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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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Credit card ABS, a market once dominated by big banks, is now seeing more participation from speciality finance lenders. With five or so years of experience under their belt, such lenders are starting to reach enough scale to enter the ABS market, and their presence will increase, based on the positive reception these deals have received in recent years. -
The European securitization market is seeing a faster pace of ESG deals but it needs to find more ESG-friendly assets before it can expect much more issuance. Peter Winning, portfolio manager and analyst in BlackRock's EMEA ABS team, spoke with GlobalCapital to outline how the world’s largest asset manager invests in ESG securitizations.
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Residential Property Assessed Clean Energy lender Renew Financial is returning to the ABS market after a two year hiatus, adding volume to a sector that continues to shrink owing to regulatory headwinds and a preference for private placements.
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Mercury Financial, a non-bank credit card company, closed its inaugural 144A securitization backed by loans originated through a bank partnership.
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Lloyds has closed one of the largest credit card securitizations to date, setting up the Wilmington Master Trust and retaining £3.35bn of prime UK credit card receivables originating from MBNA, whose UK arm it acquired from Bank of America in 2016.
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Consumer lending platform Upstart has announced the acquisition of auto retail software provider Prodigy Software, as part of its latest effort to expand into auto lending. The expansion is expected to help Upstart’s bank partnership business, in which it provides credit decisions and fraud detection services.
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Marine cargo company Textainer is keeping up its strong presence in the securitization market to continue financing its growing container fleet. It has already put in orders for the production of containers worth $925m for delivery in the first six months of 2021.
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Fintech platform Pagaya priced a $900m fully pre-funded securitization, its largest ever deal as well as one of the biggest transactions seen in the sector. The transaction was 2.75 to 3 times oversubscribed, according to the company.
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Equipment issuers have been finding securitizations to be an attractive financing method recently, as deal structures have grown more borrower-friendly. Features that have pushed issuers away in the past, such as restrictions on pre-payments and substitution of assets, have been removed or toned down in recent deals, panellists said at the IMN Equipment Finance conference.
