VW Preps 1st China Auto ABS Since Deiselgate
Volkswagen is turning to its Chinese assets for its first auto loan, asset backed securities deal of the year.
Economic news
Ford Turns to China Auto Loan For Next Securitization
The sponsor will securitize a RM3 billion ($469 million) portfolio of auto loans extended to borrowers in China.
BMW Goes Big in Next Chinese Auto Loan Securitization
BMW readied its third and biggest ever Chinese auto loan securitization.
Turkey Completes a Second Cat Bond for $100M
The Turkish Catastrophe Insurance Pool has completed a second catastrophe bond through a new shelf bond program dubbed Bosphorus Ltd.
A New Product for Chinese Stock Exchanges?
Moody’s explains why listing CLOs on Shanghai and Shenzhen’s bourses would help Chinese banks, while a deal between Ford and tech startup Getaround could mean a new twist on auto loans.
Argentina Still Holds Clues to Grexit Securitization Fallout
If you want to know what a Greek exit from the euro would do to the 16.64 billion ($18.54 billion) of bonds out there backed by Greek assets, start with Argentina.
For Grexit Securitization Fallout, Look to Argentina
If you want to know what a Greek exit from the euro would do to the 16.7 billion ($19 billion) of bonds out there backed by Greek assets, a good place to start is Argentina.
Bacchiocchi joins Clifford Chance
Clifford Chance has poached Gianluca Bacchiocchi from DLA Piper as a partner.
Cat Bond Investors Escape Hurricane Odile Unscathed
The storm, which made landfall near Cabo San Lucas in Mexico on Sept. 15, had threatened holders of $100 million of MultiCat Mexico Ltd. (Series 2012-1) Class C notes with a 50% loss of their principal.
Russian RMBS: Safe, For Now
In this week’s webcast: cat bonds hit record year and Russian mortgage backeds likely to face down trouble in both the ruble & rates.
China’s Securitization to Expand Beyond Autos: Moody’s
Moodys Investors Service expects a more diversified, larger Chinese securitization market in 2015, the rating agency said in a report today.
ASR Update
In this week’s newscast: auto loan securitization gears up in China and Rhode Island attemps to refinance its tobacco bonds.
BMW Prices Chinese Auto Loan Securitization
BMW Groups Chinese financial services subsidiary, BMW Automotive Finance (China), has placed its first securitization of Chinese retail auto loans.
Assured Aims to Attract DPR Issuers with Double-A Wrap
Six years after losing its triple-A ratings during the financial crisis, rendering its bond insurance worthless, Assured Guaranty Corp. has returned to one of the corners of the securitization market where it was once most active: diversified payment rights in emerging markets
Assured Back to Wrapping Future Flow Securitizations
Assured Guaranty hopes to take advantage of a recent upgrade in its financial strength rating to resume offering insurance on future flow securitizations.
ASR News Update
In this week’s newscast: CMBS spreads narrow amid light supply, Turkish banks go it alone with diversified payment rights, and CoreLogic taps Michael Ceppetelli as a senior vice president.
Turkish Banks Go It Alone with Diversified Payment Rights
After the financial crisis, Turkish banks found that they could continue to securitize diversified payment rights without the by-then worthless insurance wraps. Some banks have found that they can also do deals without arrangers from abroad.
S&P: Retail Loans Look Ripe for Russian ABS
More diversity may be on the way for Russias traditionally mortgage-bond monopolized securitization market, according to a report by Standard & Poors.
IIG Issues $220M Trade Finance CLO
The deal from specialty lender International Investment Group is backed by loans to LatAm obligors. More issuance may be ahead.
ASR News Update
This week’s ASR newscast covers the most recent CLO to comply with Volcker; Scott Brown’s hire at Cornerstone Real Estate Advisers; and the labor & promise of trade finance securitization.
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