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Carnival of the (ABS) Animals
Manage episode 426782265 series 3360631
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The weird and wonderful world of European securitization was in full view last week with a number of issuers showing off their creative sides through their penchants for animal-themed shelfs.
Hyundai had an Auto ABS named Pony, while ING came out with yet another Green Lion, but most interesting of all in the animal ABS kingdom was from Cerberus' buy-to-let RMBS, Edenbrook Mortgage Funding.
It's a one-off deal from a portfolio of loans that was not included in Cerberus' sale of CHL Mortgages to Chetwood Financial, and is expected to price on Wednesday.
The €1bn Green Lion 2024-1 is the second edition of ING's rare Dutch prime RMBS that is, as the name suggests, aligned with the Icma Green Bond Principles for Green Use of Proceeds and Green Collateral. This time around, it's also aligned with the EU taxonomy on energy performance and climate risk.
Meanwhile in CLOs, the market continues to trend tighter after Fidelity's 131bp over three month Euribor print on Thursday. And issuance could pick up soon with a wave of repricings in the loan market accompanied by new money loans as well.
Both markets are keeping an eye on the elections in both the UK and France, with little new supply expected this week. However, with barely any predictions for anything other than a Labour victory in the UK, sterling issuance should pick up by July 8. The rise of Marie Le Pen in France is somewhat more difficult to grasp, as CLO reporter Victoria Thiele is at pains to point out.
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