ABS East 2011 a Bit of a Snooze

Based on some fairly extensive (if informal) feedback we were able to gather, it seems that the ABS East Conference was about as dull as the three days of rainy weather that the attendees endured in Miami last week.

IMN’s annual event, which has become a traditionally good opportunity for market participants to recap the past year and begin to lay some groundwork for next year’s activity, was probably not what most folks who dodged the raindrops were hoping for.  Sure, it looks like there was some good news about recent market activity in some traditional asset classes, such as auto securitizations, and there was a fair number of market participants that have benefited from a relatively strong resurgence of commercial mortgage-backed issuance. 

However, too many folks were talking “busy” with really not much to show for it. 

On the positive side, it was apparent to several folks that attended that many of the service providers, including the trustees, law firms, technology firms, data providers and SPV management providers are gearing up for more activity next year.  Several noted good signals coming from both new and historical issuer and banking clients about new programs.

No doubt that the clouds over South Florida last week were a great metaphor for the continuing lack of clarity from the US regulators about the final impact of Dodd-Frank and other recent legislation on the structured markets.  Nevertheless, we believe that we may be seeing some energy building for the industry as we head into next year.

About markferraris
Managing Principal Orchard Street Partners LLC

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