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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It’s amazing how quickly the conversation around Avis has changed over the last few months. In April, investors worried that Avis would follow Hertz, its car rental rival, into bankruptcy by the end of 2020. But Avis’s performance in the second quarter and its recent success in the ABS market suggest it is in a much better position than its competitors to weather the recession. -
Amigo’s estranged founder wants to return to Britain’s biggest guarantor loans provider, floating the possibility of another shareholder vote, after selling more than 40% of the company, reducing his stake to below 20%.
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International hotel chain Wyndham Destinations completed a $575m timeshare securitization on Monday, boosted by strong investor demand and a low benchmark rate. The deal was increased by $175m, making it the largest term ABS from Wyndham since 2007.
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One of the remotest parts of the world is home to a new piece of financial engineering. Tristan da Cunha, a volcanic island in the South Atlantic Ocean, is making use of a wind derivative instrument structured by Global Parametrics, an organisation seeking to improve the developing world’s resilience against extreme weather.
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A new Brazilian law is set to boost credit card ABS securitizations from non-bank lenders, helping the alternative sector to thrive despite the economic fallout from coronavirus.
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Royal Bank of Canada agreed to a further extension for a performance trigger waiver on its securitization facility with Amigo Holdings and slimmed the facility down from £300m to £250m. Separately, founder James Benamor vowed to return to the company.
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Investors and research houses are forecasting for Sonia to follow Gilts into negative yields next year, which could force issuers to cover themselves against a hedging mismatch in auto ABS deals.
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Textainer enjoyed high demand and tighter than expected spreads when it priced the first container securitization of the year. Container ABS stands out among other transportation asset classes, according to investors, due to its strong utilization rate and the security that comes from the multi-year leasing agreements between lessors and shipping lines.
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Fitch Ratings downgraded the rating outlook on Federal Family Education Loan Program (FFELP) student loan ABS sector from stable to negative, reflecting the ongoing deterioration of the US public finance and the absence of a credible fiscal consolidation plan, the rating agency said.
