Latest news
Latest news
Triple-B rating from KBRA despite 13% LTV
VW offers German auto ABS while BBVA puts Spanish consumer ABS on screens
Euro denominated triple-As only on offer, rest of the capital stack preplaced
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Eurozone banks have ramped up repayments for the second series of Targeted Longer Term Refinancing Operations (TLTRO II) this month, but engagement with the latest iteration of the European Central Bank’s cheap funding programme was weaker than expected. -
M&G has mandated Deutsche Bank as sole arranger for a peer-to-peer (P2P) transaction backed by loans originated from Zopa, a UK fintech which received a funding injection of £140m the same day its provisional banking license was set to expire.
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Ed Panek, former head of ABS investment at Janus Henderson Investors, has retired after 12 years with the firm.
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Specialist trade financing company Stenn has doubled the size of its securitization facility, Stenn Assets Funding, adding non-credit insured mezzanine tranches financed by M&G and boosting the size of the senior tranches in the shelf.
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The resumption of European Central Bank purchases in the ABS market has helped some of the largest banks in Europe to issue dual purpose securitizations, locking in cheap funding from the senior tranche and selling down the structure to achieve risk transfer. ABS buying is now forming a greater part of the central bank’s asset purchases than during previous easing rounds.
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Market participants should seek value in size, seeking protection from election volatility in larger issuers, bigger deals and thicker tranche sizes, says Wells Fargo in its 2020 securitization outlook.
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Atom Bank is bringing its second mortgage bond deal as European securitization issuers rush to market in the scramble to year end.
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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.
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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.
