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GC Asia
ABS
RCI Banque brings first public French auto lease ABS
A subsidiary of RCI Banque has mandated Crédit Agricole and Société Générale for a €1.04bn auto ABS, the first public auto lease deal from the issuer.
23 Sep 2020
Securitization
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Securitization
Supply@MeCapital targets ‘huge untapped market’ with ABS debut
LSE-listed fintech Supply@MeCapital is preparing a €300m securitization in the new asset class of inventory monetisation via StormHarbour.
23 Sep 2020 -
CLO/CDO
CLO managers see narrow pricing window before November election
The CLO market is expected to enter a frenzied period of deal activity heading into the fourth quarter, as managers look to get deals done in the narrow window before the US presidential election on November 3.
22 Sep 2020 -
CLO/CDO
Use of blocker subsidiaries to blunt tax impact increases in CLOs
Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.
24 Sep 2020
Official Daily Conference Newspaper
Virtual Global ABS 2020
European CLO market adapts to the challenges of the COVID-19 era
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.
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Crisis Talk — with Sairah Burki, managing director, regulatory policy at CREFC
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.
11 May 2020
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Quick links:
Europe news
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EC’s fresh push for Capital Markets Union seeks unified data platform
The European Commission released a new action plan for its Capital Markets Union project on Thursday, prompting many observers to urge the EU to crack on with the proposals, after the CMU has taken years to implement.
24 Sep 2020 -
RMBS unemployment impact delayed but not stopped, data shows
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Investcorp announces rapidly ramped CLO with BNPP
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RCI Banque brings first public French auto lease ABS
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BPCE brings French RMBS with €1bn senior tranche
US news
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Securitization issuers ready rush to market ahead of election uncertainty
The upcoming presidential election is driving a rush by securitization issuers to get deals through the pipeline before November, when sources say election uncertainty and a potential second wave of Covid-19 infections could make for a highly volatile end to 2020.
24 Sep 2020 -
FAT Brands taps ABS to fund Johnny Rockets buy
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Vivint readies first solar ABS since Sunrun acquisition
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Funding from Congress can replace GSE refi fee, Calabria says
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Autos still in ‘eye of the storm’ as support wanes
Asia news
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China reforms NPL ABS as bad loans rise
The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans.
17 Sep 2020 -
Mercedes-Benz pierces through comparables in ABS return
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Mercedes-Benz readies second auto ABS this year
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Geely returns to auto ABS market for bigger deal
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Big demand for Coventry RMBS marks master trust evolution
ABS
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Securitization issuers ready rush to market ahead of election uncertainty
The upcoming presidential election is driving a rush by securitization issuers to get deals through the pipeline before November, when sources say election uncertainty and a potential second wave of Covid-19 infections could make for a highly volatile end to 2020.
24 Sep 2020 -
Funding Circle lifts lid on struggles in UK SME lending
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FAT Brands taps ABS to fund Johnny Rockets buy
RMBS
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RMBS unemployment impact delayed but not stopped, data shows
Data from DBRS Morningstar and Bank of America shows that government support measures across Europe have delayed the impact of rising unemployment on RMBS deals, though not indefinitely. The news comes as the UK government announces further support for struggling workers.
24 Sep 2020 -
BPCE brings French RMBS with €1bn senior tranche
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CIFD mulls RMBS changes after second 2020 deal
CMBS
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No ‘kicking the can’ for European CMBS, says servicer
CMBS investors are not in favour of long term waivers for distressed transactions, and may expect the sponsor to inject additional equity into a deal in return for waiving defaults, said panellists speaking at S&P’s European Structured Finance Virtual Conference 2020.
03 Sep 2020 -
UK retail is injured but it has ripped off the plaster
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Intu administration puts £2.5bn of CMBS at risk
CLO/CDO
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Use of blocker subsidiaries to blunt tax impact increases in CLOs
Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.
24 Sep 2020 -
Investcorp announces rapidly ramped CLO with BNPP
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CLO managers see narrow pricing window before November election
People & Markets
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CLO manager beefs up private credit team
US middle market debt specialist and CLO manager Monroe Capital has hired four staffers to its private credit team in New York and Chicago.
20 Nov 2019 -
EC’s fresh push for Capital Markets Union seeks unified data platform
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Rizwan Hussain’s appeal against prison term refused
Asia
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China reforms NPL ABS as bad loans rise
The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans.
17 Sep 2020 -
Mercedes-Benz pierces through comparables in ABS return
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Mercedes-Benz readies second auto ABS this year
Special reports
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GlobalCapital’s Global Derivatives Awards 2020
23 Sep 2020 -
Japan in the Capital Markets Sep 2020
18 Sep 2020 -
The GlobalCapital Covered Bonds Awards 2020
17 Sep 2020 -
AFME Roundtable Sep 2020
15 Sep 2020 -
European CLO Roundtable
17 Aug 2020 -
The Standard Chartered China high yield bond roundtable
15 Aug 2020 -
Americas Derivatives Awards 2020
15 Jul 2020 -
French Covered Bonds Roundtable
10 Jul 2020
