Latest news
Latest news
Aviation loan ABS senior spread at 105bp over
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
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Mercedes’ Silver Arrow UK 2018-1 auto ABS deal has managed to secure over £750m of orders so far, with books still open ahead of pricing expected on Thursday. Solid demand has allowed price guidance to tighten from initial talk. -
Seventeen years ago, the 9/11 attacks were a black swan event for financial markets and the broader economy. Now, insurance firm Aon is examining terrorism risk as part of a wider aim to close insurance protection gaps and transfer risk to the capital markets.
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The small, but noticeable, downward shift in investor appetite for new issue euro ABS bonds over the past few months has meant that bank syndicates and issuers have had to work a bit harder to cajole investors and get deals done.
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Small business lender Funding Circle announced on Friday that it had launched a new strategic partnership with Alcentra, with the global asset manager to purchase up to $1bn of the firm’s US business loans over the next three years.
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European ABS issuance has had a bumper year so far, helped by rejuvenated CMBS supply that was largely absent over the past two years, banks looking to tap more RMBS funding as cheaper alternatives wind down, and a CLO market which shows no sign of slowing. With heavy supply flowing into the market, spreads have widened since mid-July, putting investors at the helm. Asad Ali reports.
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TwentyFour Asset Management has appointed a new head of US credit in New York, and is planning to make a possible six further hires in the city next year as the London-based firm looks to expand its presence in US credit markets.
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Following on just two months after pricing a euro denominated Silver Arrow deal, Mercedes is back in the primary ABS market, this time with a sterling deal, marketing the bonds in a choppier market.
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Deal flow is picking up across US structured products midweek, with investors offered a smattering of securitized assets including a Sallie Mae private student loan deal and a non-agency RMBS offering from Flagstar.
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Investors have crept down the capital stack in search of higher yields this year, weighing on the appetite for senior US consumer ABS bonds, though spreads have stabilised according to Wells Fargo, with moderate supply expected this month.
