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Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.
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US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers. -
Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.
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The Italian banking system finished the year strongly with UniCredit making good progress on Project FINO (the bank's plan for asset disposal, named Failure Is Not an Option) and Genoa’s Banca Carige finalising the all-important capital raising part of its turn-around plan, but there is still a lot of work to be done to resolve Italy’s banking problems in 2018.
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The student loan servicing infrastructure in the US is ripe for an overhaul. But the Department of Education’s (DoE) plan to outsource student loan servicing to big tech and big finance may not erase all of the existing problems.
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Securitization experts at IMN’s Marketplace Lending conference in New York last Friday said risk appetite and the trend of deepening capital stacks in marketplace loan ABS deal structures will grow in 2018 as the market matures.
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A former chief of staff at the Office of the Comptroller of the Currency this week hyped the growth of fintech and marketplace lending, but indicated that the industry now faces a different set of challenges as it matures.
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Lending Club closed a debut pass through security last Friday, a Consumer Loan Underlying Bond (CLUB) certificate, as the company looks to diversify funding and grow the investor base beyond its securitization program.
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Investors in US structured credit and leveraged finance are bracing themselves for bouts of volatility and growing idiosyncratic risk, as spreads grind to record tight levels while aggressive underwriting behaviour increases, writes David Bell.
