ABS

The FDIC held a meeting March 29 to discuss its risk retention rules and the much debated QRM qualification.

Two and a half years after the global financial markets imploded, the dust has begun to settle, providing a clearer view on which sectors of the securitization market will thrive-and which won't.

Despite recent reports of people changes at some of Wall Street's biggest players in the securitization market, finding work, even for experienced hands, is still no easy task.

After the Japanese crisis, CMBS secondary market activity was the most impacted versus all other securitization sectors, experts said.

For 1Q11, U.S. public ABS issuance reached $13.62 billion, according to preliminary figures from the ASR Scorecards database. This is an increase from a year ago when industry volumes reached only $9.4 billion

As the structured finance market struggles to make sense of myriad new rules stemming from the Dodd-Frank Act, it's become clear that rating agency reform initiatives from the regulators have largely been put on hold.

SKS Microfinance announced the securitization of receivables worth Rs 550cr ($12.3 million) from microfinance (MFI) borrowers.

The American Securitization Forum (ASF) opened a Washington, D.C. office in an effort to further its advocacy efforts on behalf of the securitization markets.

Roseburg Forest Products is marketing a $295 million securitization called Oxbow Resources Timberland Notes 2011-1.

In a recent report, Fitch Ratings said that risks inherent in Brazilian multi-seller/multi-obligor ABS have become more heightened in recent deals backed by factoring company receivables. Generally, factoring companies in Brazil are privately held businesses that buy trade receivables from a variety of companies at a discount.

The consolidation of AT&T and T-Mobile USA could lead to a decline in cell tower revenues generated from site leases. This could have cash-flow implications for wireless tower ABS bonds.

The practice of voluntary asset buy-backs is prompting Fitch Ratings to keep several RMBS transactions in South Africa on Rating Watch Negative (RWN), the agency said in a report looking at the expected performance of the country’s structured finance sector this year.

Goldman Sachs is in the market with GS Mortgage Securities Trust, Series 2011-GC3. The more than $1.4 billion deal is backed by 57 fixed-rate loans secured by 111 commercial properties.

Despite uncertainty surrounding covered bond legislation in the U.S., issuers may place around $50 billion in the greenback market this year, according to Karlo Fuchs, senior director at Standard & Poor’s.

A deal backed by multiple assets and ownership interests in 37 multi-use communication tower sites called Richland Towers, LLC Secured Multi-Use Communication Tower Revenue Notes, Series 2011-1 is in the market.

Santander Consumer USA is in the market with a $526.3 million auto receivable deal named Santander Consumer Acquired Receivables Trust 2011-S1 (SCART 2011-S1) managed by Citigroup Global Markets.

Wyndham Worldwide Corp. is in the market with Sierra Timeshare 2011-1 Receivables Funding (Sierra Timeshare 2011-1), a $250 million transaction.

Lloyds TSB Bank and the Bank of Scotland issued a £1.45 billion ($2.35 billion) CLO of project finance loans.

Conyers Dill & Pearman boosted its Moscow office by moving senior corporate and finance lawyer Claire McConway from its Bermuda location where she was an associate.

The recapitalization plan of Petroleo Brasileiro, designed to fund epic growth, is on strong footing, according to a release by Moody’s Investors Service.