Top stories
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Ladder conduit marks CMBS split
Non-bank commercial mortgage lender Ladder Capital priced its first CMBS transaction on Friday, with investors demanding more spread to compensate for credit and lower liquidity compared to bank offerings.
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SoFi, College Ave add offerings to crowded ABS market
Online lender SoFi and first time student loan ABS issuer College Avenue are bringing deals to a busy pipeline, as investor demand for new securitizations carries into the summer.
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Euro CLO primary market in full swing
A slew of European CLOs were priced last week, giving investors the opportunity to get their hands on new issue, refinancing and reset paper as the market heads into summer.
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CS asset finance boss follows Henrion to M&G’s new consumer fund
Vaibhav Piplapure, the head of EMEA asset finance at Credit Suisse, is following former CS solutions head Jerome Henrion to run M&G’s new consumer assets fund.
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Lehman ABS alumnus lands at PACE shop
Sei-Hyong Park, who formerly worked in Lehman Brothers' securitization division, is now at Property Assessed Clean Energy (PACE) platform Renew Financial.
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Spruce closes energy efficiency and solar loan portfolio sale
Spruce Finance, which finances residential energy efficiency projects and solar installations in the US, sold a $250m loan portfolio to an undisclosed North American bank on June 21.
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Spread compression sparks single asset CMBS issuance
Single asset single borrower CMBS issuance has picked as spread tightening increases the attractiveness of CMBS financing compared to balance sheet loans.
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GM Building single asset CMBS launched
A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
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Standards slipping in US non-prime mortgage lending, says Moody’s
Representations and warranties and enforcement frameworks have been weak in non-prime US residential mortgage-backed securities, said Moody’s this week, in contrast to recent prime jumbo transactions.
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Demand drives Mercedes deal to new post-crisis tight
Mercedes-Benz Bank priced its latest auto ABS offering this week, Silver Arrow 8, with the deal notching yet another record for post-crisis spreads.
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UK RMBS buyers hungry for Optimum second lien offering
UK RMBS investors are eagerly eyeing a debut securitization from Optimum Credit, Castell 2017-1 PLC, which is backed wholly by second lien mortgages.
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
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Latest securitization people & markets news
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Comment
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Gloomy Carney address could portend TFS extension
Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 136,894.46 | 417 | 10.71% |
| 2 | Wells Fargo Securities | 131,973.29 | 354 | 10.33% |
| 3 | Citi | 128,092.49 | 391 | 10.02% |
| 4 | JPMorgan | 109,675.50 | 340 | 8.58% |
| 5 | Credit Suisse | 83,527.48 | 254 | 6.54% |
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
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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) | 3,865 | 12 | 12.28 |
| 2 | Citi | 2,800 | 7 | 8.90 |
| 3 | Goldman Sachs | 2,615 | 4 | 8.31 |
| 4 | Credit Agricole | 2,254 | 6 | 7.16 |
| 5 | Barclays | 2,006 | 6 | 6.38 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 136,894.46 | 417 | 10.71% |
| 2 | Wells Fargo Securities | 131,973.29 | 354 | 10.33% |
| 3 | Citi | 128,092.49 | 391 | 10.02% |
| 4 | JPMorgan | 109,675.50 | 340 | 8.58% |
| 5 | Credit Suisse | 83,527.48 | 254 | 6.54% |
