Top Securitization Stories

  • ECB purchases likely to start November, last four years

    The European Central Bank’s purchases of ABS and covered bonds may start next month and last four years.

    • 01 Oct 2014
  • UK issuers eye Q4 ABS for long-term funding

    Some of the largest UK banks and other mortgage lenders are preparing returns to the ABS market before the end of the year, with some market sources saying that keeping in touch with their investor base is no longer the main motive for using the asset class.

    • 12:00 PM
  • GM Financial opens door for more Chinese auto ABS

    General Motors is planning to introduce its captive auto finance arm into the Chinese market later this year, paving the way for more issuance of auto loan securitizations in the world’s largest auto market. But concerns still remain around the asset class, in a country where securitization laws are relatively new.

    • 01 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
  • ABS sales for LCR could be lower than expected

    Investors are expected to hoover up any ABS and CMBS that banks offload to meet regulatory requirements under the recently finalised liquidity coverage ratio (LCR). But they may have less paper to buy than initially expected.

    • 01 Oct 2014

Latest News

  • BoE asks for powers to cap mortgage LTVs

    The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.

    • 10:00 AM
  • JPM RMBS deal prone to payment shock, say market participants

    JP Morgan Mortgage Trust’s planned $483.56m jumbo RMBS issue is backed entirely by adjustable rate mortgages. The deal has raised concerns over the potential for payment shock to cause defaults in the loans.

    • 30 Sep 2014
  • Analysts at odds over size of the ECB’s wallet

    Europe’s ABS research teams have given a neat indication of the uncertainty that still surrounds the potential effect of the European Central Bank’s ABS purchase programme ahead of the central bank’s policy meeting this week, releasing a wide range of size predictions even as investors bid up prices to post-crisis records.

    • 29 Sep 2014
  • Big week for CMBS as Westfield relaunch follows Tulip pricing

    Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.

    • 30 Sep 2014
  • KBC closes €25bn CDO book with final two sales

    KBC has collapsed the two remaining collateralised debt obligations (CDOs) in its portfolio, taking a loss on the value of the assets and closing the €25bn position it has been selling down over the last five years.

    • 01 Oct 2014
  • MBS issuers are limiting their Reg AB II liabilities

    Loan level disclosure requirements under the recently finalised Reg AB II rules have incentivised the standardization of more indemnifications provisions, meaning MBS issuers will be less prone to standoffs with originators over representations and warranties.

    • 30 Sep 2014
  • Aegon looks to repeat Storm success as Dutch spreads squeezed

    Dutch insurer and mortgage lender Aegon will looking to emulate the success of compatriot Obvion in the RMBS market next week after mandating banks for a roadshow. Obvion set a post-crisis record tight with its latest Storm RMBS last week as investors pile in to European ABS in anticipation of buying from the ECB, which could be launched as early as next week.

    • 29 Sep 2014
  • Irish property recovery buoys RBS

    Recovering Irish residential property prices will yield Royal Bank of Scotland’s Ulster Bank division £300m of net impairment provision releases in the third quarter of 2014, the UK banking group said in a trading performance update to the market on Tuesday.

    • 30 Sep 2014
  • Turbo takes PCS through €100bn

    FirstRand Bank’s Turbo Finance 5 UK auto ABS priced this month has become the 67th transaction to acquire the Prime Collateralised Securities label, taking the quality initiative beyond €100bn of labelled securitizations since its launch in 2012.

    • 30 Sep 2014
  • Marriott timeshare guidance comes amid declining yields

    Pricing guidance for Marriott Ownership Resort’s $240m timeshare ABS was announced between 95bp and 100bp over interpolated swaps on Monday. Yields for new timeshare deals have declined as ABS markets have picked up, meaning some buyers are no longer interested in the sector.

    • 29 Sep 2014
  • CircleBack and Jefferies deal heats up banks vs P2P debate

    Fledgling US peer-to-peer lender CircleBack Lending has teamed up with Jefferies, under a $500m agreement that will see the investment bank acquire and securitize CircleBack’s loans for sale to institutional investors. The deal signals the start of CircleBack’s expansion and raises questions about banks’ future involvement in the nascent peer-to-peer market.

    • 25 Sep 2014
  • Exclusive: Scope sees AIF securitizations on rise amid low rates

    Scope Ratings will publish a report next week that shows insurance investors are turning to alternative investment fund securitizations to escape low yields and regulatory constraints. The trend could intensify further in the next few months as the European Central Bank pushes down yields in traditional ABS products with its purchase programme.

    • 25 Sep 2014
  • ABS stalwarts go big and tight as ECB effect drives up the bid

    Two of the most regular issuers in the European securitization market proved the European Central Bank’s ABS purchases were no simple compression trade this week, printing large trades that reset the tight end of the market.

    • 25 Sep 2014
  • ECB under German fire as ABS details emerge

    No sooner had European Central Bank president Mario Draghi outlined more details of the ECB’s proposed ABS purchases this week, limiting senior bond purchases to those eligible for repo, than German finance minister Wolfgang Schäuble was making doubly clear his country’s opposition to the plan.

    • 25 Sep 2014
  • RCI Banque and Créd Ag to lift French ABS off the floor

    Renault’s financing arm RCI Banque and Crédit Agricole’s consumer finance division will be roadshowing new deals next week, to the delight of French flow ABS buyers that have had just €927m of RMBS to go at so far this year.

    • 25 Sep 2014
  • Good performance but wider spreads for NPLs, RPLs

    Issuance of ABS backed by non-performing (NPL) and re-performing (RPL) loan collateral has literally increased exponentially since 2011, but spreads could widen to the point that it makes more sense to keep delinquent loans in a warehouse facility.

    • 25 Sep 2014
  • Morningstar says ratings shopping 'alive and well', joins ABS market

    Morningstar Credit Ratings is set to join the ABS rating market after publishing its methodologies this week, but it remains to be seen whether more competition among agencies will improve the rating system.

    • 24 Sep 2014
  • MBS down despite home sales boom

    The Commerce Department announced on Wednesday that new home sales hit a six year high in August, but the increase is not thought to have had a material impact on MBS issuance, which continues to drag.

    • 25 Sep 2014
  • Kensington up for review on PE acquisition

    Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.

    • 25 Sep 2014
  • JPM continues to buck jumbo mortgage trend

    JP Morgan intends to issue a new non-agency jumbo RMBS deal, according to a Kroll Bond Rating Agency presale released on Tuesday. Despite this being JP Morgan's third such deal this year, banks are generally opting to keep jumbo non-agency mortgages on their books, however.

    • 24 Sep 2014
  • Jefferies and CircleBack announce $500m P2P securitization agreement

    US peer-to-peer lender CircleBack Lending has announced a $500m securitization facility with Jefferies. The agreement, believed to be the largest deal in the peer-to-peer market to date, could help foster broader capital markets interest in the nascent asset class.

    • 23 Sep 2014
  • Colony among originators looking at multi-borrower SFR ABS

    Originators including Colony American Finance are looking to structure the first multi-borrower single-family rental securitizations, but ratings agencies have voiced concern over a lack of data on renters and property managers.

    • 23 Sep 2014
  • Draghi outlines further details of ABS programme

    The European Central Bank chairman Mario Draghi explained further details of the ECB’s proposed ABS purchase programme, during remarks to the European Parliament’s Economic and Monetary Affairs Committee.

    • 23 Sep 2014
  • Aire Valley restructure prompts upgrade review

    UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible upgrade for the bonds from Moody’s, since it will strip out poor quality loans making up around 50% of the pool.

    • 23 Sep 2014
  • Fed holds community banks hostage in TruPS CDOs

    Small US banks, along with insurers that issued trust preferred securities that were subsequently bundled into murky collateralised debt obligations before the crisis, are stuck between a rock and a hard place. Having deferred coupon payments for as long as they can, they’re under pressure from CDO holders to cough up — but even though they want to, the Fed won’t let them.

    • 18 Sep 2014
  • Rental securitizations: the next ratings blunder?

    The nascent market for single-family rental (SFR) securitizations has given investors nearly $5bn of issuance so far, and yet another new issuer, Progress Residential, brought its first deal this month. Many of these real-estate owned (REO) properties were bundled into triple-A products in the run-up to the 2008 financial crisis — and investors could be left holding the bag again if history repeats itself.

    • 17 Sep 2014
  • Regs to drive down volumes and underwriting standards, say issuers

    Incoming regulations will penalise smaller issuers and pull down volumes, intensifying a search for yield from investors that is already leading to weaker underwriting practices, a trio of US asset backed securities issuers told an audience at ABS East in Miami on Monday.

    • 23 Sep 2014
  • SEC zones in on MBS trustees for enforcement actions

    The Securities & Exchange Commission is looking into the viability of enforcement action against trustees, as other targets of litigation related to the 2008 mortgage-backed securities crisis dry up.

    • 22 Sep 2014
  • Regulation not hurting ABS liquidity – yet

    Liquidity in many parts of the US asset-backed securities market are better now than they were pre-crisis thanks to cash-rich investors becoming more comfortable with more complex products. But there are fears that incoming regulations could force issuers into the private markets and disrupt prices in secondary trading.

    • 22 Sep 2014
  • ABS issuers to test banker nerves on primary market as Créd Ag mandates

    Crédit Agricole has decided to roadshow its latest consumer ABS right up until two days before more details are due on European Central Bank ABS purchases. At least four more trades may be announced before the end of September, testing bankers’ nerves over a relatively dry spell in the primary market until uncertainty lifts.

    • 22 Sep 2014
  • FSOC wants ‘consistent’ servicer oversight, says gov won’t bail out non-banks

    The deputy assistant secretary of the Treasury Department’s Financial Stability Oversight Council (FSOC), called for more ‘consistent’ regulatory oversight of the mortgage servicing industry during his keynote address at the ABS East conference in Miami on Monday.

    • 22 Sep 2014
  • Treasury plans standard PLS model

    The US Treasury is partnering with ratings agencies to design the parameters of a benchmark private label RMBS issuance in the hope of resurrecting the moribund PLS market.

    • 22 Sep 2014
  • Obvion mandates year’s third Storm

    Obvion has mandated Citi and Rabobank for the third Storm RMBS of the year, Storm 2014-III.

    • 22 Sep 2014
  • Italian SME ABS performance softens

    The delinquency levels of Italian SME and lease ABS increased in July, according to a report from Moody's published the same week UniCredit reopened the market for Italian SME transactions with the help of three European credit agencies.

    • 22 Sep 2014
  • CFPB sharpens knives for subprime auto hunt

    The Consumer Financial Protection Bureau (CFPB) proposed federal oversight of non-bank auto finance companies on Wednesday. The rule, expected to be finalised with only minor tweaks, opens the floodgates for enforcement actions and private litigation against auto lenders and ABS issuers.

    • 18 Sep 2014
  • Oversight proposal could increase costs for auto lenders

    Non-bank auto lenders are expected to see the costs business spike in response to federal oversight proposed by the Consumer Financial Protection Bureau (CFPB). The rule could dampen non-bank auto ABS markets as a result.

    • 18 Sep 2014
  • Moody’s Analytics adds ABS to expanding structured finance portal

    Moody’s Analytics is expanding its structured finance portal, a loan-level data analytics platform initially focused just on collateralised loan obligations, to include certain forms of ABS.

    • 21 Sep 2014
  • Lawsky stopping special servicers from doing a ‘better job’ with mortgages

    New York financial regulator Ben Lawsky is stopping special servicers from doing a ‘much better job’ with problem mortgages originated before the crisis, said a panellist at the ABS East conference in Miami on Sunday.

    • 21 Sep 2014
  • CLO relief bill awaits shot at Senate

    The House of Representatives has shown strong support for a bill from Kentucky Republican Andy Barr, aimed at protecting the CLO market by extending the deadline for banks to comply with the Volcker rule. The Senate is its next challenge, but market participants are sceptical about the bill’s chances.

    • 17 Sep 2014
  • Cheers! Punch bondholders finally vote yes

    The value of the distressed Punch whole business securitizations is set to rally after both shareholders and bondholders voted in favour of the latest in a series of restructuring efforts.

    • 18 Sep 2014
  • Banif’s Portuguese SME trade flies but ECB effect still hidden

    ABS bankers believe the success of Banco Internacional do Funchal’s (Banif) dual tranche SME CLO this week is not indicative of a fresh bid for periphery names in anticipation of the European Central Bank’s ABS purchase programme, but rather confirmation that there is already a great degree of comfort with higher risk ABS among investors.

    • 18 Sep 2014
  • ECB purchases may help draw ABS regulation

    ECB executive board member Yves Mersch has said the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.

    • 18 Sep 2014
  • Slew of auto and credit card deals set to hit markets

    Steady supply of auto and credit card backed ABS is expected to continue as new issues in the sectors were priced this week. Pricing guidance was released for a number of other issues expect to hit markets soon, including the latest single-family rental securitization.

    • 17 Sep 2014
  • Progress set to exploit bullish SFR demand

    Pricing guidance for Progress Residential’s first single-family rental (SFR) securitization was released on Tuesday amidst growing criticism of the new asset class, but secondary market trading levels in the first SFR suggest investors are still bullish on the product.

    • 17 Sep 2014
  • Euro CLO spreads creeping tighter despite new run of supply

    The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.

    • 17 Sep 2014
  • Credit Acceptance brings subprime deal as CFPB flexes muscles

    Fitch Ratings cautioned investors in securitizations backed by subprime auto loans on Tuesday, just as the agency's competitors assigned preliminary triple-A ratings to yet another subprime deal and the Consumer Financial Protection Bureau (CFPB) turned up the heat on the sector.

    • 16 Sep 2014
  • Calfornia clean energy groups prep new ABS

    Two California-based clean energy financing companies affiliated with the Property Assessed Clean Energy (PACE) programme are preparing asset back securities to be issued before the end of the year, one securitizing unsecured residential energy financing loans and the other backed by PACE assessments.

    • 16 Sep 2014
  • FirstRand knocks quarter off senior auto ABS spreads

    FirstRand Bank has shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal, demonstrating the already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.

    • 16 Sep 2014
  • Private student loan providers readying securtization platforms

    With government-backed student loan collateral diminishing, decreasing ABS issuance in the sector could be boosted as private lenders such as Citizens Bank look to consolidate loans into securitization-ready pools.

    • 15 Sep 2014
  • Non-bank servicer boom to disrupt RMBS

    Investors in non-agency mortgage bond securitizations could see payments on their notes disrupted due to servicer turnover, according to a Fitch Ratings report released on Tuesday.

    • 16 Sep 2014

People News

  • 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
  • One in, one out at CIFC board

    CIFC Asset Management, one of the most active CLO managers in the US, has appointed a former Ares Management senior partner to its board of directors. Another CIFC board member has resigned.

    • 26 Aug 2014
  • Moelis-backed CLO manager hires analyst from CIFC

    A CLO manager set up earlier this year by Moelis Asset Management has hired a fund analyst from CIFC Asset Management to join its growing team.

    • 18 Aug 2014
  • Lloyds goes for securitization growth as RBS’s structured exodus accelerates

    Lloyds Banking Group is continuing its push into the US credit and asset-backed securities markets but is taking a very different approach to that of Royal Bank of Scotland, whose Connecticut office had several more structured credit departures this week amid its retrenchment in the country.

    • 13 Aug 2014
  • Another CLO expert leaves RBS

    A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.

    • 14 Aug 2014
  • RBS continues cuts into US mortgage team

    At least two more mortgage experts have left Royal Bank of Scotland in Connecticut as the bank shrinks its US footprint across multiple businesses.

    • 13 Aug 2014
  • CLO experts leave RBS for CIFC

    CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.

    • 13 Aug 2014
  • Ignis veteran leaves for TwentyFour AM

    Ignis Asset Management’s former head of credit is leaving the firm to join Twenty Four Asset Management, following Ignis’s takeover by Standard Life last month.

    • 11 Aug 2014
  • Credit Suisse veteran to lead new hires at Element

    Element Financial Corporation has added six US structured products experts to its transportation finance team in Connecticut, including a managing director from Credit Suisse.

    • 08 Aug 2014
  • FGB adds two to structured finance team

    First Gulf Bank has added two people to its structured finance team. Anand Bangur and Mehdi Raza have joined the group’s debt markets and syndications team under former Standard Chartered banker Steve Perry, who was hired by FGB in September 2013.

    • 07 Aug 2014
  • Cantor bids to build in mortgages and CLOs

    Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.

    • 05 Aug 2014
  • Prytania appoints Henderson FI head as next CEO

    Henderson Global Investors will lose its head of fixed income next week to London-based asset manager The Prytania Group, which is replacing retiring chief executive Joe Cook.

    • 23 Jul 2014
  • CRE bankers to join loan servicer

    Commercial real estate loan servicing firm Hatfield Philips has plundered two commercial real estate professionals from banks to head up its newly launched debt advisory team and its marketing team.

    • 22 Jul 2014
  • Fledgling CLO shop looking to expand

    A young North Carolina CLO manager is looking to expand its small team with three new hires in the next couple of months, according to a person at the firm.

    • 18 Jul 2014
  • CIFC loses one but middle-market project continues

    CIFC is forging ahead with its new middle-market CLO platform, despite losing a managing director to a specialist middle-market lender.

    • 15 Jul 2014

Top RMBS Stories

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Will Caiger-Smith
Securitization Editor
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Ryan Bolger
New York Reporter
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Tom Porter
European Securitization Editor
+44 (0)207 779 7324

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Mark Goodes
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IssuerArrangerSize ($M)
Columbia Management Investment Advisers, CENT CLO 22JPMorgan616.25
Sound Harbor Partners, Sound Harbor Loan Fund 2014-1JPMorgan456.95
Fortress Investment Group, Fortress Credit Opportunities VNatixis713.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2014
1 JPMorgan 51,494.85 127 10.24%
2 Citi 47,731.41 121 9.49%
3 Barclays 42,977.38 111 8.55%
4 Bank of America Merrill Lynch 41,285.90 120 8.21%
5 Credit Suisse 40,294.27 104 8.01%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
CCCIT 2014-A899.991,099.80
Westgate 2014-1100.0053.00
Westgate 2014-1100.0035.00

Priced Deals

Morgan Stanley30-Mar-231250
Credit Suisse31-Jan-221750
Goldman Sachs30-Sep-241000

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 JPMorgan 4,827.70 14 0.00%
2 Bank of America Merrill Lynch 4,273.35 10 0.00%
3 Deutsche Bank 4,158.97 12 0.00%
4 Citi 3,317.26 8 0.00%
5 Barclays 3,192.54 10 0.00%