Top stories
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QCLOs, CFPB reform on agenda in era of reg loosening
The headline panel on day two of ABS East on Monday kicked off with a wide ranging discussion of deregulation in the Trump era, with congressman Andy Barr (R-KY) telling ABS market participants to expect another push for a “qualified” CLO and a reigning in of the powers of the Consumer Financial Protection Bureau.
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Student loans set to impact whole spectrum of consumer debt
Accelerated growth of student loan debt is set to impact virtually every consume debt segment in the US, as the growing loan bubble shifts historical patterns of homeownership nationwide, said speakers on a consumer credit panel on day two of ABS East.
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Solar market gaining momentum, but trade case looms
The market for rooftop solar finance is growing as the sector matures and more investors grow comfortable with the asset class, but a negative outcome for an International Trade Commission case has the potential to throw a wrench in the works according to speakers at ABS East in Miami on Monday.
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Manager risk as important as sector risk, say CLO investors
CLO investors highlighted the importance of working with the right manager, as well as keeping a close eye on sector risks, in panel discussions at ABS East in Miami on Monday.
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CMBS snaps up loans as community banks pull back
With US regulators keeping a close eye on commercial real estate lending concentrations in the nation’s banks, some smaller institutions are pulling back from the sector, allowing the CMBS market to step in and snap up loans coming up for refinancing.
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CFPB draws more flack as uncertainty lingers
The Consumer Financial Protection Bureau is a source of frustration for many attendees at this year’s ABS East, with a Monday morning panel expressing frustration at the consumer watchdog for heightening market uncertainty via vague guidance on rules and heavy handed enforcement, even as hopes for deregulation increase.
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Latham hires veteran structured finance lawyer
Latham & Watkins said it had hired Simeon Rudin, a former partner at Freshfields and former head of the firm's structured and asset finance team in London.
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Gosforth gathers strong dollar demand despite Miami meet
Virgin Money's new UK RMBS, Gosforth Funding 2017-1, saw strong demand for both sterling and dollars in its new deal, despite much of the US market heading to Miami for IMN's ABS East conference.
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ABS market descends on Miami as Irma fails to dent attendance
The securitization market is hitting Miami Beach again this year in force, despite early concerns that Hurricane Irma would strike a blow to attendance, with IMN still expecting heavy participation from more than 4,000 registered attendees.
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Greenworks set to open commercial PACE market
Commercial property assessed clean energy (PACE) lender Greenworks Lending is preparing to issue the first ever commercial PACE securitization.
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Bari RMBS deal faces some market scrutiny
A secondary reoffer of RMBS notes from Banca Popolare di Bari hit the euro pipeline last week, but investors are cautious about the notes given the noise surrounding Italy this year.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Comment
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Consumer lenders need to embrace alternative data
A move by Ford Credit to incorporate alternative data into its underwriting process will open up opportunities for underserved borrowers. More consumer lenders should follow suit if they want to reach, and more accurately assess, a growing segment of US consumers.
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Draghi right to defend free trade, but should concentrate on the day job
Mario Draghi’s speech at Jackson Hole last week was never going to be earth-shattering but his complete silence on the issue of tapering the bank’s various asset purchase programmes managed to frustrate the market even more than had been expected.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 82,050.07 | 237 | 12.94% |
| 2 | Bank of America Merrill Lynch | 70,926.06 | 217 | 11.18% |
| 3 | Wells Fargo Securities | 62,359.46 | 195 | 9.83% |
| 4 | JPMorgan | 45,920.23 | 145 | 7.24% |
| 5 | Credit Suisse | 36,830.60 | 112 | 5.81% |
Latest awards
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2016 US Securitization Awards: the winners
On Tuesday May 17, GlobalCapital held its third annual US Securitization Awards dinner at the Pierre Hotel in Manhattan.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
Sasha Padbidri
New York Reporter
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sasha.padbidri@globalcapital.com
Graham Bippart
European Securitization and Fixed Income Editor
+44 (0)207 779 8715
graham.bippart@globalcapital.com
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
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Latest news by market and league table performance
GlobalCapital European securitization league table
| Rank | Lead Manager/Arranger | Total Volume $m | No. of Deals | Share % by Volume |
|---|---|---|---|---|
|
||||
| 1 | Bank of America Merrill Lynch (BAML) | 4,755 | 19 | 11.75 |
| 2 | Citi | 4,288 | 14 | 10.60 |
| 3 | Rabobank | 2,633 | 4 | 6.51 |
| 4 | Goldman Sachs | 2,615 | 4 | 6.46 |
| 5 | Barclays | 2,603 | 8 | 6.43 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 82,050.07 | 237 | 12.94% |
| 2 | Bank of America Merrill Lynch | 70,926.06 | 217 | 11.18% |
| 3 | Wells Fargo Securities | 62,359.46 | 195 | 9.83% |
| 4 | JPMorgan | 45,920.23 | 145 | 7.24% |
| 5 | Credit Suisse | 36,830.60 | 112 | 5.81% |
