelf

    Crédit Agricole has adapted the documentation of its European asset backed commercial paper (ABCP) programme to enable it to issue floating rate structured notes, in what Moody’s said is the first such move by a bank sponsored conduit outside the US.

    • 12 Aug 2014
  • AmeriCredit trades at a discount following Justice subpoena

    Asset-backed paper from GM Financial’s subprime auto unit AmeriCredit traded at a discount on Monday in response to the Justice Department's focus on the sector.

    • 11 Aug 2014
  • Subprime start-ups at risk if auto investigation widens

    Smaller subprime auto lenders in the US could face increased credit tiering in the asset backed securities market if investigations into GM Financial and Santander Consumer USA’s lending standards continue to disquiet investors, said analysts on Monday.

    • 11 Aug 2014
  • Ignis veteran leaves for TwentyFour AM

    Ignis Asset Management’s former head of credit is leaving the firm to join Twenty Four Asset Management, following Ignis’s takeover by Standard Life last month.

    • 11 Aug 2014
  • Billion dollar deals pick up with Honda, VW

    Honda Motor Company and Volkswagen Financial Services are preparing to sell auto securitizations this week of over $1bn, following a brief slowdown in benchmark-sized transactions.

    • 11 Aug 2014
  • Pub restructuring hits latest hiccup

    The launch of a crucial restructuring of Punch Taverns securitizations was delayed again on Monday after the pub group’s management said it needed more time to work with certain stakeholders.

    • 11 Aug 2014
  • Moody’s supports CFF’s MBS transfer

    Moody’s has backed a transfer of relatively risky assets from Crédit Foncier de France (CFF) to its parent BPCE as credit positive.

    • 11 Aug 2014
  • F&P prices rare NZ card securitization

    Fisher & Paykel Finance has priced NZ$283.25m of credit card ABS, the first time credit card receivables have been used as collateral for a transaction in Australia or New Zealand for a number of years.

    • 11 Aug 2014
  • CLO fund eyes role as euro originator as deal flow improves

    Fair Oaks Income Fund, the first CLO fund to float on the London Stock Exchange since the financial crisis, has said developments in the European market have opened the door to it becoming an originator.

    • 11 Aug 2014
  • Credit Suisse veteran to lead new hires at Element

    Element Financial Corporation has added six US structured products experts to its transportation finance team in Connecticut, including a managing director from Credit Suisse.

    • 08 Aug 2014
  • Och-Ziff helps propel CLOs towards $70bn mark

    Hedge fund giant Och-Ziff Capital Management Group priced the eighth CLO off its Och-Ziff Loan Management platform on Thursday, helping push new US CLO issuance this year to date to around $67.5bn, according to GlobalCapital data.

    • 08 Aug 2014
  • F&P preps first antipodean credit card securitization

    Fisher & Paykel Finance has been preparing a NZ$283.25m credit card ABS which arranger Westpac New Zealand says is the first term securitization of credit card receivables in either New Zealand or Australia.

    • 07 Aug 2014
  • Chenavari to price debut as CLO juniors weaken

    Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.

    • 07 Aug 2014
  • BMW revisits SA autos

    BMW Finance is set to return to the South African auto loan securitization shelf it set up with Standard Bank in 2011 after having a dual tranche transaction rated by Moody’s.

    • 07 Aug 2014
  • Peers slam “aggressive” Westfield CMBS as leads blame investor regs fear

    Crédit Agricole and Deutsche Bank postponed Westfield's £750m CMBS this week, claiming some investors were concerned with a lack of risk retention in the deal’s structure. But market participants scoffed at the suggestion and said the pricing was aggressive and the timing poor, suggesting the leads were simply scared of not getting the deal away.

    • 07 Aug 2014
  • Hot air fear intensifies as ECB seeks ABS consultant

    More market participants are starting to question the European Central Bank’s ability to successfully revive the European asset-backed securities market after another Mario Draghi press conference went by without further detail on Thursday, except for the president saying a consultant would be hired to advise on its promised ABS purchase programme.

    • 07 Aug 2014
  • RPM targets securitization with new non-QM line

    US lender RPM Mortgage has launched a new range of loans catering to prime borrowers who fall outside new Qualified Mortgage guidelines, with plans to eventually securitize the resulting collateral. The move comes as mortgage lenders increasingly look to the non-QM demographic, and follows a new industry initiative to revive the moribund private-label RMBS market.

    • 07 Aug 2014
  • Credit unions seek same ABS benefits as bank brethren

    Fast-growing US federal credit unions are quietly updating rules that have prevented them from securitizing loan originations in the same way larger bank competitors have for years.

    • 07 Aug 2014
  • Private buyers miss out on more SME ABS as EIB stake helps Bari issue €220m deal

    Banca Popolare di Bari has kept more SME ABS out of the hands of private investors after selling the majority of a securitization of loans to Italian small and medium-sized companies to the European Investment Bank and retaining the rest.

    • 07 Aug 2014
  • BBVA RMBS hit by downgrades on poor loans

    Spain’s BBVA has suffered a raft of downgrades to three RMBS transactions it originated in 2007, after Fitch Ratings found the volume of distressed loans in the portfolios was understated in the transaction’s regular reporting.

    • 07 Aug 2014
  • S&P methodology change could increase CLO leverage

    Recent tweaks to Standard & Poor’s loan recovery rating methodology could give CLO managers an incentive to choose the ratings agency over market leader Moody’s, which seized market share after a backlash last year over S&P’s treatment of covenant-lite collateral, say market participants.

    • 07 Aug 2014
  • American Residential announces debut rental deal

    American Residential Properties Inc (ARPI) has finally obtained ratings for a debut single family rental securitization and has plans to sell a $342m deal backed by 2,880 properties.

    • 07 Aug 2014
  • ‘Lord Of The Rings’ ABS hits screens this week

    Bob and Harvey Weinstein’s Miramax Films, the distribution company with film rights to over 700 titles including Lord of the Rings, Pulp Fiction and Chicago, is teaming up with Barclays to sell a new securitization tied to royalties. The deal would be the first release of its kind since 2011.

    • 07 Aug 2014
  • Chenavari to price debut CLO 2.0 as juniors weaken

    Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.

    • 07 Aug 2014
  • Share transfer ends restructuring in Talisman 6 CMBS

    Hatfield Philips has completed a restructuring of the €225m Apple Whole Loan in the Talisman 6 Finance PLC CMBS, after the parent companies of the loan’s recipient companies agreed to have their shareholdings transferred to two holding companies.

    • 07 Aug 2014
  • FGB adds two to structured finance team

    First Gulf Bank has added two people to its structured finance team. Anand Bangur and Mehdi Raza have joined the group’s debt markets and syndications team under former Standard Chartered banker Steve Perry, who was hired by FGB in September 2013.

    • 07 Aug 2014
  • Applebee’s, IHOP prepare latest restaurant ABS

    Applebee’s bar and grill and its pancake griddle partner IHOP plan to sell a whole business securitization that would be at least four times larger than the asset-backed deal that Hooters sold last month.

    • 06 Aug 2014