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Amid investment boom, S&P stoically maintains its position
Deal only included loans that were outside the scope of the FCA's redress scheme
Triple-B rating from KBRA despite 13% LTV
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A deal from solar finance company Sunnova that was priced at the end of last week and a first time solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter. -
The European Bank for Reconstruction and Development has made its first Greek non-performing loan (NPL) investment, part of a €300m programme to help banks in central, eastern and south-eastern Europe to clean up their balance sheets.
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Asset-backed bonds have shown resistance to broader volatility in credit markets over the past week, but analysts at Bank of America Merrill Lynch said weakness in corporate bonds could easily spill over into securitization markets.
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Lloyd’s of London has identified several financial instruments that could boost investment in resilience against disaster. The solutions incorporate features of loans, bonds, catastrophe bonds and securitization.
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Weaker markets this week have not deterred European ABS issuers from moving ahead with deals already marketed last week, with initial price thoughts on three trades published on Wednesday, following a slow start on Monday and Tuesday.
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Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7m offering backed by a pool of leases and power purchase agreements (PPAs).
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The African Development Bank is set to announce on Monday afternoon the other risk transfer transaction it has been working on, in parallel with the ground-breaking $1bn securitization it closed in September. Like that, this portfolio credit insurance transaction could serve as a model for other supranationals.
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The African Development Bank’s $500m portfolio credit insurance deal, to be announced on Monday October 22, is one of the first of its kind, but is very likely to be followed by further such transactions, as experience in this area grows and other development finance institutions explore the potential benefits.
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The UK's Prudential Regulation Authority will soon begin supervising banks and insurance companies on their approach to the physical and transition risks of climate change.
