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GC Asia
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Senate votes to overturn 'true lender' law
The Senate voted to overturn the 'true lender' law, a rule which makes it easy for non-bank marketplace lenders to originate loans through banks. Though the rule is unlikely to be rescinded, the efforts to roll it back show that pressure will remain on marketplace lenders, as states challenge federal regulations that they see as infringing on their licensing and usury laws.
12 May 2021 -
Daimler expands auto ABS offerings with Dutch lease return
The Daimler-owned Dutch auto ABS shelf is seeing new life for the first time in six years with the Silver Arrow Athlon 2021-1, only the seventh Dutch auto deal issued since the financial crisis.
12 May 2021 -
Avis returns with first rental car ABS of 2021
Rental car company Avis is looking to get a securitization deal done for the first time since its blockbuster deal in August 2020. Despite the headwinds of the pandemic, the firm achieved its best Ebitda margin ever in the first quarter thanks to aggressive cost cutting measures and returning demand for travel.
10 May 2021 -
Trinity prices inaugural ESG-linked railcar bonds
Trinity Industries has priced its first railcar ABS transaction designated as a green bond, from a recently established green ABS framework. As one of the very few labelled US ABS deals outside of solar or PACE, the Trinity transaction enjoyed high demand from traditional and non-ABS investors.
06 May 2021 -
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Daimler corporate finance head to retire after shaping new structure
Peter Zirwes, the highly regarded head of corporate finance at Daimler, Europe’s second biggest corporate bond issuer, will retire at the end of August. This follows an eventful career that has spanned bouts of transformative M&A.
06 May 2021 -
Cordray to take over $1.6bn federal student loan portfolio
Richard Cordray has been selected to head the federal student aid office, assuming responsibility over the entire portfolio of federal student loans in the US. With his appointment, the $10,000 student debt forgiveness policy will likely come to fruition, unexpectedly benefiting the sector.
05 May 2021 -
Upstart readies largest ABS to date
Upstart is returning with a $490m securitization backed by unsecured personal loans, its biggest deal to date. The ABS transaction announcement comes as the company has been increasing its capital base and lending capacity through various means, such as completing an IPO as well as partnering up with banks or start-ups.
04 May 2021 -
Risk transfer to grow as Covid weighs on EM balance sheets
Structured transactions that transfer risk from banks’ balance sheets are set to grow in emerging markets as their financial systems become more sophisticated and lenders try to deal with losses caused by the Covid-19 pandemic. Multilateral development banks are playing a central role — they aim to stimulate private sector interest, even if sometimes investors resent their involvement. Jon Hay reports.
29 Apr 2021 -
Residuals trading picks up in marketplace loan ABS
Investors are seeing more personal loan ABS residuals trading as the asset class expands and liquidity improves. After seeing how the loans performed through the pandemic, more market participants feel comfortable going down the capital stack in marketplace loans.
28 Apr 2021 -
IFC doubles Agricole risk transfer, expects wave of EM deals
Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
28 Apr 2021
ABS
Every Friday, we break down the biggest themes and takeaways from GlobalCapital’s weekly reporting to give you a look at what is happening across consumer and esoteric ABS, RMBS, CMBS and CLOs.
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