UCI is bringing a Spanish RMBS, its second since a recent break from the market which ended in 2020, issuing a smaller deal this time but with a lower LTV portfolio. BNP Paribas and Santander are arranging the deal.
The Basel Committee on Banking Supervision (BCBS) will need to see more evidence that its capital reforms restrict “buffer usability” and have “(pro)cyclical” impacts before it recommends any changes to the framework.
As the securitization regimes in the UK and the EU begin to diverge, the changes made so far will do little long-term damage and there are even potential benefits, as long as rule makers on both sides of the English Channel stay true to the 'simple, transparent and standardised' (STS) principle.
Israeli investor Amir Dayan is injecting more financing into a hotel-backed CMBS made up of 17 Holiday Inn and three Crowne Plaza hotels distributed across the UK, as the government toys with opening up the country’s tourism sector.
BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.
Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.
Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.
Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.
Oodle Car Finance is selling further down the capital structure than ever before with its latest Downson auto ABS. It has added excess spread notes to the offering as well as a full stack of principal-backed notes following spread compression in auto ABS driven by scarcity.
Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
German fintech lender Auxmoney has nabbed another round of funding from Citigroup and Chenavari Investment Managers, receiving €250m in total.
Asia’s capital markets had a hot first quarter, with volumes soaring across both DCM and ECM. Momentum still appears strong — but market participants should brace themselves for a tough time ahead.
Debut Finnish issuer LocalTapiola Finance has mandated BNP Paribas for its first auto ABS transaction, bringing a single offered tranche with a pre-set 70bp coupon over one-month Euribor on offer.
The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.
The UK is overhauling its securitization regime following its exit from the EU in a bid to become a more competitive destination to host special purpose vehicles. The move comes as EU authorities sign the latest amendment to securitization rules, splitting the two jurisdictions further apart and causing headaches for issuers wanting to sell into both markets. Tom Brown reports.
The European Central Bank has given itself the mission of creating a liquid non-performing loan (NPL) marketplace. Only this time, it’s online. Real estate managers like Prelios are attempting to remove barriers to NPL sales, but Europe’s multiple jurisdictions present legal hurdles.
Investors who want exposure to Dutch buy-to-let mortgages are increasingly taking it in whole loan format rather than through securitized notes, especially if they are insurers or insurance-backed. Banks pulling back from BTL lending has realigned the market and sucked in new specialist lenders, such as start-up SolidBriQ, which launched its platform on Monday.
Specialist debt servicer Banca Ifis has pioneered a new securitization structure that will allow more investors to buy defaulted loans, offering some relief for European economies facing a rise in non-performing loans as the bloc recovers from Covid-19.
AMAG is back in the market with the latest auto transaction from its Swiss Car ABS shelf after postponing a deal in April 2020 when the pandemic had effectively closed many capital markets.
Aegon is bringing its first public RMBS since 2018, offering a single triple-A tranche to investors with a discount feature as an additional incentive to call the transaction before 2027. ABN Amro is arranging the deal.
Blackstone has mandated Morgan Stanley to help it syndicate a €373.4m last mile logistics securitization with assets in the Netherlands and Germany, as conditions improve in the CMBS market. The deal is set to be priced this week.
Yorkshire Building Society has set the stage for “social” securitizations with the first prime UK residential mortgage-backed security to carry this label. The deal has a dollar tranche to entice US accounts in preparation for the end of the Bank of England’s funding schemes.
Lloyds has closed one of the largest credit card securitizations to date, setting up the Wilmington Master Trust and retaining £3.35bn of prime UK credit card receivables originating from MBNA, whose UK arm it acquired from Bank of America in 2016.
Bank of America is betting on the performance of one of Germany’s biggest office buildings known as “the Squaire” by securitizing a loan secured on the airport-adjacent property, following Blackstone's sale of the building to AGC Equity Partners. Investors appear confident in the deal’s prospects, with initial price thoughts guiding the senior tranche at 120bp on Tuesday.
Hong Kong is facing the possibility of a fifth Covid-19 wave in the city, with the latest virus bubble infiltrating the financial industry.
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