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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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Senior and subordinated bank debt spreads have been grinding relentlessly tighter again this week but, with a summer of scant supply ahead, investors can see no clear reason to shed their positions yet. -
Annualised net losses (ANL) on subprime auto loans hit 7.42% in the second quarter of 2017, with the potential to reach 10% by the end of the year, as the market share of issuers shifting towards deep subprime players increases, according to Fitch.
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The Bank of England is right to warn of increasingly lax consumer lending standards, but until it sets the UK on a path to interest rate normalization, borrowing will remain too attractive an option for consumers to ignore.
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The latest Dutch consumer deal from Qander Consumer Finance drew a crowd on Tuesday, with the €330m deal oversubscribed throughout the capital stack.
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Online consumer lender Prosper priced its second multi-seller securitization from its PMIT shelf this week, which pools riskier loans compared to its previous transaction.
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Moody's changed its outlook for collateral backing a range of UK ABS sectors to negative on Monday, citing weakening economic data and rising consumer debt as likely to impact securitization performance.
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European securitization issuance in the second quarter topped €71bn, an increase of 91% from the first quarter according to the Association for Financial Markets in Europe (AFME).
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Global macroeconomic conditions, including a rise in aircraft portfolio sales, could boost growth for aircraft ABS, industry observers said this week.
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Chenavari owned Qander Consumer Finance is close to pricing its second Dutch consumer loan deal, with the firm expected to lock in funding at less than half the cost of its last outing to the ABS market.
