The newly established European Guarantee Fund has greenlit a further €1bn lending for risk sharing products, allowing the EIB to continue investing in significant risk transfer (SRT) transactions to support European SMEs.
Petros PACE Finance, a commercial property-assessed clean energy lender, added Jerry Ellis to the business development team in its New York office.
Santander Consumer Bank has increased its debut public German consumer ABS from €1.4bn to €1.8bn after the deal saw huge demand, making it one of the largest public securitizations in Europe this year.
The quest for yield has reawakened the market for an unusual form of CLO that pools both leveraged loans and high yield bonds to form a hybrid product.
Official Daily Conference Newspaper
Virtual Global ABS 2020
The period since March has been a turbulent time for financial markets, and the CLO sector in Europe dealt with a complex set of disruptions when the pandemic arrived this spring. From sudden and acute stress at the corporate level, to an unprecedented shift in working conditions, CLO players in Europe experienced uncertainty not seen since the last crisis. Yet, the market has adapted, and while the shape and size of deals may be different, CLOs in Europe are pushing ahead. BNY Mellon and GlobalCapital gathered market experts to discuss the present state of the European CLO market and its prospects.
The fallout from the Covid-19 crisis has touched nearly every economic and employment sector, from the largest corporations to the smallest businesses. The pain has prompted an unprecedented policy response aimed at rescuing economies and markets, and further measures are likely to come. US commercial real estate has been especially impacted, with commercial mortgage lending slowing dramatically, already struggling retailers going dark across the country and a likely rethinking of the use of space following a nationwide experiment in working from home.
Mercedes-Benz has mandated banks led by sole arranger Société Générale for a new Silver Arrow auto ABS, the first in the shelf collateralised by French loans.
Petros PACE Finance, a commercial property-assessed clean energy lender, added Jerry Ellis to the business development team in its New York office. The move comes ahead of New York's expected approval of the C-PACE bill, enabling commercial property owners to tap PACE financing for new construction projects.
China has announced a new registration system for credit asset-backed securitization (ABS), cutting the time it will take bankers and their clients to bring new deals to the market.
Mercedes-Benz has mandated banks led by sole arranger Société Générale for a new Silver Arrow auto ABS, the first in the shelf collateralised by French loans.
Exponent, the UK private equity fund that owns online greeting company Moonpig, the Racing Post and Big Bus Tours, is bringing its debut non-conforming UK RMBS to market.
Kanaal, a CMBS backed by shopping centres in the Netherlands, will skip this year’s property valuation for the largest loan, as “any valuation obtained in 2020 would not give a true representation of the market value that will be used for testing of the loan to value covenant”.
Citi arranged the reset last week of a $503.9m CLO managed by Elmwood Asset Management, extending the deal with a new five year reinvestment period as CLOs slowly return to pre-Covid format.
US middle market debt specialist and CLO manager Monroe Capital has hired four staffers to its private credit team in New York and Chicago.
China has announced a new registration system for credit asset-backed securitization (ABS), cutting the time it will take bankers and their clients to bring new deals to the market.
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