Latest news
Latest news
'Important to distinguish between a systemic industry issue and a specific operational challenge' says trade body
ECB is amending the Eurosystem eligibility criteria that could affect auto ABS deals
Senior triple-As at 120bp and 130bp over
More articles
More articles
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Close Brothers, the UK merchant banking group, has mandated leads for a debut ABS deal that will be backed by a £400m pool of auto loans. -
Issuers are lining up two new deals in the European primary ABS market this week, with investors set to get a rare exposure to credit card ABS and CMBS paper.
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RCI Banque’s latest German auto loan deal showed that German auto paper is bunching in the mid-30bp area, just above the zero coupon floor.
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Deutsche Bank bundled Europe’s debut marketplace loan securitization over the finish line last Friday in a milestone for the industry. But the new asset class is a divisive topic in the European ABS market, writes David Bell.
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The first ever public marketplace loan securitization in Europe has finally priced. The deal’s difficult execution isn’t a great advert for marketplace lending, but deals from other platforms should have a different experience — they are, after all, different asset classes.
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A $1.2bn subprime deal from Santander Consumer USA’s SDART shelf and an upsized $1.6bn green bond offering from Toyota Motor Credit Corp were priced this week as spreads tightened on primary ABS issuance.
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Subprime auto lender Flagship Credit Acceptance (FCA) priced its second deal of the year this week, as spreads on subordinated subprime auto ABS inched ever wider.
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A scarcity of top-tier German auto ABS so far this year meant investors piled into BMW’s Bavarian Sky Auto Loans 4 deal on Wednesday, despite the senior notes offering an effective zero coupon at launch.
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The first European marketplace loan ABS deal is expected to be launched as early as Friday this week, with the senior notes said to be "very well priced".
