Securitization

Latest News

• Aussie RMBS picks up European slack in pre-Easter supply surge

  European investors could be offered a way out of a supply shortage in European RMBS this week with two issuers having mandated for new deals, following a swift transaction from Liberty Financial on Monday.

  • 14 Apr 2014

• Skipton finds £500m of demand on UK RMBS return

  Skipton Building Society has sold the biggest sterling-denominated tranche of UK prime RMBS bonds of the year so far, pulling in a 1.25 times subscribed book for its first deal since 2012.

  • 11 Apr 2014

• Mitsubishi to sell first auto ABS since 2012

  Mitsubishi Motors Credit of America is roadshowing its first auto loan ABS since 2012, as the auto sector continues to pump out deals. Elsewhere, non-traditional and equipment ABS is adding diversity to the pipeline, with deals from Kubota Credit Corp and Element Rail Leasing.

  • 10 Apr 2014

• Santander taps yield-hungry US with bumper auto ABS

  Santander Consumer UK has priced its Motor 2014 auto ABS with a US dollar tranche some $300m bigger than either of its previous 144a format efforts, showing the benefit to European issuers of tapping into a deep and yield-hungry US investor base.

  • 10 Apr 2014

• Volcker CLO relief effort losing momentum amid ‘regulatory incrementalism’

  The Fed’s decision to give banks two more years to make sure their CLO investments conform with the Volcker rule’s ban on deals that include bond collateral falls short of the full grandfathering regime the industry was hoping for — and risks derailing the positive momentum the market chose to believe was driving efforts to soften the impact of the rule, sources have told GlobalCapital.

  • 09 Apr 2014

• Debt warning in Australia even as subprime arrears fall to record low

  Australian subprime mortgage loan arrears have fallen below 5% for the first time, according to a ratings agency report, just as the country’s household debt hits a record high and commentators issue warnings about a property bubble.

  • 10 Apr 2014

• Veneto demand fuels syndicate pitches for more periphery ABS

  Veneto Banca gathered a three times subscribed book for the first public Italian RMBS deal in three years this week, strengthening ABS syndicates’ appeals to other periphery borrowers to take advantage of invester yield appetite and return to the primary markets.

  • 10 Apr 2014

• Lehman’s ‘ghost’ recalled in latest margin debate

  The world’s biggest bond traders and asset managers, such as Bill Gross’s PIMCO, are attacking the industry’s internal regulator over a margining proposal on forward trades of mortgage-backed securities. The debate is leading some to claim regulatory overkill — but others point to the collapse of Lehman Brothers as reason enough for stronger safeguards.

  • 08 Apr 2014

• Lloyds voices US ambition with quadruple New York hire

  Lloyds has made three external hires for its expanding credit markets team in New York, as well as transferring one banker from its London headquarters, as it looks to win more business in the US in fixed income and securitization.

  • 08 Apr 2014

• Banks innovate as US leverage ratio set to double

  The eight largest US banks are about to face tough new restrictions that may affect their holdings of on and off-balance sheet securitizations, barely a day after regulators delivered other bad news regarding CLOs under the Volcker Rule.

  • 08 Apr 2014

• Debut ABS from Citigroup subprime unit shows revival of riskiest lending

  Citigroup unit OneMain Financial, which was recently rumoured to be up for sale, is preparing a debut $500m consumer loan ABS backed by nonprime collateral. The deal, which follows a $592m ABS from Fortress Investment Group’s Springleaf Financial last month, highlights strong investor demand for higher-yielding and riskier credit.

  • 04 Apr 2014

• ECB’s Mersch backs central bank criteria for ‘high quality’ securitizations

  European Central Bank Executive Board member Yves Mersch has advocated using central bank ABS eligibility criteria as a starting point for defining ‘high quality’ securitizations, and called on the ECB and Bank of England to issue a joint statement to address the “inappropriate” regulatory treatment of the asset class.

  • 10 Apr 2014

• CORRECTED: Deutsche may compete with the rental lenders it finances

  Deutsche Bank is understood to be in discussions to write large loans directly to mid-sized home rental investor landlords, in a move that could complicate relationships with its institutional clients that are actively lending to the same borrowers.

  • 07 Apr 2014

• Tighter arbitrage having no impact on CLO asset selection, says Moody’s

  The declining arbitrage levels in the European broadly syndicated loan CLO market are not leading managers to change their approach to asset selection, Moody’s analysts told GlobalCapital on Tuesday.

  • 08 Apr 2014

• BMW leads auto and biker ABS assault in US

  BMW Financial Services, DriveTime Car Sales Company, Flagship Credit Acceptance and Harley Davidson are preparing to sell new ABS deals this week as the auto sector continues to churn out deals. Citigroup’s non-prime consumer lender OneMain Financial is also preparing its debut securitization.

  • 07 Apr 2014

• ECB’s Mersch backs central bank criteria for ‘high quality’ securitizations

  European Central Bank Executive Board member Yves Mersch has advocated using central bank ABS eligibility criteria as a starting point for defining ‘high quality’ securitizations, and called on the ECB and Bank of England to issue a joint statement to address the “inappropriate” regulatory treatment of the asset class.

  • 07 Apr 2014