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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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On Monday, Deutsche Leasing, a subsidiary of the local government-backed Savings Bank Finance Group, brought a new equipment securitization transaction to market. -
The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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A likely repeal of the Office of the Comptroller of Currency's 'true lender' rule reopens the gates of regulatory uncertainty for marketplace lenders. However, the industry is still confident lenders will be able to manage the risks of states challenging their bank origination model, considering the short period in which the rule has been in place.
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After a three-year break from the market, Credit Suisse and American Express-backed Swisscard AECS was back in the ABS market on Thursday with Swiss Credit Card Issuance 2021-1.
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The securitization pipeline is filling up with a series of auto ABS deals, starting with AmeriCredit which is preparing a subprime loan deal for the second time this year and investors are keen to gorge on new deals.
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SMEs have been the hardest hit businesses during the pandemic and securitization has played a critical role helping them survive. So far, banks and governments have been making great progress helping them through both synthetic risk transfers and private or public ABS. However, recent amendments to the European securitization framework may make or break the product for SMEs. Jennifer Kang reports.
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Marketplace lender SoFi became a publicly traded company on Tuesday morning after it’s merger with Social Capital Hedosophia Holdings, a special purpose acquisition company.
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European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
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BNP Paribas has priced E-Carat 12, a UK Vauxhall auto ABS transaction backed by a 12-month revolving pool of mostly used cars, at 37bp over Sonia.
