Saudis start mortgage-backed security market to drive liquidity
Saudi banks may transfer as much as $48 billion in legacy mortgages to SRC by 2030, unlocking liquidity and enabling almost $23 billion of securitization for investors.
Emerging markets
Threat to U.S. exceptionalism spurs rush for EM local bonds
The outperformance of local-currency debt has led to an unusual situation where the historically riskier bonds are trading at lower yields than those denominated in the dollar — traditionally the world's main haven asset.
Brazil plans to help mid-sized companies tap debt, equity markets
The ideas, which are still being hashed out, include lowering fees associated with issuances and simplifying audit requirements.
Outlook for Spreads, Defaults Still Cloudy, Credit Managers Say
In a quarterly survey by the New York-based International Association of Credit Portfolio Managers, 57% of respondents expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year. Also for the fourth quarter, 66% see rising levels of corporate defaults.
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.
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.
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