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GC Asia
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Virus brings new opportunities for PACE, solar ABS
Covid-19 has shifted some of the attention away from ESG, but the demand for solar and Property Assessed Clean Energy (PACE) securitizations is still high, sources say, and the virus may bring opportunities for sustainable asset classes to grow.
03 Jun 2020 -
Vertical Bridge cell tower deal sees 10 times oversubscription
Cell tower operator Vertical Bridge closed a $534m ABS deal last week, with orders exceeding the amount of bonds offered by 10 times.
02 Jun 2020 -
Senate to vote on looser PPP loan criteria
The US House of Representatives passed the Paycheck Protection Program Flexibility Act last week in an attempt to loosen the terms around how small businesses can spend their loans, reducing the amount required to be spent on employee payroll. Sources say the program has made strides in the past two months since its rocky rollout, enabling a wider range of industries to benefit from the forgivable loan program.
01 Jun 2020 -
ABS investors weigh options in Hertz bankruptcy
ABS investors watched nervously last week as car rental company Hertz filed for bankruptcy, with few good options to keep cash flowing in the face of a crisis that has curtailed travel and depressed used car values. However, sources say that there are a number of reasons investors should be pinning their hopes on a reorganization rather than a liquidation.
28 May 2020 -
Soaring CMBS delinquencies a preview of pain ahead
Loans packaged into US commercial mortgage-backed securities (CMBS) delinquent by 30 days or more have quadrupled, according to remittance reports published in May, as the economic devastation of the coronavirus pandemic ripples through the financial system. Market participants fear record levels of distress if borrowers that are now in their grace periods add to the figures in the coming month, writes Max Adams.
28 May 2020 -
Loanpal preps first solar ABS since outbreak
Loanpal is bringing the first solar securitization to market since the Covid-19 outbreak. The deal is the first of several solar ABS lining up for the coming weeks, sources said, with at least two other 144A deals in the works.
27 May 2020 -
High earners draw investors to student loan refi ABS
The pandemic has taken its toll on consumer ABS asset classes since March, but sources this week say that they are seeing opportunities in discounted bonds backed by refinanced student loans issued by top tier fintech lenders.
26 May 2020 -
Lenders old and new scramble for 'digital first' in era of Covid-19
The capital markets have been working to transition operations to a digital format for years, but bank incumbents have been reluctant to make a wholesale shift, largely because there was no urgent need to do so. Coronavirus has changed that, and banks are accelerating plans to update legacy systems, muscling in on territory once held firmly by fintechs.
21 May 2020 -
CMBS issuance flows but pre-pandemic loans worry investors
CMBS issuers have come back to market in recent weeks, bringing deals structured to entice investors with features meant to withstand the shocks of the pandemic. But investors say that there are still concerns around adding exposure to commercial mortgages written before the crisis.
20 May 2020 -
CNH prices equipment ABS, sees toughest period ahead
CNH Capital priced its first securitization of the year on Tuesday, one of the few equipment ABS sponsors to come to market during the Covid-19 outbreak. The company is forecasting the “most severe impact” in the second quarter, with some regions and product lines seeing a 40% decline in demand, CNH said.
19 May 2020
