With the Covid-19 pandemic causing global cessation of trading across many consumer-facing sectors, including: leisure, hospitality, and travel sectors, whole business securitsation transactions backed by these sectors' assets are expected to experience cashflow falls that might trigger defaults and rating downgrades, and falls in prices.
All this is a far cry from the enthusiastic securitisation of whole businesses in previous years. Remember, for example transactions by Center Parcs, Dunkin Donuts, Peel Ports, Miramax, Sonic and Taco Bell (see this Blog).
As recently as 2019, WBS was being promoted as an attractive investment.