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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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As inflation indicators across the globe begin to point to a period of sustained growth, equity investors have fretted over where to put their money instead of tech stocks, whose valuations have reached gargantuan multiples. There is a compelling argument to be made for rotating into Greece, specifically its banks, which will have to finance a new wave of economic growth. -
Vauxhall Finance, the UK auto lender owned through a subsidiary held jointly by BNP Paribas and Banque PSA Finance, intends to sell a £300m auto ABS. The latest deal contains an increased percentage of “balloon payment” contracts and used cars compared with previous deals.
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SKY Aero Management is preparing a $663m aircraft securitization backed by a pool of highly liquid aircraft less than two years old. The third aviation deal of the year, SLAM 2021-1 enters the market as US passenger levels experienced sustained growth in May, driven by a return of leisure travel and a slight bump in business travel.
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Encina priced its inaugural public securitization, an ABS backed by mid and large ticket sized equipment loans, taking advantage of the extremely low funding costs and tight spreads.
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Trade receivable securitization has seen a surge in activity on the back of the recovery of the global markets, as suppliers seek to take advantage of the reopening US and European economies. Major banks have been taking up market share left by the collapsed supply chain finance firm Greensill, two sources said.
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More details about the financing structure Daimler will use after its trucks and buses business is spun-off and listed are emerging. The demerger will create two separate capital markets operations out of a company that has been Europe’s second largest corporate bond issuer of the past decade.
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The Joint Committee of the European Supervisory Authorities (ESAs) has released its hotly anticipated report on European securitization. But market participants are calling it a missed opportunity, pointing out that it fails to address recommendations made by the High Level Forum on the Capital Markets Union to develop the market.
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Ygrene completed its first property assessed clean energy (PACE) securitization of the year, a transaction backed by a mix of residential and commercial loans. As one of the most consistent and largest renewables issuers, Ygrene has pushed total sector issuance volume beyond that of both 2019 and 2020.
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Asset managers such as Tikehau Capital are increasingly targeting their securitization offerings at pension fund investors, enticing buyers with steady returns which stand out against other products squeezed by the broader low interest rate backdrop.
