Structured Credit Investor SCI’s 5th Annual Capital Relief Trades Seminar 17 October 2019, London


ABS or asset-backed securities are bonds or notes created via securitisation that are backed by a range of assets or receivables. Generically, all securitisations can be labelled ABS and it is often used as a coverall term; in some cases in SCI, ABS will be used in this manner. However, in many cases, ABS are taken to exclude mortgage-backed securities (MBS) and structured credit instruments, such as CDOs. If so, then asset-backed securities or ABS are taken to include consumer ABS, such as credit card securitisations, auto loan or dealer floorplan ABS, student loan securitisations, project finance/infrastructure securitisations and equipment leasing-based transactions. ABS originators are typically loan issuers, such as banks, credit card companies, auto finance and consumer finance firms, but can be any institution that generates regular, quantifiable future income flows (or cashflows), which includes governments. To create asset-backed securities, institutions sell pools of their loans to a special-purpose vehicle, or SPV, which then sells the loans to a trust. The trust then repackages the loans as interest-bearing securities and issues them. This true sale of the loans to the SPV ensures that the ABS is treated as being bankruptcy-remote from the originator.

  • Heavy supply?

    European primary ABS market update

    A new RMAC UK non-conforming RMBS has been announced, while the BPCE Home Loans 2018 deal is expecte...

    Market Reports    5 October 2018
  • Regulatory boost

    Positive prospects for project finance CRTs

    Santander has completed Fitzroy 2018-1 CLO, a financial guarantee and significant risk transfer tran...

    News Analysis    3 October 2018
  • ABS lull

    European ABS primary market update

    The European ABS primary market is seeing a lull in activity, which is leaving some traders uncertai...

    Market Reports    3 October 2018
  • SCI Start the Week - 1 October

    A look at the major activity in structured finance over the past seven days

    Conference SCI’s 4th Annual Capital Relief Trades Seminar is taking place on 16 October...

    News    1 October 2018
  • Market moves - 28 September

    The latest hires and company developments in the structured finance market

    Canadian pension partnership Canada Pension Plan Investment Board (CPPIB) announced today...

    Market moves    28 September 2018
  • Primary focus

    European ABS and RMBS market update

    Few BWICs were out for the bid in the European secondary ABS market this week, with light trading ac...

    Market Reports    28 September 2018
  • Risk transfer round-up - 28 September

    CRT sector developments and deal news

    Santander is believed to be the third capital relief trade issuer readying a commercial real estate...

    News    28 September 2018
  • Risk transfer return

    Standard Chartered completes trade finance CRT

    Standard Chartered has printed its first capital relief trade in three years, dubbed Trade Finance T...

    News    27 September 2018
  • UCITS constrained

    Regulatory impact on mutual fund demand gauged

    The impact of the new EU securitisation regulation on mutual funds domiciled in Europe has sparked c...

    News Analysis    27 September 2018
  • US CMBS 'not fixed'

    Wave of CMBS litigation may arise from systemic sector problems

    US CMBS litigation is currently in the spotlight, with one of the largest ever US fraud investigatio...

    News Analysis    26 September 2018
  • CRT line-up finalised

    SCI seminar to assess regulatory threats and opportunities

    The line-up for SCI’s 4th Annual Capital Relief Trades Seminar – taking place on...

    News    25 September 2018
  • SCI Start the Week - 24 September

    A look at the major activity in structured finance over the past seven days

    Pipeline RMBS dominated the newly-announced deals remaining in the pipeline by the end of last week...

    News    24 September 2018
  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions HPS Investment Partners has acquired Tålamod Asset Management. HPS will ret...

    Market moves    21 September 2018
  • GACS expansion?

    UTP extension questioned

    The recent extension of the GACS guarantee scheme is expected to further fuel Italian non-performing...

    News Analysis    21 September 2018
  • Irish RMBS focus

    European ABS market update

    A rare Irish non-conforming RMBS has caught the attention of European ABS market participants, follo...

    Market Reports    18 September 2018
  • Revised NPL templates published

    Insolvency data rendered more dynamic

    The EBA last week published a revised version of its standardised non-performing loan data templates...

    News Analysis    17 September 2018
  • SCI Start the week - 17 September

    A look at the major activity in structured finance over the past seven days

    Pipeline ABS is still dominating the pipeline, with several deals coming from the auto space. Th...

    News    17 September 2018
  • Preference for yield

    Conference delays new issues

    The US ABS secondary market is seeing a big demand for higher-yielding sectors like renewables, even...

    Market Reports    14 September 2018
  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched Tabula has launched a European CDS ETF which offers passive exposure to European...

    Market moves    14 September 2018
  • Euro ABS activity surges

    Investors finding value across asset classes

    The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS i...

    Market Reports    14 September 2018
  • Madden resolution urged

    US marketplace lending firms should be freed from restraints around “true lender&rdquo...

    News Analysis    12 September 2018