Top Securitization Stories

  • First Portuguese RMBS since ‘07 shows limits of ECB’s reach

    The very visible hand of the European Central Bank managed to guide the first Portuguese RMBS since the financial crisis to market this week, writes Tom Porter.

    • 05 Mar 2015
  • Systemic risk concerns despite Ocwen MSR sales

    Ocwen Financial had success with recent sales of agency mortgage servicing rights, but its non-agency MSR book is thought to be the real source of risks for RMBS investors.

    • 05 Mar 2015
  • Obvion abandons two years in favour of liquidity

    Capital market illiquidity is becoming an ever more important issue for European ABS issuers, with an inverted Dutch RMBS curve pushing Obvion to abandon the typical two and five year structure for its latest Storm deal.

    • 05 Mar 2015
  • SG’s differential to VW vanishes with core bid

    Société Générale’s third Red & Black German auto ABS closed its differential to Volkswagen’s Driver programme this week, as investors continue to take on core European triple-A paper at ever tightening spreads.

    • 05 Mar 2015

Latest News

  • Rhode Island tobacco ABS awaits settlement

    The Tobacco Settlement Fund Corporation in Rhode Island is launching a $330.69m securitization of settlement payments from tobacco manufacturers, after bondholders objected to an earlier deal.

    • 04 Mar 2015
  • Paragon to explore taking UK buy-to-let back to euros

    Paragon is preparing to add to a recent surge of higher yielding RMBS in the primary market with its 22nd buy-to-let transaction, which could feature a euro denominated tranche.

    • 04 Mar 2015
  • NewDay hits cards for six on softer approach

    NewDay Cards was able to place two more tranches of credit card ABS with investors on Wednesday than on its last outing, with its lead managers applying softer price guidance to the bottom of the stack.

    • 04 Mar 2015
  • Turkish Airlines roadshows EETC

    Turkish Airlines has set roadshow dates to market an EETC (enhanced equipment trust certificates) deal, having undertaken exploratory meetings in September last year.

    • 05 Mar 2015
  • Ocwen looks 'too big to fail'

    Ocwen Financial announced on Monday that it had made some progress in offloading mortgage servicing rights, but market participants remain concerned over a lack of liquidity for MSRs.

    • 03 Mar 2015
  • Issuers grab Freddie NPL books

    Two RMBS sponsors have agreed to buy $392m in non-performing loans from Freddie Mac, the government sponsored enterprise announced on Tuesday.

    • 03 Mar 2015
  • Cembra feeds starving Swiss with rare auto lease trade

    Cembra Money Bank is set to print the first Swiss ABS to hit the market since the Swiss National Bank abandoned its franc-euro peg, having increased the revolving period for its third securitization of auto lease receivables.

    • 03 Mar 2015
  • Macquarie goes double dollar for first auto deal of 2015

    Macquarie Leasing will be chasing US demand for its first SMART auto transaction of the year, which will be denominated primarily in dollars.

    • 03 Mar 2015
  • Aspiring marketplace lender hires new risk officer

    Small US business lender RetailCapital, which plans to securitize its loans, has hired a new risk officer to develop its underwriting processes.

    • 03 Mar 2015
  • Fannie Mae opts for CAS over private deals

    Banks want to work with Fannie Mae to bring more private risk-sharing transactions, but the issuer has opted instead to bring deals through its own platform.

    • 02 Mar 2015
  • Altisource grabs more rental properties

    US investor-landlord Altisource Residential announced on Monday that it acquired and rented an increased number of real-estate owned properties last quarter.

    • 02 Mar 2015
  • Paragon pushes back into Scottish mortgages

    UK buy-to-let RMBS issuer Paragon has restarted lending to landlords in Scotland’s private rental sector for the first time since the financial crisis, saying the market has doubled in 12 years.

    • 03 Mar 2015
  • NewDay leads strong pipeline of European ABS

    Bankers’ predictions of a deep and varied pipeline of European ABS to be priced in March are starting to come good, with NewDay Cards’ second securitization at the head of the queue this month.

    • 02 Mar 2015
  • Fifth Street preps second middle market CLO

    US middle market lender Fifth Street Asset Management, which priced its first ever CLO in February, is ramping its second, which should be priced in the second quarter.

    • 02 Mar 2015
  • European ABS outperforms ‘most others’ but risks evolve

    Strong underwriting has helped European securitizations outperform most structured finance products, but new risks are emerging as markets evolve and the economic outlook improves, says Fitch.

    • 02 Mar 2015
  • Race to the bottom: docs suffer amid CLO demand surge

    From Tokyo to Toronto to Tel Aviv, new buyers across the globe are piling into the senior tranches of US CLOs — and more experienced triple-A investors aren’t happy about it.

    • 26 Feb 2015
  • Cerberus & Five Ten: the first multi-borrower rental deal?

    Two new suppliers of single family rental ABS could be coming to market if Cerberus Capital Management acquires Five Ten Capital.

    • 26 Feb 2015
  • Flagship subprime auto ABS to benefit from merger

    Flagship Credit Acceptance, which merged with another US subprime ABS issuer, CarFinance, earlier this year, is marketing its first subprime auto ABS of 2015.

    • 26 Feb 2015
  • RBS sheds 34% of securitization exposure

    The dismantling of Royal Bank of Scotland’s global investment bank has had a heavy impact on its securitization activity, with its long positions in the sector falling 34% last year.

    • 26 Feb 2015
  • Resimac joins rush of RMBS as Suncorp tops A$1bn

    Suncorp Bank increased the size of its Apollo 2015-1 RMBS to A$1.25bn by pricing, and there is plenty more Australian RMBS on the way with Resimac adding its itself to the pipeline on Thursday.

    • 26 Feb 2015
  • Barclays gets its big CLO break with new US mandate

    Barclays has bagged a mandate for one of New York’s largest CLO managers, its first deal for a top-tier stateside CLO issuer since entering the market in 2012.

    • 25 Feb 2015
  • Investors primed for new SFR ABS structure

    American Homes 4 Rent’s first single-family rental securitization of the year was priced at 140bp over swaps on Thursday.

    • 25 Feb 2015
  • Precise mid-tier flies as investors jump on non-con RMBS

    Renewed appetite for UK non-conforming RMBS has driven Precise 2015-1 to multiple subscription levels, though guidance on the top stack of notes has been set at the wide end of initial price thoughts.

    • 25 Feb 2015
  • VW to print auto ABS in third currency this year

    Volkswagen Financial Services has set out to add Australian dollars to its growing list of currencies for auto ABS prints already this year, after issuing guidance on its second securitization of Australian auto loan receivables.

    • 25 Feb 2015
  • Delinquencies up but auto ABS still full throttle

    Despite rising delinquencies the US auto ABS pipeline continues unabated, and analysts are not significantly revising their performance expectations.

    • 24 Feb 2015
  • AH4R launches rental ABS with new structure

    American Homes 4 Rent is drawing on a CMBS tactic in a first of its kind single-family rental (SFR) securitization which addresses refinance risk.

    • 24 Feb 2015
  • New-look Apollo RMBS covered in line with Puma

    Investors have shown their liking for newly introduced features in the structure of Suncorp Bank’s latest Apollo RMBS, with all five tranches covered by orders on Tuesday.

    • 24 Feb 2015
  • RMBS demand solid but Italian house prices heading lower

    Italian RMBS may be on investors’ wish lists but the country’s housing market is still struggling to show similar strength, with Fitch predicting low demand will depress prices further this year.

    • 24 Feb 2015
  • S&P ratings error puts RMBS on negative watch

    Standard & Poor’s announced late on Friday that it placed the ratings for 338 classes of legacy RMBS on credit watch negative due to an analytical error.

    • 23 Feb 2015
  • HLSS escapes Ocwen handcuffs

    Home Loan Servicing Solutions has found a potential escape from its dependence on loans serviced by Ocwen Financial, but RMBS and ABS investors might not be so lucky.

    • 23 Feb 2015
  • US investors demand more from Santander with sterling funding favoured

    Santander Consumer UK showed a clear bias towards cheaper sterling funding in pricing its dual tranche auto ABS last week, but GlobalCapital understands US investors are pushing the issuer for more dollar paper.

    • 23 Feb 2015
  • Ocwen and Nationstar keep quiet on MSR pricing

    Ocwen Financial announced an agreement to sell a $9.8bn portfolio of mortgage servicing rights to Nationstar Mortgage on Monday, but a lack of detail means the impact of the deal is unclear.

    • 23 Feb 2015
  • Timely pick-up in Spanish mortgage performance

    Moody’s has revealed an improved performance in mortgage pools backing Spanish RMBS transactions in the fourth quarter, just as Spanish securitizations are predicted to resume.

    • 23 Feb 2015
  • CBA doubles up on Medallion return

    Commonwealth Bank of Australia doubled the size of its latest RMBS placing before pricing on Friday, though the A$2bn deal still fell well short of its last effort.

    • 23 Feb 2015

People News

  • New DCM leadership at Deutsche

    Hakan Wohlin, global head of debt origination at Deutsche Bank, is to officially leave the German firm on March 13.

    • 05 Mar 2015
  • SocGen’s RBS refugees to hire six more

    SocGen’s new CMBS team, which it transplanted from Royal Bank of Scotland’s withering US operation in January, is in the building and looking to grow.

    • 04 Mar 2015
  • American Capital hires new chief for CRE

    Private equity firm and CLO-issuing asset manager American Capital has hired a CIO for its commercial real estate group to help build a new platform.

    • 04 Mar 2015
  • Securitization co-head takes on structuring at AXA

    AXA Investment Management’s co-head of securitization and structured assets and business development as added head of structuring to his job description.

    • 04 Mar 2015
  • Aspiring marketplace lender hires new risk officer

    Small US business lender RetailCapital, which plans to securitize its loans, has hired a new risk officer to develop its underwriting processes.

    • 03 Mar 2015
  • BAML reshuffles NY structured credit with new co-heads

    Bank of America Merrill Lynch has appointed two new co-heads for its global structured products and credit financing team in New York, which includes its CLO business.

    • 24 Feb 2015
  • BAML raids JPM for ABS syndicate

    Bank of America Merrill Lynch has hired a dedicated head of ABS syndicate for EMEA, ending the bank's post-crisis arrangement of syndicating ABS issues through its trading desk.

    • 23 Feb 2015
  • CS takes BAML head ABS trader in NY

    Credit Suisse has hired Bank of America Merrill Lynch’s head of ABS trading in New York, having recently reaffirmed its commitment to the business.

    • 23 Feb 2015
  • George Ellison tapped as Altisource CEO

    Former RMBS fraud defendant George Ellison is replacing Ashish Pandey as CEO of Ocwen Financial affiliate Altisource Asset Management Corporation (AAMC), according to an announcement.

    • 20 Feb 2015
  • Ex-Lloyds boss joins P2P pioneer

    Eric Daniels, the former chief executive of Lloyds, has joined Wellesley Finance as non-executive chairman.

    • 19 Feb 2015
  • Goldman's Millette not retiring, said to eye insurance investing role

    Michael Millette, head of structured finance at Goldman Sachs, is leaving the investment bank at the end of February. However, the 49 year old industry veteran is not officially retiring from the structured finance industry, according to an individual familiar with his departure.

    • 05 Feb 2015
  • Cantor snags two MBS trading heads from BAML

    Cantor Fitzgerald has hired two MBS trading heads from Bank of America Merrill Lynch, the firm announced on Thursday. The new hires, Brendan Donnelly and Mohil Gupta, join Cantor as managing directors in MBS sales and trading.

    • 05 Feb 2015
  • Sandler O'Neil grabs two for CMBS trading platform

    Sandler O’Neil & Partners have hired CMBS traders David Cook and Andrew Flick from Brean Capital. The pair will focus on building a CMBS franchise at Sandler O’Neil, the investment bank said in a release on Monday.

    • 02 Feb 2015
  • William Shuey to head securitization at Opus CMC

    William Shuey has joined Opus Capital Markets Consultants as the due diligence provider’s director of securitization. He will oversee securitization processes with a focus on RMBS compliance, Opus announced on Monday.

    • 02 Feb 2015
  • RMBS and ABS head takes over CLOs after Deutsche trading exodus

    Deutsche Bank’s head of non-agency RMBS and consumer ABS trading has taken over CLO trading after the departure of Richard Rizzo last week. People familiar with the situation at the bank, which just priced its first US CLO of the year, say it is still fully committed to the business, but some investors are sceptical.

    • 28 Jan 2015
  • SocGen takes 11 from RBS for new CMBS platform

    Société Générale is taking advantage of Royal Bank of Scotland’s retreat from US securitization to launch a new CMBS platform, its first in the US since the financial crisis.

    • 27 Jan 2015
  • Lloyds continues US push with another London transfer

    UK-headquartered Lloyds Bank has transferred yet another senior banker to its New York outpost, as it attempts to win market share in carefully-selected parts of the US capital markets such as corporate debt and securitization. The new addition will focus on North American institutional investor coverage for the bank’s financial institutions team.

    • 22 Jan 2015

Top RMBS Stories

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IssuerArrangerSize ($M)
Fifth Street Management, Fifth Street Senior Loan Fund IWells Fargo309.45
Pinebridge Investments, Galaxy XIX CLOCiti509.90
Apollo Credit Management, ALM XIIMorgan Stanley786.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 Mar 2015
1 Citi 6,651.04 23 10.49%
2 JPMorgan 6,353.00 17 10.02%
3 Barclays 6,181.50 19 9.75%
4 Wells Fargo Securities 5,512.78 22 8.70%
5 Deutsche Bank 4,206.28 12 6.64%

Financing Record (MBS)

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

Priced Deals

Pohjola Bank03-Feb-221000

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 Deutsche Bank 1,670.59 2 22.07%
2 Credit Agricole CIB 921.35 2 12.17%
3 Citi 858.85 2 11.35%
4 Santander 698.45 2 9.23%
5 Cantor Fitzgerald & Co 613.60 1 8.11%