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Deal was Monday's second euro auto trade to offer mezz
Hyundai releases initial price thoughts for its German auto ABS
When loans' LTVs hit 80%, Bitcoin stakes are liquidated in seconds
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European auto ABS issuers have been pushing up coupons and selling deals well over par as Euribor plunged, hoping their new deals can avoid the fate of older deals which are now trading effectively as fixed rate issues. -
Santander's first revolving subprime auto ABS was met with strong demand from yield seeking investors, but put off some conservative buyers who would normally buy deals from the SDART platform but were hesitant to add exposure to longer dated subprime ABS, according to sources.
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Hybrid funding models are becoming the norm among online lenders, who are increasingly using both securitization and on-balance sheet financing to align interests with their investors.
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Monthly issuance of European ABS carrying the simple, transparent, and standardised (STS) label exceeded €5bn in September, with total year to date STS issuance coming in at more than €30bn, according to S&P Global Ratings.
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Online loan investors are shifting to shorter duration paper as credit performance deteriorates and the uncertainty around the direction of the economy grows, panelists at IMN's ABS Tech conference said on Wednesday.
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Florida credit union GTE has priced what market participants expect to be the first of many auto securitizations from the credit union sector as ABS funding costs remain attractive.
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In a marathon board meeting that lasted into the evening on Thursday, EU member states have approved a new Energy Lending Policy for the European Investment Bank, ending a dispute over how fast it can cut out fossil fuel financing. Those arguing for gas still to receive financing won substantial concessions, compared with the EIB's first draft of the policy.
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Securitization is quickly emerging as the most attractive financing option for cash-starved oil and gas companies as other avenues of funding diminish, according to industry sources.
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UniCredit has structured a a €7.75bn SME securitization called Impresa Two, which will allow the bank to free up a large book of Italian government bonds it had pledged to former brokerage subsidiary FinecoBank.
