Covid-19 Crisis

Banca Progetto adds to Italian CQS securitization flow

ABS

Banca Progetto adds to Italian CQS securitization flow

Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.

  • ‘Trench warfare’ as vultures swoop on Irish NPLs

    People & Markets

    ‘Trench warfare’ as vultures swoop on Irish NPLs

    Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.

  • Oodle to sell excess spread notes as auto ABS compresses

    ABS

    Oodle to sell excess spread notes as auto ABS compresses

    Oodle Car Finance is selling further down the capital structure than ever before with its latest Downson auto ABS. It has added excess spread notes to the offering as well as a full stack of principal-backed notes following spread compression in auto ABS driven by scarcity.

  • EU reboots NPL rules as bad debt looms

    ABS

    EU reboots NPL rules as bad debt looms

    Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.

  • Debut Finnish issuer enters auto ABS market

    ABS

    Debut Finnish issuer enters auto ABS market

    Debut Finnish issuer LocalTapiola Finance has mandated BNP Paribas for its first auto ABS transaction, bringing a single offered tranche with a pre-set 70bp coupon over one-month Euribor on offer.

  • Paragon jumps ahead on phase-out of non-green BTL mortgages

    RMBS

    Paragon jumps ahead on phase-out of non-green BTL mortgages

    The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.

  • Brexit gulf widens as UK and EU split on securitization regs

    People & Markets

    Brexit gulf widens as UK and EU split on securitization regs

    The UK is overhauling its securitization regime following its exit from the EU in a bid to become a more competitive destination to host special purpose vehicles. The move comes as EU authorities sign the latest amendment to securitization rules, splitting the two jurisdictions further apart and causing headaches for issuers wanting to sell into both markets. Tom Brown reports.

  • New Dutch BTL buyers lean to whole loans

    RMBS

    New Dutch BTL buyers lean to whole loans

    Investors who want exposure to Dutch buy-to-let mortgages are increasingly taking it in whole loan format rather than through securitized notes, especially if they are insurers or insurance-backed. Banks pulling back from BTL lending has realigned the market and sucked in new specialist lenders, such as start-up SolidBriQ, which launched its platform on Monday.

  • Aegon brings first public RMBS for three years

    RMBS

    Aegon brings first public RMBS for three years

    Aegon is bringing its first public RMBS since 2018, offering a single triple-A tranche to investors with a discount feature as an additional incentive to call the transaction before 2027. ABN Amro is arranging the deal.

  • First UK prime ESG RMBS rolls out carpet for US investors

    RMBS

    First UK prime ESG RMBS rolls out carpet for US investors

    Yorkshire Building Society has set the stage for “social” securitizations with the first prime UK residential mortgage-backed security to carry this label. The deal has a dollar tranche to entice US accounts in preparation for the end of the Bank of England’s funding schemes.

  • BoA bets on German ‘groundscraper’ with airport CMBS

    CMBS

    BoA bets on German ‘groundscraper’ with airport CMBS

    Bank of America is betting on the performance of one of Germany’s biggest office buildings known as “the Squaire” by securitizing a loan secured on the airport-adjacent property, following Blackstone's sale of the building to AGC Equity Partners. Investors appear confident in the deal’s prospects, with initial price thoughts guiding the senior tranche at 120bp on Tuesday.

  • UK DMO leans on crisis know-how to meet huge remit

    Crisis Talk

    UK DMO leans on crisis know-how to meet huge remit

    One big crisis should be enough for anyone's career. But Sir Robert Stheeman, chief executive of the UK's Debt Management Office, has had to face two monumental financial catastrophes in the last 13 years — first the 2008 UK banking crisis and then last year's pandemic.

  • Wagamama owner seeks cash to survive lockdown

    Equity

    Wagamama owner seeks cash to survive lockdown

    The Restaurant Group, the owner of numerous UK dining brands including Wagamama and Frankie & Benny’s, launched a £175m equity raising on Wednesday to see it through to the end of the UK’s Covid-19 lockdown.

  • CLO market suffers new issue fatigue in mezz

    CLO/CDO

    CLO market suffers new issue fatigue in mezz

    Traders say the CLO market is suffering from new issuance fatigue, while worries over inflation and rising Treasury yields have also begun feeding into the European secondary market. But any softness is unlikely to last long, given a strong longer term technical backdrop.

  • Obvion maintains ESG crown with first RMBS of pandemic era

    RMBS

    Obvion maintains ESG crown with first RMBS of pandemic era

    Obvion has mandated Rabobank and Société Générale for its €500m Storm 2021-1 transaction, offering a single tranche to investors with a 75bp coupon over three-month Euribor, expected to price above par. The transaction is the issuer’s first since the Covid-19 lockdowns began.

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