Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Parliament’s draft amendments are kinder to the market than Commission's
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Regulators responsible for drawing up the technical standards for the 'simple, transparent, standardised' (STS) framework for European securitization have published five draft consultation papers, seeking industry comment through March. -
Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.
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Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.
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Fitch Ratings said in a webinar this week that given the shift to “smaller, weaker lessees” from emerging market countries in aircraft ABS portfolios, the rating agency will be applying more conservative stresses to aircraft securitizations “where appropriate”.
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BNP Paribas’s Polish subsidiary, Bank BGŻ BNP Paribas, has closed a Z341m (€81m) securitization of loans to Polish small and medium sized enterprises, with the European Investment Bank buying the mezzanine tranche.
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Brian Ford, head of structured finance research at Kroll Bond Rating Agency, told GlobalCapital this week that the strong risk on investor sentiment seen this year will carry into 2018, but added that autos and non-agency MBS volumes could decline from 2017 levels.
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As GlobalCapital foreshadowed last week, HSBC has made changes to its EMEA debt capital markets syndicate desk, run by Adam Bothamley.
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Interest in marketplace loan ABS from investors picked up in 2017, but some are now saying they could sit things out in 2018 as credit concerns grow and a lack of data presents problems in the late stages of the credit cycle.
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A third of interest-only borrowers in non-conforming UK RMBS failed to pay down their principle at maturity, according to S&P Global Ratings.
