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Top section

Missing mandates need not be so miserable

No one wins playing the blame game
US market remains the model as template issuance takes shape

Bitcoin ABS edges forward as price plunge turns collateral to cash

When loans' LTVs hit 80%, Bitcoin stakes are liquidated in seconds

Congo picked the best of an unappealing bunch of options

The yield was ultra high but Congo had little room to manoeuvre
US market remains the model as template issuance takes shape
Sub-sections
  • RBS has sold a risk transfer securitization referencing a book of UK green project finance loans to the BAE Systems pension fund, which was advised by a unit of Macquarie. The deal is the first ESG-rated risk transfer deal in the UK, and also potentially the longest-dated risk transfer deal ever done in the UK, with an average life of eight to nine years.
  • ABS
    Solar loan origination volume is on the rise, but that growth has not been visible in the public ABS market as issuers attribute muted volumes to a surge in demand for higher yielding whole loans.
  • The IPO of Calisen, the UK manufacturer of smart energy meters, was covered on its full size on the first day of marketing. Banks on the deal were pleased with the speed of the bookbuild and the quality of investors placing orders.
  • Calisen Group, the UK operator of smart meters, has set a price range for its IPO on the London Stock Exchange, following a constructive investor education process. It will come at a discount to listed peers.
  • Cabot Square Alternatives, a new closed end investment fund focused on alternative infrastructure and property assets with an environmental, social and governance angle, has announced its intention to float on the London Stock Exchange.
  • The first European CMBS of 2020 was priced well inside initial price thoughts last week but, although the deal was also the first green-marketed CMBS deal in Europe, market participants said it was difficult to tell how much it benefited from its ESG credentials.