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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 aircraft securitization market is showing cracks after enjoying three consecutive record years of issuance. Major airlines have gone bankrupt, credit is deteriorating and competition intensifying, all of which signals 2020 as a year of major headwinds, rating agencies say. -
Student loan ABS is facing a host of uncertainties this year, as cessation of Libor as a benchmark quickly approaches and momentum behind loan forgiveness accelerates. Strong technical factors will be offset by headline risk, weighing on spreads, according to sources.
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The consumer ABS market is off to a strong start, with new issues coming out back to back and leaving the pipeline just as fast. The strong demand is being driven by investors' view of ABS as cheap alternative to corporates, which have rallied since the fourth quarter of last year.
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Residential solar lender Dividend Finance has signed a $200m residential solar loan sale with an institutional investor.
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Fast food chain Sonic is in the market with the first whole business securitization of 2020, with sources saying the deal is already garnering strong interest from investors eager to put new money to work in a sector that had a banner year in 2019.
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With new vehicle sales in decline, auto ABS issuance is expected to see muted growth in 2020. However, the rising fraction of auto loans funded through securitizations is a silver lining for the industry, along with the potential for more credit union issuers tapping ABS in the coming year.
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Used car finance platform Oodle plans to be a repeat issuer in securitization, following break-neck growth that’s seen originations grow 1,000% since January 2018. The firm is now one of the UK’s largest fintech companies, with a balance sheet larger than media darling Monzo Bank — while the securitization market is becoming increasingly welcoming to fintech firms.
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Once a benchmark ABS sector, credit card bonds experienced a dramatic decline in issuance last year, leading to big drop in trading activity that is expected to continue in 2020.
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Nordea has agreed a €5.1bn risk transfer securitization of corporate and small and medium-sized enterprise loans, to close in January. It is Nordea's second synthetic risk transfer deal and the first since it redomiciled into Europe’s Banking Union, which has given it a lead regulator more supportive of synthetic securitization than the Swedish regulator.
