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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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Restaurant franchise operator FAT Brands priced a private $144m whole business securitization, its latest move to secure additional capital for its acquisition growth strategy. The transaction closed a day early due to oversubscription, according to sources familiar with the matter. -
As the securitization regimes in the UK and the EU begin to diverge, the changes made so far will do little long-term damage and there are even potential benefits, as long as rule makers on both sides of the English Channel stay true to the 'simple, transparent and standardised' (STS) principle.
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Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
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Bankers Healthcare Group (BHG) is returning with its second securitization backed by loans made to high-earning medical professionals. The healthcare consumer lender is expected to see its newest deal well subscribed, considering its popularity last year and its relatively high yield ranging from 2% to 5%.
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Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.
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Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.
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The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.
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The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.
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Diamond Resorts returned to the securitization market after a two year hiatus, pricing at one of the tightest spreads the issuer has seen to date all across the capital stack. Sources say they attribute the tight spreads to improving prospects for domestic travel, as consumers are looking to scratch their pent up urge for leisure travel by visiting nearby hotels rather than go abroad.
