Securitization - Article Archive

  • BlackRock CLO underlines further tightening

    BlackRock priced the tightest three year reinvestment period CLO since the pandemic hit, selling senior notes at 120bp over three month Libor and tightening the double-B spread from recent prints.

    • 03 Dec 2020
  • Investors say Hertz ABS ‘incredibly positive’ step

    ABS investors drew sighs of relief upon hearing that Hertz is issuing a delayed draw securitization to purchase new rental stock and prepare for new deals in 2021. The $4bn transaction benefits the bondholders as it signals that Hertz is moving towards a full recovery, sources say.

    • 03 Dec 2020
  • Gallic influence to rise in EU's capital markets

    France and Germany will end up as the largest countries in the EU's capital markets after Brexit, including in primary equity and debt markets, according to new research from the think tank New Financial.

    • 03 Dec 2020
  • December window jump-starts securitization secondary

    Euro securitization secondary markets leapt into action as traders see a window of spread tightening in December, crossing their fingers and hoping macro worries have abated for the remainder of the year.

    • 03 Dec 2020
  • Houses, hydrogen and HGVs: priorities for the new UK infra bank

    The UK's national infrastructure bank set to be launched by the government could focus on a range of green investment opportunities, including setting up a scheme like the US's Property Assessed Clean Energy (PACE) model.

    • 03 Dec 2020
  • Wave of neobanks to flood fintech space

    After years of trying to become anything but a bank, fintech lenders are ditching the pure marketplace lending model to become depository institutions themselves. As key players exit the pure online lending space, sources say fintech lenders as a whole could start losing out on traditional avenues of funding, such as the equity market.

    • 02 Dec 2020
  • CLO market hopes new govt keeps Volcker shift

    Changes to the Volcker rule allowing US CLOs to hold bonds as well as loans ought to survive the shift to a new administration, but market participants will be counting the days and hoping the changes, enacted at the beginning of October, aren’t caught up in a Congressional review.

    • 02 Dec 2020
  • Scars from virus to haunt ABS traders long term

    Covid-19 has transformed the secondary market in securitization in various ways — from forcing the market to take trading online to shifting the peak trading hours. Panellists at ABS East this week said the changes enacted during the spring sell-offs are here to stay, and traders have already begun to adapt to the new normal.

    • 02 Dec 2020
  • Consumer ABS delinquencies climbing despite ‘unprecedented’ performance

    Delinquencies in consumer ABS have started to rise off the back of higher unemployment figures, after the asset class has enjoyed unprecedented performance thanks to US government support. The financial health of many deals now rests on the outcome of fiscal stimulus agreements.

    • 02 Dec 2020
  • 2021: year of the credit picker

    If 2020 was a year when sectors and broad virus news drove the market, 2021 will be the year of the credit picker, according to panellists at IMN's ABS East Virtual 2020 event, with individual loan selection more crucial than ever.

    • 02 Dec 2020
  • Newmarket CIO spies $200tr private debt win

    Institutional investors are on the verge of a huge opportunity in private debt, as assets migrate out of the banking system, according to Thierry Adant, who joined Newmarket Capital this week as its chief investment officer.

    • 02 Dec 2020
  • Dutch BTL market booming ahead of stamp duty rise

    The Dutch buy-to-let market is booming ahead of an increased transfer tax on buy-to-let property, softening concerns that the pandemic would lead to a prolonged origination slump in the asset class.

    • 02 Dec 2020
  • TALF soon to expire after CLO disappointment

    The Term Asset Backed Securities Loan Facility (TALF) program will expire at the end of the year, but, despite claiming to target the CLO market, it has proved disappointing, with only Golub Capital issuing a deal which could be bought by the program.

    • 01 Dec 2020
  • Biden administration ‘far more favorable’ to CRT market

    The incoming Biden administration is likely to be more conducive to the development of the credit risk transfer market for the government-sponsored enterprises, according to panelists speaking at ABS East Virtual 2020.

    • 01 Dec 2020
  • Covid crisis set to sort CLO winners from losers

    There will be winners and losers among CLO managers as a result of the Covid crisis, leading to consolidation in the sector, IMN's ABS East Virtual 2020 heard this week. Panellists tried to rethink the post-pandemic CLO landscape.

    • 01 Dec 2020
  • Virus, wildfires to intensify solar ABS supply

    Solar ABS is advancing as a reliable, economical funding source for homeowners as the time they spend at home increases due to Covid-19 and intensifying natural disasters, speakers said in a Tuesday panel at ABS East Virtual 2020.

    • 01 Dec 2020
  • Post-Covid SME loans set to see lower losses

    Small business lenders may see fewer credit losses on their post-Covid SME loans, thanks to a big tightening in underwriting standards in the wake of the pandemic, said investors speaking on a panel at ABS East Virtual 2020.

    • 01 Dec 2020
  • ESG, Libor shift to accelerate despite govt split

    With Joe Biden as president, and a split Congress, the prospect of sweeping progressive change and a comprehensive stimulus package has been dampened. However, the market expects to see substantial progress on the environmental, social and governance (ESG) front and Libor transition, despite the deep divide in government.

    • 01 Dec 2020
  • Alston & Bird hired CLO team from Cadwalader

    Law firm Alston & Bird has hired a three person CLO team from Cadwalader, Wickersham & Taft.

    • 01 Dec 2020
  • Green covered bonds 'zeroed' by EU's green Taxonomy

    Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance Taxonomy as impractical, creating unhelpful incentives and excluding most bank financing, including green senior unsecured, RMBS and covered bonds.

    • 01 Dec 2020
  • Axa Bank Belgium and BNPP price first placed synthetic euro-RMBS

    AXA Bank Belgium has become the first issuer to place a euro-denominated synthetic RMBS deal into the market, obtaining extra capital ahead of its sale to Crelan Bank.

    • 01 Dec 2020
  • Geely’s Genius eyes fourth China ABS deal before year-end

    Genius Auto Finance Co, a joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, is readying a Rmb4.04bn ($614m) Generation 2020-4 retail auto loan securitization. Pricing is expected later this week.

    • 01 Dec 2020