ABS

A number of companies operated by AXIS Capital Holdings are seeking re-insurance through the catastrophe bond market.

The bonds are collateralized by first-lien tax liens imposed by the City of New York on real properties due to unpaid property taxes, sewer rents, sewer surcharges, and/or water rents.

J.P. Morgan and Barclays will also act as the joint-bookrunners and co-lead managers on the transaction, which is expected to price August 6 and close August 19.

The Royal Bank of Canada sold its first euro benchmark covered bond since 2008, and signifies the re-opening of the European covered bond market for Canadian issuers.

Barclays anticipates that if both Freddie Mac and Fannie Mae sell the risk on all their ongoing issuance, issuance volumes could potentially reach $20 billion to $25 billion per year.

The notes are backed by a portfolio of 13,229 Hilton Resorts deeded timeshare interests with an aggregate balance of $255.12 million.

The $743.933 million deal is backed by 38 mortgages contributed from three sellers: Bank of America, NA, Morgan Stanley Morgage Capital Holdings, and CIBC.

Marriott Vacations Worldwide plans to issue a $250 million timeshare loan ABS, according to a Fitch Ratings presale report.

The notes are backed by one commercial mortgage loan totaling $200 million secured by the fee and leasehold interest in 123 Red Roof Inn hotels across 29 states.

New York and Hawaii are the next two U.S. states to legislate rate reduction bonds.

Wyndham Worldwide priced its $250 million timeshare loan securitization, Sierra Timeshare 2013-2 Receivables Funding LLC, this week.

Ohio Power Company, a wholly-owned subsidiary of American Electric Power Company (AEP), priced its $267.4 million utility receivables securitization deal called Ohio Phase-In-Recovery Funding LLC.

The $1 biillion (upsized from $500 million) class A notes priced at one-month Libor plus 42 basis points. The $53.57 million (upsized from $26.79 million) class B notes priced at one-month Libor plus 70 basis points.

J.G. Wentworth latest $173 million transaction will securitize lotto winnings, along with structured settlement payments and assignable annuity streams.

A drop in the haircuts applied to securitizations used for collateral funding from the European Central Bank (ECB) is a positive for the sector, according to analysts at Bank of America Merrill Lynch.

This latest deal totals $345.05 million and features 20 tranches, inluding exchangeable interest-only certificates.

The Series 2013-1 notes are backed by a $661.425 million portfolio dubbed Trinity Rail Leasing 2012 LLC containing 7,201 railcars. This fleet portfolio also backs the $333.84 million series 2012-1 notes.

Ohio Power Company plans to issue a $267.4 million utility receivables securitization deal called Ohio Phase-In-Recovery Funding LLC.

Banco Popolare di Vicenza priced the 1.8 year, €980 million A1X tranche of Berica PMI within price guidance at 240 basis points over the three month Euribor.