dcsimg

Securitization

Top Securitization Stories

  • EC draft sets out CMU for securitization

    The leaked European Commission draft regulatory proposal on capital treatment for securitizations would repeal articles of other post-crisis regulations in an attempt to harmonise treatment across the European Union.

    • 24 Aug 2015
  • One priced and one delayed in esoteric ABS pipeline

    Ocwen's latest servicer advance deal has been sold on the 144a market, while John Deere is postponing marketing plans amid turbulent market conditions.

    • 26 Aug 2015
  • ECB proves it is making an effort with OWIC buying

    The ECB’s use of offers wanted in competition (OWIC) proves it is making an effort to purchase ABS, but it may not be the best way to source paper.

    • 26 Aug 2015
  • Finding excuses to ease regulation

    European regulatory authorities are finding pseudo-reasons to ease back on regulation. That’s easier than admitting they were wrong the first time.

    • 25 Aug 2015

GlobalCapital US Securitization Awards

  • 2015 US Securitization Awards: the winners

    On Wednesday June 10, GlobalCapital held its annual US Securitization Awards in New York, recognising the best banks, issuers, investors, law firms and deals in the market, as chosen by their clients and peers. Click through to see the list of winners.

    • 10 Jun 2015

Latest News

  • Finding excuses to ease regulation

    European regulatory authorities are finding pseudo-reasons to ease back on regulation. That’s easier than admitting they were wrong the first time.

    • 25 Aug 2015
  • Revived Goldman CMBS splits senior class

    Goldman Sachs has split the senior class on its Reitaly CMBS deal, which was structured earlier this year, improving protection to the partially offered class A notes.

    • 27 Aug 2015
  • Ally Financial to market notes retained during previous issuance

    The auto finance company plans to market the $131m class A-1b notes from its most recent non-prime transaction, according to the company’s updated prospectus supplement.

    • 25 Aug 2015
  • Freddie continues small balance programme success

    Freddie Mac continued to offload mortgage credit risk on Tuesday with its second small balance commercial mortgage backed securities deal, placing the first loss piece with a private investor and selling the guaranteed tranches at spreads in line with its inaugural deal.

    • 25 Aug 2015
  • Week ends on an esoteric note

    Alterna Tax Asset Group and NewStar Financial had their first transactions of the year priced amid a slow week for the US ABS market.

    • 24 Aug 2015
  • Securitization market urges Fed to push back rate hike

    Calls are growing for the US Federal Reserve to push back a potential rate hike, expected in September, to next year, with securitization pros saying an increase next month would cause chaos in their markets.

    • 27 Aug 2015
  • SocGen prices its first US CMBS

    Société Générale priced its first US CMBS deal on Tuesday as a joint bookrunner along with Wells Fargo Securities.

    • 20 Aug 2015
  • Three priced as flow in the auto pipeline slows to a trickle

    The summer slowdown finally caught up with the asset class, with only three deals pricing this week compared to last week's five.

    • 20 Aug 2015
  • New equipment deal to market amid surge in issuances for asset class

    John Deere Capital, the financing arm of the largest producer of agricultural equipment, is marketing its second equipment issuance of the year.

    • 20 Aug 2015
  • SocGen prices first US CMBS

    Société Générale priced its first US CMBS deal on Tuesday as a joint bookrunner along with Wells Fargo Securities.

    • 18 Aug 2015
  • Longer maturities for subordiante FFELP ABS could mean higher ratings

    Rating agencies could potentially assign subordinate FFELP bonds higher ratings than the senior notes they enhance, market participants told GlobalCapital.

    • 20 Aug 2015
  • ABC nearly doubles size for second SME ABS

    German SME finance specialist ABC Finance is back with its second SME ABS, almost doubling the size of its privately placed 2013 offering.

    • 20 Aug 2015
  • Amicus pre-places first UK short term loan MBS

    UK short-term lender Amicus, formerly Capital Bridging, has pre-placed £95m of a £100m MBS deal backed by short-term loans — the first MBS of its kind.

    • 20 Aug 2015
  • Dutch RMBS prepayments climbing sharply

    Prepayments on mortgages underlying Dutch RMBS deals have surged in 2015, and look like they’ll continue to do so, according to Rabobank.

    • 19 Aug 2015
  • S&P puts 77 European securitization tranches on negative ratings watch

    Standard & Poor’s put 77 tranches from 33 European securitizations on watch for potential downgrades, after several bank counterparties’ ratings were downgraded in July due to new bank resolution frameworks.

    • 18 Aug 2015
  • Blackrock takes RMBS contract from Pimco for NAIC modelling

    BlackRock Solutions is now the sole vendor for the National Association of Insurance Commissioners’s RMBS and CMBS financial modeling for the next three years.

    • 18 Aug 2015
  • Investors on edge watching new print prices

    Investors are watching new issuance pricing closely as spreads have widened across US securitized products amid macroeconomic concerns.

    • 17 Aug 2015
  • BAML close to pricing Shellpoint RMBS

    Bank of America Merrill Lynch was close to pricing Shellpoint Partner’s new US jumbo RMBS issuance earlier this week, according to a source close to the transaction.

    • 17 Aug 2015
  • Spreads rocket out on Mars UK NCF RMBS at pricing

    Mars Capital’s Thrones 2015-1 UK nonconforming RMBS was on Monday sold at a discount margin 80bp wider than its coupon, another 20bp increase on where leads had hoped to price the deal last week.

    • 17 Aug 2015
  • Turbulence eats into US auto ABS momentum

    A lighter flow of deals is set to take place for the auto asset class, with only three issuances in the market after some of last week's five deals struggled to get done.

    • 17 Aug 2015
  • Wave of consolidations reshapes student loan ABS

    A new wave of student loan consolidators could serve to push up prepayments on Federal Family Education Loan (FFELP) ABS as opportunistic investors wait for more clarity on the market.

    • 13 Aug 2015
  • Prodigy looks to issue first diversified student loan ABS

    An asset class that was exceedingly rare in Europe even before the crisis is gaining momentum after several barren years.

    • 13 Aug 2015
  • Avant hires Jefferies for personal loan ABS

    Chicago-based marketplace lender Avant could bring a securitization as early as next week, according to market sources and documents filed with the Securities and Exchange Commission on Wednesday.

    • 12 Aug 2015
  • Autos carry on scorching summer run as five priced

    Toyota Auto Finance, Santander Consumer USA and First Investors are bringing auto deals as early as next week, following five issuers who priced transactions this week.

    • 13 Aug 2015
  • Tiptree takes Telos warehouse but third parties could enlarge

    After initially asking its CLO management subsidiary Telos Asset Management to find a third party investor to provide the first-loss piece of its latest CLO, Tiptree Financial has stepped in to do so itself — although it is still in talks with potential financiers.

    • 12 Aug 2015
  • Goldman selling new student loan ABS

    Goldman Sachs is marketing a new private student loan ABS deal, in what could become a two-tiered market for the mostly illiquid asset class.

    • 12 Aug 2015
  • Expect further changes to HQLA and LCR

    Regulators in Europe, the US and Canada are likely to continue to make changes to the liquidity coverage ratio and high quality liquid assets frameworks to ensure they do not lead to unintended distortions, said Standard & Poor’s analysts in a recent report.

    • 12 Aug 2015
  • Four deals pricing as auto ABS gears up for record issuance this year

    Ford Credit, Ally Financial and Credit Acceptance are expecting to price deals on Wednesday. Meanwhile, the steady flow of auto issuances promises to surpass last year’s level.

    • 12 Aug 2015
  • Mars NC RMBS competes with expected supply

    A potential flood of supply in UK mortgages and RMBS, and stubbornly wide spreads across European and UK securitization, are likely behind the surprisingly wide level Mars Capital is offering to offload the senior notes of its newest UK nonconforming RMBS.

    • 11 Aug 2015
  • Pricing out for Lone Star re-remic

    Initial price thoughts were released on Tuesday for a re-remic securitization of pre-crisis subprime RMBS bonds by Lone Star Funds.

    • 11 Aug 2015
  • Two more auto issuances to price mid-week

    The Ally Financial and American Honda deals are the latest auto ABS issuances expected to price, bringing the number of deals potentially pricing this week to five.

    • 11 Aug 2015
  • FFELP ABS investors waiting for the drop

    The student loan ABS market remained illiquid on this week following an announcement by Navient that the lender would call $216m of securities backed by its FFELP loans.

    • 10 Aug 2015
  • Weak SFR ABS trading holds back issuance

    Weak trading in subordinate tranches of single-family rental ABS could be discouraging new issuance in the market, which has not seen a deal since June.

    • 10 Aug 2015
  • Fiat files for new Italian auto ABS with revolving period

    FCA Bank, the captive finance company of Fiat, has filed a prospectus for A-BEST Twelve, a new Italian auto ABS.

    • 13 Aug 2015
  • Three to price in auto ABS issuances this week

    Credit Acceptance and Ford Credit are set to launch one subprime and two floorplan ABS mid-week, while American Honda Receivables’s latest transaction obtains preliminary ratings.

    • 10 Aug 2015
  • CS selling subprime RMBS reremic

    Credit Suisse is marketing a resecuritization of subprime RMBS issued ahead of the financial crisis for sponsor Lone Star Funds, market sources told GlobalCapital.

    • 06 Aug 2015
  • Shellpoint back with its second jumbo RMBS

    Specialty finance mortgage lender Shellpoint Partners is planning its first jumbo RMBS issuance since 2013, according to a DBRS presale released on Thursday.

    • 06 Aug 2015
  • Marketplace lending steps forward in EMEA with first mandates

    Marketplace lending in Europe is set to take its next step forward, with mandates out to fund loans with wholesale money through the securitization market. The technique is commonplace in the United States, but Europe, with its smaller marketplace lending industry, has yet to see a public deal.

    • 06 Aug 2015
  • Seven US auto deals to fire up next week

    The auto ABS space is set for heavy traffic ahead, with seven new auto deals preparing to enter the market after a relatively slow week.

    • 06 Aug 2015
  • MPS structures corporate loan ABS

    DBRS has assigned ratings to a securitization of corporate loans from Monte dei Paschi di Siena, the oldest bank in the world.

    • 06 Aug 2015
  • SFR tenants expected to swallow rent hikes

    Single-family home rents in the US have risen faster than homes have appreciated in most areas, according to data from Deutsche Bank. Tenants are expected to grin and bear the higher costs.

    • 05 Aug 2015
  • Utilities charge up regular solar ABS issuance plans

    AES Corp’s upcoming securitization of solar power assets will be the first of many, and another east coast utility firm is looking at a similar deal, according to people close to the situation.

    • 05 Aug 2015
  • RWE finds alternative to bank funding with ABS

    RWE, the German utility firm, and Vicenda Asset Management, the Swiss boutique, have structured and sold an ABS backed by natural gas which, for the first time, has been placed with institutional investors.

    • 05 Aug 2015
  • SMI premieres China’s first box office ABS

    The growing Chinese securitization market took another step forward this week with the listing of the country’s first box office asset backed security on the Shenzhen Stock Exchange.

    • 05 Aug 2015
  • Four more auto transactions to enter market

    Santander Consumer USA, Ally Financial, American Honda Receivables and Toyota Auto Finance have filed documents for new auto ABS deals that could come as soon as next week.

    • 05 Aug 2015
  • Dongfeng Nissan pushes the throttle for auto ABS return

    Dongfeng Nissan Auto Finance is back in the Chinese auto loan ABS market this week after a hiatus of more than a year. But unlike its debut in 2014, the joint venture firm is now eyeing a much larger Rmb1.5bn ($242m) transaction that features an international rating from Moody’s.

    • 04 Aug 2015
  • BNP Paribas places Italian CMBS making skinny margin

    BNP Paribas has privately placed an Italian CMBS deal backed by a Sicilian luxury shopping centre. The deal went to a handful of investors, but may not mean much of a payday for the French bank, as the exit spread is so close to the loan spread.

    • 05 Aug 2015
  • Cheyne loses bid to kick servicer off Deco deal

    Cheyne Capital Management has lost its bid to kick the issuer special servicer off Deco 15 – Pan Europe 6, a pre-crisis CMBS deal backed by German assets. The UK High Court decided noteholders need to pass an extraordinary resolution to change the servicer.

    • 04 Aug 2015

More Securitization stories

People News

More People stories

European CLO

IssuerArrangerSize ($M)
Babson Capital ManagementGoldman Sachs459.75
Pramerica Investment Management LimitedCredit Suisse 458.55
AXA Investment Managers JP Morgan397.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Aug 2015
1 Bank of America Merrill Lynch 42,982.11 135 10.20%
2 JPMorgan 40,841.61 112 9.69%
3 Wells Fargo Securities 38,083.68 127 9.04%
4 Credit Suisse 35,427.49 103 8.41%
5 Citi 33,097.17 99 7.85%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
GEDFT 2015-1100.00475.00
GEDFT 2015-2100.00300.00
OMFIT 2015-1100.0072.90

Priced Deals

IssuerMaturitySize
BNP Paribas19-Aug-251500
Swedbank18-Aug-20500
Abbey National22-May-19400

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Aug 2015
1 Bank of America Merrill Lynch 5,730.87 19 11.39%
2 Citi 4,162.78 13 8.27%
3 Commerzbank Group 3,341.77 6 6.64%
4 Deutsche Bank 3,043.17 8 6.05%
5 Morgan Stanley 3,005.09 9 5.97%