Securitization

Spreads on subprime auto ABS and the subordinated tranches of prime auto ABS continued to outperform in January.

The securitization investor class of 2013 is likely to be the most geographically diverse group since before the onset of the financial crisis.

Sallie Mae plans to issue a $1.2 billion securitization of Federal Family Education Loan Program (FFELP) loans.

Investors no longer feel limited to their own country for securitization investment opportunities; they are becoming comfortable with the risks and rewards of investing in and owning a global book.

The consumer ABS market got off to a strong start in January, with the auto sector once again leading the way; issuance was up on the year, and spreads narrowed, led by subordinated bonds.

GreatAmerica Financial Services plans a $378million equipment lease ABS transaction, backed by small ticket technology equipment.

REO to rental has come a long way in the past year, but it is still not clear what role securitization will play in the financing of repossessed homes for conversion to rentals.

Aetna priced its $150 million health insurance-linked securitization, Vitality Re IV Ltd. (Series 2013-1).

View the year-to-date manager rankings for the different ABS sectors, including real estate, credit cards and autos.

The Basel Committee’s decision to allow banks to include highly rated residential mortgage bonds into the calculation of a new liquidity coverage ratio is good news, at least for European banks.

REO to rental has come a long way in the past year, but it is still not clear what role securitization will play.

Spreads on asset-backed securities narrowed sharply across the board in 2012, but some sectors are already looking rich, according to participants at the ASF 2013 conference.

The Royal Bank of Canada expanded the capability of its existing consumer and commercial auto financing business with its $4.1 billion purchase of Ally Financial’s Canadian auto finance business.

Rethinking securitization structures to attract junior investors

Standard & Poor’s said in a report today that they expect refinancing pressure to intensify for European CMBS as $22.6 billion in loans is set to mature in 2013.

Many sectors of the market are rallying, investors have returned, enthusiasm is running

Spreads on asset-backed securities narrowed sharply across the board in 2012; as justified as this was, some sectors are already looking rich, according to participants at the ASF 2013 conference.

The Basel Committee’s decision to allow banks to include highly rated residential mortgage bonds into the calculation of a new liquidity coverage ratio is good news, at least for European banks.

The narrative in Hollywood films tends to follow a three-act boilerplate — certain things happen to the protagonist at specific points over the course of the movie.

The delinquency rate of securitized commercial real estate loans dropped sharply in January down to the lowest level in 11 months mostly due to improvements in the performance of multifamily loans.