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Structured Finance Association CEO Michael Bright previews major industry event
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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European securitization is seeing a raft of issuance coming to market, despite wobbles in liquid markets last week, when global stock markets suffered their biggest drop since March on Thursday. -
Online small business lender OnDeck resumed originating loans this week after spending months reducing expenses, a sign that conditions are improving, but risks remain and several ABS deals are already seeing accelerated amortization.
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NewDay is planning to call NewDay Funding 2017-1, a move that should soothe the nerves if investors after the non-bank lender became the first since the financial crisis to leave a deal outstanding following the Covid-19 outbreak.
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Solar issuers Sunnova, Solar Mosaic and Loanpal have entered the ABS pipeline, riding the wave optimism in the market as positive headlines give hope for a speedy economic recovery.
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The European securitization secondary market has rallied, with primary issuance in CLOs and ABS helping to tighten spread levels. But traders are ignoring deals which may be supported by the European Central Bank (ECB), citing a lack of certainty over whether the ECB will buy.
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Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.
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Investor optimism in US securitization is growing as the global economy comes back to life. But the market is failing to price in the possibility that we will see another wave of Covid-19 infections and that government stimulus will eventually come to an end.
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ABS spreads are moving towards pre-pandemic levels as investors grow optimistic over recovering unemployment numbers and the reopening of New York City and other major economic centers.
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Banco Bilbao Vizcaya Argentaria (BBVA) has mandated Deutsche Bank as sole arranger and lead manager for its €1.105bn Spanish auto loan securitization, BBVA Consumer Auto 2020-1. Most of the deal has been preplaced, but €322m of senior notes are on public offer this week.
