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Securitization

Top Securitization Stories

  • BlackRock deal opens P2P path for both issuers and investors

    BlackRock’s $344.85m securitization of unsecured consumer loans originated through peer-to-peer lending platform Prosper is the first deal of its type to secure a public rating. Passing that hurdle means that large institutional investors can get exposure to the lucrative asset class, and could also help smaller platforms use securitization to compete with the sector’s leading names.

    • 29 Jan 2015
  • Risk retention breeds ‘ghost’ structures for new CLOs

    Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.

    • 29 Jan 2015
  • DVB marketing global aircraft ABS deal

    DVB Bank’s London Branch is marketing its first securitization, a $667m ABS backed by 20 aircraft leases to 13 airlines in 12 countries. The deal is the latest in a string of aircraft ABS issuance that is expected to jumpstart secondary trading in the esoteric asset class.

    • 29 Jan 2015
  • US pair to kick off European CLOs’ quest for €20bn year

    US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help solve that problem and help drive issuance towards €20bn in 2015.

    • 29 Jan 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

Latest News

  • Floorplan ABS issuers bringing larger deals at higher yields

    Floorplan ABS issuers have targeted volume over pricing in recent deals, but spreads should tighten later on this year making it more difficult to increase new transactions, market participants said.

    • 29 Jan 2015
  • First STACR first-loss piece oversubscribed

    Freddie Mac’s first risk-sharing transaction to offer part of its first loss piece to investors was oversubscribed across all tranches, a person close to the deal told GlobalCapital. The $880m deal, priced on Wednesday, is Freddie’s first STACR issuance of the year.

    • 28 Jan 2015
  • Swedish property ‘up to 30% overvalued’

    The two decade long bull market in Swedish property has left it 20%-30% overvalued, according to research from Scope Ratings, which believes exposure to domestic real estate presents a key risk to the Swedish banks it rates.

    • 28 Jan 2015
  • New Angel Oak platform to bolster non-QM market

    Angel Oak Mortgage Solutions is launching an online platform to underwrite non-QM (qualified mortgage) loans which are expected to serve as collateral for new securitizations.

    • 28 Jan 2015
  • No quick comeback for Créd Ag as it retains Ginkgo deal

    Crédit Agricole Consumer Finance has got French ABS supply off to a familiar start in 2015 after deciding to retain all €750m of notes in its latest consumer loan-backed transaction, Ginkgo Personal Loans 2015-1.

    • 28 Jan 2015
  • OneMain upsizes consumer loan ABS

    Citigroup subsidiary OneMain Financial launched its first consumer loan securitization of the year on Wednesday, upsizing the deal from to $1.229bn from its initial target of $737.5m.

    • 28 Jan 2015
  • Tawreeq provides Shariah platform for SME financing

    Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

    • 27 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
  • FHFA's Watt battles House over "race to the bottom"

    Federal Housing Finance Agency director Melvin Watt fought off criticism of the agency’s move to loosen underwriting standards at Fannie Mae and Freddie Mac during a hearing in front of the House Financial Services Committee on Tuesday.

    • 27 Jan 2015
  • CMBS bankers wait for QE boost as second Italian deal nears

    Bank of America Merrill Lynch has issued price guidance on its private equity sponsored Taurus CMBS, which will be the second transaction backed by Italian assets already this year. Bankers expect tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

    • 27 Jan 2015
  • Early amortization possible for Ocwen-backed notes

    Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday.

    • 26 Jan 2015
  • RMBS newcomer Charter Court launches bank

    Charter Court Financial Services limited, which priced the third securitization under its Precise Mortgage Funding programme in November, has gained approval from the UK regulator to set up a retail savings bank, a move which the firm described as “only positive” for its RMBS programme.

    • 27 Jan 2015
  • Citi sub marketing ABS amid its own sale

    Citigroup subsidiary OneMain Financial is marketing its first securitization of the year, a $737.5m deal backed by nonprime and subprime consumer loans.

    • 27 Jan 2015
  • Strong oversub for SoFi’s latest ABS

    San Francisco marketplace lender SoFi sold its fourth and largest yet securitization of student loan refinancings on Friday, pulling in almost $900m of orders and pricing around 3bp inside where its last deal was trading on the secondary market, according to a person at the firm.

    • 26 Jan 2015
  • More ABS reaches investors in 2014 - just

    New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes.

    • 26 Jan 2015
  • Australia’s day in securitization as Macquarie lines up RMBS

    Macquarie Securitisation Limited celebrated Australia Day by launching a roadshow for what may be the first Australian RMBS to price in 2015, well over a month since the last supply from the country.

    • 26 Jan 2015
  • RMBS holders take another swing at Ocwen

    Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.

    • 26 Jan 2015
  • Deutsche discounts Progress SFR ABS amid heavy supply

    Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.

    • 22 Jan 2015
  • Institutional investors wolf down Dunkin' Donuts securitization

    Strong demand from institutional investors allowed Dunkin’ Brands to upsize its whole business securitization by $200m to $2.6bn on Thursday, making it one of the largest such deals in recent memory.

    • 22 Jan 2015
  • CMBS steps out as Banca IMI and Cairn price fashionable deal

    Banca IMI and Cairn Capital priced and issued the first European CMBS transaction of the year this week, with the deal being used to refinance a luxury fashion complex in Milan.

    • 23 Jan 2015
  • Buyers jump on first fresh ABS to drive down VW’s auto level

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

    • 22 Jan 2015
  • Dutch RMBS spreads hit fresh lows but tightened lending rules to slow recovery

    Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.

    • 22 Jan 2015
  • Pace effect unclear as ABS is loaded into ECB bazooka

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    • 22 Jan 2015
  • Originators ‘improve’ Greek RMBS performance

    Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.

    • 23 Jan 2015
  • The SEC banned who from rating what?

    The Securities & Exchange Commission’s decision to suspend Standard & Poor's from rating conduit fusion CMBS deals for one year may seem dramatic, but will have little effect on issuers and investors. Market participants have already adapted to life without the ratings agency, which has seen its market share drop by a factor of 10 since 2007.

    • 22 Jan 2015
  • Top players lose share in CLOs, but not for long

    The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.

    • 22 Jan 2015
  • Largest SoFi ABS yet gets upgrade despite lower FICOs

    DBRS has awarded West Coast marketplace lender SoFi a small ratings upgrade for its fourth and largest yet securitization of student loan refinancings, despite noting slightly weaker collateral backing the deal.

    • 21 Jan 2015
  • Another shot for MBS investors in trustee lawsuits

    Lawsuits against MBS trustees over bad mortgages originated before the financial crisis might still have a chance of being considered, after a petition filed in a US federal appellate court on Tuesday.

    • 21 Jan 2015
  • VW pushing 3x as investors climb on fresh bonds

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for its market opening auto loan-backed transaction.

    • 21 Jan 2015
  • StormHarbour reveals third deal for Energias de Portugal

    StormHarbour arranged an electricity tariff deficit sale for Energias de Portugal just before Christmas, the third such transaction it has structured for the energy company but also the smallest.

    • 21 Jan 2015
  • Esoteric ABS surge continues

    A trend of more esoteric ABS issuance continued this week with three deals marketing, one backed by timeshares, another by shipping containers and the third by railcar equipment.

    • 21 Jan 2015
  • New housing drive to boost Indian RMBS

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    • 22 Jan 2015
  • VW testing tighter with ECB to come

    Volkswagen Bank is ready to set a tight benchmark for the rest of the European ABS market to follow on Wednesday after tightening guidance on its Driver Thirteen German auto ABS to a minimum spread of 25bp on Tuesday.

    • 20 Jan 2015
  • Progress pricing similar to Invitation Homes, but less leverage

    Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.

    • 20 Jan 2015

People News

  • 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
  • C-PACE pioneer leaves Connecticut Green Bank

    Jessica Bailey, who helped spearhead Connecticut’s property assessed clean energy (PACE) financing programme for commercial buildings, resulting in the first ever securitization of commercial PACE collateral, is leaving the Connecticut Green Bank after almost three years.

    • 12 Jan 2015
  • Investec hires von Hartig to head DCM

    Investec has hired Florian von Hartig as head of DCM. Von Hartig joins from Standard Bank, where he was global head of debt primary markets, managing DCM, securitization, ratings advisory, transaction execution and bond syndicate.

    • 06 Jan 2015
  • Deutsche director moves back to London

    One of Deutsche Bank’s collateralised loan obligation experts has moved back to London after a four and a half year stint in New York, according to a person at the bank.

    • 05 Jan 2015
  • Cantor Fitzgerald taps two for loan trading

    Cantor Fitzgerald has added two whole loan trading experts to its mortgage and mortgage-backed securities team, as part of a strategic expansion into whole loan trading.

    • 15 Dec 2014
  • Structured shake-up at AXA IM

    AXA Investment Managers has combined its fixed income and structured finance divisions into one, with the structured finance team split into two platforms, which the fund manager says will make it more aligned with how clients think about their investments.

    • 02 Dec 2014
  • Clifford Chance launches US RMBS practice

    Clifford Chance, the UK based global law firm, has tapped a team of five lawyers from Bingham McCutchen to bolster its structured finance practice in Washington, DC. The additions are a big move by Clifford Chance into both the RMBS and consumer ABS space.

    • 01 Dec 2014
  • B2R brings on first CEO as multi-borrower deal eludes market

    B2R Finance hired Jason Hogg as its first CEO on Monday. His appointment comes amid anticipation for a multi-borrower single-family securitization from B2R.

    • 17 Nov 2014
  • CSAM to make new London credit hire

    Credit Suisse Asset Management is looking for a new credit analyst to join its credit investments group in London, as it gears up to issue its first euro CLO of the year.

    • 10 Nov 2014
  • BMO targets mid-cap growth in US

    BMO Capital Markets has appointed a new global head of investment and corporate banking and a new global head of trading products, as it ‘commits’ to increasing its US market share in the mid-cap space. The bank has also appointed new heads of US and Canadian investment and corporate banking.

    • 04 Nov 2014
  • Moody’s Analytics to hire two researchers for SF Portal

    Moody’s Analytics is looking for two full time researchers to create research papers and webinars showcasing data from its Structured Finance Portal, which was initially focused just on CLOs but is growing into ABS and RMBS — a process which will be sped up by Moody’s Corporation’s acquisition of data provider Lewtan.

    • 31 Oct 2014
  • Serone partner joins DB in CRE special situations

    A former Serone Capital Management partner and seasoned structured credit professional has joined Deutsche Bank’s special situations group.

    • 31 Oct 2014
  • CircleBack beefs up staff

    Online consumer lending platform CircleBack Lending, which has teamed up with Jefferies to securitize up to $500m of the loans it originates, is “aggressively” expanding its staff to deal with increased business.

    • 16 Oct 2014
  • JPM combines debt syndicate, O’Grady and LoBue to co-head

    JP Morgan is bringing all of its fixed income syndicate teams together under new global co-heads Ryan O’Grady and Bob LoBue.

    • 15 Oct 2014

Top RMBS Stories

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Will Caiger-Smith
Securitization Editor
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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)
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
  • 26 Jan 2015
1 Citi 960.41 3 12.42%
2 Mizuho 844.54 3 10.92%
3 Credit Agricole CIB 794.04 2 10.27%
3 Barclays 794.04 2 10.27%
5 CITIC Securities 553.21 3 7.15%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
HAROT 2015-1100.00122.00
HAROT 2015-1100.00384.00
HAROT 2015-1100.00384.00

Priced Deals

IssuerMaturitySize
Achmea750
3CIF/Caisse Centrale du Credit Immobilier de France05-Feb-20850
Morgan Stanley30-Jan-251500

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jan 2015
1 Deutsche Bank 613.60 1 16.48%
1 Cantor Fitzgerald & Co 613.60 1 16.48%
3 Credit Agricole CIB 540.88 1 14.53%
3 Citi 540.88 1 14.53%
3 Barclays 540.88 1 14.53%