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UK & Europe Credit Card Index

UK Credit Card ABS Charge-offs Up Slightly, Europe Stabilising

UK credit card ABS charge-offs increased slightly despite 60-180 days delinquencies being stable over the last quarter. In Europe, the recent stabilisation in charge-offs resulted from the end of the ramp-up period of two transactions, while charge-offs are expected to continue stabilising as a result of supportive economic trends.

Economy, Fuel Prices Are Key for Indian Auto ABS Performance

Data released this week by the Society of Indian Automobile Manufacturers showed that total auto production fell by 10.7% yoy in April-July 2019 and passenger vehicles sales dropped by 21.6% yoy.

China Structured Finance Quarterly - 2Q19

Chinese Auto ABS, RMBS Remain Strong Amid High Household Debt

The performance of Chinese auto ABS and RMBS transactions remained strong in 2Q19, despite the country's increasing household debt, due largely to the tight underwriting standards imposed by regulators, Fitch Ratings says. We continue to maintain the stable outlook for these two sectors. 

Chinese Auto-ABS Performance Pressure Eases in 2Q19

Auto-ABS issuance reached CNY78.4 billion by end-June 2019, exceeding issuance in the first three quarters of 2018. This was partly led by the continued rise in the auto-finance penetration rate to approximately 50% by end-2018, although it remained significantly lower than that of developed markets.

Fitch Ratings: Canadian Credit Card ABS Performance Steady in 2Q

Canadian credit card ABS performance was mostly stable last quarter with all metrics consistent year over year, according to Fitch Ratings in its latest Canadian credit card ABS index. Chargeoffs on Canadian credit card ABS increased to 3.04% in second-quarter 2019 (2Q19) from 2.88% in 1Q19. However, a marginal drop in 60+ day delinquencies may indicate stable chargeoff performance in the near term.

Prime U.S. Credit Card ABS Chargeoffs Up Slightly; Retail Improves

Chargeoffs for prime U.S. credit card ABS rose slightly last quarter following a slow start to the year while retail performance rebounded notably, according to Fitch Ratings in its latest quarterly credit card index.
 

2019 Virtual Investor Meetings: U.S. ABS

Unemployment is at its lowest level in half a century and wages are still growing. John Bella discusses what this means for core assets like credit cards, prime autos and even student loans in our Virtual Investor Meeting for U.S. ABS.

Questions Increase Around Fringe Players in U.S. ABS

While U.S. core ABS performance remains strong due largely to low unemployment, many investors are zeroing in their questions on some of the sector's non-core assets, according to Fitch Ratings in its 2019 Virtual Investor Video Series for structured finance.

Structured Finance 2000-2018 Issuance Loss Estimates Down

Total losses on US and Canadian structured finance (SF) bonds are concentrated in crisis-era transactions (2005-2007 vintages) and primarily consist of losses on US RMBS, Fitch Ratings says in a new report. Losses on SF tranches issued prior to 2009 contribute 99.9% of total SF losses. Approximately 95% of pre-crisis bond issuance is resolved (repaid or loss realized) or withdrawn. 

Blockchain Offers Efficiency but Untested in Securitization

Blockchain distributed ledger technology has the potential to improve the transparency and execution time of traditional securitizations and covered bonds. However, blockchain is largely untested in securitization and covered bonds and is currently narrowly applied. While Fitch acknowledges the transactional efficiencies the technology provides, it will be a number of years before these benefits will be fully realized.

Fitch Global ABS Survey Indicates Sharply Falling Optimism on Issuance Levels

Delegates at this year's Global ABS conference in Barcelona were considerably less optimistic about publicly-placed European structured finance issuance volumes compared to last year, according to a survey conducted by Fitch Ratings. Just 36% of respondents expected 2019 issuance volumes to beat last year's EUR162.3bn, down sharply from 77% in 2018 that expected a year on year rise. 

US Auto Lease ABS Wholesale Market Outlook Neutral from Neg

Fitch Ratings expects stability in residual value (RV) realizations throughout 2019 and has revised its Wholesale Market Outlook (WMO) Haircut to neutral from negative for most auto lease asset backed securities (ABS).

Fitch Ratings: U.S. Credit Card ABS Performance Mixed Following Record-Low Unemployment

Performance of U.S. prime and retail credit card ABS continued to post mixed results, with improvements in charge-off and delinquency rates while monthly payment rates (MPR) and gross yields trended lower during the April collection period, according to Fitch Ratings. 

European Auto ABS Index Stable, but on Worsening Trend

The Fitch 30+ and 60+ Delinquency Indices remained stable in 1Q19, although the overall trend has been of gradually rising arrears since mid-2016, says in its latest index report for the sector.

 

Catch up on our latest webinar:
European Auto ABS 2Q19 Update available here On-demand

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Webinar

EMEA Structured Finance Losses Remain Very Low

Total losses on EMEA structured finance (SF) are low and are concentrated in certain crisis-era transactions, Fitch Ratings says in a new report. More than three-quarters of all expected losses have now been realised. 


Available On-demand: Fitch Discusses EMEA Structured Finance Losses 2000-2018

Webcast

Ford Canadian Auto Loan ABS Deal: Ford Auto Securitization Trust (FAST) Series 2019-A

Available Now On-Demand

Fitch expects to rate the Ford Auto Securitization Trust (FAST) Series 2019-A prime Canadian Auto Loan ABS transaction. Please join as our analysts, Hylton Heard and Michael Buzanis discuss the deal.

 

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Webcast

IBOR Transition Webinar

Available On-Demand

Fitch’s Chief Credit Officer, Jeremy Carter, and Group Credit Officer, Andreas Wilgen, discuss the progress which has been made to prepare financial markets for the discontinuation of IBOR indices and highlight the risks which still remain.

 

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German Diesel ABS Risks May Be Easing, but Have Not Disappeared

Recent market and regulatory developments suggest that the immediate risks to German auto ABS transactions from declining diesel car prices have eased. This would be consistent with our decision not to adjust our asset performance assumptions so far in response to proposed driving bans and shifting consumer sentiment away from diesel, but it remains important to monitor developments and test transactions for their resulting sensitivities. 

EMEA Carmakers Catching Up with Tesla, BYD in Electric Vehicle Race

European carmakers are refocusing their strategy towards electric vehicles and catching up with specialised manufacturers. Carmakers have increased investments in plug-in-hybrids and battery electric vehicles with numerous model launches expected in the next 12 to 24 months.

Contacts

Ben McCarthy

APAC

Ben McCarthy

Analytical

+61 2 8256 0388

Markus Papenroth

EMEA

Markus Papenroth

Analytical

+44 203 530 1707

Nigel Green

EMEA

Nigel Green

Business

+44 20 3530 1507

John Bella

NORTH AMERICA

John Bella

Analytical

+1 212 908 0243

Wendy Cohn

North America

Wendy Cohn

Business

+1 212 908 0681

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