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New terms are emerging in US leveraged finance documentation, as investors try to push back against the loosening of investor protections, but critics claim such provisions are too narrow and too ineffectual to stem the tide of a seller’s market. -
The second European securitization backed by Funding Circle loans was priced on Thursday, with spreads showing the dramatic drop in financing costs for European marketplace loan ABS since the market emerged in 2016.
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Bank of Montreal announced on Tuesday plans to buy MBS and ABS focused broker dealer KGS-Alpha Capital Markets as the Canadian bank broadens its global market making capabilities.
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More than $1tr of leveraged loans are now outstanding in the US market, according to the Loan Syndications and Trading Association. The market has doubled in size in just eight years, with lower rated loans swelling volumes as CLOs and retail funds chase yield in corporate credit.
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The pace of loan refinancing and repricing eased in the first quarter of 2018, according to a quarterly update from Fitch Ratings. Some investors expect this trend to continue as companies look to dodge rising rates by refinancing loans in the fixed rate bond market.
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In the three-legged race that is European lawmaking, one of the legs has just made a big stride forward in sustainable finance policy, publishing the most ambitious plan so far.
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Upgrade Inc, an online personal loan company started by former LendingClub CEO Renaud Laplanche last April, will tap the securitization market this year, sources told GlobalCapital.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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The UK's political and financial classes are battered and tossed by Brexit. All the more reason why they should keep their sights on what will ultimately be a bigger issue: how to make finance sustainable.
