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Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
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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. -
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.
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The European Banking Authority has lifted the spirits of those working in the significant risk transfer (SRT) market by suggesting that call options and early termination rights should not disqualify a transaction from achieving SRT recognition, pushing back on proposals made by European Parliament members.
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An ESG framework for the European securitization market is a noble aim but the middle of this pandemic is not the time to implement it. The European Parliament needs to take its time and make sure such a regime is built to last, and not throw it in alongside emergency legislation.
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The UK’s Financial Conduct Authority has launched a new platform dedicated to listing all securitizations which qualify as ‘simple, transparent and standardised’, preparing the UK securitization market for the end of the Brexit transition period.
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The RMBS market is expected to see more issuance in 2021, boosted by all-time lows in mortgage rates and a faster dealmaking process enabled by technology borne out of the pandemic.
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The securitization market is pushing back against proposals in the European Parliament to tack a green framework for ABS deals onto existing discussions about NPL and synthetic securitizations that were supposed to be rapid-fire amendments to help the market fight off Covid-induced economic woes. Tom Brown reports.
