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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
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One investor gobbled up an entire $200m whole business securitization offering from Five Guys last week, showing the insatiable appetite for yield in the ABS market. The deal also priced just 50bp wider of where peer issuer Wendy’s priced its deal earlier this month. -
ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
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Accusations of greenwashing have been infrequent in the 14 year old green bond market, which mainly sticks to uncontroversial assets, such as renewable energy and railways. The sustainability-linked bond market is only a toddler, but already a much more difficult child. No wonder: it is handling tougher material.
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Hertz received a very warm welcome back into the ABS market on Thursday, marking the start of a successful emergence out of bankruptcy. The deal, its first since the bankruptcy, was well oversubscribed and priced much tighter than initial pricing thoughts, showing the comfort and interest investors had towards it.
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Securitization is set to receive a sustainability makeover later in 2021 when the European Banking Authority finalises its mandate. Market participants are asking for better capital treatment to put ABS on a level with covered bonds, but others worry political influence could leave the market behind, writes Tom Brown.
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Cross River Bank announced on Wednesday that it acquired PeerIQ earlier this year, establishing its foothold as a fintech bank. This is the bank’s second large acquisition of a fintech after the purchase of small business banking company, Seed, and it will certainly not be the last, market participants say.
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Sabey Data Centers is preparing a data center securitization backed by its three million square feet of data center assets, as Fitch slammed the sector pointing to higher leverage than comparable digital real estate assets. Sabey, a privately owned multi-tenant data center company, will continue to tap ABS to fund further expansion of its business, the company said.
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European banks are rushing to finalise the first synthetic ABS transaction to achieve a ‘simple, transparent and standardised’ (STS) verification. The debut deal, which marks a turning point for the significant risk transfer market, has already been signed and is set to arrive in the coming months.
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The University Superannuation Scheme, one of the UK’s largest pension schemes, has hired BlackRock’s Janet Oram as head of asset-backed securities at its investment management arm.
