Top stories
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Strong bid for Santander auto ABS
Santander Consumer USA priced its latest Drive subprime auto ABS offering at tight spreads on Wednesday, brushing aside some of the negative headlines around its lending practices and the declining performance of subprime car loans.
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GM Building single asset CMBS launched
A $1.35bn single asset CMBS transaction backed by the iconic GM Building in Manhattan came to market on Wednesday.
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Standards slipping in US non-prime mortgage lending, says Moody’s
Representations and warranties and enforcement frameworks have been weak in non-prime US residential mortgage-backed securities, said Moody’s this week, in contrast to recent prime jumbo transactions.
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Demand drives Mercedes deal to new post-crisis tight
Mercedes-Benz Bank priced its latest auto ABS offering this week, Silver Arrow 8, with the deal notching yet another record for post-crisis spreads.
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UK RMBS buyers hungry for Optimum second lien offering
UK RMBS investors are eagerly eyeing a debut securitization from Optimum Credit, Castell 2017-1 PLC, which is backed wholly by second lien mortgages.
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Textainer prices new deal amid container ABS revival
The container lease ABS market continued to pump out new supply this week, with Textainer Marine Containers hitting the market for the second time this year and market players forecasting strong container trade growth over the next two years.
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Insurer AIG steps into US mortgage bond market
American International Group (AIG) has launched a debut prime jumbo RMBS deal backed by collateral described by Fitch Ratings as among the strongest seen since the financial crisis.
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STS implementation to be deferred to 2019
The application date for the ‘simple, transparent and standardised’ (STS) framework for European securitization and amendments to the capital requirements ratio (CRR) rules will be deferred until January 2019, according to sources close to the final trialogue discussions, which concluded earlier this month.
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Marlette latest to price in wave of MPL ABS
Marketplace loan originator Marlette Funding this week priced its latest securitization on the heels of last week's breakout deals from Lending Club and Upstart.
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Shopping mall CMBS set for strong reception despite retail sector woes
CMBS issuers are set to flood the primary pipeline with new offerings, including single asset deals backed by retail properties, in a sign that investors have yet to cool to the sector despite a stream of negative headlines around bricks and mortar retail.
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EU summer ABS pipeline fills up
The European ABS pipeline is full to bursting as summer gets underway, with a range of issuers looking to take advantage of tightening spreads and rampant investor demand.
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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Comment
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Gloomy Carney address could portend TFS extension
Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 46,714.29 | 133 | 12.73% |
| 2 | Bank of America Merrill Lynch | 43,017.27 | 121 | 11.73% |
| 3 | Wells Fargo Securities | 36,865.83 | 105 | 10.05% |
| 4 | JPMorgan | 25,897.27 | 79 | 7.06% |
| 5 | Credit Suisse | 19,055.29 | 50 | 5.19% |
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
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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
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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) | 3,865 | 12 | 12.28 |
| 2 | Citi | 2,800 | 7 | 8.90 |
| 3 | Goldman Sachs | 2,615 | 4 | 8.31 |
| 4 | Credit Agricole | 2,254 | 6 | 7.16 |
| 5 | Barclays | 2,006 | 6 | 6.38 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 46,714.29 | 133 | 12.73% |
| 2 | Bank of America Merrill Lynch | 43,017.27 | 121 | 11.73% |
| 3 | Wells Fargo Securities | 36,865.83 | 105 | 10.05% |
| 4 | JPMorgan | 25,897.27 | 79 | 7.06% |
| 5 | Credit Suisse | 19,055.29 | 50 | 5.19% |
