Latest news
Latest news
SilverRock was taken over by GB Bank in March
French RMBS volumes expected to rise as lender plans on doing more than one transaction a year
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The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank. -
The Federal Reserve’s Term Asset Backed Securities Loan Facility succeeded in boosting investor confidence and providing a backstop to further spread widening, but sources say that key limitations in the scope of the programme, even with the most recent expansion last week, mean that the benefits have mostly already been felt.
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As the near term outlook for economic reopening remains uncertain, players in the market are expecting a rise in the demand for cars, as delivery services become more heavily relied upon and as a result of hesitation around public transportation that could persist long after the pandemic subsides. In the Covid economy, investors say that supportive fundamentals and well protected ABS structures are making subprime auto bonds an attractive buy.
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The European auto ABS market raced back to life on Thursday with BMW pricing the senior notes of its Bavarian Sky 10 deal on the same day as Mercedes-Benz announced its return to the market with Silver Arrow 11.
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New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.
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One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.
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Vivint Solar pivoted away from a solar securitization that was "on the cusp of closing" before the onset of the Covid-19 pandemic, in favor of an alternative financing structure that it hopes to close in the second quarter.
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BMW Bank has released initial price thoughts for its latest car loan securitization, set to test the primary ABS market, which has been dormant for nearly two months.
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The market is split on its outlook for subprime auto ABS, but while conservative investors are staying away there is growing optimism among others who believe credit enhancements and prospects for a strong economic recovery make the asset class an attractive buy in the time of coronavirus.
