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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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Lenders and other financial institutions need to shed their stereotypes about non-prime borrowers and consider alternative data sources to help expand their access to credit, speakers told conference attendees on day two of LendIt USA 2017 on Tuesday.
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Policy experts speaking on day one of the LendIt 2017 conference in New York on Monday called for more bipartisan support of financial technology if the sector is to thrive, emphasizing the need for greater focus on extending credit to underserved borrowers.
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Online lending will thrive after withstanding a slew of bad press in 2016, said Scott Sanborn, president and chief executive of Lending Club, in a keynote address at LendIt USA 2017, while he also signalled more frequent issuance of ABS from the platform.
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Residential and commercial Property Assessed Clean Energy (PACE) lender Renew Financial will hit the ABS market in April with a new deal, and will tap Natixis to lead the transaction, sources tell GlobalCapital. -
VW’s UK auto lease ABS, Driver UK Five, priced its £340m 2.02 year class ‘A’ at 45bp, the tight end of the mid-high 40s guidance, as the issuer aimed to re-establish its pricing in the market after last year’s emissions manipulation scandal.
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Banca Carige outlined its plan on Tuesday for a €950m NPL securitization, as part of its plan to manage down its bad loan book, which will also include a €2.4bn spin-off to a separate management vehicle.
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Financial institutions have commanded very attractive pricing levels for new issues this week, as an influx of cash in fixed income markets has shown investors are still finding value in bank credit despite the fact that spreads grind ever tighter and tighter.
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The Property Assessed Clean Energy (PACE) ABS sector is getting attention from a broader group of investors outside the US, as frequent issuance of the energy efficiency bonds brings the asset class into the mainstream.
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There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.
