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Securitization

Top Securitization Stories

  • AmeriCredit gets away but timing questioned

    GM Financial’s subprime auto lending unit, AmeriCredit, managed to price its $1bn AMCAR 2014-3 securitization inside guidance on Wednesday. But observers continued to question the wisdom of bringing the deal in the middle of the summer amid a wave of negative sentiment around the sector.

    • 20 Aug 2014
  • Investors charge small premium for Delta Lloyd’s swap cost escape

    Delta Lloyd paid a small premium to investors for the lack of a standard interest rate swap in its latest RMBS transaction, according to arranger ABN Amro, which has been fielding calls from a number of issuers keen to explore swap alternatives with costs becoming an increasing irritation for RMBS issuers.

    • 20 Aug 2014
  • Delta Lloyd goes swapless for return to Dutch RMBS

    ABS bankers confessed themselves disappointed on Tuesday when they learned Delta Lloyd would not be publicly syndicating its first RMBS since 2012, but they perked up when they saw the Dutch insurer had decided to forego an interest rate swap and instead introduce an innovative cap.

    • 19 Aug 2014
  • CMBS to fund UK students again in Avenue Capital deal

    CMBS investors are about to encounter the problem experienced by parents across the UK every August, as they are asked to participate in Avenue Capital’s £107.3m ‘AYR Issuer’ transaction to help keep a roof over thousands of UK students’ heads.

    • 18 Aug 2014

Latest News

  • Delta Lloyd goes swapless for return to Dutch RMBS

    ABS bankers confessed themselves disappointed on Tuesday when they learned Delta Lloyd would not be publicly syndicating its first RMBS since 2012, but they perked up when they saw the Dutch insurer had decided to forego an interest rate swap and instead introduce an innovative cap.

    • 19 Aug 2014
  • BOQ to visit Europe for next REDS ABS

    Bank of Queensland has broken a recent silence in Australian ABS by mandating banks for its first REDS EHP programme transaction of the year, and will be visiting European investors just as supply in the region is expected to ramp up.

    • 20 Aug 2014
  • AmeriCredit brings new subprime deal after secondary wobble

    GM Financial’s subprime auto lending unit, AmeriCredit, is in the market with a new subprime auto loan securitization, just a week after its legacy paper traded at a discount following the Justice Department’s increasing focus on the sector.

    • 18 Aug 2014
  • BMW drops return to South African auto ABS

    BMW Finance has abandoned its return to the South African auto loan securitization shelf it set up with Standard Bank in 2011, blaming volatility in the wake of the rescue of African Bank earlier this month.

    • 18 Aug 2014
  • ECB influence revealed as Solvency II tweaks mean concessions for ABS

    ABS experts have suggested to GlobalCapital that new revisions to ABS capital charges for insurers are a welcome demonstration of European Central Bank influence over regulators. But they insisted the changes will have little impact on the market because they focus on lower-rated assets in a market dominated by triple-A paper.

    • 14 Aug 2014
  • South Carolina sells student loan ABS

    South Carolina Student Loan Corporation has sold a $501m student loan asset-backed security, according to rating agencies.

    • 13 Aug 2014
  • Italian recession hits pharma ABS

    Italy’s moribund economy, which officially slipped back into recession this week, is taking a heavy toll on the country’s pharmacists with 25 of the 146 borrowers in the Pharma Finance 3 SME ABS having now defaulted.

    • 13 Aug 2014
  • Bayview preps latest NPL RMBS

    Bayview Financial and Bank of America Merrill Lynch are planning a new $93.5m non-performing loan securitization, which could be priced this week.

    • 12 Aug 2014
  • Fitch to cap 'new and untested' Chinese autos at AA

    Fitch has said it will cap the international rating of Chinese auto ABS transactions at AA because of the market’s immaturity, but it is expecting a rapid expansion in the next few years as financing products penetrate further into the world’s biggest car market.

    • 14 Aug 2014
  • Shrunken Toro CLO highlights investor risk fears

    Chenavari Investment Managers’ downsized European CLO 2.0 debut was the latest in a clutch of ABS transactions that have had a hard time placing riskier paper in recent weeks, as a broad sell-off across markets has hit the primary market for securitizations in Europe.

    • 12 Aug 2014
  • Crédit Agricole targets structured ABCP from Europe shelf

    Crédit Agricole has adapted the documentation of its European asset backed commercial paper (ABCP) programme to enable it to issue floating rate structured notes, in what Moody’s said is the first such move by a bank sponsored conduit outside the US.

    • 12 Aug 2014
  • Guidance ranges set for Honda and VW

    Syndicates have issued price guidance on new deals this week for Honda Motor Company and Volkswagen Financial Services as the August pipeline continues to slowly churn out deals.

    • 12 Aug 2014
  • Subprime start-ups at risk if auto investigation widens

    Smaller subprime auto lenders in the US could face increased credit tiering in the asset backed securities market if investigations into GM Financial and Santander Consumer USA’s lending standards continue to disquiet investors, said analysts on Monday.

    • 11 Aug 2014
  • AmeriCredit trades at a discount following Justice subpoena

    Asset-backed paper from GM Financial’s subprime auto unit AmeriCredit traded at a discount on Monday in response to the Justice Department's focus on the sector.

    • 11 Aug 2014
  • CLO fund eyes role as euro originator as deal flow improves

    Fair Oaks Income Fund, the first CLO fund to float on the London Stock Exchange since the financial crisis, has said developments in the European market have opened the door to it becoming an originator.

    • 11 Aug 2014
  • Billion dollar deals pick up with Honda, VW

    Honda Motor Company and Volkswagen Financial Services are preparing to sell auto securitizations this week of over $1bn, following a brief slowdown in benchmark-sized transactions.

    • 11 Aug 2014
  • F&P prices rare NZ card securitization

    Fisher & Paykel Finance has priced NZ$283.25m of credit card ABS, the first time credit card receivables have been used as collateral for a transaction in Australia or New Zealand for a number of years.

    • 11 Aug 2014
  • Pub restructuring hits latest hiccup

    The launch of a crucial restructuring of Punch Taverns securitizations was delayed again on Monday after the pub group’s management said it needed more time to work with certain stakeholders.

    • 11 Aug 2014
  • Moody’s supports CFF’s MBS transfer

    Moody’s has backed a transfer of relatively risky assets from Crédit Foncier de France (CFF) to its parent BPCE as credit positive.

    • 11 Aug 2014
  • Peers slam “aggressive” Westfield CMBS as leads blame investor regs fear

    Crédit Agricole and Deutsche Bank postponed Westfield's £750m CMBS this week, claiming some investors were concerned with a lack of risk retention in the deal’s structure. But market participants scoffed at the suggestion and said the pricing was aggressive and the timing poor, suggesting the leads were simply scared of not getting the deal away.

    • 07 Aug 2014
  • Hot air fear intensifies as ECB seeks ABS consultant

    More market participants are starting to question the European Central Bank’s ability to successfully revive the European asset-backed securities market after another Mario Draghi press conference went by without further detail on Thursday, except for the president saying a consultant would be hired to advise on its promised ABS purchase programme.

    • 07 Aug 2014
  • Och-Ziff helps propel CLOs towards $70bn mark

    Hedge fund giant Och-Ziff Capital Management Group priced the eighth CLO off its Och-Ziff Loan Management platform on Thursday, helping push new US CLO issuance this year to date to around $67.5bn, according to GlobalCapital data.

    • 08 Aug 2014
  • RPM targets securitization with new non-QM line

    US lender RPM Mortgage has launched a new range of loans catering to prime borrowers who fall outside new Qualified Mortgage guidelines, with plans to eventually securitize the resulting collateral. The move comes as mortgage lenders increasingly look to the non-QM demographic, and follows a new industry initiative to revive the moribund private-label RMBS market.

    • 07 Aug 2014
  • Chenavari to price debut as CLO juniors weaken

    Chenavari Investment Managers will look to price its debut European CLO 2.0 on Friday, defying weaker trading in a more illiquid summer market that has sent junior euro CLO tranches materially wider.

    • 08 Aug 2014
  • Westfield CMBS postponed as investors get jitters on CRD

    Crédit Agricole and Deutsche Bank have postponed the Westfield Stratford CMBS after a number of investors grew jittery over the banks’ interpretation of European risk retention rules, under which they decided neither they nor the sponsors would take a 5% stake in the £750m deal.

    • 06 Aug 2014
  • Applebee’s, IHOP prepare latest restaurant ABS

    Applebee’s bar and grill and its pancake griddle partner IHOP plan to sell a whole business securitization that would be at least four times larger than the asset-backed deal that Hooters sold last month.

    • 06 Aug 2014
  • American Residential to announce debut rental deal

    American Residential Properties Inc (ARPI) has finally obtained ratings for a debut single family rental securitization and will this week announce a $342m deal backed by 2,880 properties.

    • 06 Aug 2014
  • Private investors miss out on more SME ABS

    Banca Popolare di Bari has kept more SME ABS out of the hands of private investors after selling the majority of a securitization of loans to Italian small and medium-sized companies to the European Investment Bank and retaining the rest.

    • 06 Aug 2014
  • Cantor bids to build in mortgages and CLOs

    Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.

    • 05 Aug 2014
  • ‘Lord Of The Rings’ ABS hits screens this week

    Bob and Harvey Weinstein’s Miramax Films, the distribution company with film rights to over 700 titles including Lord of the Rings, Pulp Fiction and Chicago, is teaming up with Barclays to sell a new securitization tied to royalties. The deal would be the first of its kind to appear since 2011.

    • 05 Aug 2014
  • S&P methodology change could benefit CLO managers

    A change in Standard & Poor’s loan ratings methodology could benefit CLO managers by moving some of the assets in their CLO portfolios further away from recovery rating covenants, according to Wells Fargo analysts.

    • 05 Aug 2014
  • BBVA legacy RMBS hit by downgrades on distressed loans

    Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) has suffered a raft of downgrades to three RMBS transactions it originated in 2007, after Fitch Ratings found the volume of distressed loans in the portfolios was understated in the transaction’s regular reporting.

    • 06 Aug 2014
  • Westfield CMBS focused on upper end of price guidance

    Lead managers Crédit Agricole and Deutsche Bank have revised price guidance on their £750m Westfield Stratford City Finance CMBS, focusing investors on the upper end of initial price thoughts.

    • 05 Aug 2014
  • Avoca follows ICG to shoot CLO inside 135bp

    KKR's Avoca Capital has built on a very minor recent tightening in primary euro CLO spreads this week by pricing the senior notes of its second European deal of the year at 134bp over Euribor, in line with Intermediate Capital Managers’ St Paul’s CLO V transaction last week.

    • 05 Aug 2014
  • Susquehanna plans first deal since crisis as autos fill pipeline

    At least four auto ABS deals totaling $2.28m are lined up to be sold this week, including one from Susquehanna Bank’s auto finance unit, which has not issued a deal since before the crisis.

    • 04 Aug 2014
  • Orange Lake preps timeshare ABS

    Orange Lake Country Club and Wilson Resorts Finance are preparing to sell a $149m timeshare ABS, their third-ever securitization backed by loans tied to resort lodgings.

    • 04 Aug 2014
  • BMW revisits South African auto ABS

    BMW Finance is set to return to the South African auto loan securitization shelf it set up with Standard Bank in 2011 after having a dual tranche transaction rated by Moody’s.

    • 04 Aug 2014
  • F&P preps first antipodean credit card ABS

    Fisher & Paykel Finance is preparing a NZ$283.25m credit card ABS which arranger Westpac New Zealand says is the first ever term securitization of credit card receivables in either New Zealand or Australia.

    • 04 Aug 2014
  • Enterprise lines up fleet lease ABS

    Enterprise Fleet Management plans to sell next week a $800m fleet lease ABS, which would be the second deal for the issuer this year following a $801m issuance in February.

    • 01 Aug 2014
  • Republicans bleed Ocwen to aid smaller banks

    House Republicans are continuing to hammer away at Dodd-Frank and non-bank mortgage servicer Ocwen Financial as a means to help regional and community banks compete for servicing assets.

    • 31 Jul 2014
  • European investors chase Blackstone’s US rental unit

    European investors are deepening the market for US rental housing as Blackstone Group and Deutsche Bank go overseas in search of fresh funding.

    • 31 Jul 2014
  • Citi plays games with Thrones as AA tranche 20% covered

    Citi priced Thrones 2014-1 on Thursday, despite the last book update at 1.30pm announcing the double A tranche being just 0.2 times done, and some of the others also uncovered at 0.9 times for the class A, 0.7 times on the class E, and 0.5 times on the class F. It did not give a further update on whether the deal was fully covered by investor demand, but priced the deal between 6pm and 8pm on Thursday evening.

    • 31 Jul 2014
  • BES results hit Lusitano RMBS, but peripheral softening muted

    The release of Banco Espírito Santo’s results on Thursday led to a widening in its Lusitano RMBS programme, causing modest weakness across other peripheral ABS markets.

    • 31 Jul 2014

People News

  • Moelis-backed CLO manager hires analyst from CIFC

    A CLO manager set up earlier this year by Moelis Asset Management has hired a fund analyst from CIFC Asset Management to join its growing team.

    • 18 Aug 2014
  • Lloyds goes for securitization growth as RBS’s structured exodus accelerates

    Lloyds Banking Group is continuing its push into the US credit and asset-backed securities markets but is taking a very different approach to that of Royal Bank of Scotland, whose Connecticut office had several more structured credit departures this week amid its retrenchment in the country.

    • 13 Aug 2014
  • Another CLO expert leaves RBS

    A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.

    • 14 Aug 2014
  • RBS continues cuts into US mortgage team

    At least two more mortgage experts have left Royal Bank of Scotland in Connecticut as the bank shrinks its US footprint across multiple businesses.

    • 13 Aug 2014
  • CLO experts leave RBS for CIFC

    CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.

    • 13 Aug 2014
  • Ignis veteran leaves for TwentyFour AM

    Ignis Asset Management’s former head of credit is leaving the firm to join Twenty Four Asset Management, following Ignis’s takeover by Standard Life last month.

    • 11 Aug 2014
  • Credit Suisse veteran to lead new hires at Element

    Element Financial Corporation has added six US structured products experts to its transportation finance team in Connecticut, including a managing director from Credit Suisse.

    • 08 Aug 2014
  • FGB adds two to structured finance team

    First Gulf Bank has added two people to its structured finance team. Anand Bangur and Mehdi Raza have joined the group’s debt markets and syndications team under former Standard Chartered banker Steve Perry, who was hired by FGB in September 2013.

    • 07 Aug 2014
  • Cantor bids to build in mortgages and CLOs

    Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.

    • 05 Aug 2014
  • Prytania appoints Henderson FI head as next CEO

    Henderson Global Investors will lose its head of fixed income next week to London-based asset manager The Prytania Group, which is replacing retiring chief executive Joe Cook.

    • 23 Jul 2014
  • CRE bankers to join loan servicer

    Commercial real estate loan servicing firm Hatfield Philips has plundered two commercial real estate professionals from banks to head up its newly launched debt advisory team and its marketing team.

    • 22 Jul 2014
  • Fledgling CLO shop looking to expand

    A young North Carolina CLO manager is looking to expand its small team with three new hires in the next couple of months, according to a person at the firm.

    • 18 Jul 2014
  • CIFC loses one but middle-market project continues

    CIFC is forging ahead with its new middle-market CLO platform, despite losing a managing director to a specialist middle-market lender.

    • 15 Jul 2014
  • RBS exodus continues as Cantor nabs two

    Cantor Fitzgerald has hired two bankers from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the UK-based lender implements deep cuts to its North American asset-backed securities business.

    • 11 Jul 2014
  • Dismissed RBS trader finds home at Nomura

    Nomura has hired an ex-Royal Bank of Scotland CDO trader to work on its London CLO trading desk, a year after he lost a lawsuit contending that he was unfairly fired from RBS.

    • 10 Jul 2014
  • AXA brings SF team founder back as head

    AXA Investment Managers has made the very definition of an experienced hire for its structured finance team, bringing back one of its founders as head of the business.

    • 10 Jul 2014
  • Stehli builds Mizuho CLO team with new hire

    Jim Stehli, the veteran of UBS’s CDO losses who joined Mizuho earlier this year to build a CLO origination team, has hired a CLO structurer from Cantor Fitzgerald.

    • 08 Jul 2014
  • Apollo hires two for structured credit investment

    Apollo Global Management has made two new hires within its structured credit investment team in the US, bringing on a former sell-side CLO structurer from Bank of America Merrill Lynch and a trader from Citi.

    • 02 Jul 2014
  • SCIO grows team DB with syndicate appointment

    SCIO Capital has added to its ranks of former Deutsche Bank structured credit bankers with the appointment of a new head of syndicate.

    • 01 Jul 2014
  • RBS cuts extend to ABS

    Two senior ABS bankers have left Royal Bank of Scotland's US headquarters in Connecticut, one month after the bank announced a strategic “repositioning” that may affect as many as 400 of its US staff.

    • 27 Jun 2014
  • NewOak hires CRE securitization veteran

    NewOak Advisors has hired a former commercial real estate and structured credit analyst at Standard & Poor’s as a managing director in its Credit Services group. The new hire will help NewOak build up its collateral validation, servicer oversight and other credit management functions.

    • 26 Jun 2014
  • Raiffeisen Russia hires VTB securitization pair

    Raiffeisen Bank has hired a team of two from VTB to develop its Russian domestic market securitization business, ahead of a new securitization law which will take effect from July 1.

    • 24 Jun 2014
  • Guggenheim shows full house with hires across fixed income

    Guggenheim Securities has plucked away three veteran origination experts from rival firms in its bid to grow its fixed income business, which is expanding on multiple fronts, including esoteric ABS, leveraged loans and emerging markets.

    • 19 Jun 2014
  • Commerzbank hires securitization pro after long hiatus

    Commerzbank has hired Patrizia Canziani, a senior ABS origination banker, in a sign that it may be prepared to recommit to the business after a long period with a tiny primary securitization operation.

    • 19 Jun 2014

Top RMBS Stories

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Will Caiger-Smith
Securitization Editor
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Matt Scully
New York Reporter
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Tom Porter
European Securitization Editor
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tom.porter@globalcapital.com

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CLO

IssuerArrangerSize ($M)
Arrowpoint Asset Management, Arrowpoint 2014-3Goldman Sachs415.00
Trimarian Capital Advisors, Catamaran 2014-2Credit Suisse464.75
Kramer Van Kirk Credit Strategies, KVK 2014-3Goldman Sachs516.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2014
1 JPMorgan 133,759.50 282 0.00%
2 Citi 117,145.39 281 0.00%
3 Bank of America Merrill Lynch 113,628.86 309 0.00%
4 Barclays 104,450.28 248 0.00%
5 Deutsche Bank 102,232.45 212 0.00%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
HAROT 2014-399.98334.20
HAROT 2014-3100.00256.40
HAROT 2014-399.98110.00

Priced Deals

IssuerMaturitySize
Virgin Money Holdings160
Credit Mutuel Nord Europe30-Jul-19300
Admiral Group25-Jul-24200

bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Aug 2014
1 JPMorgan 4,076.46 11 0.00%
2 Deutsche Bank 3,489.39 10 0.00%
3 Bank of America Merrill Lynch 2,737.00 7 0.00%
4 RBS 2,666.67 6 0.00%
5 Barclays 2,655.81 8 0.00%
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