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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Kroll Bond Rating Agency has upgraded three classes of notes in three CPS subprime auto ABS deals, highlighting increased level of credit enhancements. Despite a lack of obvious red flags in the sector, even as the pandemic persists, sources warn that highly levered subprime auto sponsors still face a rocky road ahead as used car values plummet. -
BMW Bank is set to reopen the European securitization market after the covid-19 lockdowns with its latest German auto loans deal.
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Bernardo Martinez, managing director of Funding Circle US, is moving back to PayPal to serve as the vice president of global business financing solutions.
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The pandemic has led to a bifurcation among some esoteric ABS subsectors, with more resilient assets like cell tower ABS seeing continued deal flow while others continue to be shut out of the market.
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The European Banking Authority (EBA) has published its proposals for developing a 'simple, transparent and standardised' (STS) framework for synthetic securitization, endorsing better capital treatment and permitting the use of some excess spread for credit enhancement — a boost for the market if the package is approved by the European Commission.
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Europe’s SMEs are in trouble. The coronavirus pandemic has zeroed revenues and threatens their very existence. They last faced a big threat in the 2008 crisis when bank lending dried up and a recession took hold. Back then, securitization took a lot of the blame as the cause, but this time it offers a route to rescue.
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LendingClub announced that it is anticipating lending volumes to decline by 90% in the second quarter, as the online lender tightens its underwriting criteria in response to a sudden drop in investor interest and mounting unemployment numbers, the company said in an earnings call.
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Fitch Ratings announced actions on two GE Capital Aviation Services (GECAS) serviced aircraft deals due to ongoing deterioration of lessees. Investors say the role of the servicer is of heightened importance in the time of Covid-19, as deteriorating economic conditions warrant for a more proactive management of aircraft portfolios.
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Volkswagen Financial Services has said it will inject cash into its ABS transactions where borrowers have been granted payment holidays, aiming to top up the deals to protect investors from the decline in likely residual values.
