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First public music royalty-backed deal since November
Premium pricing for master trusts may be beginning to wear off
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Intesa Sanpaolo has issued a €2bn risk transfer securitization to help fund Italian SMEs, boosted by an investment from the EIB and the EIF. -
The newly established European Guarantee Fund has greenlit a further €1bn lending for risk sharing products, allowing the EIB to continue investing in significant risk transfer (SRT) transactions to support European SMEs.
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Petros PACE Finance, a commercial property-assessed clean energy lender, added Jerry Ellis to the business development team in its New York office. The move comes ahead of New York's expected approval of the C-PACE bill, enabling commercial property owners to tap PACE financing for new construction projects.
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Santander Consumer Bank has increased its debut public German consumer ABS from €1.4bn to €1.8bn after the deal saw huge demand, making it one of the largest public securitizations in Europe this year.
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Restaurant chain Wingstop has priced its latest ABS offering to yield 2.85%, making it the first ever whole business securitization to be printed with a two handle, with market watchers crediting tight ABS supply and Wingstop’s strong credit story.
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Nearwater Liquid Markets has set up a third ABCP conduit which will buy only US Treasuries, repoing them with Barclays, in a move that would help the UK-based bank manage its access to high quality collateral. The new vehicle joins existing structures Nearwater has set up with BNP Paribas and with JP Morgan.
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Equipment lender Balboa Capital is tapping the securitization market for the first time this year, riding the improving macro conditions and stable demand for equipment. However, sources say the small ticket sector is still performing poorly compared with other sectors of the equipment finance market.
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Consumer ABS performance is expected to slide as Congress negotiations for the next Coronavirus Aid, Relief, and Economic Security (CARES) Act remain in limbo. Sectors such as auto and credit card ABS may see more obligors previously shielded by government support falling into late stage delinquencies, sources said.
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The European Commission has bowed to lobbying by investors and delayed compelling them to follow the detailed requirements of the Sustainable Finance Disclosure Regulation — a complex reporting task that is ill-matched with another EU rule, the Taxonomy of Sustainable Economic Activities.
