ABS

Latin America's two largest markets - Brazil and Mexico - will present ABS players with different sets of risks and opportunities next year.

Russia, Turkey and neighboring emerging markets saw only scattered ABS issuance last year, and that largely depended on support from government-linked institutions, development banks or regular bank funding. Bond investors were mostly absent.

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

For 2010, U.S. public ABS issuance reached $53.51 billion, according to preliminary figures from the ASR Scorecards database.

Spain continues to plan for the securitization of its electricity deficit receivables from 2000 to 2009. The deal, which is issued by the FADE fund, will have the full guaranty of the Spanish government.

Newtek Business Services closed its securitization backed by roughly $23 million of non-guaranteed portions of U.S. Small Business Administration (SBA) small business loans.

Moody's Investors Service today took actions on 35 transactions of payments owed to the issuers pursuant to the Master Settlement Agreement (MSA) between the domestic tobacco manufacturers and the 46 states and certain territories party thereto.

Turkey’s Garanti Bank has closed a club deal backed by diversified payment rights (DPRs) to the tune of €250 million, according to a source close to the transaction. The paper is rated ‘A-’ by Fitch Ratings, the first time the agency has assessed DPR bonds from Garanti. In general, Moody’s Investors Service and Standard & Poor’s were far more active on the Turkish DPR front during the issuance boom of a few years ago, due to the fact that deals were overwhelmingly wrapped by monoline insurers.

Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America Corp. Friday, claiming the country's largest mortgage servicer's handling of loan modifications constitutes consumer fraud.

New capital requirements under the Basel III framework would have cost banks roughly $770 billion had they been fully implemented at the end of last year, according to a 32-page study released Thursday by the Basel Committee on Banking Supervision.

In its first full year of trading, PERILS industry loss index saw the total placements of insurance risk transactions exceed $1 billion, according to insurance data provided by Zurich-based PERILS.

Swiss Re obtained $106.5 million of natural catastrophe protection through its existing Vega capital program.

Wells Fargo Bank has filed an S-3 with the Securities and Exchange Commission to issue under its Wells Fargo Mortgage Securities Trust.

The Bank of England (BofE) published detailed data and other requirements for securitizations to remain eligible under its discount window.

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

Americold Realty Operating Partnership is in the market with a $600 million securitization backed by cold storage facilities. The deal is called Americold 2010 Trust Series 2010-ART.

Moody's Investors Service placed the 'Aaa(sf)' ratings on six Irish residential RMBS and one balance sheet CLO on review for possible downgrade.

Even with much of the developed world still struggling, Brazil's economy exudes health. But robust growth over the medium to long term is very much conditioned on advances in infrastructure, where enduring bottlenecks are bound to tighten unless investment grows and private-sector investors play a larger role.

Last month Asset Securitization Report met with dealmakers to talk about the future of covered bonds in the U.S.

ABS market players have certainly learned their lesson from the problems that led to the financial crisis.