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Issuers and investors drop clues about esoteric ABS trades
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Mario Draghi’s speech at Jackson Hole last week was never going to be earth-shattering but his complete silence on the issue of tapering the bank’s various asset purchase programmes managed to frustrate the market even more than had been expected. -
European banks originated €24bn of loans to corporations across the continent in July, up from €9bn in June according to figures from the European Central Bank, with ABN Amro adding that the figure is set to increase through to 2018.
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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.
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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.
