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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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Antonio Keglevich will lead a new sustainable finance advisory team at UniCredit, aiming to originate deals across asset classes. -
Plummeting rates in the US and overseas are pushing more investors into the market for esoteric ABS, particularly from franchise and whole business issuers, panellists said in a packed session this week at ABS East in Miami Beach.
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National governments of the European Union have reached agreement on the law that will implement the Taxonomy of Sustainable Economic Activities, even though Germany, Austria, Luxembourg and Greece are unhappy that nuclear power has not been specifically excluded. There could be fights over that issue when the Parliament and Commission negotiate with the Council in a 'trilogue'.
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Speakers on a panel on day one of ABS East noted that the securitization market has seen a vast expansion in the number of issuers and kinds of assets that are coming to market, but crossover investment has mostly been seen from within the space, rather than from other corners of fixed income.
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Market participants are taking a closer look at emerging asset classes with large capital needs not yet serviced by securitization, particularly oil and gas royalties, said panellists speaking at day one of ABS East.
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Market participants are turning to deals with tighter documentation and stricter lending requirements as a downturn nears, with the non-traditional lending sector set to play a larger role in the securitization market once the slowdown hits.
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S&P Global Ratings this month downgraded four class ‘E’ notes of recent subprime auto deals issued by Consumer Portfolio Services from 2016 and 2017. Deutsche Bank analysts said this week that the move might imply the rating agency is growing more cautious on the sector, signaling that downgrade and default risks for subprime auto ABS are on the rise as the cycle turns.
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Banco Sabadell has priced its first public ABS deal since the financial crisis via sole arranger Deutsche Bank, pricing the bonds tight of guidance levels released earlier in the week.
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ABS issuers priced a dozen new transactions in just the first three days of the week, sending primary issuance volume surging past levels seen year to date in 2018.
