Emerging markets

Saudi banks may transfer as much as $48 billion in legacy mortgages to SRC by 2030, unlocking liquidity and enabling almost $23 billion of securitization for investors.

The outperformance of local-currency debt has led to an unusual situation where the historically riskier bonds are trading at lower yields than those denominated in the dollar — traditionally the world's main haven asset.

The ideas, which are still being hashed out, include lowering fees associated with issuances and simplifying audit requirements.

In a quarterly survey by the New York-based International Association of Credit Portfolio Managers, 57% of respondents expect wider credit spreads in U.S. investment grade debt and 70% in U.S. high yield bonds and leveraged loans over the final three months of the year. Also for the fourth quarter, 66% see rising levels of corporate defaults.

Volkswagen is turning to its Chinese assets for its first auto loan, asset backed securities deal of the year.

The sponsor will securitize a RM3 billion ($469 million) portfolio of auto loans extended to borrowers in China.

BMW readied its third and biggest ever Chinese auto loan securitization.

The Turkish Catastrophe Insurance Pool has completed a second catastrophe bond through a new shelf bond program dubbed Bosphorus Ltd.

If you want to know what a Greek exit from the euro would do to the €16.64 billion ($18.54 billion) of bonds out there backed by Greek assets, start with Argentina.

If you want to know what a Greek exit from the euro would do to the €16.7 billion ($19 billion) of bonds out there backed by Greek assets, a good place to start is Argentina.

Clifford Chance has poached Gianluca Bacchiocchi from DLA Piper as a partner.

The storm, which made landfall near Cabo San Lucas in Mexico on Sept. 15, had threatened holders of $100 million of MultiCat Mexico Ltd. (Series 2012-1) Class C notes with a 50% loss of their principal.

Moody’s Investors Service expects a more diversified, larger Chinese securitization market in 2015, the rating agency said in a report today.

BMW Group’s Chinese financial services subsidiary, BMW Automotive Finance (China), has placed its first securitization of Chinese retail auto loans.

Six years after losing its triple-A ratings during the financial crisis, rendering its bond insurance worthless, Assured Guaranty Corp. has returned to one of the corners of the securitization market where it was once most active: diversified payment rights in emerging markets

Assured Guaranty hopes to take advantage of a recent upgrade in its financial strength rating to resume offering insurance on future flow securitizations.