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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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The Biden administration has vowed to focus efforts on clean energy and sustainability, and the impetus has trickled down to the securitization market. One of the growing pains of the shift to ESG in the market is greenwashing, which often happens due to a lack of standardization. However, market sources say it’s too early to ask for standardization — the first step may be for ABS-issuing companies to get started on their own frameworks and aggregate data. -
Companies with highly structured financial arrangements involving a combination of secured bonds and loans face a particularly arduous second half of the year as they grapple with the transition away from Libor.
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Retroactive commercial property owned clean energy (C-PACE) transactions gained traction through the pandemic, with building owners tapping C-PACE to get cash out of their properties and opportunistic investors taking money out of existing deals to redeploy capital at higher returns. This dynamic is expected to continue throughout the year, said panelists at IMN’s Solar & PACE Investing conference.
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Greece has overtaken Italy as the biggest source of non-performing-loan ABS issuance in Europe, with banks stepping up issuance with a slew of transactions in 2021 as Italian institutions wind down their post-financial crisis backlog of bad debt.
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As inflation indicators across the globe begin to point to a period of sustained growth, equity investors have fretted over where to put their money instead of tech stocks, whose valuations have reached gargantuan multiples. There is a compelling argument to be made for rotating into Greece, specifically its banks, which will have to finance a new wave of economic growth.
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Vauxhall Finance, the UK auto lender owned through a subsidiary held jointly by BNP Paribas and Banque PSA Finance, intends to sell a £300m auto ABS. The latest deal contains an increased percentage of “balloon payment” contracts and used cars compared with previous deals.
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SKY Aero Management is preparing a $663m aircraft securitization backed by a pool of highly liquid aircraft less than two years old. The third aviation deal of the year, SLAM 2021-1 enters the market as US passenger levels experienced sustained growth in May, driven by a return of leisure travel and a slight bump in business travel.
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Encina priced its inaugural public securitization, an ABS backed by mid and large ticket sized equipment loans, taking advantage of the extremely low funding costs and tight spreads.
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Trade receivable securitization has seen a surge in activity on the back of the recovery of the global markets, as suppliers seek to take advantage of the reopening US and European economies. Major banks have been taking up market share left by the collapsed supply chain finance firm Greensill, two sources said.
