Emerging markets

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.

After the financial crisis, Turkish banks found that they could continue to securitize diversified payment rights without the by-then worthless insurance wraps. Some banks have found that they can also do deals without arrangers from abroad.

More diversity may be on the way for Russia’s traditionally mortgage-bond monopolized securitization market, according to a report by Standard & Poor’s.

The deal from specialty lender International Investment Group is backed by loans to LatAm obligors. More issuance may be ahead.

The rising costs for banks to hold even low-risk, short-term loans — courtesy of Basel III — is a powerful incentive for them to offload their trade finance receivables into securitizations.

China’s State Council introduced a series of measures that support the country’s developing securitization market but it won’t be enough to significantly boost issuance in the short-term, said Fitch Ratings.

Upgrades might be in store for some Russian residential mortgage-backed securities (RMBS)

In late April, the Turkish Catastrophe Insurance Pool issued its first catastrophe bond; conditions would seem are ripe for other emerging markets to follow suit.

Controvery over the Mexican equipment lease sector