#Harjeet

[silkentine]

My OC turned 8 years old the other day :)

[bharatkhabarnama]

Traditional Sports Proving Effective in Keeping Youth Away from Drugs: Harjeet Singh Grewal

Sri Anandpur Sahib, March 11, 2025 (Bharat Khabarnama Bureau) – Aiming to involve the youth energy in the sports to wean them away from habit forming drugs, Harjeet Singh Grewal, National President of the National Gatka Association of India and Joint Director of the Department of Information and Public Relations, Punjab, emphasized the significant role of traditional sports in steering youth away…

[bollyhollybaba]

ਵੇਖੋ 55 ਲੱਖ ਚ ਕੈਨੇਡਾ ਡੌਂਕੀ ਲਾਉਂਦਾ ਕਿਵੇਂ ਫੱਸਿਆ🙁ਕਹਿੰਦਾ ਬਲੇਟ ਨਾਲ ਚੀਰੇ ਦੇ ਮੇ...

[vikash22]

#Grace_Of_God

संत रामपाल जी का सत्संग देखने मात्र से छूटा नशा

Harjeet Singh. Hamirpur (HP)

एसए सच्ची कहानी | संत पामेल जी का सत्संग देखने से छूटा नशा | हरजीत सिंह,हमीरपुर

सतभक्ति से यहाँ भी सुख और परलोक में भी सुख

Sa True Story Youtube Channel

#noidagbnup16

[harjeetambulanceservice]

Ventilator ambulance Service in Chandigarh

Harjeet Ambulance Service provides essential ventilator ambulance services in Chandigarh. Our modern technology and committed team of qualified specialists guarantee prompt and dependable transportation for patients in need of critical care. Our ambulances with ventilators are prepared to respond to emergency medical crises as quickly and carefully as possible. We put safety and comfort first while responding to incidents on the road or moving patients between hospitals.

You can rely on Harjeet Ambulance Service to provide outstanding ventilator ambulance services in Chandigarh, making sure patients get the critical treatment they require at the most critical moment.

[lindaboggers]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[georgeschuylerfinance]

 Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[saltygardenerlove]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[bertrhert]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[craigmyersfinance]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[dreamilykawaiibasement]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[brianway23]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[movieblogreview]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.

[yourfinancestu]

Rejuvenated European ABS market hopes best is yet to come

Rejuvenated European ABS market hopes best is yet to come

European securitization is hoping for more of the same in 2025, after an extraordinary 2024 in which issuance records have tumbled, spreads have held up despite this supply and collateral performance has beaten forecasts.

“In general, issuance has exceeded our expectations, both in terms of market conditions and overall investor demand for various asset types,” says Barbara Rismondo, associate managing director at Moody’s. “Market conditions have been very positive.”

Moreover, most believe the best is yet to come, with regulators making plenty of supportive noises and pressure from elevated interest rates beginning to ease.

Almost two-thirds of respondents to GlobalCapital’s market survey foresee another year of record issuance in 2025. Just 25% expect spreads to widen and 53% expect more investors to enter the market next year.

Some 66% of respondents are happy with the direction of travel on regulation in the EU and say the same about the UK. However, similar percentages feel that neither jurisdiction is moving fast enough.

What do you think is the most significant cause of increased securitization issuance?

Space to innovate

If good conditions prevail as expected in 2025, there may be room for securitization funded lenders to innovate. As it turned out, 2024 was characterised by a surge in the number of issuers, with standout inaugural deals from solar issuer Enpal and data centre provider Vantage.

Although they were perhaps accompanied by less fanfare, there were also a number UK RMBS debuts.

“The number of active originators using RMBS as a tool is materially different from five or six years ago, and even to two or three years [ago],” says Alastair Bigley, sector lead of European RMBS at S&P. “A number of new entrants have come into the market this year.”

These debuts built on strong overall market conditions, with spreads on buy-to-let and non-conforming paper tightening dramatically, while prime RMBS volumes were higher than in 2023.

“This year has been very different from 2023 [in RMBS], which was probably the low point for the mortgage market,” says Andrew Vickery, partner at Linklaters. “It started in January with the prime lenders straight out of the gates. Specialist lenders soon followed and since then we have seen virtually every segment of the industry accessing the improved liquidity in the markets. With rates tightening and origination levels significantly increasing, we see that trend continuing in 2025.”

Indeed, the UK housing market has started to recover, with Halifax’s House Price Index showing that house prices were back to record highs in October. Bank of England data shows mortgage lending picking up, with volumes in September 2024 up by 49.3% compared with the same month the year before.

“Some newer investors may have entered the market opportunistically, and it is not certain they will stay,” Benhamou says. “Their sustained involvement will likely depend on the growth of the US market. Although that market has expanded, it has yet to reach the scale some [had] anticipated a bit too optimistically. We believe the US market will continue to develop but this will take time and include structural nuances distinct from Europe.”

SRT’s popularity fits into a broader trend of private credit expanding and taking market share as banks face capital constraints. However, SRT and other bank-originated securitizations also represent a way for the two sectors to work together. Market participants predict an expansion of that collaboration next year.

“The market has seen a number of financial institutions partner up with credit funds to launch direct lending funds, which has been an interesting development,” says Harjeet Lall, partner at Pinsent Masons. “My practice covers a wide range of asset classes. I have really seen the full gamut this year from a lot of activity in trade receivables, especially in the first half of the year and then resi mortgages throughout. I am also seeing more appetite for esoteric assets, primarily driven by credit funds.”

Survey respondents were divided on the main cause of rising issuance this year: 23% put it down to capital constraints on banks, but 30% said liquidity pressures as central bank funding rolls off was most significant. Attractive spreads (23%) and improving regulation (13%) were also identified as factors.

There will be more opportunities for credit funds to seize in 2025. Banks are likely to keep shedding assets in their pursuit of improved returns on equity, while the non-bank lending sector will be boosted by likely lower rates, with 59% of survey respondents expecting lending volumes to rise.

Headwinds do remain, however. Macroeconomic uncertainty still hangs over the market, as well as the possibility of inflation returning, though just 5% of survey respondents predicted policy rates would climb above 6% in 2025.

Securitization beat expectations in 2024 to produce a vintage year across asset classes. Today there is every confidence that the good times can keep on rolling.