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Ogier has opened an office in Shanghai, China in an attempt to increase its network and its presence across the globe, according to a press release by the firm. The new office, known as Ogier Shanghai, will be headed up by Kristy Calvert, who joins the company from Rio Tinto China/Asia where she was legal director. […]
Brazil is one of the brighter spots in global ABS, a different world from the regulatory anxieties, debt overhang and slower origination plaguing other countries. On the face of it, it is a poor climate for distressed-debt players. And there are other, more deeply seated reasons why this field is small in Brazil in the […]
From Brussels to D.C., the season of powwows is here, and ASR’s editors have certainly been getting around. The flurry of securitization gatherings began in Miami for the SiLAS annual event, which Felipe Ossa covered for our June edition. Next stop was Brussels for ABS Global 2011. The joint effort between AFME and IMN brought […]
The U.S. Congress and U.S. regulatory agencies have imposed or proposed broad-based and aggressive laws and rulemaking in response to the failure of securitizations directly or indirectly backed by U.S. subprime residential mortgage loans originated in the several years prior to the onset of the financial crisis in 2007. Notwithstanding this aggressive response, there is […]
Regulation was a main focus at the recently concluded Global ABS 2011 conference held in Brussels in mid June. One of the issues was Solvency II, the proposed new European regulatory regime that, according to a report by Moody’s Investors Service, is probably going to increase regulatory capital requirements for both European Union and European […]
Garanti Bank has closed its transaction comprising two new series of notes worth $225 million and €50 million ($72 million). The series of notes were issued under the firm’s diversified payment rights (DPRs) program called Garanti Diversified Payment Rights Finance Co. The notes received a rating of ‘A-’ from Fitch Ratings, which makes it the highest standalone rating for a Turkish DPR issuance to […]
Mexican housing authority the Sociedad Hipotecaria Federal (SHF) announced a plan June 2 to discontinue the origination of inflation-indexed mortgages, or UDI loans, in 2011. The agency also introduced a new mortgage product called the “Defined Payments” mortgage, which is aimed at providing low-income borrowers with more payment certainty than UDI loans. Moody’s believes that […]
Volkswagen is looking to sell its ABS in China by the end of 2012, according to a Bloomberg report. The European automotive manufacturer said in the report that it is currently working on an internal project, although a sale would depend on how soon the Chinese government can create legislation allowing for securitization deals in the country. According the […]
The Japan-based mobile telecommunications carrier called Softbank Mobile Corp. is marketing JPY 5.126 billion ($64 million) of senior trust certificates that are backed by handset installment sales receivables. Moody’s Japan K.K. has assigned a provisional rating of ‘Aaa’ to the transaction based on the expected loss posed to investors by the final maturity date. The assets […]
Global agribusiness and food company Bunge Limited recently closed a program for the securitization of its trade receivables to the tune of $700 million, according to a press release from Finacity Corporation, which was the program structurer and administrator. Funding will come from four bank-sponsored commercial paper conduits. Bunge is headquartered in White Plains, New York.
The Argentine province of Misiones is making unwelcome noise in the securitization market, as it seeks to expand the application of a stamp tax on trust agreements and securitization trusts regardless of where the documents are processed, according to Moody’s Investors Service. “Most contracts for securitizations in Argentina are obliged to pay a stamp-tax in […]
Argentina’s provinces are re-enacting the past. In the last year, three have publicly issued deals backed in part by revenue from a federal government institution, recalling a time when securitizing co-participation revenue from the central government was all the rage. That was before the crisis of 2001-2002. There is bound to be more of these […]
The Basel Committee on Banking Supervision finalized its review of the Basel III standard for capital treatment for counterparty credit risk in bilateral trades and plans to modify the risk weighting of credit valuation adjustment (CVA), which is the risk of loss caused by changes in the credit spread of a counterparty due to changes […]
Brazil was a locus of hope for participants at the Securitization and Structured Finance in Latin America (SiLAS) conference organized by Euromoney Seminars and LatinFinance, as the economy keeps growing apace and sectors such as infrastructure and energy, among others, have an enormous appetite for funding. But the bubble forming in consumer finance and certain […]
No one would dispute that Latin America has done a remarkable job over the past several years averting the catastrophes that have befallen Western Europe and the U.S. Likewise some countries in the region have sustained a respectable level of securitization activity, a point of pride made by a number of participants at the Securitization […]
No conference on Latin American structured finance would be complete without a discussion of diversified payment rights (DPRs), the asset class of electronic money flowing through banks that boasts a default rate lower than triple-A U.S. corporates. Indeed, there still has not been a DPR transaction that has not paid back investors in full, according […]
Infrastructure struck a chord with many participants at the Securitization and Structured Finance in Latin America (SiLAS) conference in late May, organized by Euromoney Seminars and LatinFinance. The region’s outsize needs in roads, ports and railways paired with innovative ways to finance them have translated into a growing sector for securitization. One investor who has […]
Sharjah Islamic Bank returned to the international Sukuk market for the first time since its 2006 inaugural issuance. The transaction was oversubscribed by more than nine times.The $400 million, fixed-rate Sukuk certificates, which are due in 2016 yielded 4.715% annually. The structure comprises the sale and purchase of non-real-estate-based ijara assets by the trustee, which are then […]
South African RMBS issuer Investec Bank is refinancing notes under its program called Private Residential Mortgages (PRM) Ltd – Series 2. The transaction, according to a Moody’s Investors Service presale report, is the fifth securitization of South African residential mortgage loans that were originated by Investec. It is also the third refinancing of the notes within PRM — Series 2. This series was […]
StormHarbour has made two new senior appointments in Hong Kong that will bolster its Asia-Pacific capital markets business. Hong Hoo Moon and Guohua Ren have joined as managing directors, reporting directly to Water Cheung, who is principal and Asia-Pacific chief executive officer. Moon will be responsible for Korean capital markets origination. He was formerly head of the financial […]
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