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A senior securitized products banker at Barclays Investment Bank is moving to the buy-side after 19 years with the bank. He will be replaced by a senior banker from Credit Suisse -
A lion walks the streets of Rome, an owl shrieks in the marketplace at noon.
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The pace at which central banks are accelerating towards skewing monetary policy to support the fight against climate change was brought home this week by a speech by Isabel Schnabel, an executive board member at the European Central Bank, in which she went further than ever before in calling for strong action and hinted at how the ECB might do it.
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European ABS spreads have retraced to their tightest levels since before the 2008-09 financial crisis, with BMW Bank’s Bavarian Sky Compartment German Auto Lease 6 racing to price at 10bp, the tightest in the market since July 2007, according to EuroABS data.
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Unlike other esoteric ABS asset classes, franchise securitization deals are still predominantly being crafted to favour issuers rather than adopting more conservative structures to attract investors. Sources say the strength of businesses through Covid-19 has allowed the sector to buck the trend.
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Volkswagen-owned Porsche Bank is selling a rare few Austrian auto ABS deal. Sources say FACT 2021-1 may be able to price in line with recent French and Spanish auto transactions, but investors will demand a premium for its lack of ECB repo eligibility.
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Air Lease Corporation and Napier Park are working on a new aircraft securitization from their Blackbird platform after a four year hiatus, pushing the total sector volume just above $3bn.
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Sigla Credit has mandated banks to sell a new ABS transaction backed by a portfolio of Italian salary and pension assignment loans (CDQ) and payment delegation loans (DP).
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Investment firm KKR announced the launch of AV AirFinance, a global commercial aviation loan servicer, on Friday. The launch comes as investor interest in US aircraft ABS grows as the buy side positions themselves early to take advantage of the recovery in the sector.
