Top stories
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Spreads driving HY investors to US CLOs
US CLO debt is drawing heightened interest from investors in other corners of the fixed income market, as the bonds remain cheap to other assets and offer attractive spreads for buyers looking for a pickup in yield.
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European investors pile into latest Renovate America deal
A $320m offering from residential Property Assessed Clean Energy (PACE) ABS issuer Renovate America saw the entrance of the European buy-and-hold crowd into the asset class, the company told GlobalCapital on Thursday.
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Navistar keeps on trucking with new deal
Navistar International, an Illinois-based manufacturer of trucks and mid-range diesel engines, is in the market with a $250m deal, following industry predictions of a surge in esoteric issuance this quarter.
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ABS markets brace as Fed lays groundwork for rate hike
The decision of the US Federal Reserve to leave interest rates unchanged means that conditions for ABS and broader fixed income markets are likely to remain stable for the rest of the year, but Fed chair Janet Yellen has laid groundwork for future hikes.
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More ABS investors get to grips with above par pricing
BMW Bank became the latest issuer to price an ABS deal above par on Wednesday, pulling in €1bn for its Bavarian Sky 5 German auto ABS deal. Opel Bank is also set to price its German auto paper above par on Friday.
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Tax lien ABS has room to run as interest grows
The market for tax lien securitizations is growing, with real money investors piling into new deals and new issuers coming to market in recent months. But challenges in aggregating collateral need to be resolved before the asset class can truly take off, said market participants this week.
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More non-QM RMBS predicted before year end
The RMBS market is set to see more non-qualified mortgage (non-QM) deals, potentially as early as the fourth quarter of this year, as issuers say they are fielding more calls from investors who are showing an increased appetite for higher yielding RMBS paper.
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Perceived complexity a boon for CLO buyers
CLO spreads offer excess returns compared to the underlying assets and other credit markets because of the “perceived” rather than actual complexity and illiquidity of the market, heard LevInvest attendees in Barcelona on Wednesday.
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Change must come from the top - Women in Securitization
Women in Securitization (WiS), a Structured Finance Industry Group (SFIG) initiative dedicated to promoting diversity in the workplace, noted that change is only effective when enacted by senior leaders in the industry.
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Buyers struggling to break into exclusive CLO triple-A club
The senior tranches of new issue CLOs are becoming an exclusive club consisting of US bank treasury departments, according to sources speaking with GlobalCapital.
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CLO secondary market improves “materially”
Liquidity in the CLO market has improved “materially” in the second half of this year, but in the wake of enormous volatility in the first quarter that put the sector in a deep freeze, the trading landscape has been altered.
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FHFA looks to Congress to open CRT market to REITs
The Federal Housing Finance Agency (FHFA) is looking for congressional legislation to make the government sponsored enterprises’ (GSEs) credit risk transfer products easier to buy for real estate investment trusts (REITs), as part of its efforts to grow the credit risk transfer (CRT) investor base.
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.
Latest ABS news
Latest RMBS news
Latest CMBS news
Latest CLO/CDO news
Latest securitization people & markets news
Latest Asia securitization news
Comment
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Deep subprime autos threaten to once again discredit ABS
It’s not just the level of delinquencies in subprime auto ABS — which in March hit a record high — that threatens to put the securitization industry back in the spotlight of public disapproval.
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The Fed chair who yelled wolf
Janet Yellen’s August 26 speech at the Jackson Hole Economic summit once again suggested the imminent arrival of rate hikes, but it’s an act which the market is beginning to tire of.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Wells Fargo Securities | 57,977.06 | 137 | 11.31% |
| 2 | Bank of America Merrill Lynch | 52,688.38 | 148 | 10.28% |
| 3 | Citi | 47,215.64 | 136 | 9.21% |
| 4 | JPMorgan | 46,827.57 | 131 | 9.14% |
| 5 | Credit Suisse | 39,896.25 | 106 | 7.79% |
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
+1 212 224-3206
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
George Williams
+44 (0)207 779 8274
george.williams@globalcapital.com
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Latest news by market and league table performance
New! 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) | 6,215 | 16 | 11.38 |
| 2 | Citi | 5,912 | 16 | 10.83 |
| 3 | Credit Suisse | 4,439 | 8 | 8.13 |
| 4 | JP Morgan | 4,037 | 8 | 7.39 |
| 5 | Rabobank | 3,911 | 6 | 7.16 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Wells Fargo Securities | 57,977.06 | 137 | 11.31% |
| 2 | Bank of America Merrill Lynch | 52,688.38 | 148 | 10.28% |
| 3 | Citi | 47,215.64 | 136 | 9.21% |
| 4 | JPMorgan | 46,827.57 | 131 | 9.14% |
| 5 | Credit Suisse | 39,896.25 | 106 | 7.79% |
