Top Securitization Stories

  • Ashurst brings in Goldman CLO founder after exodus

    Eric Bothwell has joined Ashurst’s New York CLO practice as a senior consultant and is looking to rebuild after the firm lost nine senior lawyers in two months.

    • 30 Jul 2015
  • Prospect plans summer smash with P2P ABS

    The hottest new asset class in US securitization is set for a scorching summer, with at least two more marketplace lending ABS expected in the coming weeks after Citi and SoFi tapped the market this week.

    • 30 Jul 2015
  • US autos continue push as summer approaches

    CarMax and AmeriCredit are set to defy the summer ABS slowdown next week, as the auto market continues its recent run of issuance.

    • 30 Jul 2015
  • Pramerica and Babson mark a busy CLO day with pricing

    Babson Capital and Pramerica Investment Management capped a busy Thursday for the CLO market, pricing their respective vehicles and seemingly confirming 135bp as the clearing level for senior notes.

    • 30 Jul 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

  • Goldman alumni look to issue non-QM RMBS

    Shelter Growth Capital Partners, an investment manager that three Goldman Sachs alums founded in 2013, plans to securitize non-qualified mortgages.

    • 29 Jul 2015
  • Unlocking potential of RMBS key for China securitization

    Ever since China started its securitization market a decade ago, there has been a lot of talk about the vast potential for the product. And while it’s true that securitization has been developing strongly, the country’s true potential lies in the still mostly untapped residential mortgage-backed security (RMBS) sector.

    • 30 Jul 2015
  • China securitization outlook, Part II: Unlocking the true potential of RMBS

    Ever since China started its securitization market a decade ago, there has been a copious amount of talk about the vast potential for the product. While it’s true that securitization has been developing strongly, the country’s true potential lies in the yet mostly untapped residential mortgage-backed security (RMBS) sector.

    • 30 Jul 2015
  • China ABS going strong despite slowdown

    This year Chinese securitization has struggled to continue the momentum it showed at the end of 2014, failing to come close to the increased Rmb500bn ($82bn) quota from regulators. While there is more than one reason behind why issuance has been slow, market participants are still confident the budding asset class will come good by the end of the year.

    • 30 Jul 2015
  • WinWater 'killed' by last RMBS deal

    Bank of America Merrill Lynch and Credit Suisse were unable to shift a large chunk of WinWater Mortgage Loan Trust's last jumbo RMBS, said market participants.

    • 28 Jul 2015
  • SolarCity: new structure, adds BAML for new ABS

    SolarCity has opted for a different structure for its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar ABS issuance.

    • 28 Jul 2015
  • Senior PM joins Connecticut structured finance investor

    Aaron Garvey is joining Marinus Capital Advisors, a specialised structured finance investor, as a senior macro trader.

    • 28 Jul 2015
  • Hatteras closes in on first jumbo RMBS

    Real estate investment trust Hatteras Financial Corp has engaged a bank and been in talks with ratings agencies for its first jumbo RMBS issuance.

    • 28 Jul 2015
  • Raiffeisen leads way for synthetic securitization cure

    Synthetic securitization, long taboo with investors and regulators, could be making a quiet comeback as yield hungry hedge funds help banks find ways to increase capital and reduce risk weighted assets, writes Graham Bippart.

    • 28 Jul 2015
  • AES brings first utility-sponsored solar ABS

    Virginia-headquartered energy provider AES Corporation is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.

    • 27 Jul 2015
  • Driven Brands whole business ABS well oversubscribed

    Roark Capital’s whole business securitization of Driven Brands was well oversubscribed on Friday, allowing Roark to refinance debt it used to acquire Driven Brands.

    • 27 Jul 2015
  • AIG affiliate sells CRT RMBS through Bermudan company

    AIG's United Guaranty Corp was close to pricing a credit risk transfer issuance tied to residential mortgage insurance contracts early this week.

    • 27 Jul 2015
  • Three deals priced before China disrupts market

    It seemed that after the Greek crisis abated, however nominally, the European securitization market was ready to make a last sprint before heading towards the door for the summer holidays. On Friday, two ABS deals went into investors' pockets.

    • 27 Jul 2015
  • Deutsche Bank offers up juicy spread for CMBS

    Deutsche Bank is offering investors a juicy premium for its multi-jurisdictional Deco 2015-Charlemagne CMBS .

    • 27 Jul 2015
  • Investors get Hero at a discount

    The second property assessed clean energy (Pace) securitization from Hero Funding Trust this year was priced on Monday.

    • 27 Jul 2015
  • Flagship to launch subprime auto deal

    Flagship Credit Acceptance has hit the market with its second auto transaction of the year.

    • 27 Jul 2015
  • Freddie prices first jumbo CRT RMBS

    Freddie Mac’s first ever credit risk transfer securitization tied to jumbo mortgages was priced on Thursday.

    • 23 Jul 2015
  • SoFi adds CS as joint lead for next ABS

    Marketplace lender SoFi is set to bring its latest securitization in the next few days, adding Credit Suisse as a joint lead manager alongside Morgan Stanley and Goldman Sachs, according to a person familiar with the transaction.

    • 23 Jul 2015
  • Auburn oversubscribed thanks to discounts and bigger step-ups

    Lead managers on Capital Home Loans post-crisis debut RMBS had books oversubscribed across all tranches on the new Auburn 9 by Wednesday afternoon, before increasing the deal size and pricing on Thursday.

    • 23 Jul 2015
  • Basel firms up rule for simple securitizations

    The Bank for International Settlements on Thursday released its final criteria for simple, transparent and comparable securitizations, standards which should lower capital charges for deals that qualify.

    • 23 Jul 2015
  • Strong demand for US auto deals continues

    Prime and subprime auto ABS deals encountered strong investor demand this week, with another transaction expected to be launched soon.

    • 23 Jul 2015
  • Freddie Mac close to first jumbo risk transfer deal

    Freddie Mac is close to selling a securitization of jumbo mortgages in what market participants are calling a threat to one of the only remaining parts of the US non-agency market.

    • 22 Jul 2015
  • Citi and Prosper advance P2P ratings but triple-A still challenging

    Citi has received a single-A rating from Moody’s for a securitization of consumer loans originated through online lending platform Prosper, the second deal of its type to be publicly rated.

    • 22 Jul 2015
  • Initial price thoughts out for Towd Point RPL RMBS

    Bank of America Merrill Lynch and JP Morgan sent initial price thoughts to potential investors in Towd Point Mortgage Trust’s new securitization of re-performing mortgages on Wednesday.

    • 22 Jul 2015
  • Babson gives CLO price guidance

    Babson Capital has given price guidance on its €416.2m Euro CLO 2015-1 BV, its third, with price guidance for its floating triple-A notes at 135bp over Euribor.

    • 23 Jul 2015
  • Goldman joins DB in CMBS pipeline

    Goldman Sachs has announced it intends to sell a £646m loan to Logicor, a unit of private equity giant Blackstone, on a portfolio of 42 industrial properties in the UK.

    • 23 Jul 2015
  • E-CARAT 8 adds to pipeline purge

    Along with the three RMBS deals that have IPTs on screen, the successful pricing of German auto ABS E-CARAT 8 will virtually empty the visible European securitization pipeline.

    • 22 Jul 2015
  • Securitization taps on full flow

    Taking their cue from the successes of Precise and Paragon’s UK buy to let RMBS trades last week, three more RMBS issuers plan to price their deals this week.

    • 22 Jul 2015
  • New subprime auto deal on the way

    Flagship Credit Acceptance is bringing its second subprime auto transaction of the year, four months after its last outing.

    • 22 Jul 2015
  • Deutsche, Morgan Stanley launching new PACE deal

    Deutsche Bank and Morgan Stanley have started marketing a new PACE securitization from HERO Funding Trust, according to a source working on the transaction.

    • 21 Jul 2015
  • RBC bringing its first aircraft ABS

    RBC Capital Markets has grabbed its first engagement as a bookrunner on an aircraft ABS issuance, according to a source close to the deal.

    • 21 Jul 2015
  • DB losing account bank biz on downgrade

    Deutsche Bank has been removed as account bank from at least two securitizations following Standard & Poor’s downgrade of the bank’s credit rating to BBB+.

    • 21 Jul 2015
  • Members Equity sells its second post-crisis Oz RMBS

    Members Equity Bank priced a A$1.5bn Australian RMBS, its first of the year.

    • 21 Jul 2015
  • CFPB could tap auto ABS enforcer as new number two

    The architect of the US Consumer Financial Protection Bureau’s enforcement strategy against non-bank auto lenders could take over as the agency’s deputy director, sources say.

    • 20 Jul 2015
  • Legacy non-agency RMBS widens on big sales

    Legacy non-agency RMBS spreads widened last week as some investors took advantage of new liquidity to sell legacy paper.

    • 20 Jul 2015
  • Cerberus tweaks Auburn to cut extension risk

    The capital structure on Auburn 9, the new buy-to-let RMBS sponsored by Cerberus Capital Management, has been tweaked to increase the step-up margin, reflecting investor nervousness about extension of the bonds.

    • 20 Jul 2015
  • Center Parcs to buy back 'B' notes with £560m bond

    Center Parcs UK, the holiday resort group being bought by Brookfield Property Group, issued a £560m high yield bond this week.

    • 20 Jul 2015
  • New round of US auto transactions flood market

    Bankers working on NextGear’s $433.33m dealer floorplan ABS are planning to price the issuance midweek, amid another surge of deals for the asset class.

    • 20 Jul 2015
  • Ravenous investors push GSE risk transfer spreads tighter

    Fannie Mae’s third credit risk transfer securitization of the year was well oversubscribed and tightly priced, as more investors than ever pile into the asset class.

    • 16 Jul 2015
  • Freddie close to full risk-off on all STACRs

    Freddie Mac is close to obtaining reinsurance coverage for all of the retained portions of its risk transfer securitizations, a vice-president at the firm told GlobalCapital.

    • 15 Jul 2015
  • There are ways to fix FFELP ABS, says Deutsche

    Issuers do have some options to improve the performance of FFELP student loan ABS, according to research analysts at Deutsche Bank.

    • 15 Jul 2015
  • Paragon and Precise reignite Europe's securitization market

    Paragon Group and Precise Mortgages both launched and priced their UK buy-to-let RMBS deals on Thursday, paying higher spreads than on their last such deals.

    • 16 Jul 2015
  • Deutsche to serve up second multijurisdictional CMBS

    Deutsche Bank is looking to sell what would be the second multijurisdictional CMBS in Europe since the crisis, a month after JP Morgan sold the first, backed by DoubleTree hotel properties in the UK and Amsterdam.

    • 16 Jul 2015
  • Spark lit in ABS market as pipeline builds

    The ABS pipeline in Europe is emptying fast, with deal after deal being announced on Thursday as issuers look to make up for lost time.

    • 16 Jul 2015
  • New US auto deals hit the road after busy week

    World Omni Financial and Enterprise Fleet Management are marketing new auto deals which may go live next week, following a bumper week for the asset class.

    • 15 Jul 2015

More Securitization stories

People News

More People stories

European CLO

IssuerArrangerSize ($M)
Babson Capital ManagementGoldman Sachs459.75
Pramerica Investment Management LimitedCredit Suisse 458.55
AXA Investment Managers JP Morgan397.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 40,451.66 128 10.27%
2 JPMorgan 39,145.73 105 9.94%
3 Wells Fargo Securities 36,615.42 120 9.30%
4 Credit Suisse 32,037.68 94 8.13%
5 Citi 30,806.24 93 7.82%

Financing Record (MBS)

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

Priced Deals

Royal Bank of Canada06-Aug-201250
Bank of New Zealand02-Dec-19250
KA Finanz11-Aug-201000

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 Bank of America Merrill Lynch 5,730.87 19 12.31%
2 Citi 3,825.24 12 8.21%
3 Morgan Stanley 2,856.07 8 6.13%
4 Lloyds Banking Group 2,731.65 9 5.87%
5 Deutsche Bank 2,645.28 7 5.68%