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Global

Greek Tragedy Cools Europe's Restart

March 1, 2010 - Sovereign risk" are the words driving pricing in the European securitization market as the troubles in Greece unfold. After a brief period characterized by healthier spreads and a budding primary pipeline, European securitizations are bracing for the impact of Greece's fallout on the whole of Europe.

Auto Loans in Colombia Steer Toward ABS

March 1, 2010 - Auto loan ABS might be coming down the Colombian pike this year for the first time, thanks to an appetite for alternative funding sources and a new law authorizing the establishment of non-mortgage securitizers. "We hope to do a first issue in the second half of the year," said Alberto Gutierrez, president of RMBS securitizer Titularizadora Colombiana, adding that his team has filed with the Superintendency of Finance to create Multiactivos, a new agency that would securitize non-mortgage assets.

GMAC Mexicana to Debut Auto Loan ABS

March 1, 2010 - GMAC Mexicana is on the road with the country's first pure auto loan ABS in the public market, according to sources. Tipping the scales at about Ps1.4 billion ($109 million), the A note will appeal to private banking clients for its short average life of 1.4 years, said a source close to the deal. "It makes a lot of sense to pitch it to private banking," he added. That will likely be one of the areas in which joint leads HSBC and Citigroup brokerage Acciones y Valores will be focusing their efforts during a roadshow that kicks off the week of March 1. HSBC structured the transaction as well. The A tranche is expected to garner a rating of triple-A on the national scales of Fitch Ratings and Standard & Poor's. Part of the notes' enhancement comes from a 21.6% subordination from a B tranche. S&P also rates GMAC Mexicana 'Above Average' as an auto loan servicer.