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Sponsors also inject $35m of equity
Pepper Advantage will service £50bn of UK mortgages at completion
George Smith talks to Tom Hall about an exciting deal in the pipeline, good conditions for SME financing and more supply from Santander
More articles
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The European Commission launched on Tuesday a second big wave of regulation that will soon be controlling more aspects of sustainable finance more tightly. There is a tendency to think anything with the word “sustainable” attached to it is good. But capital markets specialists must ask themselves: will the regulations be helpful? -
When the Federal Reserve shocked the capital markets in June with news that it is bringing forward potential rate hikes to 2023, ABS bonds didn’t budge. With the 2013 taper tantrum and new perspective on inflation behind us, it’s going to take more than words to cause a pull back in the red hot securitization market.
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BNPP is bringing a French ABS deal backed by home-improvement and equipment loans, Noria 2021, the first consumer transaction under the programme with a full capital stack on offer.
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The UK government is launching a complete review of its securitization regulations in parallel with the European Union’s ambitions to reform the market. Sustainability, the 'simple, transparent and standardised' label, SME funding and risk retention are all under the microscope.
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DigitalBridge and Vault Digital Infrastructure emerged in the securitization market on Thursday, satisfying the investor appetite for extra spread during a dry spell for yield. The junior ‘A-2’ notes from DigitalBridge came in with a coupon of 3.93%.
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Banca Carige has structured the first securitization backed by SME loans with Italian state guarantees, provided as part of the government’s support for businesses during the Covid-19 pandemic.
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The European Commission is on the verge of launching its new sustainable finance strategy — the first major fresh initiative since the Sustainable Finance Action Plan of 2018. GlobalCapital has seen a leaked draft, which reveals that the EU will explore whether to create official labels for transition bonds and sustainability-linked bonds, whether to regulate green mortgages, and how to reinforce investors’ responsibility for the effects of their investments.
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After one of the busiest quarters for ABS since the financial crisis, many market participants are eyeing a short break in August in anticipation of a slower market. The combination of working-from-home culture, lack of travel opportunities and physical meetings has prevented many in the market from taking a break.
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Federal and private student loan ABS are among the few securitization sectors trading wider, under pressure from imminent student loan forgiveness policies. While both sectors offer attractive spread pick up above other ABS asset classes, the softness points to mounting concerns that loan forgiveness will not only impact FFELP loans, but private deals too, which depend on a student’s willingness to refinance their federal loans.
