Securitization

Latest News

• Investors warn on ratings race for new rental loan deals

  Morningstar Credit Ratings is forging ahead to rate conduit-style securitizations of home rental loans, an offshoot of the single-borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors openly lamenting the post-crisis rating process, which they believe remains flawed.

  • 16 Apr 2014

• CIT Group exits student loans as Nelnet muscles for growth

  CIT Group, a commercial bank, will exit the student loan business by selling its remaining portfolio of $3.6bn in federal loans to Nelnet, a dominant issuer of student loan ABS. The deal comes as supply from a federal loan program winds down and investors look to whole loan transfers to help boost new ABS volumes.

  • 17 Apr 2014

• CFF remains coy on cap structure of debut prime RMBS

  Crédit Foncier de France is set to sell the first securitization of French home loans since before the financial crisis, after officially mandating leads for its long-awaited prime RMBS debut. But the issuer refused to be drawn on intense speculation that it will look to place the full capital stack with investors.

  • 17 Apr 2014

• VW lands biggest auto ABS since ‘07 after puzzling price pointers

  Volkswagen Bank printed the largest auto loan securitization since the onset of the financial crisis this week, despite its leads leaving rival syndicate teams nonplussed by deciding to go to one decimal place with initial price thoughts on the senior notes.

  • 17 Apr 2014

• VW taps bookrunners for $1bn VALET 2014-1

  Volkswagen Financial Services on Monday mandated underwriters for its first US prime auto loan issuance of the year. The deal will bring total prime auto loan volume to around $15bn this year, up $3bn from the same period in 2013.

  • 21 Apr 2014

• Risk profiles stand out in Q1 auto tiering—Wells

  Fast-paced growth and higher net losses in the subprime auto space stoked investor concerns last year, prompting more credit tiering among the issuers. A Wells Fargo report evaluates where investors showed the most demand in the first quarter this year compared to 2013.

  • 17 Apr 2014

• B2R Finance chalks up rental loans for multi-borrower securitization

  Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m.

  • 16 Apr 2014

• Kubota, Mitsubishi lead ABS pipeline

  Kubota Credit Corp and Mitsubishi Motors Credit brought new deals into this week’s asset backed securities pipeline, with weekly trading volume decelerated for the Passover and Easter holidays.

  • 16 Apr 2014

• Yorkshire backs UK mid-tier for RMBS growth

  Yorkshire Building Society and its fellow mid-tier lenders can look forward to a more active future in RMBS, its treasury team told GlobalCapital this week after fully retaining the issuer’s fourth mortgage securitization.

  • 16 Apr 2014

• Aussies pick up European slack in RMBS supply surge

  European investors were given a way out of an RMBS supply shortage on their own continent this week as three Australian issuers sought to capitalise on an ever-growing bid for their paper from foreign investors.

  • 16 Apr 2014

• Banco BPI purchases 30% of investors’ Douro offers

  Banco BPI had a good response from investors to its tender offer for 10 bonds from its Douro RMBS platform, with the Portuguese bank deciding to buy back 30% of the bonds tendered at prices close to or just above minimum prices.

  • 16 Apr 2014

• Fitch sees expansion for Chinese leasing ABS after rule change

  Changes to rules governing financial leasing companies in China should limit the risk of originator/servicer defaults and make the issuance of leasing ABS deals possible in the country, according to analysts at Fitch Ratings.

  • 14 Apr 2014