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Sappi Implements ABS Program for Non-South African Biz

Paper company Sappi has implemented its three-year €360 million ($517.3 million) trade receivables securitization program for its non-South African businesses. The program was arranged by UniCredit Bank and funded through its Arabella Finance Limited conduit. The proceeds have been utilized to refinance the group’s existing short-term securitization, which was due to mature in December 2011. After a $680 million multi-currency senior secured notes […]

Japanese Credit Card ABS in the Market

Two new Japanese credit card receivable securitizations that total of JPY4 billion ($52 million) are in the market. The Ocean Series 2011-2 is backed by a pool of credit card receivables and Ocean Series 2011-2 trust Asset Backed Loan (ABL) is backed by the Ocean Series 2011-2 beneficial interests. Both Standard & Poor’s and Moody’s Investors Service […]

Australian CMBS in the Market

An Australian CMBS issued by building society IMB called Illawarra Series 2011-1 CMBS Trust is in the market. The A$202.56 ($ 212.68) transaction is the third CMBS for the issuer. The deal, which is collateralized by 750 contracts, is backed by a pool of SME mortgage receivables that have been sold to an SPV established in Australia, according to […]

Cemex Closes $204m-Equivalent Trade Receivables Deal

Several units of Mexican cement maker Cemex recently closed a 4.2-year, Ps2.5 billion ($204 million) facility backed by their trade receivables, according to a release by Finacity Corp., which arranged the deal. Ixe Casa de Bolsa was the sole underwriter. Both HR Ratings and Standard & Poor’s rated the deal triple-A on their respective national […]

Moody’s: Cumulative Defaults on Spanish RMBS Rise

Moody’s Investors Service‘s index of cumulative defaults for Spanish RMBS rose to 1.98% of the original balance in June compared to 1.89% in March. Comment on how this compares to or might affect the U.S. market was not immediately available at press time. The rating agency also said the 90-plus-day delinquency trend increased slightly to […]

Turkey’s Covered Bond Law Sees Positive Changes: Moody’s

Recent modifications made by Turkey’s Capital Markets Board to covered bond legislation are a credit positive, said Moody’s Investors Service in a recent report. Taking the cue from the market, the country’s regulators added contractual arrangements featured in the country’s first covered bond, issued by mid-tier Sekerbank only last month.  The amendments raise minimum OC […]

Cadwalader Hires SF Lawyer for its HK Office

Cadwalader, Wickersham & Taft hired Jeffrey Chen for its Hong Kong office as partner. Chen, formerly with Mayer Brown JSM in Hong Kong, will be a part of the capital markets team. The new hire has advised on many of the headline  Asian structured finance deals over the past decade such as Huarong AMC NPLs, Samsung Life RMBS, HKMC‘s […]

New Brazil Rule Hits Mezzanine ABS

A Brazilian regulation that goes into effect today ratchets up the default probability of mezzanine tranches in domestic ABS, said Moody’s Investors Service in a release. The rule discourages issuers from supporting their receivable investment funds (FIDCs) through asset buybacks and substitutions. FIDCs are the most popular vehicle for securitization in Brazil. The new rule […]

BNP Hires New Director for LatAm Aviation Finance

BNP Paribas hired Christian Wulf as director in charge of Latin America for the firm’s aviation finance group. Wulf is based in New York and reports to Olivier Trauchessec, head of aviation finance, Americas. Wulf has more than 15 years of experience in the Latin American region. He joined BNP from the aviation finance group of KfW […]

Sovereigns Seem Bent on Ruining Our Summer

Greek bailout talks intensified once again this July, a repeat in many ways of last summer’s discussions. But structured finance issuance is taking it much harder this year, as Nora Colomer examines in the cover story. In July two actively marketed European securitizations were abruptly pulled when the market got too volatile. Other issuers went […]

Turkey’s Sekerbank Gets 200-250bp Spread on SME Covered Bond

Turkey’s debut covered bond consists of three tranches pricing between 200 basis points and 250 basis points over Euribor, a spread that will be swapped into a Turkish rate for originator Sekerbank at the time of the closing, said Huib-Jan de Ruijter, director of financial markets at Dutch development bank the FMO, one of the investors […]

Turkey’s 1st Covered Bond in $468m Shelf Rated by Moody’s

Moody’s Investors Service has given a provisional ‘(P)A3’ rating to covered bonds to be issued by Turkey’s Sekerbank, the agency said in a release. The issue would launch a TL800 million ($468 million) program, which is the first of its kind from the country. THe collateral consists of SME loans. “Turkish law provides two separate […]

Mexico Banks Move Down Mortgage Food Chain

Mexican banks appear to be moving down the food chain in mortgage lending, according to a release by Moody’s Investors Service. Banorte, Santander and Scotiabank all announced deep rate cuts in their mortgage products in mid July, an indication that they are tapping lower-income borrowers, the agency said. They are now lending at rates that […]

Fitch Updates Criteria for EM Existing Asset ABS

Fitch Ratings has released an update to its criteria on existing asset securitization in emerging markets. The rating agency detailed the impact and potential risk of a sovereign default on transactions within these countries. This replaces and supersedes the previous report called Criteria for Existing Asset Securitization in Emerging Markets: Sovereign Constraints that was issued June 21. The rating […]

Aussie RMBS Doing Better than U.S.’s in Some Ways—for Now

While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well. Australia “has been in some ways the least affected of the major RMBS markets, […]

ECB Not Closing its Gates to Portugal and Greece

Portugal and Greece won’t lose access to European Central Bank (ECB) liquidity, said the ECB in separate announcements. These statements indicate that the bank will continue to accept the debt from the troubled sovereigns as collateral for loans. The ECB yesterday published an announcement that said it would suspend the application of the minimum credit rating threshold in the […]

Ogier Expands in China

Ogier has opened an office in Shanghai, China in an attempt to increase its network and its presence across the globe, according to a press release by the firm. The new office, known as Ogier Shanghai, will be headed up by Kristy Calvert, who joins the company from Rio Tinto China/Asia where she was legal director. […]

Courting Distress in Brazil

Brazil is one of the brighter spots in global ABS, a different world from the regulatory anxieties, debt overhang and slower origination plaguing other countries. On the face of it, it is a poor climate for distressed-debt players. And there are other, more deeply seated reasons why this field is small in Brazil in the […]

Working the Conference Circuit

From Brussels to D.C., the season of powwows is here, and ASR’s editors have certainly been getting around. The flurry of securitization gatherings began in Miami for the SiLAS annual event, which Felipe Ossa covered for our June edition. Next stop was Brussels for ABS Global 2011. The joint effort between AFME and IMN brought […]

New ABS Laws: The Impact on Foreign Issuers Tapping U.S. Buyers

The U.S. Congress and U.S. regulatory agencies have imposed or proposed broad-based and aggressive laws and rulemaking in response to the failure of securitizations directly or indirectly backed by U.S. subprime residential mortgage loans originated in the several years prior to the onset of the financial crisis in 2007. Notwithstanding this aggressive response, there is […]

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