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Third deconsolidation RMBS from a UK challenger bank since November
Parliament’s draft amendments are kinder to the market than Commission's
◆ Data centres: crunch time for Europe's capital markets ◆ How AI is changing capital markets work... ◆ ... and hiring
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GlobalCapital is pleased to announce the winners of its annual European Securitization Awards -
Securitization trustees have stuck to old-fashioned, labour-intensive methods of managing loan documents for decades, but consumer ABS trustees are finally ditching the Excel spreadsheets and embracing automation, compelled by an investor community that feels more comfortable with technology than ever before.
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Westlake Financial is preparing to launch the first of three subprime auto securitizations it has planned for 2020. While the lender’s outlook on consumer health remains positive, it is closely monitoring subprime borrowers for signs of struggling, and the market’s transition to Sofr.
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BMW Bank has mandated Bank of America and Lloyds Bank as joint-lead managers, alongside co-managers MUFG and SMBC Nikko, for its Bavarian Sky UK 3 transaction, a UK auto ABS comprised entirely of loans to borrowers with personal contract purchase (PCP) agreements.
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FAT Brands is preparing to price an inaugural public whole business securitization this week, nearing the finish line following an earlier private offering last year that was ultimately shelved when the investor failed to close, spurring a lawsuit by the company.
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Coronavirus fears loomed over an otherwise benign SFVegas conference this week, with concerns over a pandemic trickling particularly into the aircraft segment. Sources say tangible cracks are beginning to show, with one deal shelved and spreads widening dramatically in the last week.
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Investors looking at the World Bank’s pandemic bond are discounting the price in the expectation that its principal will be written down by the spread of the Covid-19 epidemic, writes Jasper Cox.
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Residential Property Assessed Clean Energy (PACE) finance company Renovate America filed an ABS 15-G this week, announcing plans to bring the first deal of 2020. Despite regulatory burdens that have resulted in lower ABS volumes, PACE providers are expecting a steady year, with another 144A deal slated to come as early as April, according to sources at SFVegas 2020 this week.
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.
