Securitization - Article Archive

  • Latest CLO repricing auction fails to reset spreads

    A CLO managed by Seix Investment Advisors that was to be repriced through an online auction this week did not hit the desired levels to reset the spreads on the bonds.

    • 30 Sep 2020
  • Fitch appoints Pereira as global head of structured finance

    Fitch Ratings has named North America head Rui Pereira as the global group head of structured finance and covered bonds as part of a global reshuffling.

    • 30 Sep 2020
  • Leveraged loan liquidity improves as euro market matures

    Leveraged loan liquidity in the European market has improved this year, with two-way flows resuming rapidly after the spring nadir of the Covid-19 crisis, and sufficient market depth to shift large portfolios. CLO managers are taking advantage, speeding up their time to market and time to ramp deals.

    • 30 Sep 2020
  • NewDay increases ABS, removes dollar tranche

    Cinven and CVC-owned issuer NewDay has priced its largest ever deal, increasing NewDay Partnership Funding 2020–1 by £100m and removing the Sofr-linked dollar tranche from the transaction.

    • 30 Sep 2020
  • Surveying the global structured finance landscape in the Covid era

    The pandemic has been a time of immense difficulty for financial markets globally. The period of stress in the corporate sector has led to intense stress on economies large and small and the recovery following the 2020 coronavirus crisis will be long. But will also be a window of opportunity for market players. This is particularly true of the structured finance market, which may have a significant role to play in helping to clean up after a period of unprecedented distress. GlobalCapital and Vistra gathered a roundtable of market experts to discuss the state of securitization sectors in Europe, Asia and the US and the role of the product helping the market get back on its feet following months of pandemic stress.

    • 30 Sep 2020
  • Watchdog endorsement clears path for FHFA capital plan

    The Financial Stability Oversight Council (FSOC) issued a statement endorsing the new capital requirements plan for Fannie Mae and Freddie Mac, a move that has cleared the path for the proposal to pass this year without undergoing significant changes, sources say.

    • 29 Sep 2020
  • Spreads on triple-A CLOs tighten as US election nears

    Spreads on triple-A CLO bonds have tightened to a new Covid-era low, with Oak Hill Advisors pricing a $458m deal at 125bp over three month Libor.

    • 29 Sep 2020
  • Half of UK RMBS notes may become fixed rate after Libor

    Half of Moody’s rated UK RMBS are set to convert to fixed rate note payments without further guidance on Libor cessation from the Financial Conduct Authority (FCA).

    • 29 Sep 2020
  • Mosaic brings solar ABS volume closer to 2019 levels

    Solar Mosaic is readying a $222m securitization backed by residential consumer solar loans — its second this year. Solar ABS issuers say their investor base has multiplied during the pandemic, in part thanks to the accumulation of of loan performance data.

    • 28 Sep 2020
  • Performance gap opens in CLO primary, secondary

    A gap in tranche performance has opened up between the secondary and primary market for triple-A rated CLO notes in euros, after rapid selling of double-B and triple-B rated notes forced spread compression off the back of worsening macro conditions and end-of-quarter capital requirements.

    • 28 Sep 2020
  • Toorak adds managing directors Mortensen and Parekh

    Real estate investment firm Toorak Capital Partners has hired managing directors Carole Mortensen and Ketan Parekh as head of credit and head of business development and capital markets, respectively.

    • 28 Sep 2020
  • Auto ABS surge sees Santander, Aldermore announcements

    Auto ABS origination volumes are surging in Europe as spreads retreat to present a clear window of issuance, prompting deal announcements from subsidiaries of both Santander and Aldermore Group.

    • 25 Sep 2020
  • Use of blocker subsidiaries to blunt tax impact increases in CLOs

    Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.

    • 24 Sep 2020
  • Securitization issuers ready rush to market ahead of election uncertainty

    The upcoming presidential election is driving a rush by securitization issuers to get deals through the pipeline before November, when sources say election uncertainty and a potential second wave of Covid-19 infections could make for a highly volatile end to 2020.

    • 24 Sep 2020
  • EC’s fresh push for Capital Markets Union seeks unified data platform

    The European Commission released a new action plan for its Capital Markets Union project on Thursday, prompting many observers to urge the EU to crack on with the proposals, after the CMU has taken years to implement.

    • 24 Sep 2020
  • RMBS unemployment impact delayed but not stopped, data shows

    Data from DBRS Morningstar and Bank of America shows that government support measures across Europe have delayed the impact of rising unemployment on RMBS deals, though not indefinitely. The news comes as the UK government announces further support for struggling workers.

    • 24 Sep 2020
  • Funding Circle lifts lid on struggles in UK SME lending

    Funding Circle underlined the strain felt by UK small and medium sized enterprises in its half year results on Thursday, as the marketplace lender swung into a loss caused by heavy writedowns of subordinated portions of its SBOLT securitizations. But the lender also achieved strong volumes in government-guaranteed loans, which it sells off balance sheet to Chenavari Investment Management.

    • 24 Sep 2020
  • Investcorp announces rapidly ramped CLO with BNPP

    BNP Paribas has announced Harvest CLO XXV for Investcorp Credit Management, the second post-Covid CLO issue for the manager. Though its 45% ramping is lower than usual for a new CLO, this allowed the manager to build the portfolio from August, in full knowledge of second quarter figures for the underlying companies.

    • 24 Sep 2020
  • FAT Brands taps ABS to fund Johnny Rockets buy

    Restaurant franchise operator FAT Brands closed its second whole business securitization this year, taking advantage of favourable market conditions. The proceeds of the deal will be used to finance the $25m acquisition of burger dine-in Johnny Rockets.

    • 23 Sep 2020
  • Rizwan Hussain’s appeal against prison term refused

    The Court of Appeal ruled last week that Rizwan Hussain’s 12 month prison term for contempt of court would stand, leaving the controversial former banker incarcerated after a legal fight over unpaid bills for a London flat rental.

    • 23 Sep 2020
  • RCI Banque brings first public French auto lease ABS

    A subsidiary of RCI Banque has mandated Crédit Agricole and Société Générale for a €1.04bn auto ABS, the first public auto lease deal from the issuer.

    • 23 Sep 2020
  • BPCE brings French RMBS with €1bn senior tranche

    Groupe BPCE is bringing a French residential mortgage-backed security, offering a €1.09bn senior note with a coupon of 65bp over three month Euribor.

    • 23 Sep 2020
  • Supply@MeCapital targets ‘huge untapped market’ with ABS debut

    LSE-listed fintech Supply@MeCapital is preparing a €300m securitization in the new asset class of inventory monetisation via StormHarbour. The firm’s backers are already moving to the next expansion phase by lining up a captive bank to purchase, boosting its funding capacity and opening the route to fully tranched securitization deals.

    • 23 Sep 2020
  • CLO managers see narrow pricing window before November election

    The CLO market is expected to enter a frenzied period of deal activity heading into the fourth quarter, as managers look to get deals done in the narrow window before the US presidential election on November 3.

    • 22 Sep 2020
  • Cinven mandates banks for rare insurance ABS

    Private equity firm Cinven has mandated arrangers Bank of America along with joint leads Lloyds, Royal Bank of Canada and Société Générale for a rare insurance premium ABS deal, boasting a £1.04bn portfolio.

    • 22 Sep 2020
  • CIFD mulls RMBS changes after second 2020 deal

    Crédit Immobilier de France (CIFD) has mandated BNP Paribas and Crédit Agricole for its second RMBS deal of the year, Harmony French Home Loans FCT 2020-2, with plans to publicly place two triple-A rated tranches into the market. The issuer is also considering cutting its annual issuance to a single large deal per year, as well as splitting its syndication between prime and buy-to-let issuance.

    • 22 Sep 2020
  • CLO investors line up for new AMR repricing auction

    A CLO managed by Seix Investment Advisors will be repriced through an applicable margin reset (AMR) this month, with investors set to submit bids in an online auction that will take place on September 29.

    • 21 Sep 2020
  • Vivint readies first solar ABS since Sunrun acquisition

    Vivint Solar is back in the ABS market, preparing a new deal two months after it was announced that it would merge with rival solar finance firm Sunrun.

    • 21 Sep 2020
  • PSA to pre-place Spanish auto ABS as market softens

    Banque PSA Finance is set to pre-place most of its €692.1m Spanish Auto Loans 2020-1 deal with official institutions, with Santander arranging the transaction.

    • 21 Sep 2020
  • Funding from Congress can replace GSE refi fee, Calabria says

    The adverse market refinance fee came under fire in a hearing this week, during which House policy makers characterised it as last-minute and poorly explained. Federal Housing Finance Agency (FHFA) Director Mark Calabria emphasized that the fee is necessary, and the only alternative would be to receive funding from Congress before the December implementation date.

    • 17 Sep 2020
  • CLO forecasts revised upward as primary flow picks up

    Bank analysts have revised their forecasts for new CLO issuance in 2020, pushing forecasts higher compared to earlier this year when markets were first hammered by Covid.

    • 17 Sep 2020
  • Credit Suisse launches private credit venture

    Credit Suisse has teamed up with its biggest shareholder to launch a private credit lending platform, bringing to fruition a plan that been beset by delays and high profile departures.

    • 17 Sep 2020
  • Credit Suisse snares CLO veteran from Natixis

    Credit Suisse has hired Dimitris Papadopoulos as a managing director from Natixis to run origination and syndication of CLOs in EMEA.

    • 17 Sep 2020
  • Santander brings full cap-stack SRT auto deal

    Santander priced its €520m full-cap stack significant risk transfer (SRT) deal auto deal, Santander Consumer Spain Auto 2020-1 on Wednesday.

    • 17 Sep 2020
  • Securitization market sees new asset classes on the horizon

    More niche asset classes will make their securitization market debut in coming years as online and tech-focused companies pour into the capital markets to access new sources of financing, said ABS market participants speaking at Global ABS 2020 on Thursday.

    • 17 Sep 2020
  • China reforms NPL ABS as bad loans rise

    The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans.

    • 17 Sep 2020
  • BlackRock ABS boss hits out at pre-placed deal trend

    Janet Oram, head of BlackRock’s European ABS investment group, has criticised the securitization market’s recent reliance on pre-placed transactions and private book building, arguing that it hurts market transparency and price discovery.

    • 17 Sep 2020
  • Euro CLOs' most sold loan is Swissport

    Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.

    • 17 Sep 2020
  • First Eagle prices CLO with pre-Covid reinvestment period

    First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.

    • 16 Sep 2020
  • Autos still in ‘eye of the storm’ as support wanes

    Auto ABS players are looking cautiously at the recent recovery in liquidity, spreads and used car values, particularly as various government support schemes roll off in Europe and the US, said panellists speaking during day two of Global ABS 2020.

    • 16 Sep 2020
  • Payments climb back but new Italian NPL wave looms

    Debtors are paying off their mortgages in Italy at the same rate as they were before the pandemic, according to Banca IFIS, after the country suffered one of the worst declines in collections following the coronavirus lockdowns.

    • 16 Sep 2020
  • Investcorp taps Moffitt as co-head of US credit

    Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.

    • 16 Sep 2020
  • FCA hails success of UK Sonia transition

    The UK should be seen as the “poster child” of the transition from inter-bank offered rates (Ibors) to risk-free rates, said a spokesperson from the Financial Conduct Authority, speaking at Global ABS 2020 on Wednesday, who urged the ABS market to turn towards solving the problem of legacy issuance.

    • 16 Sep 2020
  • Pimco takes benchmark Warwick private in new RMBS

    Pimco has done another private pre-placed RMBS under the Avon Finance brand, with Citi acting as risk retainer and sponsor. The deal refinances Warwick Finance One, one of the largest UK non-conforming deals ever done and whose senior notes formed a de-facto market benchmark for the asset class.

    • 16 Sep 2020
  • European opportunities and the future of CLOs — Q&A with Palmer Square CEO Chris Long

    Kansas-based Palmer Square Capital Management has been one of the most active managers of the year, particularly in the pandemic era, with six CLOs priced in 2020. The firm, which manages $12.3bn in assets as of July 31, has specialised in static CLO issuance, and during the crisis was able to price three static deals in the US, as well as one in Europe. Chairman and CEO Chris Long spoke with GlobalCapital about the future of CLO market, the advantages of static deals in times of crisis and opportunities in Europe.

    • 15 Sep 2020
  • Latest Federal Reserve inflation policy update kicks off a new flight to yield in ABS market

    ABS investors are wading deeper into the market for esoteric assets, prompted by the Federal Reserve’s updated view on inflation that is sure to keep rates lower for longer and further compress yields across fixed income.

    • 15 Sep 2020
  • Market players see new potential for Asian securitization in the world after Covid-19

    Securitization market participants are predicting growth across Asia where financial support from governments following Covid-19 has opened up the potential for the securitization of defaulted assets, particularly in markets with a budding ABS sector.

    • 15 Sep 2020
  • UK can improve on current EU securitization regulation after Brexit, say ABS specialists

    The UK has an opportunity to change key aspects of the Securitization Regulation once it leaves the European Union to the benefit of investors and issuers, said speakers at IMN’s Global ABS 2020 virtual conference on Tuesday.

    • 15 Sep 2020
  • Wriedt joins SCIO Capital as strategic advisor

    London-based SCIO Capital has announced that structured credit veteran Oliver Wriedt has joined the company as a strategic advisor.

    • 15 Sep 2020
  • UK non-banks consider corporate ratings to win Covid support

    Non-banks lenders may seek corporate ratings in order to receive support from the UK government after finding it difficult to access financial aid during the Covid crisis, said RMBS players speaking during Global ABS 2020.

    • 15 Sep 2020
  • 'Challenging' market for investors as spreads go lower

    InSite Wireless Group has priced a $164m securitization, with its senior bonds achieving the lowest yield for a cell tower securitization this year. Sources have bemoaned rapidly tightening spreads across all sectors, ranging from cell tower to prime auto ABS, posing a challenge for investors looking for yield in securitization.

    • 15 Sep 2020
  • CLOs move forward but lasting change predicted

    The worst of the pandemic may be behind the CLO market, both in the US and Europe, and optimism is growing as the sector moves towards the fourth quarter. However, speaking in a market update during Global ABS on Tuesday, panellists said some important changes to the market that emerged in the last few months may be here to stay.

    • 15 Sep 2020
  • Market pros see chance for ABS to rebuild Europe’s economy

    GlobalCapital and Afme convened a virtual roundtable to tackle the biggest issues facing securitization as the pandemic crisis continues. While other capital markets and the wider economy are reeling from the economic fallout stemming from Covid-19, European securitization is undergoing a regulatory rejuvenation, as the European Commission turns towards structured products as a solution to the coming wave of NPLs. Meanwhile, the market for synthetic ABS is being given a second look to help free bank balance sheets across Europe and spur lending to the real economy. Over the summer, the market saw the report from the senior forum on the Capital Markets Union, which included a number of recommendations on regulatory adjustments to improve the functioning of securitization in Europe. More recently the European Commission put forward a capital markets economic recovery package including measures related to securitization. The Commission has proposed extending the STS framework to synthetic securitizations or on-balance-sheet securitizations. The Commission has also put forward proposals to remove regulatory obstacles to the securitization of NPLs including changes to the regulatory capital treatment.

    • 15 Sep 2020
  • Securitization market steps up to fund UK SME scheme

    Several lenders have raised funding for the UK’s coronavirus loan scheme for SMEs through the securitization market, with Barclays emerging as the leading bank for the asset class.

    • 15 Sep 2020
  • CVC targets new senior tight with European CLO

    CVC Credit is marketing a new European CLO, CVC Cordatus XVIII, via Deutsche Bank, with initial price thoughts targeting a new Covid-19 era tight at 120bp-125bp. At the tight end of the range, this spread would be in line with Credit Suisse Asset Management’s Madison Park XV, which was issued in mid-March, just before the wrenching sell-off slammed the market window shut.

    • 15 Sep 2020
  • Managers condense, split CLO warehouse to deal with Covid stress

    Faced with a difficult leveraged loan market and volatility in CLO debt spreads, managers through the Covid crisis have often shortened the duration or split their warehouses to deal with the stress brought on by the pandemic, according to a study from Maples Group.

    • 14 Sep 2020
  • Refi borrowers push SLABS supply past 2019 levels

    The private student loan ABS sector exceeded 2019 issuance volume last week, with the addition of SoFi’s fourth transaction, as more borrowers rush to refinance their student loans while rates remain at historic lows.

    • 14 Sep 2020
  • Fair Oaks mandates Barclays for ‘print and sprint’ euro CLO

    Fair Oaks Capital has adopted an unusual ‘print and sprint’ approach to its third European CLO, mandating Barclays to launch the €350m deal entirely without a pre-existing warehouse.

    • 14 Sep 2020
  • New NPL rules could open up dealflow but still penalise banks

    The European Commission’s proposed new approach to non-performing loan securitization may encourage more deals to come out in fully placed format, accelerating development of the market. But the revised rules still hurt banks which hold part of the structures, and which form the vast majority of the market today, as the Commission took its lead from the Basel Committee rather than its own regulators.

    • 14 Sep 2020
  • With the current pandemic, what next for capital markets?

    With countries beginning to emerge from the shadow of the pandemic, Navita Yadav, Vistra’s Global Head of Capital Markets, assesses the pandemic’s impact and examines what might lie ahead from a capital market perspective.

    • 14 Sep 2020
  • MEPs call for ESNs as part of new CMU drive

    MEPs have asked the European Commission to come up with a legislative proposal for a new class of bank debt, known as ‘European Secured Notes’, as they push the executive to fast track its work on establishing a Capital Markets Union.

    • 11 Sep 2020
  • White Oak signs CBILS securitization

    Specialist lender White Oak has sponsored the first securitization of Coronavirus Business Interruption Loan Scheme (CBILS) loans, a £150m private transaction with Barclays, enabling it to recycle capital into the final 15 days of the government-backed lending programme.

    • 10 Sep 2020
  • Issuers hit the market with new cell tower ABS deals

    InSite Wireless Group and Vertical Bridge are returning to the ABS market with new cell tower securitizations, encouraged by low rates and growing demand for wireless services.

    • 10 Sep 2020
  • Senior spreads grind tighter with latest CLO from CIFC

    Spreads on primary triple-A CLO paper have tightened to a new Covid-era low this week, with CIFC Asset Management pricing via Citigroup a $498.8m CLO at 135bps over Libor.

    • 10 Sep 2020
  • People news in brief

    Wartchow heads to Pemberton — Barclays names permanent equities heads — Bonilla joins Kartesia

    • 10 Sep 2020
  • Upstart adds Nat Hoopes as new head of public policy

    Nat Hoopes is leaving the Marketplace Lending Association (MLA) to join online lender Upstart as vice president and head of public policy and regulatory affairs. The newly created role will focus on increasing Upstart’s presence in Washington, helping policy makers understand the benefits of alternative lending.

    • 10 Sep 2020
  • Optimum Credit joins flourishing autumn ABS pipeline

    Optimum Credit, a subsidiary of Pepper Money mandated Citi and NatWest Markets for Castell 2020-1, a UK second lien RMBS placing a full capital structure. It joins deals from Finance Ireland and RNHB in a growing pipeline of European securitization, with bankers hoping to make up for a disappointing second quarter.

    • 10 Sep 2020
  • New York greenlights C-PACE bill for new construction

    Market players applauded the New York State Legislature for passing the “C-PACE Bill”, legislation to allow commercial property owners to tap property assessed clean energy (PACE) financing for new construction projects. Expected to be signed into law in coming weeks, the bill unlocks an untapped market for issuers and is likely to drive origination volumes to new heights, said panellists at IMN’s Solar, PACE and ESG Investing conference.

    • 09 Sep 2020
  • KKR CLO preps market for busy September calendar

    KKR priced a $450.75m CLO arranged by Credit Suisse this week, setting the stage for what CLO players expect to be a busy September for new issuance.

    • 09 Sep 2020
  • Primary pricing leads secondary as Cartesian prints tight

    Cartesian 5, the Dutch prime RMBS from Venn Partners, saw its senior tranche five times covered on Tuesday, driving a print through secondary levels and a possible move tighter across secondary markets for prime assets.

    • 09 Sep 2020
  • Ellington pair anchor Nassau’s new euro CLO shop

    Connecticut-based Nassau Corporate Credit is starting a European CLO operation led by former Ellington portfolio managers Paul Meloche and Hekeani Mathieu. The new business will buy CLO liabilities from third parties as well as running its own CLOs.

    • 09 Sep 2020
  • Mercedes-Benz pierces through comparables in ABS return

    Mercedes-Benz Auto Finance scored a tightly priced Rmb6.26bn ($914m) dual tranche auto securitization trade on Tuesday. The senior tranche was priced inside comparable levels, a first for the issuer and a rarity in China's auto ABS market.

    • 09 Sep 2020
  • Intensifying wildfires driving shift to solar power, panel says

    Raging wildfires in California and the growing intensity of natural disasters in other parts of the country is likely to spur a shift to solar power, as consumers deal with rolling blackouts and look for cheap reliable power, according to speakers at IMN’s Solar, PACE and ESG Investing conference last week.

    • 08 Sep 2020
  • Nassau hires business development chief from Seix

    Nassau Asset Management has hired Michael Tamasco to oversee global business development, enhance client engagement and expand the firm’s third-party asset management platform.

    • 08 Sep 2020
  • Europcar restructuring puts state-backed loan in firing line

    Europcar will be a test case for the treatment of government-guaranteed loans during a restructuring, as the French car rental company was among the earliest and largest users of the French state’s corporate support scheme.

    • 08 Sep 2020
  • Placed European ABS volumes dip to 2011 levels

    Data from the Association for Financial Markets in Europe (Afme) shows placed securitization volumes in Europe at the lowest level since 2011, when the market was still recovering from the global financial crisis.

    • 08 Sep 2020
  • Cabot launches bond after combo with parent to create debt buying leader

    Cabot Credit Management has launched a €300m refinancing following the reorganisation of its corporate structure to combine its balance sheet with its parent Encore Capital and boost the group’s financial firepower.

    • 08 Sep 2020
  • EU firms up securitization data rules at last but uncertainty persists

    The publication of final rules on data disclosure for securitizations in the EU last Thursday ought to have been the last step in a long journey for the industry, but uncertainties and controversies over the rules remain.

    • 07 Sep 2020
  • Kartesia hires ex-BNP Paribas structurer to boost CLO team

    Kartesia has hired Lizeth Bonilla to join its structured credit team, expanding the firm’s CLO investment capabilities.

    • 07 Sep 2020
  • Center Parcs launches refi after holiday villages reopen

    Center Parcs has launched a refinancing of its class ‘B’ debt, taking advantage of better sentiment and a resumption of holiday bookings in its UK locations to push out a 2022 maturity in its subordinated debt.

    • 07 Sep 2020
  • Securitization data repositories get Commission go-ahead

    Securitization data repositories proposed by Dutch MEP Paul Tang back in 2016 will begin their application process on September 23 this year, requiring both EU and UK ABS issuers to report data to the new entities.

    • 04 Sep 2020
  • Fed policy update kicks off new flight to yield in ABS

    US ABS investors are wading deeper into the market for esoteric assets, prompted by the Federal Reserve’s updated view on inflation that is sure to keep rates lower for longer and further compress yields across fixed income. Jennifer Kang reports.

    • 03 Sep 2020
  • No ‘kicking the can’ for European CMBS, says servicer

    CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.

    • 03 Sep 2020
  • Kroll hits TGI Friday’s ABS with new downgrades

    Kroll Bond Rating Agency has downgraded all outstanding ratings on TGI Friday’s securitizations as the franchise scrambles to adjust to new consumer behaviour toward casual dining. The spate of downgrades in the whole business space is still raising concerns over whether current ratings reflect the true risk in the deals, as some issuers waive management fees during the months of pandemic.

    • 02 Sep 2020
  • UK, Netherlands float tax hike for rental properties

    The governments of the UK and the Netherlands are considering tax changes that will impact buy-to-let (BTL) mortgage origination in each country, hitting the two largest markets for BTL RMBS.

    • 02 Sep 2020
  • Mercedes-Benz readies second auto ABS this year

    Mercedes-Benz Auto Finance is planning to sell a Rmb6.26bn ($917m) dual tranche auto securitization transaction next week after a six-month break from the onshore market. The issuer has doubled the length of the revolving period compared to its previous outing.

    • 02 Sep 2020
  • UK retail is injured but it has ripped off the plaster

    The coronavirus has been seen in some quarters as the final nail in the coffin for the long suffering UK retail sector. But having embraced e-commerce earlier than elsewhere, the sector may learn lessons from the crisis faster and emerge stronger, which means UK CMBS holders might not be in as bad a spot as they imagine.

    • 01 Sep 2020
  • Investors crowd esoteric ABS after Fed policy update

    Investors are proving eager to get their hands on esoteric asset classes like container and timeshare ABS, with a surge in demand prompted by the Federal Reserve signalling its intention to keep rates low for the foreseeable future.

    • 01 Sep 2020
  • My Money Bank debuts unsecured consumer ABS

    Cerberus-owned My Money Bank (MMB) has announced its first unsecured consumer loan ABS, mandating Crédit Agricole for the deal which securitizes loans originated in France and four overseas territories.

    • 01 Sep 2020