Markit and Cairn Capital to Launch European ABS Performance Monitor

Markit, a global financial information services company, and Cairn Capital Limited, a credit asset management and advisory firm, today announced the forthcoming launch of the Markit ABS Performance Monitor platform. This new service will combine Markit’s ABS surveillance capability with Cairn’s advisory and credit market expertise to provide state of the art performance monitoring for European asset-backed securities (ABS).

The Markit ABS Performance Monitor is an advanced application that will provide consistent, detailed analysis of European ABS deals. Users will gain access to comprehensive one page deal summaries, both current and historical, with the ability to drill into details such as comparable key performance indicators, recalculated credit enhancement and excess spread, collateral stratifications, bond payment information and comprehensive documentation.

Markit’s Monitor will also incorporate advanced graphing functionality, offering both deal defined trigger settings as well as user defined triggers with traffic light alerting.

Kevin Gould, executive vice president of Markit, said: “Markit continually strives to innovate and enhance our products and services to meet market demands. This relationship with Cairn allows us to combine our capabilities in ABS data with the proven expertise of a leading asset management and advisory firm to produce an advanced monitoring tool that will allow users to quickly determine the status of their ABS positions.”

David Littlewood, director of Cairn, said: “We have spent the last few years building our own European ABS performance data, drawn from trustee and servicer reports, to support our asset management and advisory businesses. By joining forces with Markit to develop the European ABS Performance Monitor, Markit and Cairn have created a product that incorporates extensive input from both a market participant and a leading data provider. For this reason we are confident that this product will quickly become the market standard for European ABS.”