That 128bp spread over Sonia gives an
equivalent of around 113bp over Libor.
And that’s wide of the 100bp over Libor
PRINTûFORûTHEûaMûSTERLINGûTRANCHEûOFFû
.EW$AYSûSECONDû!"3ûLASTûYEAR ûINû/CTOBERû
And wider still of the 75bp level for the
aMûSTERLINGûSENIORSûFROMûTHEûlRSTûû
DEALûINû-AY
4HEûMEZZANINEûTRANCHESûCOMPRISEûAû
aMû!!!!(û&ITCH$"23 û#LASSû"ûATû
BP ûAûaMû!!û#LASSû#ûATûBPûANDûAû
aMû""""""û#LASSû$ûATûBP
After taking into account the 15bp basis,
the three tranches are close to those from
the October deal which came at 165bp,
BPûANDûBPûOVERû,IBOR
BNP Paribas, Citigroup, HSBC and SG were
joint leads on the new transaction.
ITALIAN AUTO ABS GOLDEN BAR
ANNOUNCED
SANTANDER CONSUMER BANK showed Italian
auto ABS GOLDEN BAR 2019-1 to investors last
WEEKû4HEûDEALûISûOFFERINGûAûõMû#LASSû
!ûRATEDû!!n!!,û&ITCH$"23 ûWITHûAû
YEARûAVERAGEûLIFEû4WOûMEZZANINEûTRANCHESû
AREûPRIVATELYûPLACED ûANDûAû#LASSû$ûTRANCHEû
will be retained.
Citigroup, HSBC and Santander are joint
leads. A roadshow was scheduled for
Tuesday to Thursday last week, and pricing
is expected next week on Tuesday or
7EDNESDAYû*UNEû
The portfolio holds 65,980 car and
motorcycle loans with an average €9k
principal outstanding. All loans are
AMORTISING ûWITHûNOûBALLOONSû4HEûNEW
USEDûSPLITûISû ûANDûSEASONINGûISû
13.7 months.
AMIGO HOLDINGS DOUBLES ABS
FACILITY
'UARANTORûLOANûPROVIDERûAMIGO HOLDINGS has
DOUBLEDûTHEûSIZEûOFûITSûSECURITISATIONûFACILITYû
TOûaMûFROMûaMû4HEûFACILITY ûPROVIDEDû
by RBC, was set up in November 2018.
Amigo says the funding rate is around
500bp below the current cost of its senior
secured notes.
The facility has a minimum three-year
term, after which it amortises. The
company intends to use drawdowns for
general corporate purposes and the
potential repayment of debt, including
outstanding bonds, from time to time.
Amigo’s guarantor loans allow third-
parties, such as a friends or family
members, to guarantee loans to borrowers
with poor credit histories. The loans have
an annual percentage rate of interest of
Amigo says it had an 88% UK product
SHAREûASûOFû-ARCHû
UNICREDIT REPEATS SANDOKAN
NPL DEALUNICREDIT announced a second non-
performing loan sale under its Sandokan
scheme on Thursday, with investment
FROMû0IMCO
UniCredit will transfer around €2bn of
Italian non-performing real estate loans to
ANû306ûCALLEDû9ANEZû4HEûTRANSFERûWILLûTAKEû
place over multiple tranches and will not
result in a deconsolidation of UniCredit’s
balance sheet, although this is not ruled
out in the future.
The loans will be serviced by special
servicer Aurora Recovery Capital, which is
OWNEDûBYû&INANCEû2OMA û'7-ûANDû0IMCO
h4HEûAGREEMENTûAIMSûTOûFREEZEûRISKSû
connected to selected loans and to
GENERATEûAûPOTENTIALûECONOMICûBENElTûBYû
developing the assets included,” said a
spokesperson at UniCredit.
9ANEZûWILLûISSUEûSUPERûSENIOR ûSENIOR û
MEZZANINE ûLOWER
MEZZANINEûANDûJUNIORû
tranches, some of which will be placed
PRIVATELYûWITHûINVESTORSûINCLUDINGû0IMCO
There will be no application for the
'!#3ûGOVERNMENTûGUARANTEE
4HEûlRSTû3ANDOKANûTRADEûWASûLAUNCHEDû
in 2016 and involved around €1.6bn in
large, secured loans.
3ANDOKANûANDû9ANEZûAREûTHEûNAMESûOFû
lCTIONALûPIRATESûFEATURINGûINûNOVELSûBYûTHû
century Italian writer Emilio Salgari.ELLIOTT, BAIN, CERVED EYE EUROBANK’S
LOAN SERVICE UNIT'REECESûEUROBANK has received a non-
BINDINGûOFFERûFORûITSû&INANCIALû0LANNINGû
3ERVICESû&03 ûUNITûFROMûAûCONSORTIUMû
comprising US funds Elliott and Bain
Capital and Italian credit manager Cerved,
banking sources close to the process said.
&03ûWILLûBEûSOLDûASûPARTûOFûAûPLANNEDû
€7.5bn multi-asset securitisation package
by Eurobank, code named Cairo.
h!ûRIVALûSUITOR û53ûFUNDû0IMCO ûISûALSOû
looking into it,” one of the bankers, who
declined to be named, said. There was also
a third potential buyer for the Cairo
package, but the banker did not say who.
%UROBANK û'REECESûTHIRD
LARGESTûLENDER û
expects binding bids for the Cairo sale in
July.
'REEKûBANKSûAREûWORKINGûTOûREDUCEû
their bad loans and meet targets on so-
CALLEDûNON
PERFORMINGûEXPOSURESû.0%S û
agreed with European Central Bank
regulators.
%UROBANKSû.0%SûDROPPEDûTOûûOFûITSû
LOANûBOOKûINûTHEûlRSTûQUARTER ûFROMûûATû
THEûENDûOFû$ECEMBER ûANDûMANAGEMENTû
has said that cleaning up its balance sheet
remained the bank’s top priority.The bank has already received binding
bids for another €2bn securitisation of non-
performing mortgage loans, code-named
0ILLAR
2ATINGSûAGENCYû$"23ûHASûANNOUNCEDûAû
PROVISIONALûRATINGûFORûTHEû0ILLARûSENIORûNOTE û
MAKINGûITûTHEûlRSTû'REEKû.0%ûSECURITISATIONû
WITHûAûPUBLICûRATINGûnû""ûLOW
Late last month Eurobank’s Chief
&INANCIALû/FlCERû(ARRISû+OKOLOGIANNISûTOLDû
analysts that six investor groups had
expressed interest in these transactions with
four submitting bids. He did not provide
names.SBOLT 2019-2 MANDATEDDeutsche Bank has been mandated as arranger
and lead manager for SBOLT 2019-2. A
TRANSACTIONûBACKEDûBYûAûPORTFOLIOûOFû5+û3-%û
assets originated via the FUNDING CIRCLE
marketplace may follow, subject to market
conditions.EMEA CLO
FAIR OAKS DEBUTS EUROPEAN CLOFAIR OAKS CAPITAL last week priced its debut
European CLO, FAIR OAKS LOAN FUNDING I, via
arranger Deutsche Bank.
The €322.6m deal’s structure was
MODIlEDûTOûSPLITûTHEû#LASSû!ûINTOûTWOûANDû
add two unrated tranches - a €2m Class Z
ANDûAûõMû#LASSû-û
ûNEARûTHEûBOTTOMûOFûTHEû
stack.
The portfolio for the deal is selected using
%3'ûFOCUSEDûINVESTMENTûCRITERIA
The €133m Triple A Class A1 came at
96bp over Euribor and the €68m Class A2,
which has a 2% Euribor cap and ranks pari
passu with the A1, came at 98bp.
At the other end of the stack the €16.3m
"A""
û#LASSû%ûCAMEûATûAûBPûDISCOUNTû
MARGINûANDûTHEû"
"û#LASSû&ûATûBPBLACKROCK EUR CLO 2 REFINANCED VIA
MORGAN STANLEYBLACKROCKûRElNANCEDûITSûBLACKROCK EUR CLO 2
ONû&RIDAY ûVIAûMorgan Stanleyû4HEûõMû
4RIPLEû!SûCAMEûATûBP ûTHEûõMû$OUBLEû!Sû
at 150bp, and the €23m Single As at 220bp.
The €20m Triple Bs came at 310bp and the
õMû$OUBLEû"SûATûBPUS MBS
FHFA ROLLS OUT SINGLE-SECURITY FOR
US$4trn AGENCY BOND MARKET4HEû&EDERALû(OUSINGû&INANCEû!GENCYûROLLEDû
OUTûTHEû5NIFORMû-ORTGAGEû"ACKEDû3ECURITYû