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Buy now, pay later provider finds two big new investors
Deal comes after a silent fortnight for euro public ABS
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The European Parliament and Council have agreed rules that will set the stage for securitization to play a role in helping European banks dig their way out of an impending surge in defaulted loans. The Parliament has added sustainability criteria to the final amendments. -
European banks are looking to reduce their cost of funding by fitting their asset-backed commercial paper (ABCP) transactions with the ‘simple, transparent and standardised’ (STS) regulatory stamp. Fresh regulations are causing headaches for the issuers, however, prompting increased concerns about the effectiveness of the label.
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NPL specialist Balbec Capital, which purchases defaulted portfolios at risk of foreclosure using securitization structures, is expecting an increase in opportunities to buy in 2021. Current NPL stock levels could double once government stimulus runs out, said the firm.
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Residential solar finance company and securitization issuer Mosaic has refreshed its leadership team with the appointment of a new CFO as well as a deputy chief credit officer and general counsel.
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The aircraft ABS secondary market experienced a surge in trading activity in November for the first time since the coronavirus outbreak, particularly down the capital structure in the class ‘B’, ‘C’ and equity tranches. Sources say the activity is driven by growing hopes from some funds for a recovery in the sector, met by sellers wanting to clean their books before the year-end.
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Issuers are looking to tweak securitizations with UK entities in order to avoid them falling outside the EU’s ‘simple, transparent and standardised’ (STS) criteria once the Brexit transition period ends on December 31.
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Residential solar finance company Loanpal is preparing another securitization, which will make 2020 the highest volume year for the issuer. While the solar ABS market should be boosted by the support for sustainability shown by the incoming Biden administration, skeptics say it will take years for political change in the US to fuel a meaningful increase in supply.
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Ukrainian steel and mining firm Metinvest has launched a receivables securitization programme for its two Italian re-rolling steel mills headquartered in Genoa, Metinvest Trametal and Ferriera Valsider
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The UK's national infrastructure bank set to be launched by the government could focus on a range of green investment opportunities, including setting up a scheme like the US's Property Assessed Clean Energy (PACE) model.
