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Structured Finance Association CEO Michael Bright previews major industry event
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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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. -
European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.
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Tesla is returning with its third auto lease securitization, issuing into a market supported by strong auto fundamentals and investor demand for paper sponsored by the electric car maker, deal watchers said.
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Airborne Capital is bringing an inaugural deal in which it owns only four of the 17 aircraft in the portfolio, leaving a high degree of uncertainty around the final composition and structure of the trade.
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Funding Circle announced a new UK SME ABS on Monday from its SBOLT programme — the first from the shelf where it is acting as a deal sponsor, rather than just as servicer. Deutsche Bank, which has run all the SBOLT trades to date, is joint lead, with Citi stepping in as arranger.
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In September, LendingClub excluded individual investors in five states from investing on its platform without an explanation. While the reason was undisclosed for nearly two months, the company revealed this week that the change in eligibility is a product of the many steps it is taking to obtain a bank charter.
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Funding Circle has breached the terms of its securitization SBOLT 2018–1 — a book of loans originated on the platform and was bought by Pollen Street Capital’s P2P Global fund. The breach was driven by a shift in the company’s business model from a pure tech platform to a non-bank lender using its own capital. Funding Circle has asked investors to waive the breach.
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Container ABS sponsors are voicing concern over a lack of market activity atypical of the third quarter, a traditional peak season, with market participants fearing the lull could stretch on through mid-2020.
