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  • 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.

    • 12:00 PM
  • 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
  • Coming soon: a new structure for non-agency RMBS

    RMBS issuers are considering a new type of deal structure which appoints a transaction manager with a fiduciary obligation to investors, GlobalCapital understands.

    • 19 Feb 2015
  • S&P error could mean "between 300 and 400" RMBS downgrades

    Standard & Poor’s left markets guessing about its legacy RMBS ratings following its announcement Thursday night that a departure from its methodology could result in widespread downgrades.

    • 19 Feb 2015
  • Investors revel in ECB’s impact on ABS market

    Despite investor anger over the European Central Bank’s entry into the European ABS market as a buyer in November, and widespread disappointment over its pace of intervention, they are now enjoying what some claim are the best opportunities in years.

    • 19 Feb 2015
  • Subprime auto deals 'snapped right up'

    Investors were quick to purchase small subprime auto ABS issues by DriveTime and CarFinance that were priced on Wednesday.

    • 18 Feb 2015
  • Navient and Nelnet chase hungry student loan buyers

    Low issuance of securitizations of federally guaranteed student loans has left investors hungry, an appetite that could be sated by private student loan providers such as Sofi.

    • 18 Feb 2015
  • EU takes aim at retention and ratings for ‘high quality’ ABS

    The European ABS industry is inching closer to the new comprehensive approach to regulation it has been craving since the financial crisis, after the European Commission on Wednesday launched a consultation on securitization that appears heavily informed by market participants’ long held concerns.

    • 18 Feb 2015
  • Commission publishes Capital Markets Union plan

    The European Commission has published its Green Paper on Capital Markets Union, alongside consultations on securitization and prospectus regulations.

    • 18 Feb 2015
  • Eurozone scrap fails to floor AT1 market

    The failure of Monday’s Eurogroup meeting to reach agreement with Greece did nothing to derail FIG markets, though supply has been limited compared to recent weeks.

    • 18 Feb 2015
  • Ginnie RMBS safe from FHA refinancings, so far

    Ginnie Mae RMBS investors' returns could soon be hit by accelerated payments from a large upswing in FHA refinancings.

    • 17 Feb 2015
  • Springleaf back to market with consumer ABS

    Springleaf Finance Corporation priced its first securitization of the year on Wednesday, following recent efforts by the company to lower its debt burden.

    • 17 Feb 2015
  • Venn to ramp up Cartesian issuance amid resurgent Dutch mortgage market

    UK-based asset manager and lender Venn Partners is to set up a new residential mortgage platform and servicing business in the Netherlands, with plans to originate €500m annually and print at least one RMBS transaction a year from its fledgling Cartesian shelf.

    • 16 Feb 2015
  • Four tranches to be Precise

    Charter Court Financial Services will offer investors four tranches of notes down to a triple-B rating, in the latest UK non-conforming RMBS transaction from its “near prime” Precise Mortgage Funding shelf.

    • 16 Feb 2015
  • Santander leads auto ABS pipeline amid strong sentiment

    New issuance stalled at the start of this week with syndicates and investors away from their desks at the annual ABS Vegas conference which concluded on Wednesday. It did not take long for issuers to get back to work with three new auto ABS deals in the pipeline.

    • 12 Feb 2015
  • Solar stretches wings as ABS offers solution for Japanese energy

    The securitization market could offer a financing solution for the energy market in Japan, where the government is pushing rooftop solar panel facilities as an alternative to nuclear power following the closure of nearly all the country’s nuclear plants in the aftermath of the 2011 tsunami and earthquake and the ensuing Fukishima accident.

    • 11 Feb 2015

People News

  • 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
  • Cadwalader names securitization expert as managing partner

    Law firm Cadwalader, Wickersham & Taft has named Patrick Quinn, an expert on the securitization market, as managing partner.

    • 20 Jan 2015
  • Bay area PM approaching new ABS fund launch

    A San Francisco Bay area portfolio manager is readying his firm’s first dedicated securitized asset fund, focusing on esoteric ABS, as well as RMBS and CMBS and some CLOs.

    • 15 Jan 2015
  • CLO moves: Gulf Stream CLO manager leaves Apollo

    A portfolio manager mainly focused on CLOs acquired from Gulf Stream in 2011 has left Apollo Global Management, GlobalCapital understands. Separately, Apollo is marketing its first US CLO of 2015, ALM 12, with Morgan Stanley as arranger.

    • 14 Jan 2015
  • US Ex-Im Bank hires OPIC structured head

    The Export-Import Bank of the United States has hired the Overseas Private Investment Corporation’s former vice president of structured finance to oversee its structured finance transactions, according to a statement from the Ex-Im Bank.

    • 13 Jan 2015

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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
  • Today
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
  • 24 Feb 2015
1 Credit Agricole CIB 921.35 2 8.52%
2 Deutsche Bank 613.60 1 5.67%
2 Cantor Fitzgerald & Co 613.60 1 5.67%
4 Citi 540.88 1 5.00%
4 Barclays 540.88 1 5.00%