Latest news
Latest news
January's ABS data center deals see tenant numbers drop but demand remains strong
Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
More articles
More articles
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Richard Cordray has been selected to head the federal student aid office, assuming responsibility over the entire portfolio of federal student loans in the US. With his appointment, the $10,000 student debt forgiveness policy will likely come to fruition, unexpectedly benefiting the sector. -
Upstart is returning with a $490m securitization backed by unsecured personal loans, its biggest deal to date. The ABS transaction announcement comes as the company has been increasing its capital base and lending capacity through various means, such as completing an IPO as well as partnering up with banks or start-ups.
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Structured transactions that transfer risk from banks’ balance sheets are set to grow in emerging markets as their financial systems become more sophisticated and lenders try to deal with losses caused by the Covid-19 pandemic. Multilateral development banks are playing a central role — they aim to stimulate private sector interest, even if sometimes investors resent their involvement. Jon Hay reports.
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Investors are seeing more personal loan ABS residuals trading as the asset class expands and liquidity improves. After seeing how the loans performed through the pandemic, more market participants feel comfortable going down the capital stack in marketplace loans.
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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
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Small business ABS lender OnDeck has returned to the market for the first time after it was acquired by consumer credit lender Enova. OnDeck’s new transaction is structurally more conservative than past deals and does not include a concentration limit on lines of credit loans, which historically perform better than the term loan product.
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The auto ABS pipeline remains robust with Consumer Portfolio Services pricing a subprime auto securitization, immediately following back to back pricing of three other auto issuers mid last week. Despite the heavy supply, investors are eager to digest more auto paper, both prime and subprime, market participants said.
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SME risk transfer deals are returning to the capital markets, after a year in which few private investors were keen to take subordinated SME risk in Europe's periphery, leading to increased reliance on the European Investment Fund to anchor deals.
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One of the corporate bond market’s most experienced funding officials is to leave the market next month.
