Top stories
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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”.
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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.
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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.
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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.
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.
Latest ABS news
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Latest CMBS news
Latest CLO/CDO news
Latest securitization people & markets news
Latest Asia securitization news
Comment
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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.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 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% |
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
+1 212 224-3206
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
+44 (0)207 779 8274
george.williams@globalcapital.com
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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) | 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 % |
|---|---|---|---|---|
| 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% |
