Top stories
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Bumper Blackstone hotel deal checks into CMBS market
A $1.4bn single borrower CMBS deal hit the market on Wednesday, as the pipeline for single asset/single borrower deal bulges with floating rate borrowers keen to refinance deals ahead of further rate hikes.
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National Collegiate legal fiasco spells trouble for ABS
Beyond recent headlines around missing paperwork on $5bn worth of delinquent private student loans, ongoing legal tussles between several National Collegiate Student Loan Trust (NCSLT) transaction parties do not bode well for at least 15 outstanding ABS.
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Barclays makes PACE debut as ABS underwriter
Barclays is hopping on the Property Assessed Clean Energy (PACE) bandwagon, acting as an underwriter for Renovate America’s latest residential PACE deal.
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Private SME CLOs offered to European investors
CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.
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Dutch consumer ABS marketing
A Dutch consumer ABS deal is being marketed to investors this week, expanding the range of Dutch collateral on offer this year following the sale of several mortgage and auto deals.
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CPS gets strong pricing for subprime auto ABS
Consumer Portfolio Services (CPS) achieved a new tight for the pricing of its third subprime auto ABS deal of the year, reflecting continued strong demand for the bonds despite headline risks in the sector.
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Legacy CMBS investors suffer heavy losses
Pre-crisis CMBS loans were in the spotlight this week, after a raft of property liquidations in three deals wiped out $410m of bonds, while Fitch reported that delinquencies jumped in June by the highest amount for six years.
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RNHB markets mixed MBS transaction
A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.
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Summer pipeline stays active for European CLOs
The European CLO primary market is going strong as the market heads into late summer, with a slew of deals sold over the last week and buyers eyeing more to come.
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Insurance companies swoop on junior CLO debt as fast money holds off
Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.
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Trinity on track with first rail car ABS deal of 2017
Trinity Industries is bringing a rare rail car lease offering from its TRIP shelf after a three year break from the ABS market.
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.
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Latest CLO/CDO news
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Comment
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Loss of London will make Europe less attractive
The loss of London as a cohesive financial centre would probably lead to a splintered European financial market, which would be a blow to the continent’s attractiveness for global financial firms.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 57,210.26 | 177 | 12.39% |
| 2 | Citi | 56,957.04 | 171 | 12.34% |
| 3 | Wells Fargo Securities | 47,551.45 | 149 | 10.30% |
| 4 | JPMorgan | 32,965.91 | 111 | 7.14% |
| 5 | Credit Suisse | 23,990.96 | 75 | 5.20% |
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
+44 (0)207 779 8274
george.williams@globalcapital.com
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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) | 4,628 | 18 | 11.81 |
| 2 | Citi | 4,288 | 14 | 10.95 |
| 3 | Rabobank | 2,633 | 4 | 6.72 |
| 4 | Goldman Sachs | 2,615 | 4 | 6.67 |
| 5 | Barclays | 2,603 | 8 | 6.64 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 57,210.26 | 177 | 12.39% |
| 2 | Citi | 56,957.04 | 171 | 12.34% |
| 3 | Wells Fargo Securities | 47,551.45 | 149 | 10.30% |
| 4 | JPMorgan | 32,965.91 | 111 | 7.14% |
| 5 | Credit Suisse | 23,990.96 | 75 | 5.20% |
