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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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It never really went away, did it.
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Despite sections of the market decamping to Las Vegas for the SFIG Vegas conference, the primary pipeline is still moving in European structured finance, as Swedish non-conforming RMBS Bluestep No. 4 and VW’s UK ABS Driver UK Five both head for pricing on Wednesday.
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Arcadia Funds hit the ABS market this week with a rated debut transaction via Jefferies backed by prime loans originated by Lending Club, which sources say will be closely watched by the market.
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TGIF Funding is out with guidance for a debut whole business securitization, which sources say could revive activity in the esoteric sub-sector after a lull in 2016.
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Volkswagen Financial Services is preparing to launch its fifth UK auto ABS deal backed predominantly by personal contract purchases, which contain residual value risk.
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Online small business lender Kabbage is marketing a $500m securitization of loans to small and medium sized businesses that will be used to refinance an existing deal from 2014.
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Hilton Grand Vacations (HGV) is getting ready to market its first no-grow timeshare transaction, after completing its spin-off from Hilton Worldwide in January.
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Mariner Finance, a consumer finance company with 200 branches in the US, has launched a debut ABS offering backed by unsecured personal loans.
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Healthy secondary movement and successful new deals from Deutsche Bank and a second tier Italian name suggest investors are hungry for more FIG paper, though the market has been quiet this week.