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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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After years of trying to become anything but a bank, fintech lenders are ditching the pure marketplace lending model to become depository institutions themselves. As key players exit the pure online lending space, sources say fintech lenders as a whole could start losing out on traditional avenues of funding, such as the equity market.
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Delinquencies in consumer ABS have started to rise off the back of higher unemployment figures, after the asset class has enjoyed unprecedented performance thanks to US government support. The financial health of many deals now rests on the outcome of fiscal stimulus agreements.
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Solar ABS is advancing as a reliable, economical funding source for homeowners as the time they spend at home increases due to Covid-19 and intensifying natural disasters, speakers said in a Tuesday panel at ABS East Virtual 2020.
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Small business lenders may see fewer credit losses on their post-Covid SME loans, thanks to a big tightening in underwriting standards in the wake of the pandemic, said investors speaking on a panel at ABS East Virtual 2020.
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With Joe Biden as president, and a split Congress, the prospect of sweeping progressive change and a comprehensive stimulus package has been dampened. However, the market expects to see substantial progress on the environmental, social and governance (ESG) front and Libor transition, despite the deep divide in government. -
Hertz is returning to the ABS market for the first time since it filed for bankruptcy in March. The rental car company is revving up for a $4bn delayed draw securitization, a stepping stone towards longer-term ABS deals it hopes to issue next year, sources said.
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The European Banking Authority has lifted the spirits of those working in the significant risk transfer (SRT) market by suggesting that call options and early termination rights should not disqualify a transaction from achieving SRT recognition, pushing back on proposals made by European Parliament members.
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Student loan forgiveness has been one of the main pillars of US president-elect Joe Biden’s election campaign, worrying student loan securitization specialists in the sector since early this year. With Democrat Biden’s inauguration around the corner, market participants are scrambling to prepare for new regulations that could impact their student loan ABS investments.
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An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it. The European Parliament needs to take its time and make sure such a regime is built to last, and not throw it in alongside emergency legislation.
