ABS

Westgate Resorts is planning a $94 million securitization of timeshare loans, its third transaction for 2012, according to a presale report by Standard & Poor’s.

Belgium’s KBC issued its inaugural covered bonds to strong investor appetite that saw orders for the bank’s €1.5 billion ($1.9bn) benchmark swell to €6bn.

Moody’s Investor Service has assigned a Prime-1 rating to Royal Bank of Canada’s $10 Billion ABCP Program called Bedford Row Funding Corp.

Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.

Westgate Resorts said that the securitization market has allowed the company to lock in fixed-rate capital while eliminating refinancing risk on these portfolios.

Although the securitization market is still struggling to regain its post-crisis footing, there are glimpses of hope. In this month's cover story, for instance, Nora Colomer explores a potential source of new deal flow.

One of the few positive outcomes of the financial crisis has been the strong performance of consumer ABS, which has become the gift that keeps on giving to investors

Utilities and regulators are pushing to meet evolving green energy requirements, and securitization offers a cost-effective way to finance the cleanup.

A highlight in the month was Barclays Bank's first SEC-registered credit card platform called Dryrock Issuance Trust.

View the year-to-date manager rankings for the different ABS sectors, including real estate, credit cards and autos.

The Public Service Commission of West Virginia, the state’s energy regulator, has delayed a securitization proposed by American Electric Power (AEP) by two months.

The 144A transaction called Centre Point Funding, LLC, Series 2012-2 is backed by rental trucks.

Barclays Capital expects total issuance volume for European securitization to remain more or less the same in 2013 from this year.

Deals backed by Spanish electricity tariff deficits could be hurt by a proposed energy reform bill due to become law by year’s end.

The securitization vehicle set up to fund the tariff deficit in the Spanish power industry will be selling €110 million of debt securities backed by a Spanish government guarantee.

Proceeds will refund the state’s $757 million tobacco securitization that sold last November to help the state wipe out a budget deficit.

View the year-to-date manager rankings for the different ABS sectors, including real estate, credit cards and autos.

In the wake of Hurricane Sandy, delinquency rates are expected to rise in RMBS deals.

Speakers at information Management Network's ABS East who tackled the housing market harped on two topics hampering the comeback of private-label RMBS issuance.

One speaker at Information Management Network's ABS East detected a potential bubble forming in the auto subprime segment.