Top stories
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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 small biz lending, considers 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 tells GlobalCapital that it could pursue "third party financing structures in the future".
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Fed split on wind down timing, 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 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.
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Moody’s dampens fears of ABS fallout from US retail woes
A new report from Moody’s Investors Service on Tuesday said that the struggling US retail sector would have only a limited impact on structured finance asset classes, with only narrow areas of the market likely to face distress.
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Sky prices inaugural aircraft ABS
Sky Aviation Leasing International priced its first ever ABS offering this week, issuing a transaction backed by newer aircraft collateral, bucking the trend of previous deals backed by mid to older life aircraft.
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Allen & Overy boosts US securitization team with Ashurst hires
The New York office of Allen & Overy has hired a CLO-focused partner as well as four associates from Ashurst, building on recent hires in the high yield and leveraged finance practices.
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Greystone adds two in originations push
US private label and agency CMBS lender Greystone has hired two managing directors in its loan origination business, as the company eyes a pickup in activity in the CMBS market.
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EU self-cert ban “a solution looking for a problem” — DBRS
The European Union's ban on securitizing self-certified residential loans has been widely criticised by the market since being introduced last month, with DBRS adding to the outcry this week, describing the rule as a “solution looking for a problem”.
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North Korea fears prompt euro CLO trading spike
The prospect of nuclear conflict between the US and North Korea led to increased trading of CLO mezzanine debt in the secondary market, but the market recovered quickly this week as fears receded.
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 securitization people & markets news
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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% |
