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
More articles
More articles
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Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary. -
The great and the good of the European Union were lining up last week to pat themselves on the back for passing securitization reform, including the framework for the long-awaited simple transparent securitization label, but officials should forget the self-congratulatory crowing, and work to make ABS a more attractive funding option for issuers.
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The UK’s Department for Education relaunched its securitization of Income Contingent Student Loans, which was shelved because of the snap UK general election in June this year.
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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.
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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.
