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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
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FirstRand Bank announced its sixth UK auto ABS deal on Monday, the first publically placed UK auto offering since September last year. -
Volkswagen has removed an €89m reserve fund from its VCL Master Residual Value transaction, after the company said that none of the CO2 emissions affected vehicles would be repurchased by the seller.
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California-based auto lender CIG Financial re-entered the market on January 21 with its first rated subprime auto loan ABS, after a year-long hiatus from the product.
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Student loan servicer Navient has jump started the student loan ABS market with the first private student loan ABS deal of the year, as analysts predict stronger performance for the asset class in 2016.
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Four new Italian water utility companies have joined an innovative minibond securitization arrangement in the Veneto region that enables small public sector operators to reduce their reliance on traditional bank channels for infrastructure investment.
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Ally Bank and Ford Credit are the latest issuers to feature higher proportions of longer term loans in their auto ABS offerings, creating talk of weaker performance in both prime and sub-prime lending sectors.
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Volkswagen Finance is planning to tap the Spanish auto ABS market for the second time in four months, with a new €665m deal that is likely to price wider than last September’s deal.
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German auto ABS pricing retraced slightly on Thursday as Ford Credit Europe sold its Globaldrive transaction, with market participants hoping the asset class can avoid further emissions scandal driven volatility.
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Ford Credit Europe has opened books on its Globaldrive 2016-A transaction, with initial price thoughts and secondary trading levels suggesting top rated German auto ABS has found a new benchmark level.
