ABS

Clean Power Finance, Morgan Stanley unit MS Solar Solutions Corp and Main Street Power Co. have announced the creation of MySolar, which is a residential solar lease facility that will offer funding for up to $300 million in projects.

Intermodal container lessor Textainer Group Holdings has closed a $1.2 billion warehouse securitization facility.The new facility called Textainer Marine Containers II Limited (TMCLII) acquired a portion of the intermodal containers owned by Textainer Marine Containers Limited (TMCL), which is another asset owning subsidiary. TMCL used the proceeds it received from TMCLII to terminate its $850 million securitization facility.The interest rate on the TMCLII securitization facility is 2.625% over Libor during an initial two-year revolving period. If the TMCLII securitization facility is not refinanced or renewed after this period, the facility is structured to partially amortize in the next five years and then mature.

Trafigura Securitization Finance's (TSF) series 2012-1 is in the market. The offering is backed by a pool of trade receivables originated by Trafigura Beheer B.V., Trafigura Pte. (Singapore), and Trafigura AG, according to Standard & Poor's.

The Securities and Exchange Commission (SEC) is turning its sights on companies’ in-house and outside lawyers for obstructing investigations and for green-lighting questionable mortgage bond deals, The Wall Street Journal reported this morning.

While still a shadow of its former self, the bond insurance industry is showing signs of revival amid a pickup in issuance of deals backed by riskier assets.

It's harder to get financing to warehouse loans for a CLO these days.

Fitch Ratings caused a stir last month when Credit Suisse dropped the firm's rating of an RMBS because it took a more critical view of the deal than two of its rivals.

Two and a half years ago, regulators opened the door for rating agencies to offer ratings or commentary on credits even when they haven't been hired to do so. Since then, all NRSROs can access detailed transaction data that issuers are required to post on designated issuer Web sites. The intended effect: a side market in unsolicited ratings and commentary. The actual effect: not a single unsolicited rating and roughly 15 commentaries.

Regulations are making trade finance CDOs more attractive, but recent press buzz surrounding the market's potential appears to be overhyped and maybe a little amnesic.

Manager Activity: Autos Book Runner Amount (US$ Mil) Rank Mkt.

On April 20 a judge decided that a case seeking to reverse bond insurer MBIA's 2009 transformation into two companies will go to trial on May 14.

Corporate fleet-lease ABS year-to-date issuance this year is at $1.3 billion, according to Standard & Poor's analysts in an emailed note released this morning.

A deal under a new catastrophe bond program called Mythen Ltd. is in the market. Moody's Investors Service has assigned preliminary ratings to three classes of the Series 2012-1 notes.

The Securities and Exchange Commission (SEC) has charged credit rating agency Egan-Jones Ratings Co. (EJR) and its owner and president Sean Egan for material misrepresentations and omissions in their July 2008 application to register as a Nationally Recognized Statistical Rating Organization (NRSRO) for ABS and government securities issuers.

Sterling covered bond volume has been quite high beginning in 2012. Public placement volumes are already more than the levels seen in any previous year, Moody's Investors Service said in a new special comment published today.

Securitization in non-traditional ABS asset classes will increase this year, according to a Standard & Poor's report emailed this morning.

The American Securitization Forum (ASF) will be holding ASF 2013 in the same spot that it did this year's conference. The industry gathering will be held at the Aria Hotel in Las Vegas on January 27-30, 2013.

In response to industry complaints, regulators on Thursday provided precise guidance on when financial institutions will have to comply with the Volcker Rule.

Morgan Stanley filed an S-3 with the Securities and Exchange Commission (SEC) to issue under its Morgan Stanley Capital I Trust. For a full copy of the SEC filing, please click here.

Payments made by tobacco companies in 2012 under the master settlement agreement (MSA) largely met official estimates, it was announced Monday.