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Securitization

Top Securitization Stories

  • Voba could usher in new wave of periphery ABS reoffers

    A secondary reoffering of Voba RMBS bonds from Banca Popolare dell’Alto Adige could be at the head of a fresh wave of resales from periphery originators, particularly from Italy, as the secondary market effect of the European Central Bank’s purchases makes the economics of the exercise even more favourable.

    • 11:30 AM
  • Westpac takes aim at top of RMBS market

    Westpac has launched its second prime RMBS transaction of the year, aiming the top class of notes inside a string of recent mortgage backed deals from Australia.

    • 10:00 AM
  • Clydesdale to brave sterling in dual currency RMBS

    Clydesdale Bank is ready to print its second euro-sterling dual tranche UK RMBS transaction of the year, despite sterling proving a tricky hunting ground for the last couple of issuers who ventured into it with mortgage-backed bonds.

    • 26 Nov 2014
  • Starwood Waypoint planning SFR ABS debut

    Starwood Waypoint is planning its first single-family rental securitization. The deal would bring total issuance for the new asset class, which debuted last year, above $7bn.

    • 26 Nov 2014

Latest News

  • French autos lagging as BNP Paribas retains deal

    BNP Paribas Personal Finance has resumed normal service in the French auto ABS market by launching and retaining €560m of notes, after a rare deal from RCI Banque raised spirits last month.

    • 02:00 PM
  • CLO risk retention less certain following lawsuit

    CLO managers could escape burdensome risk retention requirements following a suit to block the rule on grounds it was an arbitrary and capricious overstep by financial regulators. That argument has proved successful in the past, but CLO managers are not yet changing course as a result of the news.

    • 25 Nov 2014
  • German deal to round out constructive year for CMBS

    Deutsche Bank and Bank of America Merrill Lynch have launched a long rumoured German CMBS transaction, which could take European supply in the recovering asset class close to €5bn for the year.

    • 26 Nov 2014
  • ‘A shrinking CLO market is bad for everyone’: Q&A with Prudential’s Brian Juliano

    As one of the larger CLO managers in the US market, Prudential is less at risk from risk retention rules than smaller names. But that doesn’t mean they’re happy about the new regulations. GlobalCapital caught up with Brian Juliano, vice president and portfolio manager for Prudential Fixed Income's US bank loan sector team, to find out why risk retention could shift risk to the high yield market, how managers may work around the rules, and why smaller shops might lose analysts.

    • 21 Nov 2014
  • NewDay doubles down on UK credit cards

    Credit and store card provider NewDay has mandated banks to sell two UK credit card transactions at once early next month, after acquiring the portfolio and related servicing platform from Santander UK last year.

    • 26 Nov 2014
  • Auto ABS performance trending downward

    More data showing declining auto ABS performance was released on Monday, however, issuance for the asset class has remained steady.

    • 25 Nov 2014
  • Fannie Mae risk-sharing deal wider amid RMBS oversupply

    Fannie Mae’s fourth risk-sharing deal under its Connecticut Avenue Securities (CAS) program priced wider last week. Market participants have attributed the widening to market over-saturation of RMBS, both from new risk-sharing issuance and investor selloffs of legacy RMBS.

    • 24 Nov 2014
  • FleetPartners diversifies Australian ABS pipeline

    Australian fleet lease firm FleetPartners is set to issue its third securitization since 2010, which will offer investors a diversification opportunity with recent weeks dominated by RMBS issuance.

    • 25 Nov 2014
  • Fitch rated an RPL RMBS deal days before releasing its new criteria

    Fitch Ratings published its new reperforming loan criteria on Friday, just four days after it had assigned preliminary ratings to a deal that would mark the first rated RPL RMBS issuance since the financial crisis.

    • 24 Nov 2014
  • Delta Lloyd closes on parity with regular Dutch RMBS

    Delta Lloyd cut the guidance on its second swapless RMBS transaction across the offered notes on Monday morning, raising the possibility of the deal being priced virtually in line with more traditionally structured Dutch RMBS.

    • 24 Nov 2014
  • Periphery capital relief ‘challenging’ without ECB mezz buys

    The European Central Bank’s purchases will have to stimulate mezzanine sales to grant banks the capital relief they need. But Fitch Ratings believes periphery lenders are at a disadvantage to their core counterparts in that respect.

    • 24 Nov 2014
  • AMP Bank prices Progress RMBS inside Beyond

    AMP Bank priced its second Progress Trust RMBS of the year well inside Beyond Bank’s market return on Monday, though still marginally wide of Citibank Australia’s comeback Australian dollar deal.

    • 24 Nov 2014
  • Jury out on ECB as it pulls trigger on ABS purchases

    The European Central Bank could be buying primary European ABS from securitization bankers in the next few trading sessions after signing its purchase programme into law this week. But a worrying number of those bankers think the purchases will drive private investors out of the market, while an even greater number say the positive effects will not be enough to combat the regulatory barrier to more issuance.

    • 20 Nov 2014
  • Floodgates open for institutional investors to buy RPL RMBS

    Credit Suisse subsidiary DLJ Mortgage Capital is sponsoring the first rated issuance of RMBS backed by re-performing mortgages, as RPL RMBS issuers look to tap a larger investor base which has been boxed out of the booming asset class until now.

    • 20 Nov 2014
  • DriveTime order a warning for auto ABS

    The Consumer Financial Protection Bureau (CFPB) announced an $8m enforcement action against the auto dealer DriveTime on Wednesday. The action raised concerns among market participants that auto lending investigations might not be as priced in for new ABS issuance as was previously thought.

    • 20 Nov 2014
  • Delta Lloyd looks to tighten curve into ECB driven rally

    Delta Lloyd issued price guidance on the A2 and A3 notes of its second swapless RMBS transaction well inside its first this week, but was met with an enthusiastic response for the novel structure from investors who had the deal well covered by Thursday afternoon.

    • 20 Nov 2014
  • National central banks to take on ECB’s ABS purchases

    The European Central Bank can begin buying asset backed securities as early as Friday after signing its purchase programme into law on Wednesday. The published documents showed the eurozone's national central banks will take over from the ECB later on in the programme.

    • 20 Nov 2014
  • To A$4bn and Beyond for Aussie ABS

    While European ABS issuance was impatiently waiting for the entrance of the European Central Bank this week, Australian issuance was ploughing on with another two banks having mandated for RMBS transactions.

    • 20 Nov 2014
  • US managers eyeing euros as CVC places Cordatus IV

    CVC Credit Partners priced its latest European CLO this week, with its senior notes printed at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.

    • 20 Nov 2014
  • Los Angeles CLO manager close to S&P and Volcker doc change

    West Gate Horizons is close to Volckerising one of its 2013 collateralised loan obligations, as well as modifying the documentation to reflect changes in Standard & Poor’s recovery ratings. The move comes as Volckerisation efforts are slowing because of a less refi-friendly environment — although some sources say equity investors are more receptive to such changes as they may enhance liquidity.

    • 20 Nov 2014
  • Ocwen allows free access to loan-level data

    Ocwen Financial is allowing open access to its re-launched loan-level database. Investors, and anyone else who signs up for the platform, can analyse Ocwen-serviced loans that back RMBS.

    • 20 Nov 2014
  • Australian ABS will withstand weaker assets, says Moody’s

    A deterioration in the quality of new collateral in an environment of low interest rates and buoyant house prices will be no barrier to continued strong performance from Australian RMBS and other ABS, according to Moody’s.

    • 20 Nov 2014
  • Two banks lead FirstKey's first RMBS

    FirstKey has mandated two leads for its first RMBS issuance, a $286m deal backed by jumbo mortgages, as the non-agency RMBS market limps towards recovery.

    • 18 Nov 2014
  • Investors weigh impact of housing recovery on SFR ABS

    Investors are considering the impact that a potential housing recovery could have on rental property vacancy rates in their analysis of single-family rental (SFR) ABS, as pricing guidance was released on another SFR ABS from American Homes 4 Rent.

    • 19 Nov 2014
  • Ratings, and a new class of investors for RPL RMBS

    RMBS issuance backed by reperforming loans has picked up this year as issuers have securitized reperforming mortgages to finance ever more acquisitions of scarred loans. Market participants say a new class of investors is primed to jump into the asset class, as Kroll assigns ratings to an RPL deal for the first time.

    • 18 Nov 2014
  • ACA deal priced in wake of predatory lending investigation

    American Credit Acceptance priced its fourth subprime auto ABS issuance on Wednesday. Investors in the notes, backed by subprime used car loans, have not been greatly deterred by a new investigation of potential predatory lending by used car dealers, market participants said.

    • 19 Nov 2014
  • BPCE’s BRED retains €900m of RMBS

    BRED Banque Populaire has priced and fully retained its FCT Elide Compartiment 2014-1 mortgage-backed true sale transaction, its first securitization of mortgages since 2012.

    • 19 Nov 2014
  • Santander hit with yet another subprime auto subpoena

    Yet another regulator, the New York City Department of Consumer Affairs (NYCDCA), has subpoenaed Santander Consumer USA, the NYDCA announced on Monday.

    • 18 Nov 2014
  • P2P securitization ‘problematic’ in Europe but groundwork being laid

    The US market may be moving towards its first rated securitization of marketplace lending consumer loans and mainstream acceptance, but attendees at the LendIt Conference in London this week were cautious on the outlook for a similar breakthrough in Europe.

    • 20 Nov 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
  • Orchard partners with Duff & Phelps for ‘seamless’ P2P valuations

    Orchard Platform, which connects institutional investors with marketplace lending platforms to enable them to buy whole loans, has partnered with valuation firm Duff & Phelps. Institutional investors are increasingly turning to the asset class as the sector shifts from ‘peer-to-peer’ to an ‘institution-to-peer’ model that is soon expected to yield its first rated securitization of consumer loans.

    • 17 Nov 2014
  • US managers eyeing Europe as CVC guides

    CVC Credit Partners has issued guidance on its latest European CLO, at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.

    • 17 Nov 2014
  • Wells could be stuck with controversial MSR portfolio

    Wells Fargo will have to decide whether to retain the $39bn in mortgage servicing rights (MSRs) it had planned to sell to Ocwen Financial or find a new buyer, following the announcement last Friday that the parties had cancelled the transaction.

    • 17 Nov 2014
  • Private-backed auto deal leads strong ABS pipe

    Auto ABS issuance is expected to pick up this week with two prime and two subprime deals in the pipe, and another subprime deal to settle. A deal by privately-held American Credit Acceptance (ACA) could present the biggest challenge to underwriters.

    • 17 Nov 2014
  • Delta Lloyd swapless in public as it widens audience for rate cap

    Delta Lloyd is taking the swapless RMBS concept public after mandating banks to broadly syndicate its second Arena NHG prime Dutch RMBS of the year, which will again feature an interest rate cap provided by ABN Amro instead of a traditional swap.

    • 13 Nov 2014
  • Veneto Banca tightens curve again with ECB set to intensify periphery squeeze

    Veneto Banca priced its second resale of Claris 2011 RMBS paper of the year this week, bringing its funding costs in the asset class well inside 100bp over Euribor. And with the European Central Bank set to begin ABS purchases next week, bankers expect the market to become even more attractive to periphery credits.

    • 13 Nov 2014
  • UK RMBS trades keep coming despite stubborn sterling

    Precise Mortgages managed to fully cover its latest UK RMBS this week. But the trade had to combat the same investor apathy that has afflicted a string of sterling trades of late, just as Permanent TSB is lining up a return to UK RMBS through CHL Mortgages.

    • 13 Nov 2014
  • Freddie Mac raises its stake in CMBS market

    Freddie Mac is launching a new securitization product that will increase its role in multifamily CMBS just as market participants have touted Freddie’s divestment of risk in RMBS.

    • 13 Nov 2014
  • CFTC extends relief for swaps, agency MBS package trades

    The US Commodity Futures Trading Commission has issued a no-action letter extending relief that was previously granted for package transactions involving a swap component and an agency mortgage-backed security component.

    • 13 Nov 2014
  • Be hard on originators to fix private label RMBS, say panellists

    Small investors are coming back to the private label RMBS market, but deep structural reforms that "hold originators' feet to the fire" are needed to tempt larger buyers back, said panelists at a conference on Wednesday.

    • 12 Nov 2014
  • Crusade for benchmark private label RMBS too ambitious, say bankers

    Michael Stegman, counsellor to the US Treasury secretary, this week continued his push for a benchmark transaction that could resurrect the private label securities (PLS) market but some market participants say his pitch is a little too ambitious.

    • 12 Nov 2014
  • Sterling stays stubborn for Precise RMBS

    Precise Mortgages managed to fully cover its latest UK RMBS by pricing on Wednesday afternoon, but the trade had to combat the same investor apathy that has afflicted other recent sterling trades.

    • 13 Nov 2014
  • Liberty Financial RMBS joins Australia’s A$3bn party

    Liberty Financial mandated banks for its second Australian RMBS transaction of the year on Tuesday, looking to place up to A$400m of bonds in a market that has absorbed over A$3bn of supply in the last two weeks.

    • 12 Nov 2014
  • Indications of interest cover third of Veneto Banca’s remaining stock

    Lead managers on Veneto Banca’s Claris 2011 RMBS resale have collected over €300m in indications of interest for the deal, which leaves the Italian bank on track to offload a third of the bonds it still holds from the previously retained transaction.

    • 12 Nov 2014
  • OnDeck hands IPO underwriting mandate to Deutsche, among others

    Online small business lender OnDeck has filed for an initial public offering, handing underwriting duties to a handful of banks including some that supply the group’s credit lines and one that has underwritten a previous securitization. OnDeck is the latest online marketplace lender to go public, following others like Lending Club and SoFi.

    • 12 Nov 2014
  • Market participants say uncertainties remain for RMBS

    Market participants cited the finalization of regulatory rulemaking initiatives as a relief for private label RMBS issuers and investors on Wednesday during a conference in New York, but potential liabilities related to reps and warranties and mortgage servicing remain murky.

    • 12 Nov 2014
  • Lending Club data cuts force P2P code rewrite

    An unexpected move by Lending Club to reduce the number of data points it publishes about its loans has rattled the peer-to-peer investment community. The changes could make it harder for institutional investors — some of which have securitized these assets — to generate better returns by using coding technology to select the loans they want.

    • 11 Nov 2014
  • Redwood changes tack as first risk-sharing deal nears

    Redwood Trust is shifting its focus towards originating more conforming loans to take advantage of a securitization partnership with Fannie Mae, in line with the GSE’s risk-sharing program.

    • 11 Nov 2014

People News

  • 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
  • Nomura loses credit sales chief

    Nomura’s head of leveraged credit sales has left the bank’s New York office.

    • 14 Oct 2014
  • Lloyds replaces Boz with ex-Barclays FIG boss

    Lloyds Bank has hired Allen Appen from Barclays to fill a new role created after the departure of Robert ‘Boz’ Plehn, Lloyds’ former head of asset-backed securities, earlier this year.

    • 09 Oct 2014
  • Onex hires for growing European CLO market

    Onex Credit Partners, the collateralised loan obligation manager arm of Canada’s Onex Corporation, is making a push into the expanding European CLO market with a new hire, the firm announced today. The move comes amid a growing trend of US managers trying to access European investors.

    • 08 Oct 2014
  • Structured chief heads to Mitsubishi

    Mitsubishi UFJ Financial Group has hired a well-known credit structurer to play a senior role in its structured products business

    • 09 Oct 2014
  • Citi adds RMBS distribution head

    Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.

    • 07 Oct 2014
  • Covenant hires new PM as second deal nears

    Covenant Credit Partners, which is about to price its second collateralised loan obligation, has hired a new portfolio manager to join its management team.

    • 06 Oct 2014
  • Cantor hires in US CLOs, looks to replace in London

    Cantor Fitzgerald has hired a collateralised loan obligation trader in its New York office, as it seeks to build out its new issue CLO business. At the same time, it is looking to replace its head of euro CLO origination, who is no longer with the firm.

    • 01 Oct 2014
  • HSBC appoints new global head of leveraged and acquisition finance

    Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division.

    • 01 Oct 2014
  • PineBridge hires structured credit expert

    PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.

    • 29 Sep 2014
  • Fannie operations head to step down

    The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.

    • 24 Sep 2014
  • UBS loses credit structuring head

    UBS has lost a long-serving senior official from its credit structuring business.

    • 22 Sep 2014
  • CLO lawyer returns to Cadwalader in London

    A top securitization lawyer has rejoined Cadwalader, Wickersham & Taft to expand the firm’s structured finance practice in London.

    • 16 Sep 2014
  • Grant Thornton hires director for securitization valuation

    Grant Thornton has hired a former DTCC securitization valuation specialist for its forensic and valuation services practices in New York.

    • 15 Sep 2014
  • RBC hires from RBS for agency MBS

    Royal Bank of Canada has added to its growing securitization team, hiring a CLO trader from Royal Bank of Scotland’s shrinking securitization team.

    • 10 Sep 2014
  • Jones Day beefs up securitization team

    Global law firm Jones Day has hired an expert CLO lawyer in London within a week of hiring a new high yield partner, and plans to add more partners as the structure finance markets expand.

    • 10 Sep 2014
  • Pimco raids banks as diversification push hits Europe

    Pimco has relocated a US-based structured credit veteran to London to head its European structured product group, as well as making a swathe of hires from investment banks for its London real estate team as it its latest effort to diversify away from bonds.

    • 10 Sep 2014
  • Spire Partners hires CIO from 3i

    Robert Reynolds has joined Spire, the European leveraged debt asset manager, as chief investment officer and partner.

    • 10 Sep 2014
  • Ex-RBS strategist to lead Bayview CLO push

    A CLO strategist who left Royal Bank of Scotland’s dwindling Stamford, Connecticut office last month is set to move to a Florida-headquartered mortgage specialist to lead a push into the booming US CLO market.

    • 09 Sep 2014
  • Highland grows structured team, set to hire more

    Dallas-based investment firm Highland Capital Management has hired a new loan and high yield bond trader to support its growing structured products team, and wants to make two more hires this year.

    • 09 Sep 2014
  • Hazelwood adds another to Mitsubishi securitization team

    Mitsubishi UFJ’s head of structured products, Tricia Hazelwood, has added another salesperson to her growing team, this time sourcing the new hire from Royal Bank of Scotland’s shrinking US capital markets business.

    • 04 Sep 2014
  • Värde hires RBS conduit pro to head capital markets

    Värde Partners has hired a securitization structurer from RBS as head of capital markets.

    • 04 Sep 2014
  • Mayer Brown hires LatAm structured expert in DC

    Mayer Brown is welcoming back an expert in Latin American project finance, structured finance and acquisition financing to its Washington, DC office.

    • 02 Sep 2014
  • Up-and-coming CLO shop adds analyst

    A new North Carolina-based CLO manager is continuing to build up its small team, adding another analyst with the eventual aim of run high-diversity portfolios.

    • 27 Aug 2014

Top RMBS Stories

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Will Caiger-Smith
Securitization Editor
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will.caiger-smith@globalcapital.com

Ryan Bolger
New York Reporter
+1 212 224-3243
ryan.bolger@globalcapital.com

Tom Porter
European Securitization Editor
+44 (0)207 779 7324
tom.porter@globalcapital.com

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CLO

IssuerArrangerSize ($M)
TCW Asset Management Co.,Figueroa CLO 2014-1 Wells Fargo413.06
Regiment Capital Advisors, Cavalry CLO VDeutsche Bank368.45
Voya Alternative Asset Management, Voya 2014-4JPMorgan607.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 62,197.58 156 10.31%
2 Barclays 54,615.37 137 9.05%
3 Bank of America Merrill Lynch 53,519.04 153 8.87%
4 Citi 53,036.17 137 8.79%
5 Credit Suisse 52,682.77 126 8.73%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
Oxford Finance 2014-1100.00204.00
DROCK 2014-599.98250.00
DROCK 2014-4100.00250.00

Priced Deals

IssuerMaturitySize
Westpac28-Nov-17350
ING Bank27-Nov-14250
Erste Group Bank26-May-25500

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 10,126.99 20 6.77%
2 Bank of America Merrill Lynch 5,385.41 13 3.60%
3 Deutsche Bank 5,357.92 17 3.58%
4 HSBC 4,482.67 12 3.00%
5 Citi 4,083.79 11 2.73%