Securitization - Article Archive

  • European CLOs restart with caution, while US issuance picks up

    The European CLO market is back in business, a few weeks on from the restart of primary issuance in the US. Both markets are moving cautiously to get back on track in the pandemic economy, tweaking deal formats, shortening reinvestment periods and looking at deal documents to see where there is room for flexibility to manoeuvre through a historic period of distress.

    • 30 Apr 2020
  • Moody's slashes ratings on Hertz, Avis rental car ABS

    Moody’s downgraded $10.6bn worth of rental car ABS notes from Hertz and Avis, citing weakened corporate credit profiles of both companies.

    • 30 Apr 2020
  • FHFA names consumer finance regulator as COO

    Kate Fulton is joining the Federal Housing Finance Agency (FHFA) as chief operating officer as part of the agency's broader restructuring plan announced in January, which aims to prepare the government sponsored enterprises to exit conservatorship.

    • 30 Apr 2020
  • NPL securitization to increase in 2021 after post-Covid dip

    Non-performing loan securitizations are expected to decrease by up to 70% this year in Italy, with little activity expected across the rest of Europe in the wake of the coronavirus lockdowns. But 2021 will see banks looking to securitize the next generation of defaulted loans, rating agencies say.

    • 30 Apr 2020
  • Crisis Talk — with VW's treasurer: how to cope without revenue

    Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.

    • 30 Apr 2020
  • CLO managers maneuver to protect deals from expected bankruptcies

    CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.

    • 29 Apr 2020
  • Expansive Fed response risks damaging market efficiencies, sources say

    The Federal Reserve reassured jittery markets on Wednesday that it is committed to using the full range of policy responses available to it in order to blunt the impact of the Covid-19 crisis, though some in the market fear that the central bank’s aggressive response will do longer term damage to market efficiency once the pandemic subsides.

    • 29 Apr 2020
  • VW closes STS auto ABS deal in private

    Volkswagen Financial Services UK closed Private Driver UK 2020-1 on Tuesday, a deal qualifying for the ‘simple, transparent and standardised’ (STS) label and privately placed with investors.

    • 29 Apr 2020
  • Clifford Capital restructures business

    Singapore's Temasek Holdings-backed Clifford Capital has restructured its business, creating a holding company and a new infrastructure loan platform.

    • 29 Apr 2020
  • CLO triple-As tighten as investors return to market

    Managers returning to the CLO market at the end of April saw their deals clear at the tightest levels of the month, greeted by investors ready to resume putting cash to work.

    • 28 Apr 2020
  • SFA policy chief heads to CRE industry group

    The head of policy for the Structured Finance Association has joined commercial real estate and CMBS lobbying organization CREFC as managing director, regulatory policy.

    • 28 Apr 2020
  • UK RMBS lenders diverge on investor protections

    Market participants expect bank lenders to support their RMBS master trust shelves, as Santander UK said it would last week for its Holmes Master Issuer vehicle. Stand-alone deals could see more mixed outcomes, however.

    • 28 Apr 2020
  • Clock ticking for Codere as it defers Thursday coupon payment

    Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.

    • 28 Apr 2020
  • Obvion is first issuer to disclose payment moratoriums

    Obvion has released investor reports for its outstanding RMBS transactions, including new tables on Covid-19 payment postponements, becoming the first ABS issuer to report payment moratoriums as a result of the outbreak.

    • 28 Apr 2020
  • Crisis Talk – with Joseph Lau of Lord Capital

    The coronavirus crisis looks to be a once in a career event for many who work in capital markets in terms of just how much of the economy is being impacted. It has frozen some markets, heightened illiquidity and the shut off of a primary pipeline that, before the pandemic, was expected to produce another robust year of new issuance across securitized assets.

    • 28 Apr 2020
  • European CLO market springs back to life with Redding Ridge, Permira deals

    The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.

    • 28 Apr 2020
  • CLO primary picks up with flurry of static and shorter reinvestment deals

    US CLO managers are navigating the wave of negative outlooks and headlines to bring new deals, with the primary market in April dominated by static transactions and CLOs with shorter reinvestment periods.

    • 27 Apr 2020
  • ABS outperforms as investors prep for broader market restart

    ABS outperformed all other fixed income sectors last week, bolstered by tighter spreads, a strong revival of the new issue pipeline and a reopening of the esoteric market, say analysts at Bank of America.

    • 27 Apr 2020
  • Extension risk ahead for UK deals as Q2 call dates near

    More than £2.3bn ($2.86bn) of UK securitizations are coming up for call, as a majority of the year’s redemption schedule is packed into the current quarter. Investors expect banks to call as normal, but see non-bank deals as likely to miss their calls and extend.

    • 27 Apr 2020
  • Delta pledges landing slot collateral while Norwegian shows difficulty in scoring its value

    Delta Air Lines has pledged landing slots at New York's JFK and LaGuardia airports and London's Heathrow to back a new $3bn bond and loan package. But the restructuring plan of Norwegian Air Shuttle shows how hard it can be for bondholders to benefit from this kind of ‘soft’ collateral.

    • 27 Apr 2020
  • Coronavirus intensifies thirst for new responsible capitalism

    The Covid-19 pandemic is an ESG issue. More than ever before, a natural phenomenon is driving markets. Suddenly, social responsibility is no longer kooky but required of all. How are responsible investors reacting — and can the crisis lead to a better model of financial markets, where all stakeholders are considered?

    • 27 Apr 2020
  • UK seeks to shelter retailers from rent collection

    The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.

    • 27 Apr 2020
  • Merlin gains blessed relief with first European 'corona claw' bond

    Merlin Entertainments, the private equity-backed owner of attractions like Madame Tussauds and Legoland which is struggling to stay afloat, launched a senior secured high yield bond on Friday, which raised €500m after a strong reception from investors.

    • 24 Apr 2020
  • CLO players see two year stretch before sector normalizes

    The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.

    • 23 Apr 2020
  • Fintech lenders sidelined in second round of PPP funding

    Congress set aside $60bn for small businesses in the second round of funding for the Paycheck Protection Program (PPP), but excluded fintechs from participating in distributing the funds. While fintechs thought the pandemic could be a chance to solidify their standing in the lending world, legislators have been reluctant to give them the opportunity.

    • 23 Apr 2020
  • SRT market to shake off ECB capital relief hit

    Significant risk transfer (SRT) deals have temporarily dried up following the European Central Bank’s decision to lower risk requirements for banks, but market observers say deals will still go ahead in 2020.

    • 23 Apr 2020
  • Angelo Gordon hires credit specialist in New York

    Angelo Gordon has hired Putri Pascualy to its investor relations team in New York as a managing director and credit product specialist.

    • 23 Apr 2020
  • Punch asks bondholders to look at last year's figures when assessing debt

    UK pub companies with secured debt structures are asking bondholders to waive covenants and suspend potential enforcement action, as the government-mandated shutdown continues. Bondholders in Punch Taverns Finance B are being asked to feed last year's figures into covenant calculations while the lockdown is in force, in a potential model for the other pub companies struggling with stalled cashflow.

    • 23 Apr 2020
  • Managers struggle with frenetic pace of downgrades

    CLO managers are on the defensive as the pace of leveraged loan downgrades accelerates in April.

    • 22 Apr 2020
  • LendingClub lays off a third of employees, including key executives

    Online lender LendingClub is laying off 460 employees, including the company president Steven Allocca, according to a regulatory filing on Tuesday, a broad restructuring that reflects plummeting loan origination volumes and investor demand in the time of coronavirus.

    • 22 Apr 2020
  • UK CMBS market not pinning hopes on government support

    British retail lobbying groups are clamouring for government support as tenants struggle to cover rent in the month since the lockdown began. But market players say help for the sector is unlikely, and CMBS is preparing for widespread delinquencies as the shutdown extends.

    • 22 Apr 2020
  • FHFA rescues mortgage servicers from liquidity crisis

    The Federal Housing Finance Agency (FHFA) set a four month limit on Tuesday to the period over which mortgage servicers are obligated to advance payments on loans in forbearance, a long awaited liquidity fix the industry was pushing for.

    • 21 Apr 2020
  • Oil havoc threatens industry’s access to capital

    The oil industry’s ability to raise money in capital markets is coming under severe strain, as the coronavirus pandemic is forcing all analysts to tear up their assumptions and bringing unprecedented volatility in prices.

    • 21 Apr 2020
  • Fitch puts 140 UK RMBS tranches on negative watch

    Fitch Ratings has placed 140 tranches from 54 UK RMBS transactions on negative watch, blaming coronavirus-related disruption as the main factor.

    • 21 Apr 2020
  • Sidley hires Shearman’s former levfin chief

    Sidley Austin has hired Joshua Thompson, the former head of global leveraged finance at Shearman Sterling, as a partner in its global finance team in New York.

    • 20 Apr 2020
  • ABS met with ‘robust’ demand despite TALF absence

    The ABS primary market has been restocked with seven new offerings, including four prime auto loan deals from lenders including Nissan, as demand is underpinned by confidence in the eventual rollout of government-backed programmes, as well as additional structural protection offered by issuers.

    • 20 Apr 2020
  • Deutsche sets up sustainable finance team to go beyond green bonds

    Deutsche Bank has set up an inter-disciplinary sustainable finance team in its capital markets group, aiming to be “viewed as [a] market leader on this important subject”, as it senses that clients, including big oil and gas companies, are having increasingly to consider environmental and social issues to access the capital markets.

    • 20 Apr 2020
  • More than 1,000 US, euro CLO tranches placed on watch

    Moody’s, S&P Global Ratings and Fitch Ratings have placed more than 1,000 US and European CLO tranches on negative watch or outlook, as new data arrived from trustees..

    • 20 Apr 2020
  • CSAM raises $200m to invest in CLO equity

    Credit Suisse Asset Management’s Credit Investments Group raised a $200m fund that will invest mostly in the equity tranches of CLOs, according to people familiar with the matter.

    • 20 Apr 2020
  • Eurozone bad bank would be ‘incredibly complex’, say experts

    Any attempt to create a eurozone bad bank is likely to face many challenges, both political ones over support for the banking sector and practical ones in creating an institution dealing with non-performing loans from across Europe, market experts have said.

    • 20 Apr 2020
  • UK government mulls CLO scheme to support crisis loans

    The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme.

    • 20 Apr 2020
  • European markets resilient but it’s safety first in primary

    European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.

    • 19 Apr 2020
  • World Bank pandemic bond finally triggers

    The pandemic bond issued by the World Bank, which supports a pandemic financing facility for poorer countries, has now met the conditions to pay out, GlobalCapital understands.

    • 17 Apr 2020
  • CLO issuance forecasts slashed as virus shutdown extends

    Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.

    • 16 Apr 2020
  • GM prices first ABS since virus crash

    GM Financial priced a $790m prime auto securitization on Thursday, the first issuer to break the silence in the market since Covid-19 halted primary flows in mid March.

    • 16 Apr 2020
  • TALF just lip service for CLOs

    The CLO market is still struggling to find equilibrium as the coronavirus pandemic spreads. The Federal Reserve’s expansion of its Term Asset-Backed Securities Lending Facility (TALF) to include CLO paper as eligible collateral was cheered upon announcement last week. But some puzzling limitations to the Fed’s terms will do little to help the market reboot.

    • 16 Apr 2020
  • FIG boss Shah to leave NatWest Markets

    Harsh Shah, head of financial institutions origination and solutions, is leaving NatWest Markets as part of the UK bank's restructuring process announced in February by new group CEO Alison Rose.

    • 16 Apr 2020
  • UK auto ABS issuers cautiously eye return to market

    UK auto ABS deals are being privately placed while the market waits for liquidity provided by central banks or other markets to return before attempting to market deals publicly.

    • 16 Apr 2020
  • CLO issuers sound out euro market on new structures

    Several CLO issuers have been sounding out the European sector in recent days in the hope of issuing a deal, with Permira Debt Managers and Oaktree Capital both said to be marketing transactions.

    • 16 Apr 2020
  • People moves in brief

    Lazard hires restructuring lawyer — Former GSO MD joins Kennedy Lewis — RBC picks high yield and loan sales head

    • 16 Apr 2020
  • Flickers of trading in SRT market as credit funds seek cash

    Synthetic risk transfer deals from Deutsche Bank, Santander and Standard Chartered have been seen changing hands, as certain credit funds look to free up cash by selling assets that have drastically outperformed equity and junior debt in leveraged loan CLOs. Risk transfer deals are often bilateral and privately negotiated, with little or no public reporting, and usually held to maturity by the specialist funds that buy them.

    • 16 Apr 2020
  • Global Atlantic names new head of credit

    US insurer Global Atlantic Financial Group has hired Donald Bobbs as head of credit.

    • 15 Apr 2020
  • Diversified gas ABS draws Nuveen as top investor

    Nuveen emerged as the primary investor for Diversified Gas & Oil’s most recent securitization, drawn to the company’s commitment to refrain from drilling or fracking and fitting the deal into its environmental, social and governance (ESG) strategy.

    • 15 Apr 2020
  • Former GSO executive joins Kennedy Lewis

    Former GSO Capital Partners managing director Richard “Dik” Blewitt has joined Kennedy Lewis Investment Management as partner and head of tactical opportunities.

    • 15 Apr 2020
  • AMAG pulls Swiss franc ABS after boosting bank debt

    AMAG Leasing, a regular issuer in the small Swiss franc ABS market, pulled its planned Swiss Car ABS 2020-1 deal on Tuesday after investors declined to support the deal at a level the company found attractive. It had recently renewed its bank facility, and is also a regular issuer in the unsecured Swiss franc bond market.

    • 15 Apr 2020
  • BMW revisits Chinese ABN market, seals tight deal

    Herald International Financial Leasing, a subsidiary of German carmaker BMW, bagged a Rmb3bn ($425m) dual-tranche asset-backed note on Tuesday, its largest ABN outing yet. Both the senior tranches were priced 100bp tighter than the issuer’s last two outings.

    • 15 Apr 2020
  • CLO veteran departs Pretium Partners

    CLO portfolio manager and leveraged credit veteran Gil Tollinchi will depart investment management firm Pretium Partners at the end of April.

    • 14 Apr 2020
  • Mortgage servicers look to FHFA as forbearance soars

    The number of mortgage loans in forbearance increased by 37% in the first week of April, with mortgage servicers coming under intense pressure to continue advancing payments to RMBS bondholders. Market participants are hoping the Federal Housing Finance Agency (FHFA) steps in with a fix.

    • 14 Apr 2020
  • EBA to preserve STS capital benefits despite payment freezes

    ABS eligible for the simple, transparent and standardised’ (STS) criteria could have lost its preferential capital benefits after payment freezes on consumer lending went into place across Europe, but the EBA has acted to clear up the uncertainty and confirm the capital benefits.

    • 14 Apr 2020
  • Mortgage payment holidays could pit mezz against equity in RMBS

    Mortgage payment holidays, as mandated by several European governments, will hurt some European securitizations, as investors get paid out of the interest and principal payments they expect to receive from the underlying borrowers. But someone has to take the pain of the missing cash, and this could pit bond investors against deal originators.

    • 14 Apr 2020
  • China’s Covid-19 clampdown scuppers pandemic bond payout

    The World Bank’s pandemic bond is still yet to trigger and pay out to support poor countries. This appears to be because of the slowdown in new reported Covid-19 cases in China since February.

    • 14 Apr 2020
  • Credit Suisse’s op risk is sold to investors once more

    A new insurance-linked security (ILS) gives investors exposure to Credit Suisse’s operational risk: the third trade of its type covering the Swiss bank and the biggest one yet. Credit Suisse can receive relief on regulatory capital from insurance policies related to non-financial risk.

    • 14 Apr 2020
  • Apollo subsidiary prices $447m CLO

    Apollo Global Management subsidiary Redding Ridge priced a $447m CLO at the end of last week with a shortened reinvestment period, the second manager to reenter the market in less than a week, following nearly a full month of zero new issuance.

    • 13 Apr 2020
  • Issuers prep wave of deals to thaw frozen ABS primary

    The ABS market is expected to reopen in the next week, as indicated by a burst of pre-sale reports and ABS-15G filings. While markets have been soothed by spread tightening for the second week in a row, the full effect of central bank measures such as TALF 2.0 needs to be seen before issuers flock back to market, sources say.

    • 13 Apr 2020
  • CLOs avoid ‘par burn’ in March, with a few standouts

    US CLO managers avoided “par burn” in March, but a handful of firms stood out in navigating the volatility, according JP Morgan.

    • 09 Apr 2020
  • Fed launches Main Street lending program as unemployment climbs

    The Federal Reserve unveiled two new liquidity facilities on Thursday to support small and medium sized businesses against the backdrop of an unemployment report that showed another 6.6 million Americans filed for unemployment benefits last week.

    • 09 Apr 2020
  • Fed extends TALF support to CMBS, CLOs

    The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.

    • 09 Apr 2020
  • VW Group readies Swiss auto ABS

    AMAG Leasing, the Swiss importer for VW Group, is bringing a new Swiss auto ABS deal to market, the first ABS transaction to be publicly issued since lockdowns were implemented across Europe in the wake of the pandemic crisis.

    • 09 Apr 2020
  • NatWest Markets pushes ahead with job cuts

    Royal Bank of Scotland is pushing ahead with job cuts in its investment banking division, bucking a trend by big banks to delay restructuring plans and cost-cutting during the coronavirus crisis.

    • 09 Apr 2020
  • Senate to vote on another $250bn for small businesses

    US lawmakers are moving towards securing an additional $250bn for the Paycheck Protection Program (PPP) as it becomes clear that businesses will burn through the amount originally set aside for the rescue. But more funding is just one of the many fixes the programme needs, sources say.

    • 08 Apr 2020
  • Funding Circle navigates murky world of PPP rescue effort

    GlobalCapital speaks with Funding Circle head of US regulatory affairs and social impact, Ryan Metcalf, about the pitfalls of the US government’s Paycheck Protection Program, the hurdles for fintech companies, and other measures the Trump administration can take to protect small businesses.

    • 08 Apr 2020
  • Wave of static deals heralds a reopening for CLO market

    The CLO market is pushing to reopen in April, but while deals in the US are forging ahead with 'print and sprint' and static deals, Europe is lagging, write Paola Aurisicchio and Tom Brown.

    • 08 Apr 2020
  • UK lockdown puts pressure on pubco securitizations as banks stuck with Stonegate debt

    The coronavirus lockdown in the UK is hurting cashflows to pub company securitizations, potentially putting firms in the firing line for bondholders, who have strong asset security rights in the highly leveraged vehicles. Meanwhile, banks are still sat on the £1.45bn acquisition debt to fund Stonegate’s takeover of Ei Group, which technically ranks behind one of the largest pubco securitizations, Unique.

    • 08 Apr 2020
  • Conduits drew backup lines in CP market crunch

    Banks sponsoring asset-backed commercial paper conduits activated the liquidity lines backing up these vehicles in the days before Federal Reserve intervention started to stabilise commercial paper markets, as rates spiked and investors focused on only the shortest maturities.

    • 08 Apr 2020
  • Kroll puts Planet Fitness, Massage Envy ABS on watch for downgrades

    Kroll Bond Rating Agency placed all whole business securitizations from Planet Fitness and Massage Envy on negative watch this week, warning that prolonged closure of their businesses will lead to disruption of cash flows to to the bonds.

    • 07 Apr 2020
  • Rating agencies downgrade raft of UK, Italian CMBS

    Fitch Ratings has downgraded bonds from three UK CMBS transactions, while also lowering ratings for three Italian CMBS deals, as the sector continues to suffer the effects of the coronavirus pandemic.

    • 07 Apr 2020
  • Donlon becomes head of DCM at UBS

    UBS has promoted Barry Donlon to run its debt capital markets business for Europe, the Middle East and Africa, alongside several other job changes.

    • 07 Apr 2020
  • Hard-hit firms mull market rescues as governments change support goalposts

    Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.

    • 07 Apr 2020
  • Small business relief rollout a "disaster," lenders say

    Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday. From certifying lenders to accepting applications, sources have described the process as "a disaster", with many small businesses running out of time and cash.

    • 06 Apr 2020
  • Blackstone's GSO unit prices $425m static CLO

    GSO issued a static CLO at the end of last week, hitting play after a 23 day pause in the primary market.

    • 06 Apr 2020
  • CMBS braces for delinquencies as borrowers seek relief

    The CMBS market is preparing to face a potential wave of missed loan payments in April, with 2,600 CMBS borrowers requesting some sort of relief in March, according to Fitch Ratings.

    • 06 Apr 2020
  • Banks carry on conduit lending despite coronavirus crunch

    According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.

    • 06 Apr 2020
  • Catalonia social rent decree to affect RMBS deals

    A law to promote access to housing enacted in Spain’s Catalonia region risks delaying the recovery for some RMBS and non-performing loan (NPL) deals set to be affected by economic fallout from the coronavirus pandemic, DBRS said in a report on Monday.

    • 06 Apr 2020
  • BP raises $10bn in new revolving facility

    BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices.

    • 06 Apr 2020
  • EBA clarifies guidance on loans under moratoria

    The European Banking Authority has made it clear when loans subject to Covid-19 moratoria should be classified as forborne exposures or distressed restructurings, following calls from the industry for further guidance in this area.

    • 03 Apr 2020
  • Guggenheim tops chart as IB revenues shrink

    Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.

    • 02 Apr 2020
  • Moody's takes negative action on 200 names held in CLOs

    Moody’s has taken negative action on over 200 leveraged loan issuers held in CLOs since the beginning of March, according to a report from the rating agency this week.

    • 02 Apr 2020
  • Esoteric investors fear new era of risk beyond pandemic

    Esoteric ABS has come to a standstill, but many market participants are confident that the damage will be manageable in the short term. Investors are more concerned about what will happen after the coronavirus pandemic, which is changing consumer behaviour and reshaping fundamental credit risks in all asset classes.

    • 02 Apr 2020
  • CLO market to survive crisis credit wringer but will change

    CLO players have been resolute that deal structures will withstand the pressure on corporate credit, and that the product has been tested by worse. But even though the market expects to weather the coming storm, industry veterans are predicting a new landscape after the virus crisis subsides, writes Paola Aurisicchio.

    • 02 Apr 2020
  • The virus crisis is a proving ground for CLOs

    CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.

    • 02 Apr 2020
  • FCA proposes credit card, loan payment freeze to protect consumers

    The UK Financial Conduct Authority has proposed a three month freeze on all credit card and loan payments to help customers facing economic difficulties in the wake of the Covid-19 pandemic, measures which could drive losses on junior ABS bonds.

    • 02 Apr 2020
  • Fitch puts all rated aircraft ABS on negative watch

    Fitch Ratings put all 31 aircraft leasing and engine deals it rates on rating watch negative on Wednesday, blaming the rapidly declining credit quality of airline lessees backing the transactions.

    • 01 Apr 2020
  • Together hires LibreMax alum for securitization role

    Together Money has hired former LibreMax European ABS head Steven Harrison to oversee its loans, mortgage and finance arms.

    • 01 Apr 2020
  • Aircraft lessors under spotlight in PP market

    Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.

    • 01 Apr 2020