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Attracting smaller investors in Brazil to certificate of real estate receivables (CRIs) has been a challenge due to the lack of a secondary market and a host of criteria — including concentration criteria — that originators must follow to issue CRIs smaller than R$300,000 ($184,000). The construction companies that are the main originators of CRIs generally […]
Brazil’s leading mortgage originator Caixa Economica Federal today closed the R$232.8 million senior piece of its largest ever RMBS, said a source close to the transaction. The yield came to 10.5% over the TR, a benchmark savings rate. The originators retained a subordinated piece totaling R$25.9 million. The deal could be a watershed, as the […]
Fitch Ratings has set up a page of performance markers for structured finance deals across the globe on its web site, the agency said today. The page will link to over 40 performance-based products, and in part is a response to investor demands for more transparency. Among its features are U.S. RMBS performance and loss […]
The Brazilian Central Bank’s efforts to rein in consumer lending growth are bearing fruit (see table below), a development Moody’s Investors Service sees as a credit positive. The stock of total credit edged up 1% in March from February, and 2.7% in Q1 from Q4 of last year, when the Bank enacted the measures to […]
Banco Santander Brazil has raised $100 million on the U.S. private placement market through a diversified payment rights (DPR) deal, according to sources. The transaction was launched with the same amount on the cover, for a seven-year final, 4.88-year average maturity, via National Australia Bank. The bond issue’s spread was not available but U.S. private […]
As with their counterparts in other areas of structured finance, emerging market players have been mulling over the question of where exactly their deals fit in the new regulatory landscapes of Western Europe and the U.S. Notwithstanding the cut-and-dried cases, such as a straight RMBS and CDOs – which on the cross-border front have become […]
ABS investors’ search for yield has taken them to an interesting place, where products that were once marginal are now the main attraction. In vogue are decidedly esoteric deals, ranging from whole business securitizations to structured settlement transactions. It’s no wonder these investors are hungry for action; they’re certainly not getting any from the flatlining […]
Standard & Poor’s, along with Moody’s Investors Service and Fitch Ratings, downgraded billions of dollars structured transactions in the summer of 2007, resulting in a wave of criticism. So when Deven Sharma was named S&P president on Sept. 1 of that year, he kicked off a reform program that continues today. The agency officially announced […]
Turkey’s DenizBank has issued €300 million of bonds backed by diversified payment rights (DPRs) through five series of notes via WestLB. The transaction was a club deal, going to multilaterals the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the International Finance Corp. (IFC) and the Deutsche Investitions- und Entwicklungsgesellschaft (DEG). The […]
Sole lead Santander Investment Securities priced today a $160 million, 10-year deal backed by payment obligations linked to a pool of equipment that Mexico’s Corporacion Geo uses to build houses, said a source close to the deal. The yield came to 9.75%. Fitch Ratings and Standard & Poor’s rated the deal ‘BB-’. Fitch said that […]
With the bulk of Kazakh transactions backed by diversified payment rights (DPRs) having been paid down over the past few years, it is refreshing to see that ATF Bank is extending the life of its outstanding DPR notes, even with only $100,000 left. The rationale for this is to stave off the redemption of the last series, which “would […]
Turkey’s Denizbank is out with a $300 million structured deal consisting of five series, all scoring ‘BBB+(exp)’ from Fitch Ratings. West LB is the arranger. No word yet on whether private-sector investors are potential buyers but one market source said that a multilateral is buying at least a portion of the deal. In an interview […]
The FDIC held a meeting March 29 to discuss its risk retention rules and the much debated QRM qualification. By shedding light on its view of “skin in the game,” the FDIC, along with its fellow regulators, is slowly but surely helping ABS players understand how to carry out Dodd Frank. Finding securitization devotees willing […]
Two years ago, Shariah-compliant bonds, or sukuk, began facing the first major test of their structures. The global crisis, paired with overinvestment in the Gulf Region, conspired to trigger a number of defaults that some observers believed would prompt investors to drill deeper into deals, and possibly favor those that were true securitizations. Then last […]
Commonwealth Bank of Australia issued a new AUD1 billion ($1.03 billion) prime RMBS from its Medallion trust series. The deal, which is rated by Standard & Poor’s, will offer investors AUD751 million Class A1 notes, rated ‘AAA’; AUD175 million Class A2 notes, rated ‘AAA’; AUD36 million Class AB notes rated ‘AAA’ and AUD18 million class AC notes rated ‘AAA’. The […]
SKS Microfinance announced the securitization of receivables worth Rs 550cr ($12.3 million) from microfinance (MFI) borrowers. This amount comprises two transactions of Rs 310cr and Rs 240cr, with both offerings rated ‘PR1+ (SO)’ by CARE, with the assignees being banks. The deals will further augment SKS Microfinance’s liquidity position. The transaction worth Rs 310cr represents the single largest rated pool assignment […]
K&L Gates hired Howard Goldwasser and Xavier Ruiz for its New York office as partners in the finance and corporate practices, respectively. Goldwasser was previously at Curtis, Mallet-Prevost, Colt & Mosle. For close to two decades, Goldwasser has been lead counsel to domestic and international investment and commercial banks, hedge and private equity funds, investment managers, and investors in […]
The American Securitization Forum (ASF) opened a Washington, D.C. office in an effort to further its advocacy efforts on behalf of the securitization markets. The trade group also named Jim Johnson as managing director in public policy. In his new role, Johnson will be reporting directly to ASF Executive Director Tom Deutsch, who will continue to be based […]
In a recent report, Fitch Ratings said that risks inherent in Brazilian multi-seller/multi-obligor ABS have become more heightened in recent deals backed by factoring company receivables. Generally, factoring companies in Brazil are privately held businesses that buy trade receivables from a variety of companies at a discount. “Over the past few years, many factoring companies […]
StormHarbour made four new senior appointments in its Hong Kong and Singapore offices. Aaron Tan has joined as senior advisor. Tan, who reports directly to Principal and Asia-Pacific Chief Executive Officer Water Cheung, was previously a managing director and head of Hong Kong coverage, investment banking and debt capital markets at Barclays Capital. Together with other client-focused areas, Tan […]
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