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◆ 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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The securitization pipeline is filling up with a series of auto ABS deals, starting with AmeriCredit which is preparing a subprime loan deal for the second time this year and investors are keen to gorge on new deals. -
SMEs have been the hardest hit businesses during the pandemic and securitization has played a critical role helping them survive. So far, banks and governments have been making great progress helping them through both synthetic risk transfers and private or public ABS. However, recent amendments to the European securitization framework may make or break the product for SMEs. Jennifer Kang reports.
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Marketplace lender SoFi became a publicly traded company on Tuesday morning after it’s merger with Social Capital Hedosophia Holdings, a special purpose acquisition company.
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European ABS has experienced a historic rally in recent months as spreads have tightened in response to a wider economic recovery. But as pent-up supply begins to return to the market, syndicate desks see a widening out of spreads as new issuance increased throughout June and July.
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BNP Paribas has priced E-Carat 12, a UK Vauxhall auto ABS transaction backed by a 12-month revolving pool of mostly used cars, at 37bp over Sonia.
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The Biden administration has vowed to focus efforts on clean energy and sustainability, and the impetus has trickled down to the securitization market. One of the growing pains of the shift to ESG in the market is greenwashing, which often happens due to a lack of standardization. However, market sources say it’s too early to ask for standardization — the first step may be for ABS-issuing companies to get started on their own frameworks and aggregate data.
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Companies with highly structured financial arrangements involving a combination of secured bonds and loans face a particularly arduous second half of the year as they grapple with the transition away from Libor.
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Retroactive commercial property owned clean energy (C-PACE) transactions gained traction through the pandemic, with building owners tapping C-PACE to get cash out of their properties and opportunistic investors taking money out of existing deals to redeploy capital at higher returns. This dynamic is expected to continue throughout the year, said panelists at IMN’s Solar & PACE Investing conference.
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Greece has overtaken Italy as the biggest source of non-performing-loan ABS issuance in Europe, with banks stepping up issuance with a slew of transactions in 2021 as Italian institutions wind down their post-financial crisis backlog of bad debt.
