Latest news
Latest news
January's ABS data center deals see tenant numbers drop but demand remains strong
Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
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GM Financial priced a $790m prime auto securitization on Thursday, the first issuer to break the silence in the market since Covid-19 halted primary flows in mid March. -
UK auto ABS deals are being privately placed while the market waits for liquidity provided by central banks or other markets to return before attempting to market deals publicly.
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Nuveen emerged as the primary investor for Diversified Gas & Oil’s most recent securitization, drawn to the company’s commitment to refrain from drilling or fracking and fitting the deal into its environmental, social and governance (ESG) strategy.
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AMAG Leasing, a regular issuer in the small Swiss franc ABS market, pulled its planned Swiss Car ABS 2020-1 deal on Tuesday after investors declined to support the deal at a level the company found attractive. It had recently renewed its bank facility, and is also a regular issuer in the unsecured Swiss franc bond market.
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ABS eligible for the simple, transparent and standardised’ (STS) criteria could have lost its preferential capital benefits after payment freezes on consumer lending went into place across Europe, but the EBA has acted to clear up the uncertainty and confirm the capital benefits.
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The World Bank’s pandemic bond is still yet to trigger and pay out to support poor countries. This appears to be because of the slowdown in new reported Covid-19 cases in China since February.
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A new insurance-linked security (ILS) gives investors exposure to Credit Suisse’s operational risk: the third trade of its type covering the Swiss bank and the biggest one yet. Credit Suisse can receive relief on regulatory capital from insurance policies related to non-financial risk.
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The ABS market is expected to reopen in the next week, as indicated by a burst of pre-sale reports and ABS-15G filings. While markets have been soothed by spread tightening for the second week in a row, the full effect of central bank measures such as TALF 2.0 needs to be seen before issuers flock back to market, sources say.
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The Federal Reserve unveiled two new liquidity facilities on Thursday to support small and medium sized businesses against the backdrop of an unemployment report that showed another 6.6 million Americans filed for unemployment benefits last week.
