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First exclusively Estonian securitization the European Investment Bank has supported
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Used car lender Oodle Car Finance opted to place its second-ever securitization with Citi's trading desk, locking in a bond exit which can be dribbled out to market, rather than extend its warehouse line. -
IBL Banca will fully retain its latest consumer loan securitization, the eighth issuance from the Marzio Finance series.
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Last week European securitization markets saw a heavy supply of BWICs (bids-wanted-in-competion), with over €487m of CLO bonds on offer. But few of the bid lists are finding clearing levels, with 64% did-not-trade in CLOs last week.
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Point of sale lender NewDay, owned by Cinven and CVC, has become the first post-crisis European securitization issuer to miss a call, announcing on Monday that it would be delaying the call of NewDay Partnership Funding 2015-1 from April this year to the following year, as markets deteriorated beyond a level where a refinancing trade would make sense.
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Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.
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The outlook for Italy continues to worsen, as both the coronavirus pandemic and financial markets rout deepened on Thursday. But essential services are functioning, in society and markets, and Italians are helping each other through the crisis, including with funding difficulties. By Jon Hay and Lewis McLellan
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Figure issued a $149m private securitization backed by loans originated, serviced and sold on blockchain on Wednesday. The unexpected takeaway, sources say, is that at a time when remote working is quickly becoming the norm, investors are likely to reconsider the value of technologies like blockchain as operations move online or away from central locations.
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Following the pricing of a French RMBS deal midweek, the rest of the European securitization industry is holding its breath after a volatile week in capital markets.
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Small business ABS lenders should reconsider bringing deals to market and expect to see disruption of cashflows to outstanding deals, with Covid-19 now declared a worldwide pandemic.
