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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Investors are expecting the wave of consolidations in the aviation sector to continue beyond the GECAS-AerCap merger as smaller lessors look for ways to survive and bigger players seek for investment opportunities. The most recent example is Carlyle Aviation’s acquisition of Fly Leasing, another deal that highlights the monumental changes occurring within the aircraft sector in the midst of Covid-19. -
Subprime and deep subprime auto lending activity has reached its lowest level since the 2008 financial crisis, as the pandemic forced lenders to take a cautious approach. But this has also helped soothe concerns market participants had about the resilience of the sector to another crisis. Tighter criteria has meant the quality of borrowers in subprime pools is improving, which should lead to better performance in subprime auto securitizations, sources say.
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The European Central Bank has given itself the mission of creating a liquid non-performing loan (NPL) marketplace. Only this time, it’s online. Real estate managers like Prelios are attempting to remove barriers to NPL sales, but Europe’s multiple jurisdictions present legal hurdles.
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The Consumer Financial Protection Bureau plans to revive the ‘ability to pay’ rule, rescinded in the Trump era, a move which will tighten its grip on payday lenders. While it may be beneficial to have deceptive payday lending practices eliminated, the new rule may stifle the growth of speciality finance lenders and take away a valuable source of funding for borrowers, sources say.
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Corporate credit card provider Brex completed an inaugural securitization backed by non revolving corporate card accounts for small and medium sized businesses.
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The European Parliament has passed amendments to the STS Regulation and changes to the Capital Requirement Regulation (CRR) after a tax dispute almost shut Australian investors out of European ABS.
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Specialist debt servicer Banca Ifis has pioneered a new securitization structure that will allow more investors to buy defaulted loans, offering some relief for European economies facing a rise in non-performing loans as the bloc recovers from Covid-19.
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Credibly is readying a securitization backed by loans made to small and medium-sized businesses, which will make it the first issuer to bring a small business ABS deal in 2021.
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AMAG is back in the market with the latest auto transaction from its Swiss Car ABS shelf after postponing a deal in April 2020 when the pandemic had effectively closed many capital markets.
