Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Parliament’s draft amendments are kinder to the market than Commission's
More articles
More articles
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Online lenders have sought ways to transform themselves into banks to gain regulatory clarity and forge long term customer relationships. Regardless of the status change, the securitization market will remain a vital funding source to the challenger banks, sources say. -
Auto ABS issuers are opening up the 2021 pipeline with four deals of various size and quality, ranging from a subprime auto transaction from Arivo Acceptance to a prime loan deal from Santander. Subprime auto credit is expected to deteriorate in the next few months as loan extension programmes continue to expire.
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The European securitization market needs to whittle down its remaining ‘tough Libor’ legacy contracts without relying on help from the UK regulators, said the Association for Financial Markets in Europe (Afme) on Wednesday.
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LendingClub has received approval to acquire Radius Bank from the Office of the Comptroller of the Currency, completing one of the last few steps left before it can become a national bank. Under the incoming Joe Biden-led US administration, more fintechs will look to gain bank status to avoid regulatory headache and hefty costs attached to being a non-bank lender.
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GlobalCapital is pleased to invite nominations for its 2021 European Securitization Awards, seeking to recognise the most notable and innovative deals, banks and market participants of 2020. We would also welcome pitches for Overall Securitization Bank of the Year, Securitization Deal of the Year, and Private Securitization of the Year.
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The securitization market is expecting January to be dominated by sterling issuance, after a Brexit deal was finalised on Christmas Eve, with non-bank issuers revving up for 2021. SPV filings suggest Cerberus, Davidson Kempner, Belmont Green, and Kensington are all readying deals.
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Renovate America, a residential property assessed clean energy lender, filed for bankruptcy after years of fighting policy changes and class action lawsuits alleging the lender failed to disclose certain fees to homeowners. The economic distress caused by Covid-19 was the spark that instigated the bankruptcy, but the legal issues were what caused the company to go under, sources said.
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Auto ABS will have to rely more heavily on loans secured by used cars, as crisis-driven behaviour changes have crushed new car sales but encouraged people to avoid public transport. Captive issuers will therefore make up a smaller proportion of issuance than in the past.
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When the year began, the European securitization market forecast a busy year for itself. Issuance levels in markets from synthetic risk transfer to CLOs had broken issuance records in 2019, with the year ahead expected to match if not outpace the previous year's volumes. Instead, the market found itself grappling with an outbreak which would close up issuance for months and set a new course for ABS. Linked below is a collection of GlobalCapital’s best securitization articles of 2020.
