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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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Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline. -
J.P Morgan has invested in a private securitization of up to £200m, backed by bridging loans originated by Glenhawk, a UK-based challenger lender.
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The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.
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Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.
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Used car lender Oodle Car Finance opted to place its second-ever securitization with Citi's trading desk, locking in a bond exit which can be dribbled out to market, rather than extend its warehouse line.
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IBL Banca will fully retain its latest consumer loan securitization, the eighth issuance from the Marzio Finance series.
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Last week European securitization markets saw a heavy supply of BWICs (bids-wanted-in-competion), with over €487m of CLO bonds on offer. But few of the bid lists are finding clearing levels, with 64% did-not-trade in CLOs last week.
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Point of sale lender NewDay, owned by Cinven and CVC, has become the first post-crisis European securitization issuer to miss a call, announcing on Monday that it would be delaying the call of NewDay Partnership Funding 2015-1 from April this year to the following year, as markets deteriorated beyond a level where a refinancing trade would make sense.
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Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.
