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Latest news
Deal only included loans that were outside the scope of the FCA's redress scheme
Triple-B rating from KBRA despite 13% LTV
VW offers German auto ABS while BBVA puts Spanish consumer ABS on screens
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Monte dei Paschi di Siena (MPS) continues to shed its non-performing exposures, selling a €455m portfolio to Cerberus on Wednesday following the sale of €690m to Illimity on Tuesday. -
Banca Monte dei Paschi di Siena (MPS) has completed the sale of two portfolios of non-performing and unlikely to pay loans to further derisk its balance sheet and complete a planned restructuring, selling almost €700m to Illimity Bank.
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The European CLO market is keeping up the pace, with alternative investor Tikehau pricing an €451.2m deal via Natixis at the end of last week, that was increased from €410.2. The ABS market, meanwhile, is slowing down ahead of August.
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A pair of Italian ABS deals set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory label put Italy at the top of the list along with the UK for total public STS issuance.
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Waterfall Asset Management’s 2017 NPL securitization of Creval loans, Elrond NPL, has been downgraded as collections fell short of expectations. Scope Ratings said that cumulative collections were only 75% of those in the original business plan, with cash still stuck in challenging court processes.
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Santander has hired a senior securitization banker from StormHarbour Securities as head of its continental European securitization team, working on both public and private placements as well as advising on significant risk transfer (SRT) deals.
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Stenn, a trade finance specialist, has closed a $200m receivables securitization programme with Natixis, expanding its capital markets programme. The company said it hopes to address the $1.5tr 'trade finance gap' that could be closed by digitisation, according to the International Chamber of Commerce (ICC) and the Asian Development Bank.
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British Airways priced an $806.88m Enhanced Equipment Trust Certificate (EETC) securitization on Monday.
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Sterling securitization supply issue is predicted to continue up until late August at least, spurred on by the Brexit deadline of October 31. According to a syndicate banker, there are relatively few continental European investors still willing to invest in sterling deals, with the exception of selected French investment firms.
