Credit Investors Snap Up Bonds Backed by Art Loans, Internet Addresses [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Company Research
Source: BNN Bloomberg
Esoteric ABS deals — backed by collateral other than student, auto, credit card and equipment loans — have risen to about 31% of the ABS market from 9% over the last decade, according to Barclays Plc. Collateral pools have also become more diversified with investors seeking out novel structures to earn excess returns as ABS spreads tighten, dropping more than 30 basis points since November. Meanwhile, interest-rates are expected to stay higher-for-longer, which means the benefits to borrowers of waiting to come to market have dissipated. A number of esoteric ABS transactions have been seen in the past few weeks. Global internet provider Cogent Communications is offering a $206 million bond backed by internet protocol addresses, marking its debut ABS deal. Auction house Sotheby's recently sold $700 million of bonds backed by personal loans made to art collectors, and investors also snapped up $570 million of notes backed by fitness franchise royalty payments. The last two transactio
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BCS
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 4/25/24 - Form 6-K
- BCS's page on the SEC website