Australian RMBS issuer Perpetual is in the market with SMHL Securitisation Fund 2011-1 worth A$600 million. The deal is backed by prime residential MBS secured by first-registered mortgages over Australian residential properties, according to a presale report from Standard & Poor’s, which rated the deal’s top two tranches. Part of the offering’s credit enhancement, S&P, is from lenders’ […]
Fitch Ratings is monitoring the potential consequences that the earthquake that hit Christchurch in February might have on outstanding Fitch-rated New Zealand mortgage-backed transactions. Fitch has already started monitoring the performance of these deals following the earthquake that hit Christchurch in September last year. The rating agency said it has been in contact with servicers to […]
The recapitalization plan of Petroleo Brasileiro, designed to fund epic growth, is on strong footing, according to a release by Moody’s Investors Service. Securitization pros are keeping a close eye on the oil giant. The financing needs of suppliers, drill ship operators and other companies working with Petrobras is rising hand-in-hand with the oil company’s expansion. […]
With economic growth in Argentina having surpassed 8% last year and unemployment diminishing, it is no wonder the country’s consumer ABS sector boomed in 2010. Collateral, after all, was in generous supply as more optimistic consumers made purchases on credit. This year, observers said we should expect more of the same, although the pace of […]
After waiting ten months, Redwood Trust issued a second Jumbo RMBS, injecting some optimism into the private-label mortgage securitization market. But as John Hintze concludes in this month’s cover story, the deal may not necessarily usher in a wave of private-label issuance – there are simply too many issues still plaguing the industry. They can […]
BNP Paribas is sole lead on a cross-border local-currency denominated transaction that securitizes the rights to receive future payments from Peruvian state-owned water utility SEDAPAL, according to market sources. A BNP official did not return a request for comment. The transaction is funding the construction of the Taboada wastewater plant by ACS Servicios, Comunicaciones y […]
After a strong 2010 in Colombian structured finance — issuance grew more than 50% from 2009 — Fitch Ratings sees reasons for a repeat performance in 2011. Placements hit $7.8 billion last year, from a variety of companies in the corporate and financial sectors. The country’s Fannie Mae-esque Titularizadora Colombiana accounted for 28% of all issuance […]
In Brazil, talk of a more substantial RMBS market might be a step closer to reality, as banks will be able to use a portion of their securitized portfolios to meet a regulatory requirement that has been an impediment to RMBS issuance in the country, said Fitch Ratings in a report today. Under the rule, […]
Most people believe the Basel III capital rules are buttoned up. International regulators worked hard, agreed in December to impose tough standards and then gave bankers eight years to meet them. But the reality is something much less concrete. There are some big unanswered questions facing regulators, and in turn, bankers. The acting comptroller, John […]
In late December, the European Bank of Reconstruction and Development (EBRD) launched the Mid-size Sustainable Energy Financing Facility (MidSEFF), designed to support renewable energy and industrial energy efficiency investments. Under this initiative, the EBRD has approved the disbursement of up to €300 million ($410 million) to four Turkish banks by either providing senior unsecured loans […]
After the near collapse of the Canadian securitization market in August 2007, 2010 saw a strong resurgence in term ABS issuance in Canada. Among other things, there were 16 public deals with combined total issuance of more than CAD$11 billion. There were also signs of renewed activity in the ABCP market with conduits taking on […]
The Obama administration in January postponed announcing its GSE reform proposals. Experts said that the root cause of the delay is the fear of further disrupting the already fragile housing market, as Nora Colomer points out in this month’s cover story. But avoiding GSE reform only kicks the can down the field. As Paul Jablansky, […]
While Mexico’s nonbank originators known as Sofoles are still grappling with the effects of the economic crisis, state-owned agency Infonavit continues to turn out mortgages and securitize them in steady if not growing volumes. The originator, which has been dominating the RMBS market along with fellow government-owned agency Fovissste, has no intention of scaling back […]
Fitch Ratings, in a recent report, updated the “Challenge Factors” (CFs) assigned to 36 emerging market countries in 2009. The CFs are an assessment of the legal framework governing securitizations in these countries, reflecting “the likelihood that a true sale of assets may be challenged in an originator’s insolvency proceedings.” The CFs help shape a […]
The American Securitization Forum (ASF) released its detailed agenda for its ASF 2011 conference that will be held in Orlando, Florida from Feb. 6-9. The trade group also released the names of the more than 250 confirmed speakers for the securitization event. According to a press release from the ASF, close to 5,000 market players are expected to attend. The speakers includesenior policymakers from the […]
South Korean cross-border issuance of ABS will be spurred along by two developments in 2011, according to a report on structured finance in ex-Japan Asia by Moody’s Investors Service. One is the maturity of several credit-card and auto loan deals this year. The other is the arrival of potential new originators among credit card businesses […]
Eversheds has appointed structured finance and derivatives lawyer Kingsley Ong as partner in its Hong Kong banking and finance team. Kingsley, who has more than ten years experience at Mayer Brown (Hong Kong and London) and Clifford Chance (London), will spearhead the structured finance and derivatives group in Hong Kong.His background involves setting up securitizations, derivative products and other […]
Recent attacks on securitization have centered on its legal soundness. A witness’s testimony in a recent bankruptcy case argued that Countrywide failed to transfer to the ABS trust a promissory note indicating the borrower’s willingness to pay. Critics held that without such a note, the trust might lack proper legal standing, and enable investors to […]
Though the Basel II process to write new international capital standards lingered for nearly a decade, its successor has come a remarkably long way in just the past year. Global leaders under the auspices of the Basel Committee on Banking Supervision agreed on a new set of regulatory standards that would improve the quantity and […]
Russia, Turkey and neighboring emerging markets saw only scattered ABS issuance last year, and that largely depended on support from government-linked institutions, development banks or regular bank funding. Bond investors were mostly absent. It is not clear whether they will come back in much force next year. In the case of Turkish deals backed by […]
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