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The International Finance Corp. (IFC) is investing $100 million into a fund that will provide coverage at the mezzanine risk level on portfolios of emerging market debt through a synthetic securitization structure. This is designed to free up capital at the originating banks that would be otherwise constrained by regulatory rules. Banks using the fund […]
Guatemala’s Banco Industrial has closed a three-tranche $160 million structured deal, an upsize from the $100 million initially proposed, according to sources close to the deal. Pricing was undisclosed. The transaction was a private placement. The floating-rate 2011-1 tranche for $50 million and fixed-rate 2011-2 tranche ($40 million) mature in 2018, while the 2011-3 fixed-rate […]
Mexican non-bank institutions known as sofols and sofoms continue to see extraordinarily high delinquencies in their RMBS deals, according to a recent report by Fitch Ratings. Deals among these originators have seen 180-day-plus delinquencies as high as 40%. The hardest hit loans are those that are denominated in the inflation index (UDIs). Fixed-rate peso loans […]
Having proven their mettle in crisis conditions, covered bonds are gaining popularity outside their traditional enclave of continental Europe. A number of emerging markets are looking into the product, and a few have recently made concrete moves. Turkey, for instance, saw its first covered bond a couple of months ago. In Latin America, players are […]
Paper company Sappi has implemented its three-year €360 million ($517.3 million) trade receivables securitization program for its non-South African businesses. The program was arranged by UniCredit Bank and funded through its Arabella Finance Limited conduit. The proceeds have been utilized to refinance the group’s existing short-term securitization, which was due to mature in December 2011. After a $680 million multi-currency senior secured notes […]
Two new Japanese credit card receivable securitizations that total of JPY4 billion ($52 million) are in the market. The Ocean Series 2011-2 is backed by a pool of credit card receivables and Ocean Series 2011-2 trust Asset Backed Loan (ABL) is backed by the Ocean Series 2011-2 beneficial interests. Both Standard & Poor’s and Moody’s Investors Service […]
An Australian CMBS issued by building society IMB called Illawarra Series 2011-1 CMBS Trust is in the market. The A$202.56 ($ 212.68) transaction is the third CMBS for the issuer. The deal, which is collateralized by 750 contracts, is backed by a pool of SME mortgage receivables that have been sold to an SPV established in Australia, according to […]
Several units of Mexican cement maker Cemex recently closed a 4.2-year, Ps2.5 billion ($204 million) facility backed by their trade receivables, according to a release by Finacity Corp., which arranged the deal. Ixe Casa de Bolsa was the sole underwriter. Both HR Ratings and Standard & Poor’s rated the deal triple-A on their respective national […]
Moody’s Investors Service‘s index of cumulative defaults for Spanish RMBS rose to 1.98% of the original balance in June compared to 1.89% in March. Comment on how this compares to or might affect the U.S. market was not immediately available at press time. The rating agency also said the 90-plus-day delinquency trend increased slightly to […]
Recent modifications made by Turkey’s Capital Markets Board to covered bond legislation are a credit positive, said Moody’s Investors Service in a recent report. Taking the cue from the market, the country’s regulators added contractual arrangements featured in the country’s first covered bond, issued by mid-tier Sekerbank only last month. The amendments raise minimum OC […]
Cadwalader, Wickersham & Taft hired Jeffrey Chen for its Hong Kong office as partner. Chen, formerly with Mayer Brown JSM in Hong Kong, will be a part of the capital markets team. The new hire has advised on many of the headline Asian structured finance deals over the past decade such as Huarong AMC NPLs, Samsung Life RMBS, HKMC‘s […]
A Brazilian regulation that goes into effect today ratchets up the default probability of mezzanine tranches in domestic ABS, said Moody’s Investors Service in a release. The rule discourages issuers from supporting their receivable investment funds (FIDCs) through asset buybacks and substitutions. FIDCs are the most popular vehicle for securitization in Brazil. The new rule […]
BNP Paribas hired Christian Wulf as director in charge of Latin America for the firm’s aviation finance group. Wulf is based in New York and reports to Olivier Trauchessec, head of aviation finance, Americas. Wulf has more than 15 years of experience in the Latin American region. He joined BNP from the aviation finance group of KfW […]
Greek bailout talks intensified once again this July, a repeat in many ways of last summer’s discussions. But structured finance issuance is taking it much harder this year, as Nora Colomer examines in the cover story. In July two actively marketed European securitizations were abruptly pulled when the market got too volatile. Other issuers went […]
Turkey’s debut covered bond consists of three tranches pricing between 200 basis points and 250 basis points over Euribor, a spread that will be swapped into a Turkish rate for originator Sekerbank at the time of the closing, said Huib-Jan de Ruijter, director of financial markets at Dutch development bank the FMO, one of the investors […]
Moody’s Investors Service has given a provisional ‘(P)A3’ rating to covered bonds to be issued by Turkey’s Sekerbank, the agency said in a release. The issue would launch a TL800 million ($468 million) program, which is the first of its kind from the country. THe collateral consists of SME loans. “Turkish law provides two separate […]
Mexican banks appear to be moving down the food chain in mortgage lending, according to a release by Moody’s Investors Service. Banorte, Santander and Scotiabank all announced deep rate cuts in their mortgage products in mid July, an indication that they are tapping lower-income borrowers, the agency said. They are now lending at rates that […]
Fitch Ratings has released an update to its criteria on existing asset securitization in emerging markets. The rating agency detailed the impact and potential risk of a sovereign default on transactions within these countries. This replaces and supersedes the previous report called Criteria for Existing Asset Securitization in Emerging Markets: Sovereign Constraints that was issued June 21. The rating […]
While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well. Australia “has been in some ways the least affected of the major RMBS markets, […]
Portugal and Greece won’t lose access to European Central Bank (ECB) liquidity, said the ECB in separate announcements. These statements indicate that the bank will continue to accept the debt from the troubled sovereigns as collateral for loans. The ECB yesterday published an announcement that said it would suspend the application of the minimum credit rating threshold in the […]
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