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Structured Finance Association CEO Michael Bright previews major industry event
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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VW Financial Services and Santander Consumer Bank have mandated UK-backed auto ABS transactions, as the market brushes off the noise about the proliferation of personal contract purchase loans (PCP) in the UK auto sector. -
Santander Consumer USA chief executive Jason Kulas departed last week to “pursue other opportunities”, the company said on Monday.
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The number of refinanced student loans backing ABS that are more than 60 days delinquent increased in the last quarter while private SLABS saw a 1.82% decline in the same period, with refinancing deferments expected to increase as lenders target undergraduate borrowers.
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As Hurricane Harvey barrels towards Texas, investors are at risk of losing up to $1.1bn through two Texas catastrophe bonds issued in 2015 and 2017.
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The primary US ABS market is seeing activity despite the seasonal slump in issuance, with deals from GM Financial, American Credit Acceptance and OneMain Financial moving through the pipeline.
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The European Central Bank will likely pursue a gradual wind down of its Asset Backed Securities Purchase Programme (ABSPP), sticking around as a buyer of ABS until 2019, Rabobank analysts write this week.
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Online lenders in the UK are accelerating the move away from the peer to peer model of the early days of the market, following similar moves by US counterparts as lenders tap funds from a range of sources in 2017.
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Fintech companies have changed “the basis of competition” in financial services, but have not greatly disrupted the businesses of larger incumbents, the World Economic Forum (WEF) said in a report this week.
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Auto and student loans have seen increases in early delinquencies this year, while overall household debt has surged past its recession peak, according to a quarterly report published by the New York Federal Reserve this month.
