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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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The European auto ABS market raced back to life on Thursday with BMW pricing the senior notes of its Bavarian Sky 10 deal on the same day as Mercedes-Benz announced its return to the market with Silver Arrow 11. -
New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.
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One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.
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Vivint Solar pivoted away from a solar securitization that was "on the cusp of closing" before the onset of the Covid-19 pandemic, in favor of an alternative financing structure that it hopes to close in the second quarter.
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BMW Bank has released initial price thoughts for its latest car loan securitization, set to test the primary ABS market, which has been dormant for nearly two months.
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The market is split on its outlook for subprime auto ABS, but while conservative investors are staying away there is growing optimism among others who believe credit enhancements and prospects for a strong economic recovery make the asset class an attractive buy in the time of coronavirus.
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Hertz’s flirtation with bankruptcy has sparked a debate in the asset-backed securities market over the fate of the company’s rental car ABS trusts. But if Hertz succumbs to the economic ravages of the coronavirus pandemic, various safeguards in its ABS documentation should result in minimal damage to bondholders, reiterating a key strength of securitization in times of crisis.
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Kroll Bond Rating Agency has upgraded three classes of notes in three CPS subprime auto ABS deals, highlighting increased level of credit enhancements. Despite a lack of obvious red flags in the sector, even as the pandemic persists, sources warn that highly levered subprime auto sponsors still face a rocky road ahead as used car values plummet.
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BMW Bank is set to reopen the European securitization market after the covid-19 lockdowns with its latest German auto loans deal.
