Latest news
Latest news
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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Servpro, a property restoration and disaster clean-up business, is preparing its debut whole business securitization, adding to the long list of first time issuers that have tapped the ABS market in 2019 to take advantage of cheap financing. -
Moody’s has downgraded Ford Motor Credit Company from investment grade to a junk rating. It is not the only auto manufacturer to run suffer a prang, however, and as more securitization issuers move into the autos sector, UK market participants need to be wary of history repeating.
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Raisa Energy, an oil and gas exploration and production company, is preparing an inaugural securitization, with Guggenheim Securities leading the deal.
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Investors are eyeing a rush of sterling ABS and RMBS deals looking to push ahead through the Brexit window after the UK Parliament was suspended for five weeks beginning on Monday, with buysiders confident that spreads will withstand the rush of new supply.
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Moody's has downgraded the senior unsecured rating of Ford Motor Credit Company from to Ba1 from Baa3 just as the company looks to price an auto ABS deal via its European finance arm, FCE Bank.
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Deal flow is picking up in the second week of September with at least $8.74bn being marketed to investors, including auto ABS offerings from seven repeat issuers across the credit spectrum.
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Opel Bank, a subsidiary of French automaker Groupe PSA, is mandating BNP Paribas as arranger for its E-Carat 10 auto deal, alongside UniCredit Bank AG as joint lead manager for the class ‘A’ notes.
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Banco Sabadell has mandated Deutsche Bank for a €1bn Spanish consumer loan ABS, set to offer three tranches with a floating rate coupon priced over three month Euribor.
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Once highly prized for the attractive yields on offer, investors say they are backing away from aircraft ABS as heightened competition and one-off deals with weak collateral shine a light on late cycle behaviour in the asset class.
