ABS

Garanti Bank has closed its transaction comprising two new series of notes worth $225 million and €50 million ($72 million). The series of notes were issued under the firm's diversified payment rights (DPRs) program called Garanti Diversified Payment Rights Finance Co.

Moody’s Investors Service is asking for market feedback on a proposed follow-up to its operational risk guidelines concerning ABCP programs in a Request for Comment (RFC) issued yesterday.

A group of mortgage originators, issuers and investors is close to a consensus on a new process for enforcing representations and warranties on private-label securities.

GTP Acquisition Partners is offering the Class C and Class F notes of Secured Tower Revenue Notes, Series 2011-2. Moody’s Investors Service has assigned provisional ratings of 'A2 (sf)' to the $490 million Class C notes and 'Ba3 (sf)' to the $155 million Class F notes. The offering is backed by wireless towers.

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

Textainer Marine Containers Limited (TMCL) closed its $400 million ABS deal Series 2011-1 Fixed Rate Asset Backed Notes.

The House Financial Services Committee has approved legislation aimed to support the growth of the U.S. covered bond market with wide bipartisan support. The bill, named H.R. 940 The United States Covered Bond Act of 2011, passed by a vote of 45-7-3.

Enterprise Fleet Management (EFM) is currently in the market with Enterprise Fleet Financing, LLC Series 2011-2. JPMorgan Securities and Bank of America Merrill Lynch are the joint bookrunners on the almost $600 million 144A transaction.

Continuing its string of new hires, Barclays Capital has appointed Kenneth Rosenberg as part of its securitization syndicate team.

The Japan-based mobile telecommunications carrier called Softbank Mobile Corp. is marketing JPY 5.126 billion ($64 million) of senior trust certificates that are backed by handset installment sales receivables.

Favorable regulatory treatment for the covered bond sector in Europe has spurred its growth. said panelists at the Global ABS 2011 conference held this week in Brussels.

Buysiders speaking at an investor roundtable panel said that understanding ABS collateral is key to structured finance recovery.

There remains value in certain European ABS sectors despite their risk profile, said panelists at the Association for Financial Markets in Europe’s (AFME) and the Information Management Network’s Global ABS 2011 conference being held in Brussels this week.

The epic destruction wrought by the Japanese earthquake and tsunami last March should not have a direct effect on the credit quality of Japanese REITs (J-REITs), Standard & Poor’s said in a report.

The rating performance of European small and medium-sized enterprise (SME) securitizations during the economic crisis are congruent with the macroeconomic environment, said a Moody's Investor Service report.

Global agribusiness and food company Bunge Limited recently closed a program for the securitization of its trade receivables to the tune of $700 million, according to a press release from Finacity Corporation, which was the program structurer and administrator.

U.S. Subprime CDS prices more than doubled their increase from the previous month, rising 1.7% overall. According to the latest Fitch Solutions report, this brings the subprime rally to its unprecedented seventh consecutive month.

The Argentine province of Misiones is making unwelcome noise in the securitization market, as it seeks to expand the application of a stamp tax on trust agreements and securitization trusts regardless of where the documents are processed, according to Moody’s Investors Service.

The six regulatory agencies working on the risk retention rule are considering a proposal to extend the comment period until August 1, according to industry officials.

Argentina’s provinces are re-enacting the past. In the last year, three have publicly issued deals backed in part by revenue from a federal government institution, recalling a time when securitizing co-participation revenue from the central government was all the rage. That was before the crisis of 2001-2002.