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Latest news
Hyundai releases initial price thoughts for its German auto ABS
When loans' LTVs hit 80%, Bitcoin stakes are liquidated in seconds
Equipment ABS issuance gathers momentum as investors appreciate diversification
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Credit Suisse on Thursday announced the launch of SCALE Aviation, a subsidiary of the bank aiming to boost liquidity in the aircraft industry by providing capital markets financing as well as direct assistance on acquisition, trading and management of aircraft collateral. -
Securitizations tied to oil and gas-related cash flows have emerged in recent months, despite growing support from the buy side for socially responsible investments (SRI). Though they run contrary to environmental, social and governance (ESG) principles, issuance of oil and gas royalty ABS may persist as long as the deals offer attractive yields, or until ESG investments pay a premium to brown ABS. Jennifer Kang reports.
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Provident Financial Group, the UK specialist lender, has agreed a bilateral securitization facility with NatWest Markets to fund up to £100m of vehicle finance receivables from its Moneybarn subprime brand. The facility is expected to grow to £275m over the next 18 months.
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The aircraft securitization market is showing cracks after enjoying three consecutive record years of issuance. Major airlines have gone bankrupt, credit is deteriorating and competition intensifying, all of which signals 2020 as a year of major headwinds, rating agencies say.
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Student loan ABS is facing a host of uncertainties this year, as cessation of Libor as a benchmark quickly approaches and momentum behind loan forgiveness accelerates. Strong technical factors will be offset by headline risk, weighing on spreads, according to sources.
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The consumer ABS market is off to a strong start, with new issues coming out back to back and leaving the pipeline just as fast. The strong demand is being driven by investors' view of ABS as cheap alternative to corporates, which have rallied since the fourth quarter of last year.
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Residential solar lender Dividend Finance has signed a $200m residential solar loan sale with an institutional investor.
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Fast food chain Sonic is in the market with the first whole business securitization of 2020, with sources saying the deal is already garnering strong interest from investors eager to put new money to work in a sector that had a banner year in 2019.
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With new vehicle sales in decline, auto ABS issuance is expected to see muted growth in 2020. However, the rising fraction of auto loans funded through securitizations is a silver lining for the industry, along with the potential for more credit union issuers tapping ABS in the coming year.
