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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. -
Used car finance platform Oodle plans to be a repeat issuer in securitization, following break-neck growth that’s seen originations grow 1,000% since January 2018. The firm is now one of the UK’s largest fintech companies, with a balance sheet larger than media darling Monzo Bank — while the securitization market is becoming increasingly welcoming to fintech firms.
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Once a benchmark ABS sector, credit card bonds experienced a dramatic decline in issuance last year, leading to big drop in trading activity that is expected to continue in 2020.
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Nordea has agreed a €5.1bn risk transfer securitization of corporate and small and medium-sized enterprise loans, to close in January. It is Nordea's second synthetic risk transfer deal and the first since it redomiciled into Europe’s Banking Union, which has given it a lead regulator more supportive of synthetic securitization than the Swedish regulator.
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NatWest Markets has become the latest dealer to join Spire, the repack notes platform.
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Pagaya, an investment management firm with a focus on artificial intelligence and machine learning-led underwriting, closed a $200m consumer ABS this month, bringing the firm’s total issuance count to five deals in 2019.
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Esoteric ABS is not quite so esoteric in the era of low interest rates. With anaemic yields and low economic growth expected to continue, more investors have turned to the asset class over the past few years, and issuers are locking in the lower cost of capital while it lasts
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As the late stages of the economic cycle drag on and uncertainty around the next recession grows, investors are turning to securitization as a shield against headwinds from other parts of the market, loading up on ABS to insulate portfolios from gyrations in corporate credit
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Fitch Ratings this week issued an unsolicited commentary on the whole business securitization market, a sector that has grown rapidly and which the agency sees as luring investors with “overstated benefits” despite investment grade ratings.
