Latest news
Latest news
First CRR and Securitization Regulation amendments were released sooner than expected
First deal of its kind more than 1.5 times subscribed
Market participants weigh in on issuance, deal structure, demand
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Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction. -
Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.
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The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.
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The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.
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Diamond Resorts returned to the securitization market after a two year hiatus, pricing at one of the tightest spreads the issuer has seen to date all across the capital stack. Sources say they attribute the tight spreads to improving prospects for domestic travel, as consumers are looking to scratch their pent up urge for leisure travel by visiting nearby hotels rather than go abroad.
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Oodle Car Finance is selling further down the capital structure than ever before with its latest Downson auto ABS. It has added excess spread notes to the offering as well as a full stack of principal-backed notes following spread compression in auto ABS driven by scarcity.
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DBRS Morningstar launched a group dedicated to esoteric finance in an effort to expand its rating operations into other asset classes, ranging from future flow structured finance to esoteric or innovative RMBS. The news comes at a time when appetite for esoteric asset classes is growing rapidly and market participants are seeking a way forward beyond existing esoterics that lack yield.
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Marketplace lenders are breaking into the auto loan industry, continuing to move far beyond the unsecured consumer loan products they began with. The move is driven by fintechs leveraging their technologies and client bases developed through their consumer loan products to open up new channels of income, sources say.
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Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
