Asset-Backed Securities Quarterly Update – July 2022
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Douglas Charleston looks at the development of the European ABS market in the second quarter of 2022 and explains what this could mean for investors going forward.
Related insights
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How will digital currencies impact banks?
The European Central Bank (ECB) is reportedly accelerating its work on a digital version of the euro (the dEuro), having seen the US pass the Genius Act in July which paved the way for broader adoption of so-called stablecoins.
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Asset-backed finance: How does Europe stack up?
The $5.2tr asset-backed finance (ABF) market represents a growing opportunity to gain exposure to high quality loan pools and the returns they can generate.
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Credit’s cash pile ready for September supply
We have long harked on about the strength of the technical in credit, with solid fundamentals, resilient inflows and defensive positioning continuing to provide a tailwind for the market.
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Improving growth forecasts matter for markets
On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.
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Allianz’s blockbuster RT1 underpinned by insurance fundamentals
Restricted Tier 1 (RT1) investors have been woken from an otherwise sleepy summer after Allianz Group, one of the largest insurers and asset managers globally, brought a $1.25bn deal to the market on Tuesday.
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Aggressive high yield deals call for heightened vigilance
Urbaser, a Spanish waste management specialist, came to the market last week with a controversial new deal. The company launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a new €2.3bn debt package to refinance its existing debt and fund a further €1bn of dividends.