Top stories

  • True sale confusion could put brakes on CMBS

    A clash over the accounting treatment of risk retention notes has thrown the US CMBS market into flux, with uncertainty over the issue throwing into question the capital treatment and profitability of certain CMBS deals issued since the rule went into effect last year. David Bell reports.

    • 17 Aug 2017

  • Aircraft ABS opportunities lacking as issuers eye other sources of funds

    Investors looking to wade deeper into aircraft ABS have bemoaned insufficient deal flow, while the pipeline slows to a trickle as issuers begin to look beyond securitization for funding.

    • 17 Aug 2017
  • Fitch puts bonds from retail heavy CMBS deal on watch for downgrade

    Fitch Ratings put two classes of a 2012 CMBS deal from Deutsche Bank on rating watch negative on Thursday, citing heavy concentration of retail property loans and increased loss expectations for some of the largest loans in the deal.

    • 17 Aug 2017
  • Widening loan spreads drive hope for new euro CLOs

    Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.

    • 17 Aug 2017
  • Eurobank nears landmark Greek NPL sale

    Final bids are due by the end of the month for a landmark €2.8bn transaction in the resurgent Greek non-performing loans market, as banks from the country rush to meet European targets to clean up their balance sheets.

    • 17 Aug 2017
  • Personal loans scarier than autos, say investors

    Over the course of the summer the Bank of England and much of the media has been anxious about the growth of the UK auto lending sector, but ABS market participants say the worries are focused on the wrong sort of consumer finance.

    • 17 Aug 2017
  • Lev loan market prepares for more retail asset stripping

    The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.

    • 16 Aug 2017
  • PayPal expands biz lending, eyes third-party financing

    PayPal broadened its small business lending effort this month with the acquisition of online small business lender Swift Capital, while a spokesperson for the company told GlobalCapital that it could pursue “third-party financing structures in the future”.

    • 16 Aug 2017
  • Fed split on wind down, flags multifamily risk

    Members of the Federal Open Market Committee (FOMC) in July were divided on when to start winding down the Federal Reserve’s balance sheet, according to meeting minutes, with some members also warning on price appreciation in the multifamily real estate market.

    • 16 Aug 2017
  • Irish reforms provide road map for Italian NPL problems

    Italy and its mountain of bad debt are firmly in focus for the European banking system, with observers hoping the country can look to other European nations, particularly Ireland, for a solution to its non-performing loan dilemma.

    • 16 Aug 2017
  • Elan wraps auction for Dutch prime RMBS

    Elan Woninghypotheken has sold its latest Dutch RMBS deal using a modified auction process for all tranches except the senior notes, making it the third ABS issuer to go this route this year.

    • 16 Aug 2017


The GlobalCapital View logo   Comment

  • ABS allocations show UK already stands apart from Europe

    Despite UK assets offering juicier spreads than their European counterparts, distribution stats show little European investor participation in UK deals. That might be disappointing for UK issuers, but at least it means little to fear from a hard Brexit.

    • 08 Aug 2017

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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Citi 73,217.70 205 13.50%
2 Bank of America Merrill Lynch 64,298.92 202 11.86%
3 Wells Fargo Securities 54,013.21 172 9.96%
4 JPMorgan 40,335.50 139 7.44%
5 Credit Suisse 30,239.23 97 5.58%

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Max Adams
Securitization Editor
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New York Reporter
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Graham Bippart

European Securitization and Fixed Income Editor
+44 (0)207 779 8715
graham.bippart@globalcapital.com


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Mark Goodes
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George Williams
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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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Citi 73,217.70 205 13.50%
2 Bank of America Merrill Lynch 64,298.92 202 11.86%
3 Wells Fargo Securities 54,013.21 172 9.96%
4 JPMorgan 40,335.50 139 7.44%
5 Credit Suisse 30,239.23 97 5.58%