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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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Consumer lending platform Upstart has announced the acquisition of auto retail software provider Prodigy Software, as part of its latest effort to expand into auto lending. The expansion is expected to help Upstart’s bank partnership business, in which it provides credit decisions and fraud detection services. -
Marine cargo company Textainer is keeping up its strong presence in the securitization market to continue financing its growing container fleet. It has already put in orders for the production of containers worth $925m for delivery in the first six months of 2021.
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Fintech platform Pagaya priced a $900m fully pre-funded securitization, its largest ever deal as well as one of the biggest transactions seen in the sector. The transaction was 2.75 to 3 times oversubscribed, according to the company.
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Equipment issuers have been finding securitizations to be an attractive financing method recently, as deal structures have grown more borrower-friendly. Features that have pushed issuers away in the past, such as restrictions on pre-payments and substitution of assets, have been removed or toned down in recent deals, panellists said at the IMN Equipment Finance conference.
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Bad debt investors are knocking on the doors of French banks, anticipating a rise in defaulted loans as the Covid-19 crisis worsens. But France is unlikely to see much NPL securitization due to a lack of pressure from regulators.
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This week 35 investors with $8.5tr of assets — many of them UK and Nordic pension funds — launched the Net Zero Investment Framework, a primer for investors wanting to decarbonise their portfolios. Faith Ward, chair of the Institutional Investors’ Group on Climate Change, answers some key questions for GlobalCapital about why the Framework is important and how it will be implemented.
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The Senate Banking Committee approved the nomination of Gary Gensler as chair of the Securities and Exchange Commission and Rohit Chopra as director of the Consumer Financial Protection Bureau, allowing the two picks by US president Joe Biden to advance to the Senate floor. The restoration of consumer protection initiatives removed under the Trump administration is expected to follow a successful confirmation by Chopra.
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A Florida-based asset manager is issuing a PACE securitization under the HERO platform — a well-known name used by the now-bankrupt issuer Renovate America. This dual structure, where the originator and sponsor are two different entities, is not uncommon in ABS, but when it is used for securitizing PACE, it is often a symptom of instability and the distress the market faces, sources say.
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Loanpal, Solar Mosaic and Sunrun have all returned to the securitization market in the span of two weeks, ramping up first quarter volumes to over $1bn for the first time ever. Sources expect solar loan origination and demand to significantly increase in 2021 as the asset class provides a clear cut way to fulfill investors’ ESG criteria.
