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Buy now, pay later provider finds two big new investors
Deal comes after a silent fortnight for euro public ABS
Specialist lender returns after 2024 debut
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The securitization market is expecting January to be dominated by sterling issuance, after a Brexit deal was finalised on Christmas Eve, with non-bank issuers revving up for 2021. SPV filings suggest Cerberus, Davidson Kempner, Belmont Green, and Kensington are all readying deals. -
Renovate America, a residential property assessed clean energy lender, filed for bankruptcy after years of fighting policy changes and class action lawsuits alleging the lender failed to disclose certain fees to homeowners. The economic distress caused by Covid-19 was the spark that instigated the bankruptcy, but the legal issues were what caused the company to go under, sources said.
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Auto ABS will have to rely more heavily on loans secured by used cars, as crisis-driven behaviour changes have crushed new car sales but encouraged people to avoid public transport. Captive issuers will therefore make up a smaller proportion of issuance than in the past.
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When the year began, the European securitization market forecast a busy year for itself. Issuance levels in markets from synthetic risk transfer to CLOs had broken issuance records in 2019, with the year ahead expected to match if not outpace the previous year's volumes. Instead, the market found itself grappling with an outbreak which would close up issuance for months and set a new course for ABS. Linked below is a collection of GlobalCapital’s best securitization articles of 2020.
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The world is watching full of hope as Joe Biden prepares to take the helm of the world’s most important economy. He has promised to act decisively on climate change, which must include financial reform. There is much worthy work to do — but four things would save Biden a lot of time.
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Law firm Latham & Watkins hired Alison Haggerty to join its New York office as a partner in the capital markets practice.
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Online personal lender LendingPoint closed its fourth ABS of the year, and one of the last few consumer deals to be priced before rules change in January. The regulatory pendulum is expected to swing next year, with US government agencies starting to keep a closer eye on consumer-facing companies.
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European ABS issuance is closing the year with the lowest volumes since 2009, with the Covid-19 economic turmoil and cheap central bank liquidity having deterred issuers from coming to market.
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The Association for Financial Markets in Europe (AFME) has praised new framework for on-balance sheet securitizations in Europe, but warned that it may also make deals more costly and complicated.
