ABS

  • US CLOs, Trups CDOs under observation

    Sector developments and company hires

    US CLOs, Trups CDOs under observation
    Fitch has placed 102 tranches issued by 43 US CLOs and 13 tranches issued by seven Trups CDOs under criteria observation (UCO), following the publication of its CLO and corporate CDO rating criteria last week (SCI 17 September). The agency intends to resolve the UCO status by applying the updated criteria to each .......

    Market Moves 22 September 2021

  • Pandemic 'feedback loop' highlighted

    Sector developments and company hires

    Pandemic ‘feedback loop’ highlighted
    Secular changes affecting the recovery of in-person office occupancy in New York City is consequential not only for property-level cashflow, but may also have ripple effects on other sectors, Fitch suggests. The city is the largest US office market and the rating agency says it provides a good case study of the potential feedback loop of .......

    Market Moves 21 September 2021

  • Pagaya goes public via SPAC

    Sector developments and company hires

    Pagaya goes public via SPAC
    Fintech securitisation issuer Pagaya Technologies and EJF Acquisition Corp (EJFA), a publicly traded SPAC, have entered into a definitive business combination agreement. As a result of the transaction, which values the combined company at an estimated enterprise value of approximately US$8.5bn at closing, Pagaya will become a publicly listed entity.

    Founded in 2016 by .......

    Market Moves 20 September 2021

  • Downward pricing

    Deutsche Bank completes CRT

    News 20 September 2021

  • Securitisation execs promoted in PGIM reorg

    Sector developments and company hires

    Securitisation execs promoted in PGIM reorg
    PGIM Fixed Income has reorganised its senior management team, with the appointments effective from 1 January 2022. Under the reorganisation, md John Vibert has been promoted to the newly created role of president.

    Vibert joined PGIM Fixed Income in 2014 as the head of securitised products and serves in that role currently. Prior .......

    Market Moves 17 September 2021

  • Tight pricing

    Santander sets post-Covid record

    Santander has completed a €580.8m 14-year full-stack significant risk transfer transaction that references a portfolio of Spanish auto loans. Dubbed SC Spain Auto 2021, the transaction’s first loss tranche achieved the tightest print at that level for a full-stack SRT following the onset of the coronavirus crisis, as pre-pandemic dynamics return to the ABS market (SCI 15 September).

    News 17 September 2021

  • Traffic jam

    Bumper two days in auto ABS underlines strength of fundamentals

    No less than eight US auto loan-backed ABS deals have been priced in the last two days, making the last 48 hours the busiest two day period in the sector in recent memory as borrowing costs continue to be alluring and investor appetite vigorous.

    This follows $9.6bn of issuance in August, in the form of 12 prime, non-prime and leasing deals. In .......

    News Analysis 16 September 2021

  • NPR issued on GSE capital framework

    Sector developments and company hires

    NPR issued on GSE capital framework
    The FHFA is seeking comment on a notice of proposed rulemaking that would amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac. The proposed amendments would refine the prescribed leverage buffer amount (PLBA) and the capital treatment of credit risk transfers (CRT) to better reflect the risks inherent in the .......

    Market Moves 16 September 2021

  • SRT debut

    First Nordic green synthetic executed

    Nordea and the EIF have finalised a significant risk transfer transaction that references a €1.8bn portfolio of corporate and SME loans (SCI 23 July). The deal will free up capital for green lending to Swedish and Finnish firms, rendering it the first such deal from a Nordic bank.

    The transaction features tranches that amortise on a pro-rata .......

    News 16 September 2021

  • Strong opportunities

    European NPL investment trends discussed

    Emerging non-performing loan opportunities across a number of jurisdictions in Europe are boosting sentiment in the market, with particularly strong demand seen in Italy. However, challenges are anticipated in this jurisdiction for transactions that are more complex in nature, according to participants at SCI’s 3rd Annual NPL Securitisation Seminar.

    “The Italian NPL market is currently very active, with .......

    News 15 September 2021

  • Specialist lender stake acquired

    Sector developments and company hires

    Specialist lender stake acquired
    BNP Paribas Asset Management (BNPP AM) is set to acquire a majority stake in Dynamic Credit Group, the Amsterdam-based asset manager and specialist lender with €9bn of assets under management. The deal will allow BNPP AM’s private debt and real assets (PDRA) investment division - which currently managed €11bn of client commitments - to significantly grow .......

    Market Moves 15 September 2021

  • Pick-up continues

    European ABS/MBS market update

    Following on from last week’s pick-up, the European ABS/MBS market is set for another busy week. The pre-summer dynamic has returned, with activity in both primary and secondary.

    “It appears as though this week will be particularly busy on the auto ABS front, with four deals currently in the market,” notes one trader. “It is a similar story .......

    News 15 September 2021

  • Digital lender debuts

    German consumer collateral on offer

    Digital lending platform auxmoney Investments is in the market with its inaugural public securitisation – Fortuna Consumer Loan ABS 2021. The transaction, which will be certified as STS by SVI, is backed by a €227.75m portfolio of near-prime consumer loans granted to private individuals in Germany.

    The portfolio is concentrated in North Rhine-Westphalia (accounting for 21% of the .......

    News 15 September 2021

  • Servicing expansion

    SitusAMC executive md and head of Europe Lisa Williams and d...

    Q: Alfonso, tell us a bit about your new role at SitusAMC?
    AP: I joined SitusAMC this past July to lead the expansion of the firm’s servicing business beyond commercial real estate to include corporate direct debt, infrastructure and social housing loans (SCI 13 August). I’ve spent the last 15 years of my career servicing debt at some of .......

    Provider Profile 14 September 2021

  • Spanish SRT finalised

    Another STS synthetic executed

    News 14 September 2021

  • Legal concerns

    Consumer protection uncertainties highlighted

    A recent European Court of Justice (ECJ) ruling on consumer rights in German loan agreements amplifies legal uncertainty regarding information that needs to be included in contracts, Fitch suggests. The implications for Fitch-rated German auto ABS have been limited so far, but the rating agency says it remains important to monitor the impact on borrower behaviour and how far .......

    News 13 September 2021

  • Chinese reserves

    Growth boosts domestic securitisation market

    China’s continued economic growth has boosted both securitisation performance and issuance volumes. However, bank asset quality remains at risk because of high economic uncertainties from the lingering pandemic threat and ongoing structural adjustment in the economy. Yet bank asset metrics benefit from continued disposal of bad debts using their substantial loan loss reserves.

    According to the latest Moody’s .......

    News 10 September 2021

  • Back in business

    European ABS/MBS market update

    The European ABS/MBS primary market is up and running again after the summer lull. This afternoon saw the first widely marketed deal to price since the August hiatus, with more set to follow this week and beyond.

    UK non-conforming RMBS Together Asset Backed Securitisation 2021-1ST1 saw its three offered tranches price as follows – £283m class As at .......

    News 8 September 2021

  • Cyberattack scenarios weighed

    Sector developments and company hires

    Cyberattack scenarios weighed
    S&P reports that it has seen more credit-relevant cyber events in the last six months than in the previous six years, including the first structured finance transaction reporting an operational disruption following a ransomware attack on the originator and servicer (SCI 28 May). The rating agency says it has explored several hypothetical scenarios to identify areas .......

    Market Moves 8 September 2021

  • Scope concerns

    SFA underlines concerns in UK government call for regulation opinion

    The SFA has highlighted problems in regulatory jurisdictional scope in its response to Her Majesty’s Treasury’s Call for Evidence on UK securitisation regulations.

    Earlier this year, the UK government had issued a call for evidence in connection with securitisation regulation. Under the terms of the consultation, it is seeking views to ensure that it “best delivers” for the UK’s financial sector and .......

    News 3 September 2021

  • Forward strides

    Middle East Islamic finance market looks good into 2022

    The Islamic finance Middle Eastern market has achieved notable progress over the last four or five years and sentiment remains very positive, say analysts.

    "It's been a strong year so far - we have seen five years of growht in the sukuk markets. On the Islamic banking side, growth has continued to surpass conventional banks. We have seen the industry grow significantly, .......

    News Analysis 2 September 2021
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