Latest news
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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Oodle Car Finance is selling further down the capital structure than ever before with its latest Downson auto ABS. It has added excess spread notes to the offering as well as a full stack of principal-backed notes following spread compression in auto ABS driven by scarcity. -
DBRS Morningstar launched a group dedicated to esoteric finance in an effort to expand its rating operations into other asset classes, ranging from future flow structured finance to esoteric or innovative RMBS. The news comes at a time when appetite for esoteric asset classes is growing rapidly and market participants are seeking a way forward beyond existing esoterics that lack yield.
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Marketplace lenders are breaking into the auto loan industry, continuing to move far beyond the unsecured consumer loan products they began with. The move is driven by fintechs leveraging their technologies and client bases developed through their consumer loan products to open up new channels of income, sources say.
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Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
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German fintech lender Auxmoney has nabbed another round of funding from Citigroup and Chenavari Investment Managers, receiving €250m in total.
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Debut Finnish issuer LocalTapiola Finance has mandated BNP Paribas for its first auto ABS transaction, bringing a single offered tranche with a pre-set 70bp coupon over one-month Euribor on offer.
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The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.
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Domino’s Pizza is preparing a new ABS transaction which will fund a shareholder dividend, as well as refinancing a portion of its outstanding securitization debt. With US consumer spending quickly recovering, most whole business ABS paper has become very expensive, making it less of an attractive option for investors looking for high returns, sources say.
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Morgan Lewis has added Steven Becker and Alex Velinsky to its structured transactions team, bolstering a practice the firm has been growing recently. Both partners join from Hunton Andrews Kurth.
