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
More articles
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It’s like Mark Twain said: “History doesn’t repeat itself, but it often rhymes.” So it goes with US consumer credit since the financial crisis. In an age of record low fixed income yields and trusted (though untested) models for underwriting consumer credit, the market may be wearing blinders when it comes to risks in the sector. -
Residential Property Assessed Clean Energy (PACE) shop Renovate America announced a 100-person staff reduction, though capital markets functions remain untouched as the company plans its next ABS transaction.
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Consumer lenders are tapping securitization less and less, according to S&P Global Ratings, with the securitization of consumer loans at “record lows” across sectors — though rising interest rates could reinvigorate ABS backed by short dated collateral.
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Tesco Bank has priced its first credit card ABS of the year, while Unipol Banca has released initial guidance on its SME ABS and Premium Credit is readying a deal backed by insurance premium finance loans.
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Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.
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Marketplace loan ABS investors are showing a higher tolerance for risk, flocking to recent marketplace loan securitizations which are increasingly backed by a higher proportion of risky loans and structured with deeper capital stacks.
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The European Parliament gave final approval to new common rules for securitization in the European Union on Thursday, in addition to finalising the simple, transparent and standardised (STS) securitization framework.
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United Airlines was selling the ‘B’ notes of an enhanced equipment trust certificate (EETC) offering to fund the purchase of 18 aircraft early this week, as investor demand for aircraft ABS continued to heat up.
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The senior class of P2P Global Investments’ MOCA 2017-1 UK marketplace loan ABS transaction was priced at the wide end of guidance, though the final spreads further down the capital stack pointed to a strong execution for the deal.
