Securitization

Latest News

• OneMain upsizes consumer loan ABS

  Citigroup subsidiary OneMain Financial launched its first consumer loan securitization of the year on Wednesday, upsizing the deal from to $1.229bn from its initial target of $737.5m.

  • 28 Jan 2015

• Tawreeq provides Shariah platform for SME financing

  Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

  • 27 Jan 2015

• SocGen takes 11 from RBS for new CMBS platform

  GlobalCapital can reveal the names of at least 10 bankers that Société Générale has transplanted from Royal Bank of Scotland's withering stateside headquarters to run a new CMBS platform at the French bank, its first in the US since the financial crisis.

  • 27 Jan 2015

• FHFA's Watt battles House over "race to the bottom"

  Federal Housing Finance Agency director Melvin Watt fought off inquisitions into the agency’s move to loosen underwriting standards at Fannie Mae and Freddie Mac during a hearing in front of the Housing Financial Services Committee on Tuesday.

  • 27 Jan 2015

• CMBS bankers wait for QE boost as second Italian deal nears

  Bank of America Merrill Lynch has issued price guidance on its private equity sponsored Taurus CMBS, which will be the second transaction backed by Italian assets already this year. Bankers expect tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

  • 27 Jan 2015

• Early amortization in store for Ocwen-backed notes

  Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday.

  • 26 Jan 2015

• RMBS newcomer Charter Court launches bank

  Charter Court Financial Services limited, which priced the third securitization under its Precise Mortgage Funding programme in November, has gained approval from the UK regulator to set up a retail savings bank, a move which the firm described as “only positive” for its RMBS programme.

  • 27 Jan 2015

• Citi sub marketing ABS amid its own sale

  Citigroup subsidiary OneMain Financial is marketing its first securitization of the year, a $737.5m deal backed by nonprime and subprime consumer loans.

  • 27 Jan 2015

• Strong oversub for SoFi’s latest ABS

  San Francisco marketplace lender SoFi sold its fourth and largest yet securitization of student loan refinancings on Friday, pulling in almost $900m of orders and pricing around 3bp inside where its last deal was trading on the secondary market, according to a person at the firm.

  • 26 Jan 2015

• More ABS reaches investors in 2014 - just

  New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes.

  • 26 Jan 2015

• Australia’s day in securitization as Macquarie lines up RMBS

  Macquarie Securitisation Limited celebrated Australia Day by launching a roadshow for what may be the first Australian RMBS to price in 2015, well over a month since the last supply from the country.

  • 26 Jan 2015

• RMBS holders take another swing at Ocwen

  Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.

  • 26 Jan 2015

• Deutsche discounts Progress SFR ABS amid heavy supply

  Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.

  • 22 Jan 2015

• Institutional investors wolf down Dunkin' Donuts securitization

  Strong demand from institutional investors allowed Dunkin’ Brands to upsize its whole business securitization by $200m to $2.6bn on Thursday, making it one of the largest such deals in recent memory.

  • 22 Jan 2015

• CMBS steps out as Banca IMI and Cairn price fashionable deal

  Banca IMI and Cairn Capital priced and issued the first European CMBS transaction of the year this week, with the deal being used to refinance a luxury fashion complex in Milan.

  • 23 Jan 2015

• Buyers jump on first fresh ABS to drive down VW’s auto level

  Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

  • 22 Jan 2015

• Dutch RMBS spreads hit fresh lows but tightened lending rules to slow recovery

  Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.

  • 22 Jan 2015

• Pace effect unclear as ABS is loaded into ECB bazooka

  European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

  • 22 Jan 2015

• Originators ‘improve’ Greek RMBS performance

  Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.

  • 23 Jan 2015

• The SEC banned who from rating what?

  The Securities & Exchange Commission’s decision to suspend Standard & Poor's from rating conduit fusion CMBS deals for one year may seem dramatic, but will have little effect on issuers and investors. Market participants have already adapted to life without the ratings agency, which has seen its market share drop by a factor of 10 since 2007.

  • 22 Jan 2015

• Top players lose share in CLOs, but not for long

  The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.

  • 22 Jan 2015

• Largest SoFi ABS yet gets upgrade despite lower FICOs

  DBRS has awarded West Coast marketplace lender SoFi a small ratings upgrade for its fourth and largest yet securitization of student loan refinancings, despite noting slightly weaker collateral backing the deal.

  • 21 Jan 2015

• Another shot for MBS investors in trustee lawsuits

  Lawsuits against MBS trustees over bad mortgages originated before the financial crisis might still have a chance of being considered, after a petition filed in a US federal appellate court on Tuesday.

  • 21 Jan 2015

• VW pushing 3x as investors climb on fresh bonds

  Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for its market opening auto loan-backed transaction.

  • 21 Jan 2015

• StormHarbour reveals third deal for Energias de Portugal

  StormHarbour arranged an electricity tariff deficit sale for Energias de Portugal just before Christmas, the third such transaction it has structured for the energy company but also the smallest.

  • 21 Jan 2015

• Esoteric ABS surge continues

  A trend of more esoteric ABS issuance continued this week with three deals marketing, one backed by timeshares, another by shipping containers and the third by railcar equipment.

  • 21 Jan 2015

• New housing drive to boost Indian RMBS

  An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

  • 22 Jan 2015

• VW testing tighter with ECB to come

  Volkswagen Bank is ready to set a tight benchmark for the rest of the European ABS market to follow on Wednesday after tightening guidance on its Driver Thirteen German auto ABS to a minimum spread of 25bp on Tuesday.

  • 20 Jan 2015

• Progress pricing similar to Invitation Homes, but less leverage

  Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.

  • 20 Jan 2015

• Auto performance down but pipeline still strong

  Regular auto ABS issuers are not expected to encounter much difficulty launching new deals in the prime or subprime space, despite declining performance, as Credit Acceptance Corp leads a pack of auto lenders marketing new deals this week.

  • 20 Jan 2015

• Spanish supply hopes grow as SME CLO spreads tighten

  Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

  • 20 Jan 2015

• UK group sells motorway services CMBS

  Extra MSA Group, which owns a portfolio of 18 motorway service areas (MSAs) in the UK, has securitised half of them in a private £220m commercial mortgage-backed bond just before Christmas.

  • 19 Jan 2015