Securitization - European Archive

  • ABS spreads hit post-crisis tights

    ABS spreads hit post-crisis tights

    European ABS spreads have retraced to their tightest levels since before the 2008-09 financial crisis, with BMW Bank’s Bavarian Sky Compartment German Auto Lease 6 racing to price at 10bp, the tightest in the market since July 2007, according to EuroABS data.

  • Porsche Bank dodges residual risk with Austrian auto ABS

    Volkswagen-owned Porsche Bank is selling a rare few Austrian auto ABS deal. Sources say FACT 2021-1 may be able to price in line with recent French and Spanish auto transactions, but investors will demand a premium for its lack of ECB repo eligibility.

  • Generali markets first green cat bond

    Generali markets first green cat bond

    Generali is marketing the first green catastrophe bond, a €200m deal called Lion Re III laying off European windstorm and Italian earthquake risk. The structure takes its cue from the growing ESG risk transfer market for banks, which enhances the green impact of a given deal by recycling not just the funding received but the capital saved into green assets.

  • Finance Ireland releases price talk for new RMBS

    Finance Ireland releases price talk for new RMBS

    Banks have released initial price thoughts for Finance Ireland RMBS No. 3 a new RMBS deal made up of prime mortgage collateral in Ireland. The transaction is a rare outing for prime Irish RMBS, and it means banks are likely to have to work carefully to find the right price level for a deal with few benchmarks.

  • Limes IPTs point to tight pricing

    Limes IPTs point to tight pricing

    Initial price talk in Limes 2021-1, a new equipment-backed securitization brought to market by Deutsche Leasing, set on Monday, pointed to a tight print for the deal’s triple-A notes.

  • Goldman brings office CMBS as Dutch lockdown ends

    Goldman brings office CMBS as Dutch lockdown ends

    Goldman Sachs announced this week that is is refinancing a portfolio of Dutch office, hotel and retail outlets through a €220m CMBS called Bruegel 2021. The transaction is added to the growing pile of CMBS as investor confidence grows in assets impacted by the pandemic last year.

  • Kensington ‘green’ RMBS priced despite scepticism

    Kensington ‘green’ RMBS priced despite scepticism

    Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.

  • BNPP announces Spanish auto capital relief trade

    BNPP announces Spanish auto capital relief trade

    On Thursday, BNP Paribas announced Autonoria Spain 2021, an STS deal aiming to achieve significant risk transfer through a full cap-stack offering. Only one triple-A rating is listed on the senior notes, but investors say demand is still high for the deal.

  • Finance Ireland adds arrears buffer to third RMBS

    Finance Ireland adds arrears buffer to third RMBS

    On Wednesday, non-bank lender Finance Ireland mandated Bank of America as an arranger, alongside =leads BNP Paribas, Citi and Standard Chartered, on a €298.85m RMBS transaction, Finance Ireland RMBS No 3. The deal includes a new structural feature to mitigate future arrears.

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