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Global ABS Servicing Guide 2007

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AIB Capita Davy Deloitte Fodomes
NCB Ogier SC

Continued securitisation development boosts business for service providers
As the global securitisation market continues to grow, the number of servicers targeting it is also rising, as service providers expand their range of offerings, ABS jurisdictions strive to improve their operating environment, and exchanges accept increasingly complex structures.
Basel II is having minimal effect so far on the securitisation market
Despite all of the concern originally voiced in respect of the potential detrimental effect which Basel II would have on securitsation transactions, it appears that the securitisation market in Europe and in particular the CDO and CLO markets in Ireland have continued to develop in the first quarter of 2007, write Turlough Galvin and Mark O'Sullivan, adding that, as yet, Basel II does not seem to have dampened the enthusiasm for the creation of or the investment in highly structured products generally.
Servicing is key - the role of third party players
As European residential mortgage-backed securitisation (RMBS) issuance continues to grow over the coming years, Paul Fenn writes that third party servicers will play a full part in helping lenders tap this important source of funding.
The corporate services provider's role in securitisation transactions
The development of Ireland's role as a base for special purpose vehicles (SPVs), has also seen a sharp increase in the demand for corporate service providers (CSPs) writes Anne Flood.
Surge in activity in European covered bonds as new jurisdictions emerge
The European covered bonds market is getting more and more competitive for issuers. Mark Kennedy outlines the areas where competition will increase and explains the new legislation that will help attract more business to Ireland.
Reporting for credit derivatives is deterring investors
The move to fair value accounting and the associated potential for earnings volatility has deterred some investors from credit derivatives. Vincent Reilly explains the vagaries of credit derivatives, and the impact mark to market reporting has had on them.
Capital markets techniques come to the world's insurance markets
With the growth of the securitisation sector, the area of insurance securitisation has expanded considerably. Conor Hynes explains the various aspects of the sector and argues the advantages of Ireland as a jurisdiction for this business.
Industry is at beginning of a new phase of development
The increasing importance of third party fund managers, hedge funds and standalone credit funds in the European securitisation market is impacting on the Irish industry writes Dermot Hardy, who believes that the traditional dominance of banks as investors is waning, which is leading to a new phase in the development of the industry in Ireland.
Positive outlook as overhaul of Jersey's security laws will drive business
In the last year the Channel Islands has seen considerable development of its securitisation industry, most notably in insurance business and protected company cells. Christopher Anderson and Alex Carus explain these movements and look forward to future opportunities for the islands.
Catastrophe bonds drive structured finance growth in the Caymans
The ability of the Cayman Islands product to be adapted to different uses by both the onshore and Cayman offshore financial community has assisted in year on year growth for its securitisation market. Tim Frawley explains the latest developments in the area and highlights the growth in catastrophe bonds.
Policy note on high yield transactions is driving growth on the ISE
Since the Irish Stock Exchange (ISE) published its policy note on high yield transactions, it has become a popular exchange for listing these types of transactions, writes Helen Berrill, who adds that the exchange's track record, together with its approachable attitude to developments in the market, will continue to place it as one of the leading stock exchanges for listing debt securities.
'Centre of excellence' attracts new companies
As Ireland's reputation as a 'centre of excellence' for securitisation receives a wider audience, 2006 saw a number of global companies make Dublin their European securitisation base.
Sector set for continued growth
The debt listing sector of the Irish Stock Exchange has seen significant growth in recent years. Gerard Scully, head of debt listing at the Irish exchange, explains the recent developments in this area such as the listing of the first Islamic finance Sukuk in October last, and highlights reasons to be optimistic about the future.
The ISE: an international player in the debt listings market
Since it first produced specialist listing rules for debt securities the Irish Stock Exchange (ISE) has gone from strength to strength in this sector. Joanne McEnteggart outlines the astonishing success the ISE has enjoyed in this area and outlines reasons for future gowth, such as the advent of the Prospectus Directive and the flow of more sophisticated deals with synthetic assets backing the transactions.
Listing securities on the Channel Islands Stock Exchange - an alternative to EU exchanges
The Channel Islands Stock Exchange (CISX) is not, and is unlikely to become, an EU stock exchange. However, for arrangers and issuers who require a listing on a recognised stock exchange but wish to minimise the amount of cost and time spent in listing, Alasdair Hunter writes that the CISX can be an attractive alternative.
New securisation law opens up opportunities in Luxembourg
Luxembourg legislation has created a number of different approaches to dealing with securitisation vehicles. Tax, trust and accountancy specialists Fidomes SÃ rl outline the opportunities offered by Luxembourg within the context of securitisation.
Structuring for the credit risk transfer market
Established last June, Structured Credit plc has gone from strength to strength since its initial $208 million fund-raising, and has already done 33 transactions, worth $3.5 billion. Ned Bowers and Keith Dignam talk to Fiona Reddan about developments to date, plans for future growth, and why they are intent on further developing Ireland as a location for credit risk transfer.

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