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US ABS investors are wading deeper into the market for esoteric assets, prompted by the Federal Reserve’s updated view on inflation that is sure to keep rates lower for longer and further compress yields across fixed income. Jennifer Kang reports. -
Kroll Bond Rating Agency has downgraded all outstanding ratings on TGI Friday’s securitizations as the franchise scrambles to adjust to new consumer behaviour toward casual dining. The spate of downgrades in the whole business space is still raising concerns over whether current ratings reflect the true risk in the deals, as some issuers waive management fees during the months of pandemic.
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Investors are proving eager to get their hands on esoteric asset classes like container and timeshare ABS, with a surge in demand prompted by the Federal Reserve signalling its intention to keep rates low for the foreseeable future.
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Cerberus-owned My Money Bank (MMB) has announced its first unsecured consumer loan ABS, mandating Crédit Agricole for the deal which securitizes loans originated in France and four overseas territories.
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Two of the biggest sustainable finance organisations, the PRI representing investors and WBCSD for companies, are putting their heads together to try to solve two of the thorniest issues impeding progress in the field.
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The Federal Reserve announced on Thursday that it will allow inflation to run higher than the long running 2% target, a long awaited and historic shift in monetary policy that marks the start of a new era that will enable the Fed to keep rates low for longer.
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Santander Consumer Spain Auto 2020-1 is the first ABS deal to come to market after the break in primary issuance throughout August, with a full capital stack being offered to investors.
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The coronavirus pandemic has led to tensions between whole business ABS issuers and investors, amid wrangling over management fees. While investors worry that waiving fees that issuers pay to the corporate parent may mask true risk in the deals, issuers argue it is critical to preserve liquidity at a time of unprecedented corporate distress.
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Issuers have pushed four container ABS deals through the primary pipeline in August, marking the busiest month for the sector since the pandemic began.
