ABS

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

In the emerging markets at the edges of Europe, 2011 did not generate much excitement for global structured finance players; many of the deals that did go cross-border were purchased by multilateral banks. This is understandable given the crisis engulfing their neighbors.

Federal regulators are seeking comment on a proposal that aims to lessen banks' reliance on credit ratings by proposing three methods for assessing risk on firms' trading books.

Welspun Energy , India's biggest solar photovoltaic developer, which is backed by Apollo Global Management, is looking to securitize revenue from its 15-megawatt unit in Gujurat after three months of operation.

Ohio became the twentieth state to pass legislation allowing utility debt securitization.

Credit Agricole Securities placed CAD$120 million of notes issued by Vecta I Ltd., which marks the first ABS backed by Canadian life insurance embedded value.

As part of an ongoing effort to refinance and reduce its debt post-bankruptcy, CIT Group, a leading provider of financing to small businesses and middle market companies, announced Dec. 22 that it will redeem an additional $2 billion of 7% Series A Second Lien Notes, including the $1.6 billion remaining balance of its Notes maturing in 2015 and approximately $400 million of its Notes maturing in 2016.

Four federal regulators on Friday announced they would give commenters an additional month to weigh in on sweeping restrictions to banks' proprietary trading vehicles.

The American Securitization Forum (ASF) will have California Congressman Ed Royce and Arizona Congressman David Schweikert as keynote speakers at its ASF 2012.

Realogy Corp. has amended and extended the existing Apple Ridge Funding securitization program issued by its services operating unit Cartus Corp.

Information provider Dealogic released data this morning showing that global ABS volume is now at $165.3 billion in 2011 year-to-date. This increased 28% or $129.1 billion over 2010 year-to-date.

The European Central Bank (ECB) has relaxed its collateral requirements for repo eligibility in a move that encourages new ABS activity.

Arrow Electronics has increased to $775 million its existing asset securitization program.

Federal regulators took another step Wednesday toward lessening banks' reliance on credit ratings by proposing three methods for assessing risk on firms' trading books.

European ABS issuance sold to investors should at most grow only modestly next year, Standard & Poor's said.

ABS related to autos, including deals backed by floorplans and leases, is likely to rise about 6% in volume during 2012, to $80 billion, Standard & Poor's said today. The figure for 2011 through Dec. 1 is $69 billion, according to the Securities Industry and Financial Markets Association (SIFMA).

Jon Corzine, former head of MF Global, who was subpoenaed last week to testify in front of Congress, could shed some insight over where the missing MF Global funds ended.

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

Navigating the non-agency RMBS market is not an easy task given that the market has seen little primary activity in 2011 and lots of volatility on housing stats.