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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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The National Credit Union Administration said it has completed its sale of legacy collateral it took on during the crash and isn’t planning anymore future sales, dashing banks’ hopes that there might be another $15 billion of legacy securitizations waiting on the administration’s balance sheet.
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Northern Rock’s newly rebooted securitization program is not expected to be affected by the planned reprivatization of the government-owned bank, according to London-based market professionals.
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CQS, a London-based credit hedge fund, says it will close its CQS ABS Fund to new investors once its assets under management reached $2 billion.
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Paragon Mortgage will issue a new securitization of U.K. buy-to-let residential mortgages during the third quarter, likely sized at around £200 million ($322 million), John Harvey, head of structured finance, confirmed to TS.
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Credit Suisse is aiming for the next batch of National Credit Union Administration’s re-securitized legacy bonds, looking to compete with Barclays Capital for the rights to structure and market the $15 billion portfolio, according to an official close to the issue.
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J.G. Wentworth, the Radnor, Pa.-based specialty finance company, has completed a $265 million securitization of payment rights under structured settlement and fixed-annuity purchase contracts.
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WestLB has named Matthias Renner, its current head of securitization, to replace Volker Bruehl as head of corporate finance at the German bank.
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Spelling out the positive benefits for end-users is the most effective way for the securitization industry to get its message across to European lawmakers and regulators, Vicky Ford, member of the European parliament and a Conservative party spokeswoman on economic and monetary affairs, said in her keynote address to the Global ABS conference this morning.
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Concerns are being raised over small, for profit and state-based student loan servicers’ ability to maintain the U.S. Federal Family Education Loan Program guarantee on their originated loans as servicing standards decline, according to a New York-based consumer ABS investor at a major insurance firm.