Latest news
Latest news
ABS market not the cheapest cost of financing for issuer of first ever trade in the asset class
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
Trade follows the end of a joint venture to originate loans
More articles
More articles
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As the European non-performing loan (NPL) securitization market heats up, regulatory authorities are at loggerheads over how to treat losses from bad loan sales in bank capital calculations. -
June may be shaping up to be a scorcher in US structured finance, with a raft of CMBS deals likely to follow a big industry conference next week and consumer and esoteric activity also heating up.
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Deutsche Bank’s head of corporate finance EMEA, Alasdair Warren, has become the highest profile casualty of new CEO Christian Sewing’s cost-cutting drive, after failing to re-establish Deutsche at the summit of the European corporate finance rankings.
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A bumper month of US consumer ABS issuance in May has helped push year-to-date volumes ahead of last year's figures, although this could be driven by issuers front loading ahead of expected rate rises later in the year, said analysts.
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The marketplace lending sector in Europe is growing, with a sharp focus on the small to medium sized enterprise segment, but it is still lagging UK and the US markets and lenders will need to ramp up scale and educate investors before a meaningful pipeline of securitization can build.
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Scor said that being able to launch a catastrophe bond from the UK provided it with a useful alternative for issuance, after it sold the first catastrophe bond from the country with an unusual dual layer structure last week.
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An announcement on Friday by the European Commission (EC) states that ‘new rules’ have been adopted to stimulate insurance company demand for 'simple, transparent and standardised' (STS) securitizations.
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Scor finalised the sale of the first catastrophe bond to be issued from the UK this week, after the country passed legislation at the end of last year authorising the creation of issuance vehicles.
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The covered bond and ABS markets came into their own this week as soaring volatility, driven by Italy's wrangling over picking a government, effectively shuttered other credit markets, write Asad Ali and Bill Thornhill.
