BV Financeira S.A.-Credito is in the market with BRL 2.5 billion deal ($1.42 billion) backed by Brazilian auto loans. According to Moody’s Investors Service, which has assigned ‘Aa1/Ba1’ ratings to the senior notes, BV Financeira will issue a single series of senior and subordinated shares, and the subordinated shares will be fully retained by the […]
Covered bonds are a part of the Russian mortgage-finance market’s comeback with a possible deal for 2011. Societe Generale unit Delta Credit has plans to debut an issue next year. But for banks rated at the Russian sovereign ceiling, the product might not provide the ratings uplift that is available in other countries, sources said. […]
In a release Wednesday, Moody’s Investors Service said that ABS loans taken out by Mexican sub-sovereigns held up well during the downturn despite a deterioration in the flows of the underlying receivables. Participation transfers from the central government — the most common asset used to back these loans – slid 20% in nominal terms in […]
Like many other New Yorkers beaten down by an interminably hot summer, I’ve been praying for a change in the weather. This isn’t so different from what our market’s after – a shift of sorts, a new climate that invites activity. Without that, we’ll stay stuck. The latest wind blowing from Washington is hardly the […]
Russia’s mortgage-finance market is sloughing off the toxic residue of the financial crisis, but the strength of the comeback is being largely conditioned by government support. Still, appetite from private-sector investors might be enough to absorb moderately-sized deals, sources said. And there are signs of a modest revival: origination is climbing again, Russian mortgage agency […]
Hogan Lovells has added to its debt capital markets and structured finance team in the U.S. by hiring Emil Arca as a partner. Arca will be based in the New York office. Arca is focused on debt capital markets and structured finance deals in emerging markets. He has handled matters in over 20 countries, specifically in Latin America. His […]
Simmons & Simmons has named Samer Eido as Middle East finance head, according to a report by legalweek.com. Eido has been with Simmons since 2005 and specializes in general banking law, corporate lending, trade finance, real estate finance, debt restructuring and refinancing, and Islamic structured finance, legalweek.com reported. The move comes as partner Philip Abbott leaves […]
Cagamas Berhad launched the Sukuk al-Amanah Li al-Istithmar (Sukuk ALIm) under its RM5 billion ($1.56 billion) Islamic commercial paper (ICP) and Islamic medium term note (IMTN) programs. The programs have a maturity of seven years and 30 years respectively and a combined total limit of RM5 billion. The Sukuk programs have been rated ‘AAA’ or equivalent by […]
Former Senator and Secretary of Housing and Urban Development Mel Martinez was named chairman of operations in Florida, Latin America, and the Caribbean at JPMorgan Chase, according to a report by Dow Jones. Martinez will represent the bank in the region as the firm continues to expand international operations, the report said. The former policymaker […]
Fondo de Vivienda del ISSSTE, the Mexican entity responsible for granting housing loans to state service workers, is in the market with an RMBS worth 1.35 million UDIs (inflation-indexed units) ($462 million). Bank of America Merrill Lynch, Goldman Sachs, Casa de Bolsa Bonorte, and IXE Casa de Bolsa are underwriting the Mexican mortgage-backed transaction. Preliminary […]
Jefferies has added two professionals to its fixed income emerging markets sales and trading efforts in Asia, the firm announced today. Sandy Oh and Eng Keong Ong, based in Singapore, join Jefferies as senior vice presidents of sales and trading, respectively, of emerging markets debt to institutional investors in Asia. Oh has more than 15 […]
Recently the Securities and Exchange Commission (SEC) granted a temporary exemption from Rule 17g-5(a)(3) for credit ratings provided to most ABS, MBS and other structured finance securities of non-U.S. issuers. This reprieve expires on Dec. 2 and extends from June 2, which is the rule’s effective date for domestic firms. The SEC’s stated purpose for […]
ABS players are closely monitoring the Greek government’s struggles and assessing how they’ll impact European securitizations. Some things are quite clear already. ABS from Greece and other peripheral countries of Western Europe are bound to suffer, says Nora Colomer in this month’s cover story. Still, strong credits have still been able to come to market. […]
When the European Central Bank (ECB) unveiled its €750 billion ($952 billion) bailout package to help stabilize the euro against the U.S. dollar, it addressed the crisis of confi dence created by fears of contagion over Greece’s sovereign risk. As Greece struggles to stay on dry land, the fragile state of the European securitization market […]
The current crisis has drawn into sharp focus concerns that structural features in some securitization transactions may need to be re-assessed to ensure they are adequate in mitigating the impact arising from possible failures of servicers or other transaction parties. Moody’s believes that the performance of a securitization transaction depends not only on the underlying […]
The SiLAS 2010 conference featured lively discussion of the role of trustees in Latin American transactions. In Mexico, especially, it almost seemed as if trustees were out to lunch while flows were diverted from Metrofinanciera’s bridge loans deals, which inevitably led to distress. Boris Otto, a partner at Chadbourne & Parke Mexico, argued that there […]
On the sidelines of the SiLAS 2010, ASR’s Felipe Ossa had a conversation with Ignacio Farias, CEO of Patrimonio, a housing finance company in Mexico. Belonging to the group of recently beleaguredbeleaguered nonbank entities known as Sofols, Patrimonio has seen its mortgage originations fall by half so far this year, and that was from an […]
The enthusiasm for covered bonds in Latin America was palpable at SiLAS 2010, but challenges, both big and small, still remain for the birth of this product in the major markets of the region. If these hurdles can be cleared, the potential could be huge, attendees said. In Western Europe the market has already reached […]
One of the recurring themes at the SiLAS 2010 conference was the need for investors to get to know the collateral behind deals like never before. This, naturally, means involved analysis. “If we don’t understand a transaction, we don’t buy it,” said Jorge Unda, managing director of investments at BBVA Bancomer Asset Management. Unda has, […]
Emerging market players in the structured finance world might soon have a new platform to develop mortgage covered bonds: Peru. Legislation on this product is currently before the Peruvian congress and is piquing the interest of foreign and domestic ABS devotees alike. “We’re monitoring the situation there,” said Reggie de Villiers, head of LatAm structured […]
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