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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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Greece has overtaken Italy as the biggest source of non-performing-loan ABS issuance in Europe, with banks stepping up issuance with a slew of transactions in 2021 as Italian institutions wind down their post-financial crisis backlog of bad debt. -
As inflation indicators across the globe begin to point to a period of sustained growth, equity investors have fretted over where to put their money instead of tech stocks, whose valuations have reached gargantuan multiples. There is a compelling argument to be made for rotating into Greece, specifically its banks, which will have to finance a new wave of economic growth.
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Venn has mandated BNP Paribas, Citi and SMBC Nikko for Cartesian 6, a Dutch prime RMBS deal which carries the STS label. Sources hope this will lead to tight pricing for the issuer.
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Greece’s Alpha Bank has launched an €800m capital raise to prepare for growth as the country benefits from the clean-up of non-performing loans and EU Next Generation funds.
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Arrangers BNP Paribas, Barclays and Macquarie Bank sold the joint-tightest European buy-to-let RMBS since 2008 on Thursday, with Domi 2021-1 tying first place for record senior note spreads with Dutch Property Finance 2018-1.
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Angel Oak issued the first non-agency RMBS to qualify as a social bond in the US, which is backed by loans offered to underserved self-employed consumers. The transaction benefited from favorable market conditions, with investors eager to absorb social bonds specifically, and ESG bonds starting to trade at a premium.
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The Joint Committee of the European Supervisory Authorities (ESAs) has released its hotly anticipated report on European securitization. But market participants are calling it a missed opportunity, pointing out that it fails to address recommendations made by the High Level Forum on the Capital Markets Union to develop the market.
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Angel Oak Capital Advisors issued the first non-agency mortgage-backed securitization to qualify as a social bond. The transaction is backed by loans that offer mortgage financing solutions for underserved consumers in the US, particularly those who are unable to borrow through traditional lending channels.
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Securitization investors are divided over whether to open up their ESG portfolios to mortgage-backed securities that are marketed as virtuous because of their socially beneficial use of proceeds, as opposed to their green collateral. Issuer transparency will be essential if this burgeoning market is to thrive.
