Latest news
Latest news
ABS issuers are less constricted following pre-funding surge
Third deconsolidation RMBS from a UK challenger bank since November
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The coronavirus pandemic has catapulted capital markets forward in time. Things thought impossible have come about — above all, a sustained flow of credit through a harsh economic downturn. But are the markets heading for utopia or dystopia?
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Hertz filed a motion to reject the leases on approximately 30% of the rental fleet included in its securitization master trust, a move that would significantly cut costs for the bankrupt car rental company. If granted, the rejection would have repercussions for subordinated bond holders and set a precedent for future ABS bankruptcies, sources say. -
European securitization is seeing a raft of issuance coming to market, despite wobbles in liquid markets last week, when global stock markets suffered their biggest drop since March on Thursday.
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Online small business lender OnDeck resumed originating loans this week after spending months reducing expenses, a sign that conditions are improving, but risks remain and several ABS deals are already seeing accelerated amortization.
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NewDay is planning to call NewDay Funding 2017-1, a move that should soothe the nerves if investors after the non-bank lender became the first since the financial crisis to leave a deal outstanding following the Covid-19 outbreak.
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Solar issuers Sunnova, Solar Mosaic and Loanpal have entered the ABS pipeline, riding the wave optimism in the market as positive headlines give hope for a speedy economic recovery.
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The European securitization secondary market has rallied, with primary issuance in CLOs and ABS helping to tighten spread levels. But traders are ignoring deals which may be supported by the European Central Bank (ECB), citing a lack of certainty over whether the ECB will buy.
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Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.
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Investor optimism in US securitization is growing as the global economy comes back to life. But the market is failing to price in the possibility that we will see another wave of Covid-19 infections and that government stimulus will eventually come to an end.
