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.

  • SCI Start the Week - 10 April

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

    Pipeline ABS names once again made up the majority of last week's pipeline additions. There were al...

    News    10 April 2017
  • Job swaps round-up - 7 April

    North America KeyBanc Capital Markets has hired Chris O'Neill and Jeffrey Tucker to its securitise...

    Job Swaps    7 April 2017
  • Risk transfer round-up - 7 April

    Activity in the capital relief trade space appears to be increasing in line with expectations of mor...

    News    7 April 2017
  • Chinese auto ABS hits top rating

    The first Chinese auto loan ABS to receive a triple-A rating from S&P is currently marketing...

    News    7 April 2017
  • China tipped as next NPL frontier

    Distressed debt investors are becoming more active in the Chinese non-performing loan market. Recent...

    News Analysis    6 April 2017
  • Euro ABS/MBS active

    The European ABS/MBS secondary market is once again active without yet fully taking off. "Secondar...

    SCIWire    6 April 2017
  • Synthetics to receive an STS designation?

    Momentum is growing for a simple, standardised and transparent (STS) designation for synthetic secur...

    News Analysis    5 April 2017
  • Diverse solar ABS announced

    Sunnova Energy is marketing its inaugural US$254.75m securitisation. Dubbed Helios Issuer Series 201...

    News    4 April 2017
  • US ABS keeps tight

    US ABS secondary spreads are keeping tight as the new quarter begins. The run-in for the last quar...

    SCIWire    4 April 2017
  • Leverage ratio driving off-balance sheet trend

    A number of European banks - including Rabobank and Credit Foncier - are becomin...

    News Analysis    4 April 2017
  • Euro secondary restarts

    The turn of the quarter has restarted activity in the European securitisation secondary market. Fl...

    SCIWire    4 April 2017
  • Portuguese NPL prospects boosted

    Lone Star is set to acquire 75% of Novo Banco, Portugal's third largest lender, in return for a &...

    News Analysis    3 April 2017
  • SCI Start the Week - 3 April

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

    Pipeline The pipeline comprised a mixed bag of issuers last week. ABS deals once again dominated th...

    News    3 April 2017
  • Job swaps round-up - 31 March

    EMEA EJF Capital is to float its closed-ended investment fund on the London Stock Exchange. Dubbed...

    Job Swaps    31 March 2017
  • Legislation, growth drive Cyprus turnaround

    Cyprus's non-performing exposures (NPE) ratio has experienced significant improvements, given strong...

    News Analysis    31 March 2017
  • Debut prime auto ABS prepped

    GM Financial is in the market with its inaugural prime auto loan ABS. The US$1bn GM Financial Consum...

    News    31 March 2017
  • Euro ABS/MBS unchanged

    Spreads and activity levels remain unchanged across the European ABS/MBS secondary market. A combi...

    SCIWire    30 March 2017
  • 'Less conventional' auto ABS to emerge?

    Moody's expects German carmakers to offer attractive financing terms and retain residual value risks...

    News    29 March 2017
  • Income-contingent SLABS approach revealed

    Further details have emerged of the UK government's £3.94bn Income Contingent Student Loans...

    News    29 March 2017
  • Euro secondary unmoved

    The European securitisation secondary market remains unmoved by wider market volatility. The see-s...

    SCIWire    28 March 2017
  • SCI Start the Week - 27 March

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

    PipelineInsurance-linked securities dominated the transactions remaining in the pipeline last week,...

    News    27 March 2017