Latest news
Latest news
ABS market not the cheapest cost of financing for issuer of first ever trade in the asset class
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
Trade follows the end of a joint venture to originate loans
More articles
More articles
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BMW Bank has mandated Bank of America and Lloyds Bank as joint-lead managers, alongside co-managers MUFG and SMBC Nikko, for its Bavarian Sky UK 3 transaction, a UK auto ABS comprised entirely of loans to borrowers with personal contract purchase (PCP) agreements. -
FAT Brands is preparing to price an inaugural public whole business securitization this week, nearing the finish line following an earlier private offering last year that was ultimately shelved when the investor failed to close, spurring a lawsuit by the company.
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Coronavirus fears loomed over an otherwise benign SFVegas conference this week, with concerns over a pandemic trickling particularly into the aircraft segment. Sources say tangible cracks are beginning to show, with one deal shelved and spreads widening dramatically in the last week.
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Investors looking at the World Bank’s pandemic bond are discounting the price in the expectation that its principal will be written down by the spread of the Covid-19 epidemic, writes Jasper Cox.
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Residential Property Assessed Clean Energy (PACE) finance company Renovate America filed an ABS 15-G this week, announcing plans to bring the first deal of 2020. Despite regulatory burdens that have resulted in lower ABS volumes, PACE providers are expecting a steady year, with another 144A deal slated to come as early as April, according to sources at SFVegas 2020 this week.
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.
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Traditional consumer ABS asset classes, particularly auto ABS, are looking less like on-the-run, flow assets than they once did, panellists said at SFVegas 2020 on Monday. As the credit cycle stretches on, speakers cautioned the audience to keep an eye on the growing risks in deep subprime consumers and the rise of revolving auto ABS structures.
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An amendment to the UK Securitization law is set to come into effect at the end of 2020 when the Brexit transition period ends, clearing up confusion around the definition of sponsor in a move that could see the UK and the EU regimes diverge, said Mayor Brown in a notice released Thursday.
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Oil and gas securitizations may be a win-win solution for the difficulties faced both by energy producers in search of a diversified source of funds and by investors hungry for long term, attractive returns, said speakers at SFVegas on Sunday.
