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ABS

Wave of neobanks to flood fintech space

After years of trying to become anything but a bank, fintech lenders are ditching the pure marketplace lending model to become depository institutions themselves. As key players exit the pure online lending space, sources say fintech lenders as a whole could start losing out on traditional avenues of funding, such as the equity market.

Jennifer Kang, December 02, 2020
CLOs

CLO market hopes new govt keeps Volcker shift

Changes to the Volcker rule allowing US CLOs to hold bonds as well as loans ought to survive the shift to a new administration, but market participants will be counting the days and hoping the changes, enacted at the beginning of October, aren’t caught up in a Congressional review.

Owen Sanderson, December 02, 2020
Scars from virus to haunt ABS traders long term

Covid-19 has transformed the secondary market in securitization in various ways — from forcing the market to take trading online to shifting the peak trading hours. Panellists at ABS East this week said the changes enacted during the spring sell-offs are here to stay, and traders have already begun to adapt to the new normal.

Jennifer Kang, December 02, 2020
Leader

EU should consider regular bond calendar

The newest recruit to the ranks of large supranational issuers is also the bulkiest. Responding to Covid-19, the EU has created the €100bn SURE fund, active already, and a €750bn Next Gen EU programme, coming next year. Both are bond-financed, requiring a huge increase in the EU’s until now modest issuance, especially in the next two or three years.

Jon Hay, December 02, 2020
ABS

Consumer ABS delinquencies climbing despite ‘unprecedented’ performance

Delinquencies in consumer ABS have started to rise off the back of higher unemployment figures, after the asset class has enjoyed unprecedented performance thanks to US government support. The financial health of many deals now rests on the outcome of fiscal stimulus agreements.

Tom Brown, December 02, 2020
CLOs

2021: year of the credit picker

If 2020 was a year when sectors and broad virus news drove the market, 2021 will be the year of the credit picker, according to panellists at IMN's ABS East Virtual 2020 event, with individual loan selection more crucial than ever.

Paola Aurisicchio, December 02, 2020
High grade and crossover bonds

High grade corporate investors turn bullish as deals steam through

Opportunistic corporate issuers had a strong day of it on Wednesday in Europe's bond market, increasing deal sizes and enjoying bulging order books as investors turned positive on the outlook for the market.

Mike Turner, December 02, 2020
SRI

Newmarket CIO spies $200tr private debt win

Institutional investors are on the verge of a huge opportunity in private debt, as assets migrate out of the banking system, according to Thierry Adant, who joined Newmarket Capital this week as its chief investment officer.

Jon Hay, December 02, 2020
Follow-ons and Rights issues

Investors welcome Fugro rights issue

Shares in Fugro, the Dutch geo-data specialist, rose by over 7.5% in trading on Wednesday after the company set terms for a €197m rights issue. The cash call is part of a comprehensive refinancing package that finally resolves longstanding issues around debt maturity.

Owen Sanderson, December 02, 2020
Covered Bonds

Investors fret over NordLB Lux as wind-down looms

Investors holding the covered bonds issued by NordLB in Luxembourg said on Wednesday that they were concerned about prospective rating downgrades after the bank said it would be wound down and in the wake of Fitch’s announcement on Tuesday that it had withdrawn its covered bond rating.

Bill Thornhill, December 02, 2020
CEE

Istanbul set to raise $580m in rare bond

Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.

Mariam Meskin, December 02, 2020
RMBS

Dutch BTL market booming ahead of stamp duty rise

The Dutch buy-to-let market is booming ahead of an increased transfer tax on buy-to-let property, softening concerns that the pandemic would lead to a prolonged origination slump in the asset class.

Tom Brown, December 02, 2020

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