Latin America’s two largest markets – Brazil and Mexico – will present ABS players with different sets of risks and opportunities next year. For its part, Brazil will remain fertile ground for originators, bankers and analysts alike, although a boom in consumer lending is fueling talk of a bubble and its attendant dangers. Meanwhile, the […]
Spanish bank Grupo Santander has agreed to purchase a $2 billion Mexican mortgage portfolio from General Electric Co.‘s finance division for $162 million plus the assumption of debt, according to Dow Jones. The deal, expected to close next year, involves Grupo Financiero Santander Mexico acquiring all of GE’s consumer-mortgage business in Mexico, including its $2 […]
Turkey’s Garanti Bank has closed a club deal backed by diversified payment rights (DPRs) to the tune of €250 million, according to a source close to the transaction. The paper is rated ‘A-’ by Fitch Ratings, the first time the agency has assessed DPR bonds from Garanti. In general, Moody’s Investors Service and Standard & […]
RBS Securities, the investment banking and brokerage unit of Royal Bank of Scotland, is looking to add trading and sales professionals and strategists specializing in Latin American markets, according to senior fixed-income officials. While the firm’s parent has a global operation that includes a number of emerging markets, the Stamford, Conn., brokerage business will focus […]
New capital requirements under the Basel III framework would have cost banks roughly $770 billion had they been fully implemented at the end of last year, according to a 32-page study released Thursday by the Basel Committee on Banking Supervision. The study also said that the shortfall for larger banks considered to be well-diversified and […]
ABS market players have certainly learned their lesson from the problems that led to the financial crisis. This month’s stories demonstrate that loan quality has improved and transactions have gotten cleaner, simpler and safer. But better behavior hasn’t necessarily made us more optimistic. Going into 2011, there are still daunting obstacles in the way of […]
Even with much of the developed world still struggling, Brazil’s economy exudes health. But robust growth over the medium to long term is very much conditioned on advances in infrastructure, where enduring bottlenecks are bound to tighten unless investment grows and private-sector investors play a larger role. Eyes are on ground transport in particular, with […]
Standard Chartered Bank has completed its sixth CLO under its START CLO program called START VI CLO, according to a release from the firm. With this latest $1.25 billion synthetic CLO, the bank has sold the credit risk of a diversified pool of loans extended to over 400 borrowers with around 90% of the borrowers from Asia and the […]
The Securities and Exchange Commission (SEC) issued a temporary order yesterday allowing foreign ABS issuers to sell ABS to foreign investors without complying with the SEC’s new rule 17g-5. ASR earlier reported that foreign ABS players are left to grapple with this issue especially because the SEC did not give any sort of opinion as to the […]
Credit Agricole appointed Gordon Kingsley as head of Latin America debt and credit markets (DCM) – origination. Based in New York, Kingsley reports to Andy Schaeffer, who is head of credit markets and DCM – Origination Americas. Kingsley was previously a managing director at BCP Securities where he was head of structured finance. Before this, […]
Last Friday, CNH Capital America filed an S-3 with the Securities and Exchange Commission (SEC) to issue a potential six-tranche securitization backed by agricultural or construction equipment loans under its program called CNH Equipment Trust. CNH last came to market earlier this month with CNH Equipment Trust 2010-C. The deal, which was rated by both Standard & Poor’s and Moody’s […]
Specialized asset management firm Dock Street Capital Management (DSCM) has opened an office in Hong Kong. The firm also named Xiaolian Wang as managing director and head of business development for the Asian region. The new hire will be based in Hong Kong and will be responsible for all business development and fund raising activities for […]
Microfinance securitizations tend to be closely tied to the ratings of the originator/servicer, said Fitch Ratings Director Deep N. Mukherjee in a recent report. “In the absence of suitable mitigants with respect to such counterparties, Fitch will link the rating of the transactions to the rating of the originator/servicer,” Mukherjee said. Within India — the […]
Dismal home sales figures to be released by Mexican research company Softec are sure to hit construction-loan securitizations, according a report by Moody’s Investors Service. The firm will project a 12% drop for 2010 in a report due to be released over the next few weeks. Deals backed by construction bridge loans have borne the […]
Despite waning demand for U.S. municipal bond insurance, a startup company believes there is value in credit enhancement among the world’s developing markets. David Stevens, an industry veteran who was the chief executive officer at XL Capital Assurance, plans to launch Affinity MacroFinance, a mutual financial guaranty insurance company, in the second quarter of 2011. Stevens […]
Worker remittances to developing countries are projected to total $325 billion for 2010, up 5.9% from $307 billion last year, according to the World Bank’s Migration and Remittances Factbook 2011. The flows to developing countries are expected to continue growing in 2011 and 2012, potentially topping $370 billion within two years. Remittances are one component of […]
Katten Muchin Rosenman hired five structured finance lawyers from Dewey & LeBoeuf, including five structured finance partners in New York and a financial products tax partner in Washington, D.C. The attorneys are Chris DiAngelo, Anna-Liza B. Harris, Howard M. Schickler, Joseph P. Topolski and John P. Keiserman. The group focuses on public and private consumer and […]
Petroleos de Brasil has a hold on high finance players that at times seems to border on the hypnotic. ABS players have also been loath to look away as the company waves its epic $224-billion investment plan in their faces. The notion that ABS might be an ingredient in Petrobras’ deepwater oil expansion was validated […]
The so-called foreclosure scandal has grabbed headlines over the past month. ASR’s November issue looks beyond the mainstream coverage to its effect on bondholders. In the cover story, Nora Colomer says the delay in foreclosures should have a minimal impact on the senior bonds in RMBS, although slower prepayments might chip away at their longer-term […]
Profiting from a relationship with behemoth Petroleos de Brasil, Brazil’s Odebrecht Oleo e Gas is tapping the structured finance for a whopping $1.5 billion. Santander and HSBC are reportedly arranging the deal. Neither bank returned requests for comment. The notes are backed by two intercompany loans made to Odebrecht Drilling Norbe VIII and Odebrecht Drilling […]
Couldn’t load more articles. Try again.
