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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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Volkswagen Financial Services has said it will inject cash into its ABS transactions where borrowers have been granted payment holidays, aiming to top up the deals to protect investors from the decline in likely residual values. -
ABS trading activity jumped significantly for rental car bonds issued by Hertz following news last week that the company was preparing for potential bankruptcy. Sources say they are being forced to reconsider the underlying valuation of the collateral as Covid-19 continues to weigh on the rental car ABS sector.
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The European Investment Fund (EIF) has executed a significant risk transfer securitization to shift risk from Romanian small and medium-sized enterprises, taking exposure away from the balance sheets of nine Romanian banks as part of the EU’s SME support programmes.
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The Federal Reserve revised the eligibility for the Main Street lending facility, a program aimed to help small and medium-sized businesses through low interest loans. A key change opens the program to more participants, including companies with higher leverage.
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Moody’s downgraded $10.6bn worth of rental car ABS notes from Hertz and Avis, citing weakened corporate credit profiles of both companies.
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Non-performing loan securitizations are expected to decrease by up to 70% this year in Italy, with little activity expected across the rest of Europe in the wake of the coronavirus lockdowns. But 2021 will see banks looking to securitize the next generation of defaulted loans, rating agencies say.
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Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.
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The Federal Reserve reassured jittery markets on Wednesday that it is committed to using the full range of policy responses available to it in order to blunt the impact of the Covid-19 crisis, though some in the market fear that the central bank’s aggressive response will do longer term damage to market efficiency once the pandemic subsides.
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Volkswagen Financial Services UK closed Private Driver UK 2020-1 on Tuesday, a deal qualifying for the ‘simple, transparent and standardised’ (STS) label and privately placed with investors.
