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A recent Spanish Supreme Court ruling on NPL foreclosures will help buyers of poorly performing mortgage portfolios avoid years of potential legal proceedings. -
Hewlett Packard Enterprise saw its inaugural small ticket equipment securitization oversubscribed by eight times at the end of last week.
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Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.
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Cairn Capital has financed two securitization issuances through its receivables programme with US fintech firm FastPay and UK consumer loan originator Valour Finance.
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Property Assessed Clean Energy (PACE) issuer Renovate America is breathing life back into an otherwise quiet market with a deal backed by residential PACE liens. Instead of tapping the securitization market, PACE providers are choosing to go down alternative routes, such as pursuing private transactions or arranging forward flow agreements, sources say.
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Pepper Group subsidiary Optimum Credit has priced its Castell 2019-1 deal tight of guidance, while Yorkshire Building Society’s Brass No 8 RMBS was also priced, with senior notes tightening by about 5bp from initial price thoughts.
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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.
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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.
