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Latest news
◆ Issuance abounds despite Iran-Israel escalation ◆ European securitization regulatory proposals unveiled ◆ A digital first for sovereign bonds
The EC’s regulatory proposals for securitization are broadly positive, but some reforms are questionable
While generally positive, some proposals are raising concerns
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Container ABS are becoming a bigger presence in the securitization market, thanks to a boost in demand for cargo shipping. Investors are leaping at deals from a sector that offers higher returns than other fixed income assets, including other types of esoteric ABS. -
World Bank has raised $185m in a catastrophe bond to provide financial protection to Jamaica from the economic damage of tropical storms for the next three years. It is among the first cat bonds to be linked to the Secured Overnight Financing Rate.
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Trafigura has launched its sixth securitization from its TFS programme, the largest trade receivables securitization programme in the world, marking a return to the market for the oil trader which pioneered inventory ABS.
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Market participants are getting to grips with the EU’s plans for its Green Bond Standard, released last week. They are finding quirks in it that could help some issuers, discovers Jon Hay, but may make the regulation much more complicated.
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The Consumer Financial Protection Bureau is casting a wider net in terms of what it considers consumer fraud to keep in line with US president Joe Biden's pro-consumer agenda. Such aggressive consumer protection measures, if they were to increase in magnitude, might create unpredictability for secondary markets and investors, sources said.
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There is good reason for cautious optimism when it comes to non-performing loans, despite the dire predictions made last summer. Italy, which has been dogged by NPL problems for years, is a prime example of how well things appear to be turning out, more than a year after the start of the pandemic.
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The auto ABS market is chomping its way through a glut of deals with five priced so far this week, ranging from a prime auto loan offering from General Motors to a subprime transaction from Foursight Capital, and more to come. The deal spree comes as the recovery rates for auto ABS rose to unprecedented levels during this quarter, according to Deutsche Bank, boosting sector credit fundamentals.
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BMW has mandated Lloyds and Santander, along with co-managers RBS Capital Markets and SMBC Nikko, for Bavarian Sky UK 4. Arrangers released guidance on Wednesday for the senior notes in the high 30bp to around 40bp.
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Gourmet cake franchise Nothing Bundt Cakes is baking up a $359m securitization, the first bakery concept to come to the market since the inception of whole business ABS. The deal signals the return of innovation in the market as investors grow comfortable with purchasing highly esoteric deals.
