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Current Issue

  • Latest Print Issue
  • April 17 2014

Securitization

Top Securitization Stories

  • CLO industry laments ‘worse than we thought’ impact of Fed’s Volcker extension

    CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.

    • 23 Apr 2014
  • Non-con spread pick-up to help UniCredit sell UK RMBS

    UniCredit is set to sell a £208.5m securitization of first lien UK non-conforming residential mortgage loans acquired by its UK subsidiary Redstone Mortgages. Bankers away from the deal told GlobalCapital it was well suited to investors’ current interests.

    • 02:00 PM
  • ‘Conservative’ Aussies may be missing broader RMBS investor base

    Despite a well received US dollar deal from Pepper Australia and a spate of supply from other Aussie RMBS names in recent days, some European ABS bankers feel a conservative approach from many issuers is shutting foreign investors out of deals.

    • 03:00 PM
  • Pair of new rental deals will hit markets within weeks

    Two firms, American Homes 4 Rent and American Residential Properties Inc, will issue debut home rental securitizations in a matter of weeks, after months of anticipation from at least one of the issuers.

    • 22 Apr 2014

Latest News

  • Bankers back Spanish RMBS return despite default increase

    Some ABS bankers are adamant that a new Spanish prime RMBS transaction would be received with as much enthusiasm as Italy’s recent comeback, despite an increase in mortgage loan defaults.

    • 11:30 AM
  • VW leads quiet ABS week, but other markets spring to life

    Volkswagen Financial Services is leading this week’s subdued ABS pipeline, on the heels of a long holiday weekend. There was fresh energy in other securitization markets, however, as a handful of new CMBS deals began marketing after a hiatus in new issuance.

    • 23 Apr 2014
  • FHA’s Carol Galante chimes in on investor landlord activity

    The head of the Federal Housing Administration, Commissioner Carol Galante, became on Tuesday the highest-ranking policymaker, and the first administration official, to chime in on investor activity in the home rental market.

    • 22 Apr 2014
  • Thames Water seeks bondholder consent for Thames Tideway Tunnel

    Thames Water launched today a very large and complex consent solicitation on £5.788bn of its bonds, to prepare the way for the construction of the Thames Tideway Tunnel.

    • 22 Apr 2014
  • 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
  • Russian RMBS presses on amid DCM depression

    RMBS continues to buck a sharp downward trend in Russian debt issuance this year, with Credit Bank of Moscow prepping its debut transaction and the state-backed Agency for Housing Mortgage Lending (AHML) also set to sell bonds this week.

    • 22 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
  • Underwriting standards weaker than pre-crisis, say Euro CLO managers

    European CLO managers and investors believe underwriting standards in Europe’s leveraged loan market are weaker now than before the 2008 financial crisis, but that with limited primary activity in the leveraged buyout market cov-lite loans are still not a “major issue” in Europe.

    • 16 Apr 2014

People News

Top RMBS Stories

Comments? Questions? Tips?

Will Caiger-Smith
Securitization Editor
+44 (0)207 779 7323 
will.caiger-smith@globalcapital.com

Matt Scully
New York Reporter
+1 212 224-3243
matthew.scully@globalcapital.com

Tom Porter
European Securitization Editor
+44 (0)207 779 7324
tom.porter@globalcapital.com

Top CMBS Stories

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Mark Goodes
+44 (0)207 779 8605
mark.goodes@globalcapital.com

George Williams
+44 (0)207 779 8274
george.williams@globalcapital.com

 

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James Barfield
+1 212 224-3445
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CLO

IssuerArrangerSize ($M)
Octagon Credit Investors, LLC, Octagon Investment Partners XII - RefinancingCiti321.00
NXT Capital Investment Advisers, NXT CLO 2014-1Wells Fargo357.44
H.I.G. Whitehorse Capital, Whitehorse VIIIMorgan Stanley574.75

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 22,630.76 49 0.00%
2 Bank of America Merrill Lynch 21,975.59 57 0.00%
3 Citi 21,366.91 49 0.00%
4 Deutsche Bank 16,169.74 39 0.00%
5 Barclays 15,718.54 40 0.00%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
SDART 2014-299.98189.30
SDART 2014-2100.00330.00
SDART 2014-299.99275.60

Priced Deals

IssuerMaturitySize
Intesa Sanpaolo17-Apr-191000
3CIF22-Apr-191500
Allied Irish Banks16-Apr-19500

bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 2,240.24 5 5.97%
2 Deutsche Bank 1,897.78 5 5.06%
3 VTB Capital 1,601.44 4 4.27%
4 RBS 1,570.47 3 4.18%
5 Citi 1,432.94 4 3.82%