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Structured Finance Sector Report Card: European ABCP Is Showing Resilience Despite The Downturn Aug 10 Product Image

Structured Finance Sector Report Card: European ABCP Is Showing Resilience Despite The Downturn Aug 10

  • ID: 2025333
  • August 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Anglesea Funding PLC
  • Arabella Finance Ltd.
  • Chesham Finance Ltd.
  • Ebury Finance Ltd.
  • Halkin Finance PLC
  • Mont Blanc Capital Corp.
  • MORE

Abstract
This European ABCP report card covers the various developments in asset-backed commercial paper (ABCP) and a review of the overall conduit trends we have observed since October 2009. That the ABCP market has endured significant difficulties since the economic downturn is a relative understatement. ABCP outstandings are down by up to 70% in some conduits, with much of the pre-crisis structured finance-fuelled growth all but diminished. The level of ABCP outstanding appears to have reached a plateau, with many conduits filling the gap left by structured products with "vanilla" unrated trade receivables. In our view, regulatory uncertainty is also playing a factor in the re-emergence of the sector as many sponsors take a "wait and see" approach to the array...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Securitized Instantly Repackaged Perpetuals Ltd.
- Rhein-Main Securitisation Ltd.
- Mont Blanc Capital Corp.
- Thames Asset Global Securitization No 1 Inc.
- Antalis S.A.
- Silver Tower Funding Ltd.
- General Funding Ltd.
- Cantabric Financing PLC
- Viking Asset Securitisation Ltd.
- Arabella Finance Ltd.
- Romulus Funding Corp.
- Cancara Asset Securitisation Ltd.
- Opusalpha Funding Ltd.
- Curzon Funding Ltd.
- Chesham Finance Ltd.
- Matchpoint Finance PLC
- Ebury Finance Ltd.
- Regency Assets Ltd.
- Anglesea Funding PLC
- Halkin Finance PLC
- Fondo de Titulizacion de Activos Santander 2
- Scaldis Capital (Ireland) Ltd.
- Churchill Loan Asset Securitisation Programme, LLC
- Managed and Enhanced Tap (Magenta) Funding SAT

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