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Parliament’s draft amendments are kinder to the market than Commission's
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First exclusively Estonian securitization the European Investment Bank has supported
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Moody’s downgraded $10.6bn worth of rental car ABS notes from Hertz and Avis, citing weakened corporate credit profiles of both companies. -
Non-performing loan securitizations are expected to decrease by up to 70% this year in Italy, with little activity expected across the rest of Europe in the wake of the coronavirus lockdowns. But 2021 will see banks looking to securitize the next generation of defaulted loans, rating agencies say.
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Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.
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The Federal Reserve reassured jittery markets on Wednesday that it is committed to using the full range of policy responses available to it in order to blunt the impact of the Covid-19 crisis, though some in the market fear that the central bank’s aggressive response will do longer term damage to market efficiency once the pandemic subsides.
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Volkswagen Financial Services UK closed Private Driver UK 2020-1 on Tuesday, a deal qualifying for the ‘simple, transparent and standardised’ (STS) label and privately placed with investors.
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ABS outperformed all other fixed income sectors last week, bolstered by tighter spreads, a strong revival of the new issue pipeline and a reopening of the esoteric market, say analysts at Bank of America.
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Congress set aside $60bn for small businesses in the second round of funding for the Paycheck Protection Program (PPP), but excluded fintechs from participating in distributing the funds. While fintechs thought the pandemic could be a chance to solidify their standing in the lending world, legislators have been reluctant to give them the opportunity.
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Significant risk transfer (SRT) deals have temporarily dried up following the European Central Bank’s decision to lower risk requirements for banks, but market observers say deals will still go ahead in 2020.
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Online lender LendingClub is laying off 460 employees, including the company president Steven Allocca, according to a regulatory filing on Tuesday, a broad restructuring that reflects plummeting loan origination volumes and investor demand in the time of coronavirus.
