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European and high yield chiefs to take the reins
Kevin Duignan to retire after 33 years, mainly in structured finance
First European buy now, pay later securitization expected next year
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Credit Suisse Asset Management priced its first euro CLO at the end of last week, placing the triple-A bonds at 108bps over three month Euribor as CLO investors remain largely undeterred by regulatory concerns. This week, GSO is expected to price its Crosthwaite Park CLO by Friday, with the manager floating initial price thoughts at the start of the week. -
Concerns were voiced by the National Landlord Association on Thursday following an announcement of new rent controls by London Mayor Sadiq Khan meant to restrict renting prices on buy-to-let (BTL) mortgages in London, many of which back UK securitizations.
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Australian lender Pepper Money this week started marketing an RMBS that will offer investors a euro-denominated tranche and a short-dated dollar tranche, as the issuer looks ready to be the first to jump into the European securitization market this year.
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GSO has entered the market with a euro CLO alongside Credit Suisse Asset Management's Cadogan Square XIII deal, which is looking at initial price thoughts of 105bp-110bp.
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M&G Investments has hired Vincent Charles-Gervais as a portfolio manager within its ABS team.
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Carlyle Group and BNPP are marketing a two-year non-conforming Euro CLO, at a time when CLO arbitrage is its worst level since 2013.
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Secondary securitization activity has accelerated since the first weeks of January, with strong prints on a large list of mainly euro-denominated auto ABS. Several market participants note that the ABS market is becoming less risk-averse as the year goes on.
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End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.
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The European Central Bank has slapped the institutions under its supervision with deadlines for dealing with their stocks of non-performing loans, giving the weakest lenders up to 2027 to raise their coverage levels to 100%. The revelation hit Italian banks hard in the market this week, though some commentators said that the new recommendations should hardly have come as a shock to investors.
