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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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A €360.25m CLO from BlueMountain Capital, BlueMountain Fuji Eur CLO IV, was priced on Monday with the senior notes coming in at 108bps over three month Euribor, continuing the run at that level for all new CLOs to be sold so far this year. -
Opel Vauxhall raised £526.35m of three year funding through a privately placed UK auto ABS on Friday, as nervousness about Brexit and UK consumer credit took public market execution off the table.
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A trio of equipment ABS transactions hit the primary market as January ended, with CNH Industrial Capital pricing a deal on Tuesday and Volvo and GreatAmerica Financial Services readying their own offerings.
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Marketplace lender Prosper sold its first unsecured consumer loan ABS deal on Thursday, the sixth offering from its long running PMIT shelf and the smallest from the issuer to date.
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M&G Investments has hired Vincent Charles-Gervais as a portfolio manager within its ABS team.
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The European Central Bank has slapped the institutions under its supervision with deadlines for dealing with their stocks of non-performing loans, giving the weakest lenders up to 2027 to raise their coverage levels to 100%. The revelation hit Italian banks hard in the market this week, though some commentators said that the new recommendations should hardly have come as a shock to investors.
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Aviation ABS performance will decline in 2019, hit by by rising credit concerns, late cycle behaviour and stiff competition between a handful of new, smaller lenders.
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Marketplace lender SoFi is readying its first student loan securitization of the year.
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Consumer ABS issuance is expected to accelerate this week after a slow start in January, with a number of deals lining up on Monday and investors waiting eagerly to put money to work in the new year.
