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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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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. -
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.
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Consumers with lower credit scores have become a larger share of the credit card market as their debt piles up faster than in the prime borrower cohort, the Consumer Financial Protection Bureau said in a report this week.
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FCE bank, Ford’s European finance unit, is preparing to issue GlobalDrive Auto Receivables UK 2019-A, a short-dated auto ABS with Lloyds and BNP Paribas arranging alongside NatWest and Santander as joint lead managers.
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BNP Paribas has announced a public securitization of French auto loans, AutoNoria 2019, set to offer a full capital stack from senior to junior notes. The transaction is expected to comply with the simple, transparent and standardised’ (STS) regulatory framework.
