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Opportunities in the structured finance practice were among the motivators for Hogan Lovells to open an office in Rio de Janeiro, according to Emil Arca, a partner at the firm. Hogan Lovell recently announced that it was opening an office in this port city, its first in Brazil. “Opening on office in Rio is part […]
New regulations in Brazil are steering small and medium-sized bank originators toward building more, and bigger, mezzanine tranches into their securitizations, typically done through the receivable investment-fund (FIDC) vehicle. Players see little choice outside this route for issuers wanting to grow their portfolios, as alternative sources cannot possibly pick up the slack. But, at the […]
As securitization players seek out new collateral, their relationship with the government has lurched between friend and foe. For now at least, in the mortgage market we appear to be in a friend phase, with RMBS investors embracing the Federal Housing Finance Agency’s recent REO-to-rent initiative. Bondholders can now line up for the chance to […]
Steep spreads in the Eurobond market may provide incentives for Turkish banks to issue deals backed by diversified payment rights (DPRs) this year, said Standard & Poor’s in a text box accompanying a video presentation on Turkish DPRs. DPRs are related to cash flows processed by these banks. These flows come in the form of […]
While the redenomination specter haunts the more financially fragile members of the eurozone, Kazakhstan has actually gone through the exercise, sparking deep losses in a local RMBS, according to a note by Moody’s Investors Service. Curiously enough, the decision to ban the indexation of Kazakh mortgages in US dollars came from the judicial quarter. The Supreme […]
Brazilian Securities, an agency that specializes in securitizing real estate receivables, is currently in the process of selling two mortgage-backed real estate certificates, or CRIs, with a minimum ticket size of R$1,000 ($582), according to a source close to the deal. The small size required special approval from securities regulator CVM, given that regulations do […]
The International Finance Corp. expects to fund a landmark $65 million deal with Sri Lanka’s Commercial Bank of Ceylon (CBC) in early March, said an official at the multilateral. The transaction is backed by diversified payment rights (DPRs), which are receivables linked to electronic money transfers processed by CBC. This would be first DPR-backed funding […]
In January, Fitch Ratings put out a report that highlighted ratings volatility in securitizations that are retained by European originators, primarily to use as collateral for funding with the European Central Bank (ECB). The agency said there were originators that had seen their triple-A notes cut as a result of counterparty downgrades and had not […]
Pillsbury has hired Anthony Schouten and Jeffrey Stern for its finance group as partners in New York. Formerly at Stroock & Stroock & Lavan, the partners’ experience covers securitization, derivatives, commodities and cross-border structured financings. The hires are part of the law firm’s expansion of its New York office. They also strengthen Pillsbury’s capabilities for advising commercial and investment […]
Greenberg Traurig hired Juan Manuel Gonzalez Bernal as a shareholder in its newly established office in Mexico City. Gonzalez brings with him a team of six lawyers to practice in the global energy and infrastructure practice. The group includes of counsel Pedro J. Resendez and associates Carlos R. Garduno and Miguel Yturbe. Gonzalez was previously from Galicia […]
Newtek Business Services completed the securitization and sale of an added $20.5 million of non-guaranteed portions of U.S. Small Business Administration (SBA) loans and said the forecast looks good for small business ABS in 2012. The latest deal is an amendment to the securitization of $23 million in SBA loans that closed in December 2010. […]
Structured finance players in Latin America pushed through 2011 with few scars, especially given the turmoil pounding European markets. This year should see sustained activity, provided the European crisis does not intensify and send everyone fleeing from all but the most ironclad investments. In terms of volumes, structured finance in Latin America tends to do […]
In the emerging markets at the edges of Europe, 2011 did not generate much excitement for global structured finance players; many of the deals that did go cross-border were purchased by multilateral banks. This is understandable given the crisis engulfing their neighbors. But Stefan Bund, managing director in WestLB’s securitization group, said he was bullish […]
BTG Pactual, through its retail banking unit Banco PanAmericano, signed a non-binding agreement to acquire Brazilian Finance & Real Estate (BFRE), which specializes in property and real estate securitization. According to a Reuters report, BTG has agreed to pay up to 1.21 billion reais ($638.72 million) for the firm. BFRE has issued over 8 billion […]
Welspun Energy , India’s biggest solar photovoltaic developer, which is backed by Apollo Global Management, is looking to securitize revenue from its 15-megawatt unit in Gujurat after three months of operation. According to a Reuters report, private equity funding has had a big interest in renewables in India, such as solar and wind. Apollo Global in […]
New Zealand law firm Russell McVeagh has announced four new partners in its Auckland and Wellington offices. The firm’s new partners are members of the law firm’s corporate advisory group, resource management and finance practices. The appointments were effective Dec. 1. The firm’s Chief Executive Gary McDiarmid said: “We are delighted to promote these four outstanding […]
SA Home Homes Loans (SAHL) is refinancing its Thekwini Fund 6 RMBS via a new ZAR800 million ($99.7 million) deal that will be backed by prime mortgage loans secured on residential properties in South Africa. Moody’s Investors Service will rate the deal and has assigned provisional ratings of ‘Aa2’, ‘Baa2’ and ‘Ba3’ to the three classes of […]
Volkswagen is readying its first auto loan ABS backed by Japanese loans from its Driver program, according to a Reuters report. The move marks the auto manufacturer’s most recent move in its ongoing expansion of this particular program. This year Vokswagen issued its first Spanish auto loan securitization, which was backed by receivables originated by VW Finance within Spain. The newest transaction will include JPY25 […]
Russian middle-tier bank Vozrozhdenie is in the local market with a ruble-denominated RMBS, the first time the issuer has tapped this market. Rated ‘Ba3’ by Moody’s Investors Service, the bank itself is not controlled by the government, making it an anomaly in the current environment. “This is the first RMBS from a standalone, not-government-related bank […]
As the European sovereign crisis and uncertainty in the U.S. housing market play havoc with the prices of securitizable assets, appraising risk seems as easy for investors as threading a needle while riding a rollercoaster. Also frustrating price discovery are the dearth of fresh ABS supply and poor data transparency. This is especially true in […]
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