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Latest news
First public music royalty-backed deal since November
Premium pricing for master trusts may be beginning to wear off
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Concerns around disclosure of mortgage forbearance figures and payment holidays led to deals scheduled for issuance earlier in 2020 being delayed to later in the year, as issuers feared securitization investors having access to information not widely disseminated to other investors. -
US government aid for the airlines expired on Thursday, kicking off sweeping job cuts at major carriers and adding stress to an already battered industry. Nonetheless, lessors are beginning talks to tap the ABS market next year with a public deal to find stable financing as existing sources dry up, writes Jennifer Kang.
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The European Investment Bank has taken down a €2.2bn synthetic balance sheet CLO originated by Santander CIB, executing a significant risk transfer to free up exposure to a Spanish SME portfolio.
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Fitch Ratings has named North America head Rui Pereira as the global group head of structured finance and covered bonds as part of a global reshuffling.
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Cinven and CVC-owned issuer NewDay has priced its largest ever deal, increasing NewDay Partnership Funding 2020–1 by £100m and removing the Sofr-linked dollar tranche from the transaction.
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Solar Mosaic is readying a $222m securitization backed by residential consumer solar loans — its second this year. Solar ABS issuers say their investor base has multiplied during the pandemic, in part thanks to the accumulation of of loan performance data.
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Auto ABS origination volumes are surging in Europe as spreads retreat to present a clear window of issuance, prompting deal announcements from subsidiaries of both Santander and Aldermore Group.
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The upcoming presidential election is driving a rush by securitization issuers to get deals through the pipeline before November, when sources say election uncertainty and a potential second wave of Covid-19 infections could make for a highly volatile end to 2020.
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Funding Circle underlined the strain felt by UK small and medium sized enterprises in its half year results on Thursday, as the marketplace lender swung into a loss caused by heavy writedowns of subordinated portions of its SBOLT securitizations. But the lender also achieved strong volumes in government-guaranteed loans, which it sells off balance sheet to Chenavari Investment Management.
