STS: Feel the Squeeze
Changes in regulations are typically long and drawn out, but their impact can often be felt quite quickly. There is every chance that this could soon be the case in ABS markets.
Insights Topic
Asset Backed Securities
Is there a case for Italian RMBS?
At TwentyFour our Italian ABS holdings are fairly moderate, and in general our peripheral ABS exposure has been steadily decreasing for some time. This has nothing to do with credit quality, but everything to do with relative value.
Another One Bites the Dust
Sadly this is not a review of the new Queen biopic, it’s a eulogy to a bond which was called today that is as well known in the securitisation world as Freddie Mercury is in the real one – Paragon Secured Finance 1 (or PSF 1 as we knew it).
How Will Brexit Impact UK ABS?
This year has been a big one for sterling bond supply, especially in the ABS market. With the end of the Bank of England’s Term Funding Scheme and the comeback of traditional bank issuers, UK issuance volume year-to-date has totalled €25bn from 38 deals placed across different asset classes.
The Next Crisis Will Begin…With Clickbait Headlines
There have been a number of recent articles in the mainstream press about the 10 year anniversary of the collapse of Lehman Brothers, with some saying familiar risks are emerging and questioning whether lessons have been learned.
Doctor Doom and the Doom of Tomorrow
In the early 1990s, Marvel comics introduced a world 100 years in the future with new stories for its popular heroes and villains. Doctor Doom's story was called "The Doom of Tomorrow".
Where there’s a will, there’s a way
Since that first encounter the market has remained a core financing option for banks’ consumer and corporate lending books, but there has always been a degree of innovation around the fringes.
ABS: 2018 So Far and What To Expect
Now that the summer lull has finally kicked in, it seems an ideal time to review the ABS market so far this year and try to make a prediction for the remainder of 2018.
Welcome Diversity
In the past two years the diversity of supply in the ABS market has been restricted by the availability of cheaper funding alternatives, both in the Eurozone through the TLTRO and in the UK, where the BoE Term Funding Scheme has suppressed issuance from the traditional banks and building societies.
Summer Supply Creates Pricing Opportunity
It’s been an interesting week for European CLOs; one of our favourite picks in fixed income.
Resurrection Of A Market
The last ten year period has seen supply from various parts of the ABS market ebb and flow.
Capital Relief Becoming More Interesting For Banks
For many years ABS has primarily been used as a funding tool for banks and other lenders.