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Securitization

ABS coverage

Top Securitization Stories

  • EBA backs capital cut for qualifying ABS

    Bank investors in securitizations may be granted a significant reprieve from the severe risk weighting floors assigned to securitizations under current European Union proposals.

    • 26 Jun 2015
  • US securitization markets wait out Greek threat

    US ABS and RMBS markets were stalled on Monday as the potential for a Greek default left syndicates and secondary traders waiting for a move in sovereign bond spreads.

    • 29 Jun 2015
  • Redwood calls out ratings agencies for 'upside down' logic

    Redwood Trust has included new investor protections in its last two deals, but the non-agency RMBS sponsor says it might have to change course if rating agencies don’t allow it better execution.

    • 25 Jun 2015
  • UK lenders invited, but RMBS party closed

    In what might have been one of the busiest weeks in the public ABS market in recent memory, there is a queue of UK lenders lining up to issue. But as yet, no deals are forthcoming.

    • 29 Jun 2015

GlobalCapital US Securitization Awards

  • 2015 US Securitization Awards: the winners

    On Wednesday June 10, GlobalCapital held its annual US Securitization Awards in New York, recognising the best banks, issuers, investors, law firms and deals in the market, as chosen by their clients and peers. Click through to see the list of winners.

    • 10 Jun 2015

Latest News

  • Capital One, Safe-Guard execs bring subprime auto ABS

    Former executives of credit card lender Capital One and Safe-Guard Products International, an auto finance and insurance company, have priced their first subprime auto securitization.

    • 29 Jun 2015
  • ABS rears up in face of Greek crisis, eventually

    The ABS market cannot take any more. Having soldiered through months of Greece-induced volatility, issuers seem to have given up on printing despite a full pipeline of deals.

    • 29 Jun 2015
  • Banif not seeing the benefit of ABSPP spread compression

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last transaction.

    • 25 Jun 2015
  • Redwood calls out ratings agencies for 'upside down' logic

    Redwood Trust has included new investor protections in its last two deals, but the non-agency RMBS sponsor says it might have to change course if rating agencies don’t allow it better execution.

    • 25 Jun 2015
  • MountainView snags talent from Barclays and KPMG

    Asset valuation company MountainView IPS has hired a senior banker from Barclays and an analyst from KPMG to join its structured products team.

    • 24 Jun 2015
  • VW places conduit auto ABS

    VW placed a conduit German auto ABS via Commerzbank this week.

    • 25 Jun 2015
  • Greek RMBS delinquencies, defaults tick up

    Ninety-plus day delinquencies backing Greek RMBS surged more than a point between April 2014 and April 2015, according to Moody’s.

    • 25 Jun 2015
  • Sunrun IPO won’t impact ratings for new deal

    Sunrun filed for an initial public offering on Thursday as Credit Suisse was marketing the solar panel financier's inaugural securitization.

    • 25 Jun 2015
  • Tough week causes resistance in periphery primary spreads

    It was a difficult week for periphery ABS, with two lenders getting deals done, but at spreads that suggest Greece’s difficulties are taking their toll on the market.

    • 26 Jun 2015
  • Freddie’s second actual loss risk transfer deal well oversubscribed

    The most senior notes of Freddie Mac’s second structured agency credit risk transfer issuance were well oversubscribed before it priced on Wednesday.

    • 24 Jun 2015
  • Eaglewood taps UK financing to buy more loans from Lending Club

    Eaglewood Capital Management will continue to purchase loans from US peer-to-peer (P2P) lending platform Lending Club following a shift of Eaglewood's management from the US to the UK, a source involved in talks on the company’s new corporate structure has told GlobalCapital.

    • 24 Jun 2015
  • German RMBS is back, UK BTL RMBS pipe builds

    The RMBS machine was up and running this week, with two UK buy-to-let transactions announced and one issuer offering the full stack of a German RMBS — the first in years in the asset class.

    • 25 Jun 2015
  • Banif spreads not benefitting from ABSPP

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last SME ABS transaction.

    • 24 Jun 2015
  • Single-family rental hybrid coming soon

    Velocity Commercial Capital is planning a deal backed mostly by loans it has made to retail investors in single-family rental properties, its second such securitization since the financial crisis.

    • 23 Jun 2015
  • Green bonds: not exactly SRI, nor yet ESG

    Green bonds, SRI, ESG — they’re all pretty much the same, right? Wrong.

    • 25 Jun 2015
  • Fed liftoff would mean little for credit risk, Moody’s says

    Rising interest rates in the US could mean higher credit risk for outstanding CMBS but other types of legacy assets would be mostly unaffected, according to Moody’s Investors Service.

    • 23 Jun 2015
  • Agos Ducato launches into a week of uncertainty

    Calming words coming from some of Greece’s creditors on Monday allowed ABS deal flow to resume. Agos Ducato took the opportunity to issue initial price thoughts on its Italian consumer ABS as a result.

    • 23 Jun 2015
  • First full stack German RMBS in years on the way

    Macquarie’s corporate asset finance division has announced it is looking to sell a full capital stack of RMBS backed by German mortgages - an extremely rare asset class that has piqued investor interest since rumours about it surfaced at Global ABS in Barcelona.

    • 23 Jun 2015
  • New Residential raising cash as servicer scrutiny continues

    New Residential Investment Corp, a real estate investment trust that has focused on buying and servicing distressed residential mortgage assets, is about to tap the capital markets for the second time this month.

    • 22 Jun 2015
  • Fed statements throwing consumer ABS off course

    The Federal Reserve’s policy statements on interest rates and resulting interest rate volatilities could be throwing securitization timetables and secondary trading out of whack.

    • 22 Jun 2015
  • VW joins pipeline, but primary hesitates on Greece, rates

    Even the normally volatility-resistant European ABS market is holding its breath as reports over the last week show Greece could be spiralling toward an exit from the euro and maybe even the European Union.

    • 22 Jun 2015
  • Secs on the beach: the Global ABS 2015 debrief

    Catalunya is famed for being the most independently-minded of Spain’s regions, but separatism was the last thing on the minds of Global ABS delegates this year. Securitization is becoming part of Europe once again, and GlobalCapital — reporting from our very own Special Purpose Vehicle — has all the gossip from the conference’s most positive outing in recent memory.

    • 18 Jun 2015
  • Deutsche hires CLO structurer

    Deutsche Bank has hired a CLO structurer to fill the seat vacated by Peter Melichar's move to Jefferies

    • 18 Jun 2015
  • New debt CIO for Blackstone

    Global property giant Blackstone has hired Deutsche Bank’s former global head of commercial real estate as the new chief investment officer for its real estate debt business.

    • 16 Jun 2015
  • Orlandi to join Goldman

    Enrico Orlandi, an ABS structurer, is headed to Goldman Sachs, GlobalCapital understands.

    • 17 Jun 2015
  • Peer to peer lender planning UK student loan ABS

    A new online marketplace lending platform in the UK is planning to securitize student loans next year as peer to peer lenders look increasingly to the capital markets for financing.

    • 18 Jun 2015
  • CFPB loan reporting rule delay might not be long

    A delay for the Consumer Financial Protection Bureau’s new due diligence disclosure requirements came as a relief for RMBS bankers, but the CFPB could require compliance in only two weeks time, rather than in October as proposed.

    • 18 Jun 2015
  • BoE backs single label scheme for ABS

    David Rule, the Bank of England’s executive director of prudential policy, used his keynote address at the Global ABS 2015 conference in Barcelona on Wednesday to call for the construction of a sustainable securitization market in Europe, rather than measures to revive it in the short term.

    • 18 Jun 2015
  • Monster mortgage sales to drive UK mart

    The sale of more than £26bn in mortgage portfolios could drive the UK RMBS business for the rest of the year — but the anticipated supply is already weighing on UK non-conforming spreads.

    • 17 Jun 2015
  • CLO managers pine for sterling assets as euro loan pool stays thin

    Managers of European CLOs don’t foresee a near term solution to a long-standing problem — an extremely thin pool of assets.

    • 17 Jun 2015
  • Investors raise eyebrows at Redwood RMBS

    A planned US jumbo RMBS issuance by Redwood Trust has some investors sitting on the sidelines — and not because the transaction is backed by the highest portion yet of mortgages with litigation and regulatory risk.

    • 17 Jun 2015
  • Securitization is still running on spot

    More than five years of intense lobbying later, and the securitization market still has the same set of complaints. Maybe next year things will be better.

    • 16 Jun 2015

More Securitization stories

People News

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US CLO

IssuerArrangerSize ($M)
Tikehau Capital Europe Goldman Sachs399.85
PineBridge InvestmentsBarclays372.66
Cairn Loan InvestmentsCiti343.03

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jun 2015
1 JPMorgan 32,710.67 90 10.22%
2 Wells Fargo Securities 30,567.24 107 9.55%
3 Credit Suisse 28,829.66 82 9.00%
4 Bank of America Merrill Lynch 26,978.77 91 8.43%
5 Citi 25,309.67 78 7.90%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
GEDFT 2015-1100.00475.00
GEDFT 2015-2100.00300.00
OMFIT 2015-1100.0072.90

Priced Deals

IssuerMaturitySize
UBS30-Jun-201500
HSBC30-Jun-251500
Co-operative Bank01-Jul-25250

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Citi 3,064.41 8 10.08%
2 Deutsche Bank 2,421.47 6 7.97%
3 Bank of America Merrill Lynch 2,219.04 8 7.30%
4 Lloyds Banking Group 2,202.26 6 7.25%
5 Santander 2,047.53 8 6.74%