ABS
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.
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Integrated fund structure developed
Innovative, single structure could benefit ILS investors
A new fund structure has been devised, which combines the fund and insurance elements of ILS structu...
News Analysis 15 August 2018 -
SCI Start the Week - 13 August
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline remained subdued last week, albeit a good mix of asset classes were represent...
News 13 August 2018 -
Market moves - 10 August
Company developments and new hires in the structured finance sector
CDOs transferred Dock Street Capital Management has replaced Deerfield Capital Management as collat...
News 10 August 2018 -
Risk transfer round-up - 10 August
CRT sector developments and deal news
Banco Comercial Portugues is believed to be prepping a significant risk transfer deal for 4Q18. Acco...
News 10 August 2018 -
Retention questioned
Call for NPL regulatory differentiation
Questions are emerging over the relevance of risk retention in the context of European non-performin...
News Analysis 7 August 2018 -
CRT resilience highlighted
Investors undeterred by turn in credit cycle
Widening credit spreads and an expected turn in the credit cycle have not induced significant change...
News Analysis 6 August 2018 -
SCI Start the Week - 6 August
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline was once again dominated by ABS deals last week. A handful of CMBS and RMBS w...
News 6 August 2018 -
Market moves - 3 August
Company developments and new hires in the structured finance sector
Acquisitions Savills Investment Management is set to acquire a 25% interest in DRC Capital. In ad...
News 3 August 2018 -
Chinese MPL ABS prepped
Online lender brings debut rated deal
Beijing Jingdong Century Trade Co is marketing a consumer ABS under the asset-backed notes (ABN) wit...
News 3 August 2018 -
SCI Start the Week - 30 July
A look at the major activity in structured finance over the past seven days
A fairly broad range of transactions are in the pipeline although new issuance is leaning towards th...
News 30 July 2018 -
Market moves - 27 July
Company developments and new hires in the structured finance sector.
Acquisitions American Mortgage Consultants (AMC), has announced the acquisition of certain personn...
Market moves 27 July 2018 -
Testing time
European ABS succumbs to widening pressures
Poor new issue execution has seen the European securitisation market finally succumb to widening pre...
News Analysis 24 July 2018 -
SCI Start the Week - 23 July
A look at the major activity in structured finance over the past seven days
Pipeline The pipeline returned to full flow last week. Unusually, CMBS accounted for the majority o...
News 23 July 2018 -
Market moves - 20 July
A weekly breakdown of new hires and company developments in the global structured finance industry.
Acquisition agreed Stone Point Capital’s Trident VII fund is set to acquire Sabal Capita...
Market moves 20 July 2018 -
Fight for control eyed
Rapid amortisation event 'unlikely' to occur
Allegations of embezzlement and a fight for control of Harley Marine Services (HMS) have emerged les...
News 20 July 2018 -
Fit for purpose?
Efficacy of STS label questioned
Once portrayed as the initiative to revitalise European securitisation, the STS label has been vario...
Talking Point 18 July 2018 -
SCI Start the Week - 16 July
A look at the major activity in structured finance over the past seven days
Pipeline Marketing of new securitisations continued to gain momentum last week, following the Indep...
News 16 July 2018 -
Return to form?
More traditional synthetic CRE deals emerging
A number of issuers are working on CRE capital relief trades, including some UK banks that issued CR...
News Analysis 13 July 2018 -
Multi-originator GACS deal debuts
Iccrea Banca completes landmark NPL securitisation
Iccrea Banca, the cooperative group owned by multiple Italian mutual banks, has issued a €1...
News Analysis 13 July 2018 -
Market moves - 13 July
A weekly breakdown of recent hires and company developments in the structured finance industry.
Acquisitions and investments Alantra has acquired KPMG UK’s portfolio solutions group bu...
Market moves 13 July 2018 -
NPL SPV established
Barclays financing portfolio acquisition
Barclays, Varde Partners and Guber Banca have acquired a €1.4bn non-performing loan portfol...
News 12 July 2018