ABS

Setting the stage for the American Securitization Forum’s (ASF) 2010 securitization conference, the opening panel discussed the impact of government support and preparing for its withdrawal.

Haynes and Boone, LLP announced the addition of six partners to its East Coast real estate, finance and real estate restructuring practices

At the ongoing American Securitzation Forum (ASF) conference being held in Washington, D.C., Equifax Capital Markets announced the addition of the FICO score and other enhancements to its ABS Credit Risk Insight.

1010data announced today it is now hosting MBSData, which provides accurate and timely deal and loan level information on public non-agency MBS.

Ally Bank is in the market with a $929.5 million TALF-eligible autofloor plan ABS, Ally Master Owner Trust 2010-1. The deal is led by Barclays Capital, Deutsche Bank Securities and Morgan Stanley.

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

Lloyds Banking Group sold £2.5 billion ($3.9 billion) of mortgage-backed bonds denominated in euros, sterling and dollars.

One of the positive outcomes of the recent credit crisis is that it has changed the commonly accepted standards for transparency. Structured finance marketplace participants are recognizing the need for fundamental changes. These changes will improve asset-level transparency and allow for proper assessment of the risk versus return tradeoff of investing in mortgage pools or credit-enhanced mortgage securities.

The major contributors to prepayments in 2010 are expected to be involuntary.

The scheduled completion of the Federal Reserve's MBS purchase program this March has created fears that rising mortgage rates will exert renewed pressure on home prices. While the program has been successful in keeping primary rates low, it has had some unanticipated effects that will impact the housing and capital markets even after outright purchases have ended.

The student loan ABS (SLABS) market's biggest challenges today are bubbling on Capitol Hill, where legislation that would shrink it has been thrown into limbo along with the healthcare bill, threatening the availability of student loans unless an emergency funding program is extended.

Sentiment in the mortgage securitization market is improving, with pricing regaining momentum and talks of a new-issue RMBS pipeline rebuilding.

Brazil's Petrobras popped up on the ABS radar last year when a domestic deal came out that was backed by contracts between the oil giant and its suppliers. A receivable investment fund (FIDC), the transaction features senior shares rated 'AA(bra)' by Fitch Ratings and HSBC as the administrator. The deal is designed to facilitate the funding of small projects and services. A typical candidate would be a supplier that needs financing to assemble a machine for Petrobras.

You've booked the trade/priced the policy/granted the rating/set the reserves. So, the analytical heavy lifting is done, right? Not quite.

The European ABS market "shot out of the blocks" in early January with significant spread tightening in both "on-" and "off-the-run" names and across senior and subordinate bond classes at the same time.

ABS devotees involved in the emerging markets east of Europe faced headache after headache last year.

It's fitting that the ASF conference is being held in Washington, D.C. Uncle Sam, after all, has been playing a crucial role as securitization's savior as well as working double time to alleviate the problems plaguing the mortgage market.

The credit card ABS sector was reshaped in 2009 by a confluence of credit, funding, legislative, regulatory, and accounting challenges.Consumer credit quality deteriorated throughout the year, driven by a prolonged and severe economic downturn, rising unemployment and a lack of credit availability for consumers. As a result, Fitch's chargeoffs and 60+day delinquency indexes reached record highs during the year and remain elevated.

"There are snakes that go months without eating. And then they finally catch something, but they're so hungry that they suffocate while they're eating. One opportunity at a time." - Don Draper, Mad Men

The Treasury's ninth-hour announcements on Dec. 24 changed the outlook for the government-sponsored enterprises in 2010.