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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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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. -
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".
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Issuers on Monday priced the latest auto loan ABS deal from Nissan Motor Acceptance Corp, increasing the total deal size by $300m in response to strong investor demand.
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Marketplace loan ABS is about funding diversity, said panellists at IMN’s second annual conference on European alternative finance and marketplace lending, stressing the benefits to Europe’s small businesses and playing down the idea that platforms might become the stigmatised “originate to distribute” securitization models that were a hallmark of the financial crisis.
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BMW Bank and AMAG Leasing are readying new deals in the European auto ABS market, following recent new issues from LeasePlan and Volkswagen.
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The long-awaited debut marketplace lending ABS in Europe was announced on Thursday, with Deutsche Bank arranging and leading SBOLT 2016-1, an SME ABS back by a £130m pool of loans originated by Funding Circle and bought by KLS Diversified Master Fund.
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The €14bn European Union-backed fund designed to support Europe’s small and medium sized enterprises has taken a €2bn chunk of German SME and mid-cap exposures off of Commerzbank’s future balance sheet via a synthetic securitization.
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Fresh off the back of its German lease ABS, VCL 23, which priced last week, Volkswagen Financial Services chief financial officer Frank Fiedler announced that the lender was planning new ABS programmes in Italy and Korea.
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Volkswagen made a successful return to the German auto lease ABS market, hitting its desired spread level at pricing.
