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First exclusively Estonian securitization the European Investment Bank has supported
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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. -
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.
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ABS trading activity jumped significantly for rental car bonds issued by Hertz following news last week that the company was preparing for potential bankruptcy. Sources say they are being forced to reconsider the underlying valuation of the collateral as Covid-19 continues to weigh on the rental car ABS sector.
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The European Investment Fund (EIF) has executed a significant risk transfer securitization to shift risk from Romanian small and medium-sized enterprises, taking exposure away from the balance sheets of nine Romanian banks as part of the EU’s SME support programmes.
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The Federal Reserve revised the eligibility for the Main Street lending facility, a program aimed to help small and medium-sized businesses through low interest loans. A key change opens the program to more participants, including companies with higher leverage.
