Latest news
Latest news
French RMBS volumes expected to rise as lender plans on doing more than one transaction a year
Successful candidate worked at Barclays for 15 years
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Santander Consumer Spain Auto 2020-1 is the first ABS deal to come to market after the break in primary issuance throughout August, with a full capital stack being offered to investors. -
The coronavirus pandemic has led to tensions between whole business ABS issuers and investors, amid wrangling over management fees. While investors worry that waiving fees that issuers pay to the corporate parent may mask true risk in the deals, issuers argue it is critical to preserve liquidity at a time of unprecedented corporate distress.
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Issuers have pushed four container ABS deals through the primary pipeline in August, marking the busiest month for the sector since the pandemic began.
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JP Morgan Chase is preparing a $1.8bn credit-linked note ABS that includes $200m of investment grade notes, aimed at transferring risk on a pool of auto loans to securitization investors.
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Rating agencies are reporting a busy pipeline of European securitization issues for the autumn, with a number of UK deals expected in particular, as issuers try to squeeze out deals before the end of government support schemes and the looming Brexit deadline.
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James Benamor called a second shareholder vote in four months on Thursday to replace the board of Amigo Holdings, the troubled UK guarantor loan company he founded in 2005, after the board rejected his proposals — including reappointing him as CEO.
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The Colorado attorney general reached a settlement with marketplace lenders Avant and Marlette Funding on Tuesday that enables the lenders to keep working with partner banks under safe harbour provisions if they comply with rules set out by the state. Market participants said the settlement is a clear win for online lenders, as it brings legal certainty, and it may guide other states in resolving “true lender” issues.
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It’s amazing how quickly the conversation around Avis has changed over the last few months. In April, investors worried that Avis would follow Hertz, its car rental rival, into bankruptcy by the end of 2020. But Avis’s performance in the second quarter and its recent success in the ABS market suggest it is in a much better position than its competitors to weather the recession.
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Amigo’s estranged founder wants to return to Britain’s biggest guarantor loans provider, floating the possibility of another shareholder vote, after selling more than 40% of the company, reducing his stake to below 20%.
