ABS

  • ABS investors weigh options in Hertz bankruptcy

    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.

  • China’s ABS market ready for change

    China’s ABS market ready for change

    China’s auto ABS market has seen a slew of tightly priced deals this month, thanks to ample liquidity onshore and the growing strength of domestic investors. While very short-term trades have been popular, appetite is rising for longer revolving structures, said bankers.

  • Loanpal preps first solar ABS since outbreak

    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.

  • Toyota gets tight pricing on auto ABS return

    Toyota gets tight pricing on auto ABS return

    Toyota Motor Finance (China) sealed a Rmb4.5bn ($629m) dual-tranche auto securitization deal on Wednesday. Its return to the onshore market was the latest in a series of tightly priced auto ABS outings.

  • High earners draw investors to student loan refi ABS

    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.

  • Lenders old and new scramble for 'digital first' in era of Covid-19

    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.

  • Credit funds said to see opportunity in UK SME loan scheme

    Credit funds said to see opportunity in UK SME loan scheme

    Credit hedge funds are looking to finance books of SME loans originated under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), subscribing for the equity in private securitization vehicles backed by the loans. The government guarantees are likely to improve the financing terms on offer, boosting returns for funds that can access these assets — but there are still questions over the details of the scheme.

  • BWIC volume highest since 2016 YTD

    BWIC volume highest since 2016 YTD

    European securitization bids wanted in competition (BWIC) volume has already reached €4.6bn in 2020, the highest level since JP Morgan's research team began collecting BWIC data in 2016. The secondary market is rallying following an improved equity market and a reopened European primary.

  • CNH prices equipment ABS, sees toughest period ahead

    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.

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