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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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Unlike other esoteric ABS asset classes, franchise securitization deals are still predominantly being crafted to favour issuers rather than adopting more conservative structures to attract investors. Sources say the strength of businesses through Covid-19 has allowed the sector to buck the trend. -
Volkswagen-owned Porsche Bank is selling a rare few Austrian auto ABS deal. Sources say FACT 2021-1 may be able to price in line with recent French and Spanish auto transactions, but investors will demand a premium for its lack of ECB repo eligibility.
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Air Lease Corporation and Napier Park are working on a new aircraft securitization from their Blackbird platform after a four year hiatus, pushing the total sector volume just above $3bn.
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Sigla Credit has mandated banks to sell a new ABS transaction backed by a portfolio of Italian salary and pension assignment loans (CDQ) and payment delegation loans (DP).
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Investment firm KKR announced the launch of AV AirFinance, a global commercial aviation loan servicer, on Friday. The launch comes as investor interest in US aircraft ABS grows as the buy side positions themselves early to take advantage of the recovery in the sector.
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Initial price talk in Limes 2021-1, a new equipment-backed securitization brought to market by Deutsche Leasing, set on Monday, pointed to a tight print for the deal’s triple-A notes.
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The Green and Social Bond Principles organisation published the first new version of the Green Bond Principles since 2018 on Thursday. It strengthens the recommendations that issuers publish a bond framework and obtain an external review, and encourages issuers to communicate about their organisation-wide sustainability efforts, not just the assets linked to the labelled bond.
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The US aircraft ABS market is recovering at a faster pace than anticipated, bolstered by increasing vaccination rates and a pent-up desire to travel ahead of the summer months. However, the biggest driver for investor demand is the structural changes in recent deals, with pristine collateral, shorter debt coverage ratios and robust skin in the game.
