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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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International hotel chain Wyndham Destinations completed a $575m timeshare securitization on Monday, boosted by strong investor demand and a low benchmark rate. The deal was increased by $175m, making it the largest term ABS from Wyndham since 2007. -
One of the remotest parts of the world is home to a new piece of financial engineering. Tristan da Cunha, a volcanic island in the South Atlantic Ocean, is making use of a wind derivative instrument structured by Global Parametrics, an organisation seeking to improve the developing world’s resilience against extreme weather.
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A new Brazilian law is set to boost credit card ABS securitizations from non-bank lenders, helping the alternative sector to thrive despite the economic fallout from coronavirus.
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Royal Bank of Canada agreed to a further extension for a performance trigger waiver on its securitization facility with Amigo Holdings and slimmed the facility down from £300m to £250m. Separately, founder James Benamor vowed to return to the company.
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Investors and research houses are forecasting for Sonia to follow Gilts into negative yields next year, which could force issuers to cover themselves against a hedging mismatch in auto ABS deals.
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Textainer enjoyed high demand and tighter than expected spreads when it priced the first container securitization of the year. Container ABS stands out among other transportation asset classes, according to investors, due to its strong utilization rate and the security that comes from the multi-year leasing agreements between lessors and shipping lines.
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Fitch Ratings downgraded the rating outlook on Federal Family Education Loan Program (FFELP) student loan ABS sector from stable to negative, reflecting the ongoing deterioration of the US public finance and the absence of a credible fiscal consolidation plan, the rating agency said.
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UK student loan securitizations are set to repay faster if the government decides to reform inflation indices in 2030, benefiting junior investors. Other noteholders could see returns drop if the government opts for an earlier switch date, however.
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Figure Technologies has hired on Robert Hershy to be head of capital markets for its blockchain platform, Provenance. This marks Hershy’s return to the securitization market after he retired from Morgan Stanley in January 2019.
