Latest ABS news

• ESG price ratchet enters Schuldschein: bonds next?

  A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.

  • 13 Jun 2019

• Bragging rights available: first ESG-linked bond

  

  Bond-market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.

  • 13 Jun 2019

• Temasek’s Azalea serves up bigger, better Astrea V

  

  Temasek Holdings and its wholly-owned Azalea Asset Management this week brought out Astrea V, the latest collateralised fund obligation (CFO) backed by cash flow generated from private equity funds, finding an even better response than their last outing.

  • 12 Jun 2019

• Updated: Dongfeng Nissan pays up for auto ABS

  

  Dongfeng Nissan sold its 13th Chinese auto loan ABS, a Rmb4.3bn ($621m) three-tranche note, on June 13. Both senior tranches were priced 25bp higher than the issuer's previous deal.

  • 05 Jun 2019

• Red Crescent and Red Cross working on a sukuk

  

  The International Federation of Red Cross and Red Crescent Societies (IFRC) plans to issue a sukuk as part of its fundraising for a water, sanitation and hygiene programme.

  • 29 May 2019

• Green innovation: Dutch classify buyers, Germans mull strippable labels

  

  The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.

  • 23 May 2019

• Leads step in as Merc ABS speeds past regs probe

  

  Mercedes-Benz Auto Finance pulled off its biggest auto loan ABS deal to date on Tuesday at its tightest price since 2017, despite a last minute regulatory probe into the originator. But the apparent success owed plenty to the lead underwriters’ co-ordinated efforts to keep the issuer happy and the primacy of credit ratings to international buyers, writes Rebecca Feng.

  • 25 Apr 2019

• BMW innovates with auto lease ABN

  

  BMW Group has debuted its first asset backed note (ABN) in China, bagging Rmb2.5bn ($387m) with a three tranche fixed rate deal through its majority-owned subsidiary, Herald International Financial Leasing.

  • 23 Apr 2019

• Mercedes-Benz sizes up first 2019 China auto ABS

  

  Mercedes-Benz Auto Finance is on track to price its largest ABS trade under the Silver Arrow China series. The originator, having previously turned to Moody’s and Fitch for international ratings, switched to S&P and gained an AAA rating for its deal.

  • 17 Apr 2019

• CCB returns with triple-A rated Jianyuan 2019-2

  

  China Construction Bank is looking to close its Rmb10.25bn ($1.53bn) Jianyuan 2019-2 residential mortgage backed securities transaction next week. The deal has an AAA international rating from S&P.

  • 17 Apr 2019

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