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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
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Morgan Stanley is arranging a trade receivables ABS for Gedesco, a Spanish non-bank SME factoring company, in what will be a rare publicly syndicated term offering in the asset class. Most of the deal, however, is backed by direct lending to Spanish mid-cap firms. -
Carlyle Aviation Partners on Thursday announced a $409m securitization, the first aircraft ABS deal of the year. The high concentration of weaker credit lessees in the offering is an example of one of the many growing pains being felt by the quickly expanding aircraft securitization market, sources said.
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Solar loan origination volume is on the rise, but that growth has not been visible in the public ABS market as issuers attribute muted volumes to a surge in demand for higher yielding whole loans.
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FICO this month released a new credit scoring model that aims to keep tabs on the myriad new ways consumers are taking on debt, including keeping a closer eye on unsecured personal loans. Online lenders, though, say that FICO may be late to the game given the meteoric rise of marketplace lending and the use of alternative data that has been the norm among lenders for several years already.
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Hopes that insurance investors could flood back into the market for mezz tranches have been dashed, after Europe’s insurance regulator closed its feedback session on revamping Solvency II without mention of any changes to the securitization capital treatment.
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FAT Brands is close to issuing its first-ever whole business ABS secured on the blockchain. The size of the offering, which has been in the works since last September, has been increased to capitalize on the success of the franchise ABS sector in recent months, sources said.
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Kensington is bringing a non-standard UK prime RMBS from its Finsbury Square shelf as spreads on UK RMBS continue to tighten in the first weeks of 2020. Meanwhile, Close Brothers is also returning with a new Orbita Funding UK Auto ABS transaction.
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UK online lender Funding Circle priced its second US consumer ABS on Thursday, tightening spreads on the bonds compared to its inaugural deal in August of last year on the back of strong demand for short dated consumer ABS paper.
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Nationwide has unveiled a new securitization from its Silverstone master trust, against a market backdrop in sterling prime RMBS as strong as at any time since the global financial crisis. The UK building society is focused on price for the new deal, which is likely to be in three year sterling format.
