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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 UK’s Financial Conduct Authority has launched a new platform dedicated to listing all securitizations which qualify as ‘simple, transparent and standardised’, preparing the UK securitization market for the end of the Brexit transition period. -
Goldman Sachs has appointed new heads of its UK investment banking and EMEA equity capital markets businesses.
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Mercedes-Benz priced Silver Arrow 12 on Thursday at one of the tightest auto ABS prints of the year, putting spread levels back in line with September prices, with the help of arranger Crédit Agricole.
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The securitization market is pushing back against proposals in the European Parliament to tack a green framework for ABS deals onto existing discussions about NPL and synthetic securitizations that were supposed to be rapid-fire amendments to help the market fight off Covid-induced economic woes. Tom Brown reports.
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Investment firm SCIO Capital has appointed three ABS professionals to its newly founded advisory board, reuniting a group of Deutsche Bank veterans who worked at the bank in the early 2000s.
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Fast food franchise company CKE Restaurants Holdings priced a $400m whole business securitization several points tighter than initial pricing thoughts. With Roark Capital as its sponsor, the transaction stands out among other brands for its reliable performance and name value, sources say.
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The aircraft ABS market saw spreads tightening by as much as 75bp last week, driven by optimism over coronavirus vaccines, and spreads are continuing to benefit from the hope that travel will soon recommence. Despite the market’s positive reaction, sources caution that the tightening could be short-lived, as it will take longer than anticipated to see collateral performance fully recover to pre-pandemic levels.
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Sunnova is entering the ABS market with a deal backed by residential consumer solar loans, shortly after Loanpal made its return. With yields still at all time lows, solar securitizations have appealed to investors and traders for their high returns, and a transaction structure that looks more like a mortgage product than an esoteric ABS.
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Private-equity backed Auxmoney, the largest credit marketplace in Continental Europe, is planning to originate its own equity for consumer loans with the help of BNP Paribas, setting the firm on track to potentially securitize its assets.
