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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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NPL specialist Balbec Capital, which purchases defaulted portfolios at risk of foreclosure using securitization structures, is expecting an increase in opportunities to buy in 2021. Current NPL stock levels could double once government stimulus runs out, said the firm. -
Issuers are looking to tweak securitizations with UK entities in order to avoid them falling outside the EU’s ‘simple, transparent and standardised’ (STS) criteria once the Brexit transition period ends on December 31.
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Raiffeisen Bank International AG (RBI) has securitized a loan portfolio of €3.3bn, retaining the senior and junior tranches in a synthetic securitization but selling the mezz to boost its common equity tier one ratio by about 10bp.
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The Dutch buy-to-let market is booming ahead of an increased transfer tax on buy-to-let property, softening concerns that the pandemic would lead to a prolonged origination slump in the asset class.
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The incoming Biden administration is likely to be more conducive to the development of the credit risk transfer market for the government-sponsored enterprises, according to panelists speaking at ABS East Virtual 2020.
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Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance Taxonomy as impractical, creating unhelpful incentives and excluding most bank financing, including green senior unsecured, RMBS and covered bonds.
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AXA Bank Belgium has become the first issuer to place a euro-denominated synthetic RMBS deal into the market, obtaining extra capital ahead of its sale to Crelan Bank.
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Securitization originators who sell their full capital structures hoping to deconsolidate assets could struggle to protect their deals from Covid-19 payment holidays, as targeted repurchases or liquidity support risks regulators treating deals as though they are still on balance sheet.
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The Basel Committee has backed down from tough new changes which could have raised the costs of financing non-performing loan portfolios, allowing banks to use external ratings to assess the risk of NPL securitizations.
