Latest news
Latest news
January's ABS data center deals see tenant numbers drop but demand remains strong
Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
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Small business lender Funding Circle announced on Friday that it had launched a new strategic partnership with Alcentra, with the global asset manager to purchase up to $1bn of the firm’s US business loans over the next three years. -
European ABS issuance has had a bumper year so far, helped by rejuvenated CMBS supply that was largely absent over the past two years, banks looking to tap more RMBS funding as cheaper alternatives wind down, and a CLO market which shows no sign of slowing. With heavy supply flowing into the market, spreads have widened since mid-July, putting investors at the helm. Asad Ali reports.
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TwentyFour Asset Management has appointed a new head of US credit in New York, and is planning to make a possible six further hires in the city next year as the London-based firm looks to expand its presence in US credit markets.
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Following on just two months after pricing a euro denominated Silver Arrow deal, Mercedes is back in the primary ABS market, this time with a sterling deal, marketing the bonds in a choppier market.
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Deal flow is picking up across US structured products midweek, with investors offered a smattering of securitized assets including a Sallie Mae private student loan deal and a non-agency RMBS offering from Flagstar.
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Investors have crept down the capital stack in search of higher yields this year, weighing on the appetite for senior US consumer ABS bonds, though spreads have stabilised according to Wells Fargo, with moderate supply expected this month.
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Insurance companies tracked by Wells Fargo allocated 30% of their ABS purchases in the second quarter to whole business, timeshare and aircraft deals, as insurers load up on higher yielding paper.
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Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
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The Investment Association, the trade body for 250 UK asset managers, is making a concerted effort to become more involved in responsible investment, seeking to influence government policy and help its members navigate this complex area.
