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Meanwhile, BNP Paribas hires in structured finance
Two lenders entering administration should signal to others: simplify the industry
News could lead bank funding to dry up, after strong run of demand in private market
More articles
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BMW Bank will return to the European ABS market for a fifth German auto loan ABS deal from its Bavarian Sky shelf, after Ford Credit Europe Bank priced its latest Globaldrive deal above par, the first consumer ABS deal to do so.
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Captive auto financing issuers are piling back into the European auto ABS market after the summer break, with PSA Financial Services, the partner of the Peugeot and Citroën brands, announcing a new deal backed by Spanish auto loan collateral. -
Secondary placements of consumer ABS paper grabbed the market's attention this week, with a French consumer loan deal landing and a UK credit card-backed offering lining up.
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BMW Bank is returning to the European ABS market for a fifth German auto loan ABS deal from its Bavarian Sky shelf.
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DBRS analysts dismissed recent worries of a growing bubble in subprime auto ABS in a Thursday conference call, citing consistency in loan pools dating back to pre-crisis days.
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Ford Credit Europe Bank is lining up its second German auto loan ABS deal of the year to hit its £1bn securitization funding target for 2016.
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Santander Consumer Bank has overhauled its Bilkreditt 6 ABS, backed by Norwegian auto loans, to avoid the risk that its coupon turns negative.
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Declining primary supply, an increase in buy-and-hold investors and the retreat of dealers has turned the European securitization secondary market into a difficult place to trade. But investors are becoming increasingly frustrated even with the dealers that remain in the business.
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Volkswagen’s proposed buyback offer for cars that violate US emissions standards could create a new set of issues for outstanding ABS transactions backed by affected collateral, according to analysts at Moody’s Investor Service.
