Structured Bonds - All Articles

  • Lowest yield for RCI as ABS investors feel the squeeze

    Accustomed to years of triple-digit spreads, ABS investors now face a squeezed spread environment. Just how squeezed it has become was made clear this week by the latest auto ABS from RCI Banque, which priced a €700m deal at its tightest ever spread since the financial crisis — and its lowest ever all-in yield, writes Joe McDevitt.

    • 25 Oct 2012
  • Auto spreads steady after RCI Banque deal

    Spreads for outstanding French auto ABS were unaffected by RCI Banque’s deal this week as pricing largely met traders’ expectations (see cover story for details). Elsewhere, prime paper on this week’s bid lists was digested, although investor focus continues to shift towards higher yielding opportunities, particularly from Italy.

    • 25 Oct 2012
  • HSH creates SME Pfandbriefe collateral with KfW guarantee

    HSH Nordbank has taken the unusual step of using a synthetic securitisation that frees up no regulatory capital at all. Instead, the credit protection provided by KfW on a portfolio of SME loans means they can now be used as collateral in HSH’s public sector Pfandbriefe — the bank’s most important source of term funding.

    • 25 Oct 2012
  • Bonds Tables 1278

    • 25 Oct 2012
  • Fitch findings show European SF losses dwarfed by US

    European structured finance transactions rated by Fitch have incurred far fewer losses than their US counterparts, with only 0.1% of losses realised from $3.5tr of European deals, the rating agency said in research published this week. In contrast, US structured finance deals have realised losses of 2.4% from $5.49tr of issuance.

    • 25 Oct 2012
  • Banque PSA sells club deal as RCI Banque preps its own auto ABS

    Banque PSA has sold €450m of senior auto ABS bonds in a club deal, leaving other ABS investors to wait until next week to pick up French paper when RCI Banque is expected to come to market — although potentially at a much tighter spread.

    • 18 Oct 2012
  • Moody’s slams Standard & Poor’s top marks for Isobel

    Moody’s would not have granted a triple-A rating to RBS’s recent non-performing loan CMBS, Isobel Finance No 1.

    • 18 Oct 2012
  • Bonds Tables 1277

    • 18 Oct 2012
  • Khayat's empire grows at UniCredit

    Olivier Khayat, deputy head of corporate and investment banking at UniCredit, is adding the global transaction banking remit to his portfolio on an interim basis.

    • 15 Oct 2012
  • Chiswick Park poses CMBS prepay risk

    In a market littered with extensions and defaults, CMBS investors now have another risk to contend with — prepayment. The development comes after Blackstone was reported to be preparing to sell Chiswick Park, the property backing the first post-crisis CMBS. That makes it likely that noteholders will be prepaid ahead of the 2016 expected maturity.

    • 11 Oct 2012
  • Bonds Tables 1276

    • 11 Oct 2012
  • Paragon, RCI mandate deals as 2013 supply poised for steep drop

    UK buy-to-let mortgage provider Paragon and RCI Banque announced deals this week and are likely to benefit from voracious ABS investor demand — just as the first forecasts for 2013 have predicted a sharp drop-off in ABS supply.

    • 11 Oct 2012
  • RBS’s Isobel fuels CMBS comeback hope but wait goes on

    Royal Bank of Scotland’s Isobel Finance No1 CMBS, the second in the European market in as many weeks, has lifted hopes that an investor base for the asset class is cautiously returning. But murmurings of disquiet about inadequate loan disclosure in the offering circular also showed there is still a long way to go before borrowers fully win back investor trust and can begin regularly securitising commercial loans.

    • 04 Oct 2012
  • EC wants Solvency II securitisation rethink

    The European Commission is calling for a rethink of how much capital insurers must hold against securitisations under Solvency II, giving a glimmer of hope that the requirements that have dissuaded insurers from buying ABS may be relaxed.

    • 04 Oct 2012
  • Bonds Tables 1275

    • 04 Oct 2012
  • Quiet market challenges insurance bid for securitisation despite EC's call for Solvency II capital change

    ABS market participants have welcomed the European Commission’s call for a rethink of Solvency II capital charges, but worries remain that a lack of paper may make it difficult for large insurers to return to buying.

    • 04 Oct 2012
  • REC plans roadshow for short-dated loan

    Rural Electrification Corp (REC) is hitting the road in the middle of October to pitch a $150m loan that could be increased by another $100m, after drawing the initial amount from its bookrunners last month.

    • 03 Oct 2012