Latest ABS news
The US ABS market is putting the brakes on as August winds down, but while the primary market quiets, observers say investors are stepping into the secondary market to look for opportunities.
The Consumer Financial Protection Bureau (CFPB) this month highlighted the rise in student loan debt for consumers over the age of 60, while the percentage of borrowers with at least $20,000 has doubled from 15 years ago to 40%.
The European ABS primary market has quieted as summer goes into the home stretch, with little for investors to sink their teeth into, though secondary activity has remained upbeat in the meantime.
An ABS transaction backed by leases made to small and medium sized enterprises (SMEs) originated by abcfinance GMBH closed at the end of last week, with the European Investment Fund participating in the offering.
Ford Automotive Finance (China) has pulled off an impressive return to China’s auto ABS market. The company raised an eye-catching Rmb3.46bn ($518.4m) from its latest deal — and brought in the first crop of foreign investors tapping Chinese ABS through Bond Connect.
RMB round-up: China adds perks to lure foreign investors, advisor says PBoC won’t follow Fed hike, MofCom hits back at Trump’s IP investigation
The State Council publishes a series of policies to attract foreign investment, a People’s Bank of China (PBoC) advisor said China will unlikely follow the Federal Reserve in hiking rates this year, and the Ministry of Commerce (MofCom) criticises an US investigation into intellectual property rights in China.
Investors looking to wade deeper into aircraft ABS have bemoaned insufficient deal flow, while the pipeline slows to a trickle as issuers begin to look beyond securitization for funding.
National Bank of Greece has hired former HSBC banker Vassilis Karamouzis as head of corporate and investment banking.
Over the course of the summer the Bank of England and much of the media has been anxious about the growth of the UK auto lending sector, but ABS market participants say the worries are focused on the wrong sort of consumer finance.
Peugeot Citroën’s joint venture in China is set to return to the China ABS market after a year away. The auto maker will offer investors only one tranche, down from the two tranches in its 2016 debut, but the deal size will triple to Rmb3bn ($449.8m).
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- Bond Connect investors test drive Ford China ABS
- RMB round-up: China adds perks to lure foreign investors, advisor says PBoC won’t follow Fed hike, MofCom hits back at Trump’s IP investigation
- National Bank of Greece hires HSBC’s Karamouzis as head of CIB
- Eurobank nears landmark Greek NPL sale
- Personal loans scarier than autos, say investors
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||4,755||19||11.75|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||65,702.99||205||11.68%|
|3||Wells Fargo Securities||55,583.74||178||9.88%|