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8990 Holdings Inc (8990) has mandated China Bank Capital to arrange and underwrite a PHP5 billion-worth ($107 million) securitisation of contracts to sell (CTS). 8990 subsidiaries will sell the CTS in receivables to a special purpose company (SPC) of China Bank Capital, which will then issue three tranches of asset-backed securities (ABS) to investors.
The Italian government’s EU deal allowing it to provide guarantees to the country’s banks for securitising non-perfoming loans could be helpful to the European CMBS market.
The European Commission (EC) has launched its Capital Markets Union Action Plan, which could have far-reaching consequences for real estate finance and securitisation.
The five-year programme outlines the EC’s plans to build a single market for capital across all 28 EU member states and will see a raft of news rules introduced affecting sectors such as securitisation, infrastructure investment, and covered bonds.
HSBC, Lloyds Bank and French bank Natixis have participated in a £255m revolving securitisation programme backed by Jerrold Holdings’ portfolio of commercial property lending companies.
The programme, named Lakeside Asset Backed Securitisation 1, will run until August 2018 and the funds will be used to back Manchester-based Jerrold’s commercial and residential property lending activities.
The European Commission (EC) will discuss its plan to relaunch the European securitisation market at a new event in London.
The Future of European Securitisation conference on November 11, organised by City & Financial Global, is expecting around 100 delegates from the financial services sector.
The Bank of England says it supports lower capital requirements for investors in high quality securitisations.