ABS

Scottish Re Group has entered into agreements to unwind the 2005 Orkney I securitization deal as well as to cede the Orkney block of business to Hannover Life Reassurance Co. of America.

Barclays Capital announced in an internal memo that Diane Rinnovatore will become co-head of securitized products origination (SPO) along with with Cory Wishengrad, who is currently co-head of SPO and head of the esoteric ABS origination group at the bank. He has been running the Barclays esoteric ABS business since late 2008.

Under pressure from Congress, federal regulators issued proposals this week that would exempt corporate end users of derivatives from new margin requirements, but force them to maintain sufficient capital in case of future losses.

The increase in appetite for esoteric ABS hasn't been solely for on-the-run assets, the market is increasingly looking at off-the-run assets that often require more work to get done.

Enterprise is marketing a $750 million rental fleet ABS. The capital structure includes one $750 million tranche of floating rate variable funding asset-backed notes with a final payment date October 3, 2017. The offering has been rated 'Aaasf' by Moody's Investors Service.

The investment banking firm Sandler O’Neill & Partners added a team of five sales professionals to its Chicago-based, fixed-income group.

Australian deposit-taking institutions are likely to issue covered bonds once proposed legislation is enacted, according to a recent report by Standard & Poor’s. The agency added that the highest rated and larger originators are most apt to float these deals.

State attorneys general and Consumer Financial Protection Bureau (CFPB) officials on Monday agreed to cooperate on enforcement actions and work together to prevent evasions of consumer protection laws.

Nissan Motor Acceptance Corp. (NMAC) is issuing a $1.04 billion transaction under its Nissan Auto Receivables Owner Trust (NAROT).

Investors have proven slow to return to the European securitization market. The limited appetite has been matched by a lackluster amount of securitization supply that market analysts said has created an imbalance in secondary and primary securitization pricing.

Churchill Financial Group is jumping on the business development company bandwagon.

Spanish pharmaceutical company Grifols launched a $105 million private placement transaction Wednesday, with Mesirow Financial as its agent, a source familiar with the situation confirmed.

While saying JPMorgan Chase & Co. had enough capital already to comply with new Basel III requirements, Jamie Dimon, the bank's chairman and chief executive, said regulators had gone too far in crafting the international capital accord.

Jay Hohman has landed a position as managing director at Cohen & Company Capital Markets.

As industry participants debate rules designed to restart securitization of private-label mortgages, another corner of this market is showing signs of life: the nonguaranteed portion of loans backed by the Small Business Administration (SBA).

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

Last week the CRE Finance Council (CREFC) described how its members are seeking some flexibility with respect to risk-retention requirements in a Wall Street Journal article.

Investors have proven slow to return to the European securitization market. The limited appetite has been matched by a lackluster amount of securitization supply that market analysts said has created an imbalance in secondary and primary securitization pricing.

Formulating the rules to implement the Dodd-Frank Act has proven to be challenging. Regulators both missed and moved deadlines to accomplish this monumental task.

Two years ago, Shariah-compliant bonds, or sukuk, began facing the first major test of their structures. The global crisis, paired with overinvestment in the Gulf Region, conspired to trigger a number of defaults that some observers believed would prompt investors to drill deeper into deals, and possibly favor those that were true securitizations.