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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GlobalCapital speaks with Funding Circle head of US regulatory affairs and social impact, Ryan Metcalf, about the pitfalls of the US government’s Paycheck Protection Program, the hurdles for fintech companies, and other measures the Trump administration can take to protect small businesses. -
Kroll Bond Rating Agency placed all whole business securitizations from Planet Fitness and Massage Envy on negative watch this week, warning that prolonged closure of their businesses will lead to disruption of cash flows to to the bonds.
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Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday. From certifying lenders to accepting applications, sources have described the process as "a disaster", with many small businesses running out of time and cash.
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Esoteric ABS has come to a standstill, but many market participants are confident that the damage will be manageable in the short term. Investors are more concerned about what will happen after the coronavirus pandemic, which is changing consumer behaviour and reshaping fundamental credit risks in all asset classes.
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The UK Financial Conduct Authority has proposed a three month freeze on all credit card and loan payments to help customers facing economic difficulties in the wake of the Covid-19 pandemic, measures which could drive losses on junior ABS bonds.
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Fitch Ratings put all 31 aircraft leasing and engine deals it rates on rating watch negative on Wednesday, blaming the rapidly declining credit quality of airline lessees backing the transactions.
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Aircraft lessors have become popular borrowers in the US private placement market but coronavirus pandemic has thrown up a whole new magnitude of risk for the industry and many will be looking to amend the terms of their deals. Many market participants predict that the conversations between borrowers and investors will be tricky.
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Trading of structured products in the secondary market levelled off this week to volumes seen before the coronavirus crisis, as traders closed the books on a difficult first quarter.
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Delinquencies in the fastest growing segment of the consumer debt market are increasing at a heightened pace, with another wave of missed payments on marketplace loans expected on the first of the month. Amid the rise in delinquent loans, lenders are saying that they are seeing a jump in loan applications as more consumers seek a lifeline to stave off the effects of the pandemic.
