Top Securitization Stories

  • Castlelake enters aircraft ABS pipeline as Orbit deal pulls out

    Private investment firm Castlelake L.P is preparing its second aircraft securitization after a successful 2014 debut ,while SMBC Aviation Capital's Orbit 2015-1 is understood to have been cancelled after a month of delayed departure.

    • 30 Nov 2015
  • Improving credit outlook for European RMBS, says Moody’s

    In reports published last week, Moody's Investors Service said that recovering house prices in key European RMBS markets would drive higher recoveries on defaulting loans.

    • 30 Nov 2015
  • VW says it won’t chase basis points in auto ABS expansion

    Volkswagen Financial Services (VWFS) has plans to expand the volume and geographic spread of its auto ABS programme, but the company says it does not intend to chase basis points and will continue to see the asset class as a means of increasing diversification and funding liquidity.

    • 27 Nov 2015
  • More CMBS borrowers seek changes to loan terms

    An increasing number of CMBS borrowers are requesting changes to the terms of their loans soon after securitization, in a troubling trend Fitch Ratings highlights in a report published this week.

    • 25 Nov 2015

GlobalCapital US Securitization Awards

  • 2015 US Securitization Awards: the winners

    On Wednesday June 10, GlobalCapital held its annual US Securitization Awards in New York, recognising the best banks, issuers, investors, law firms and deals in the market, as chosen by their clients and peers. Click through to see the list of winners.

    • 10 Jun 2015

Latest News

  • TPG Real Estate acquires TriGranit platform

    TPG Real Estate, the property arm of investment firm TPG, announced today that it has completed the acquisition of central European real estate platform TriGranit, as the investment firm looks to benefit from positive macro trends in European real estate

    • 01:30 PM
  • Diversification in ABS will help Europe’s real economy

    That securitization can help stimulate lending to Europe’s real economy has become somewhat of an ECB mantra. The ECB’s ABS purchase programme was designed to stimulate new issuance by making it cheaper and easier for banks to obtain funding and free up capital for new lending.

    • 26 Nov 2015
  • BMW hits tightest spread in autos in months

    BMW Bank priced a €746m German auto lease deal on Thursday at the tightest level seen in the auto ABS market since September.

    • 26 Nov 2015
  • New headwinds for auto ABS as 2015 comes to a close

    Rising purchase incentives from US car manufacturers and a new Volkswagen lawsuit filed in California on Tuesday could cast a shadow on year end US auto ABS performance.

    • 25 Nov 2015
  • GE Capital portfolio sale fails to dent UK RMBS sentiment

    GE Capital has announced the sale of a £3.8bn mortgage portfolio to an investment consortium, but expectations of any future RMBS supply have already been factored in, say market observers.

    • 24 Nov 2015
  • FFELP ABS widens on ratings jitters

    An exposure draft published by Fitch Ratings mid-November detailing proposed changes to its ratings methodology for government backed student loan ABS (SLABS) has caused a drop in prices for the bonds trading in the secondary market.

    • 24 Nov 2015
  • VW link no problem for real money in AMAG

    Swiss auto leasing company AMAG has priced the largest Swiss ABS transaction that the market has seen since the financial crisis, seeing heavy demand for the bonds, despite its relationship with Volkswagen.

    • 24 Nov 2015
  • MSCI conduit CMBS guided at 135bp as widening persists

    Banks released guidance for the $805m MSCI 2015-UBS8 conduit CMBS transaction on Tuesday at the 135bp over swaps area, as hope dims for a turnaround in spreads going into year end.

    • 24 Nov 2015
  • SLABS pipeline still active despite rate fears

    The student loans ABS pipeline remains active with two private student loan issuances from Navient and Darien Rowayton Bank entering the primary market, despite fears over a potential December interest rate hike by the Federal Reserve.

    • 23 Nov 2015
  • Granite sale positive for RMBS sentiment

    UK Asset Resolution announced the sale of the £13bn Granite prime residential mortgage portfolio last Friday (November 13) to US investment firm Cerberus Capital Management.

    • 19 Nov 2015
  • Time is right to jump into CMBS, Palmer Square says

    Palmer Square Capital Management is looking to 2016 to expand its reach into CMBS, as widening spreads over the past six months make the space more attractive relative to other securitized products.

    • 19 Nov 2015
  • Agos Ducato upsize rare Italian consumer ABS to €420m

    Agos Ducato’s Italian consumer ABS transaction priced on Thursday, with leads able to upsize the offered notes and tighten pricing by 5bp from initial price thoughts.

    • 19 Nov 2015
  • Orchard provides first marketplace loan index

    Data and analytics provider Orchard Platform has launched an index of US marketplace lending data, with the aim of providing more transparency and to give investors a benchmark by which to measure performance of loans originated via online lenders.

    • 18 Nov 2015
  • Sunrun issues $230m in preparation for second securitization

    Residential solar firm Sunrun is launching a $230m aggregation facility this week in a deal being arranged by Investec in preparation for a second securitization.

    • 18 Nov 2015
  • Fitch says aircraft ABS could take off in 2016

    Issuance of aircraft ABS has been steady over the past two years and may be set to take off in 2016, according to Fitch Ratings.

    • 17 Nov 2015
  • Santander GBM prints €500m Norwegian auto ABS

    Santander Global Banking & Markets priced its Bilkreditt 7 Norwegian auto ABS deal on Tuesday. The deal was priced broadly in line with other recent non-German auto ABS but was able to land a bigger size than the market has seen since the last Volkswagen deal.

    • 17 Nov 2015
  • Moody’s CMBS analyst let go amid board dispute

    Annelise Osborne, senior vice-president and co-head of CMBS conduit surveillance for Moody’s Investors Service, was let go from the rating agency this week amid a dispute over her nomination to the board of furniture retailer Ethan Allen.

    • 17 Nov 2015
  • Amplit, SoFi deals bring P2P ABS space to life

    Marketplace loan ABS is seeing increased activity this month, with the pricing of recent deals from Victory Park and KKR and SoFi.

    • 16 Nov 2015
  • Glut of issuance sends CMBS spreads to new wides

    Investors are buckling under the weight of CMBS issued over the past week, as spreads on the top rated bonds are being pushed out again after briefly settling into a range earlier this month.

    • 16 Nov 2015
  • Kensington prices £271m RMBS deal

    Kensington Mortgage Co priced its £271.2m Gemgarto 2015-2 RMBS deal on November 13, with leads locking in protected orders across the top four tranches to speed up execution and boost market sentiment in UK RMBS.

    • 16 Nov 2015
  • Basel brings more chaos to ABS regs

    Basel Committee proposals made on Tuesday for the capital treatment of high quality securitizations are set to prolong the regulatory morass that has dogged the ABS market since the financial crisis. Many market participants are wondering when the uncertainty surrounding the market will end, writes David Bell.

    • 12 Nov 2015
  • Seven years on, CRT may be the way forward for RMBS

    The outlook for private label RMBS in the US is decidedly bleak, even seven years after the crisis, and investors may need to get used to the idea that agency credit risk transfer (CRT) deals may the closest the market comes to a return to the glory days.

    • 12 Nov 2015
  • Two new RMBS deals to flush UK pipeline

    Two new UK RMBS deals came to market this week.

    • 12 Nov 2015
  • Regulators must get along on ABS

    High quality securitizations that benefit from favourable capital treatment could be the catalyst that the ABS market needs, by increasing investor confidence in the market and making the asset class more attractive to issuers. But regulators need to sort out their differences first.

    • 12 Nov 2015
  • European CLOs prove resilient despite macro stress

    Research from Moody’s Investors Service published on Thursday states that defaults in European CLO collateral are ‘non-existent’, and the share of publicly rated collateral in CLO portfolios is increasing, strengthening the credit quality of the asset class overall.

    • 12 Nov 2015
  • BMW sticks to winning formula with auto ABS return

    BMW is preparing for its second Chinese auto ABS of the year and is, once again, relying on a popular four-tranche, fixed rate/floating rate structure that it introduced to the market five months ago.

    • 12 Nov 2015
  • Split triple-B slices emerging as new norm for CMBS

    A number of structural trends have emerged in the CMBS market in 2015, the latest of which is the structuring of two triple-B rated tranches, as issuers look to mitigate some of the widening that has taken place in the lower rated tranches over the last quarter.

    • 11 Nov 2015
  • BMW drives by for bigger China Auto ABS

    The Chinese auto ABS market is poised for a busy end of the year with BMW gearing up for its second transaction of 2015, returning with the Bavarian Sky China series.

    • 11 Nov 2015
  • Conning buy a boon for Octagon as risk retention looms

    Insurance company asset manager Conning said that it would acquire Octagon Credit Investors last week, a move that will potentially give the CLO manager a leg up as risk retention approaches.

    • 10 Nov 2015
  • Titrisocram French auto deal bests latest VW offering

    Socram Banque’s Titrisocram 2015 auto ABS priced Tuesday inside of Volkswagen’s last deal, as the emissions scandal continues to affect the relative value of German and non-German auto ABS alike.

    • 10 Nov 2015
  • Victory Park, KKR bring new marketplace ABS deal

    Victory Park Capital and KKR are planning to sell $175m of marketplace loan ABS backed by loans originated by subprime consumer lender Avant.

    • 09 Nov 2015
  • Latest B2R SFR deal struggles to tighten

    The latest single family rental ABS offering, the $301m multiborrower B2R 2015-2, is being pitched at wider spreads than the last deal in the asset class.

    • 09 Nov 2015
  • Santander to hit Scandi ABS again with Norwegian auto loan deal

    Santander Consumer Finance is set to continue the recent Scandinavian flavour of the European ABS pipeline, with the bank mandating leads on Friday for a new Norwegian auto ABS deal from its Bilkreditt shelf.

    • 09 Nov 2015
  • Kensington hopes to broaden investor base with new specialist UK RMBS deal

    Kensington Mortgage Company is launching a new £281m UK RMBS deal, the lender's second of the year from the Gemgarto shelf.

    • 09 Nov 2015
  • CMBS tone improves as spreads steady

    Investors, traders and analysts agreed this week that the mood in CMBS was decidedly more upbeat than it had been in months, as the widening trend slowed and spreads settled into a range.

    • 05 Nov 2015
  • TSB tests RMBS waters with Duncan debut

    TSB's UK prime RMBS programme made a solid start on Wednesday afternoon, as the bank placed a debut £537m equivalent deal in sterling and euros.

    • 05 Nov 2015
  • Euro CLOs battle mezz spread widening

    Two CLOs have hit the market in the last week, with Oak Hill’s €415.8m deal on Tuesday following last Friday’s €412.8m CLO from Alcentra. Pricing in the top tranches is sticky, but mezzanine spreads are widening. Analysts say build-up in the pipeline is giving investors the upper hand when it comes to pricing.

    • 05 Nov 2015
  • Heady growth spurs talk of bubble in online lending space

    The online lending space is still finding its footing, but heady growth and increasingly stiff competition among lenders is fueling talk of a market bubble and the need for more skin in the game.

    • 05 Nov 2015
  • Goldman analysts talk consolidation in evolving P2P market

    Goldman Sachs vice president Eric Beardsley and equity research vice president Ryan Nash kicked off the Marketplace Lending + Investing Conference in New York on Wednesday, highlighting consolidation and heightened credit risk as themes to watch in the year ahead.

    • 04 Nov 2015
  • Agency CMBS in crosshairs of new margining rule

    Participants in the agency CMBS market have been caught off guard by a proposed rule that lumps them in with single family mortgages and would require them to post margin against future multifamily securitizations.

    • 03 Nov 2015
  • FFELP ABS to endure despite new challenges

    FFELP ABS, despite being battered by the possibility of widespread downgrades, present an attractive opportunity for investors even as new headwinds and policy challenges emerge.

    • 02 Nov 2015
  • Mezz widens in Alcentra CLO as buyer's mart develops

    JP Morgan priced a €412.8m CLO for Alcentra on Friday. While the top tranche was in line with recent deals, spreads in the mezzanine tranches have widened, comparatively. Analysts say spread widening in comparable asset classes and a heavy pipeline have created a buyers’ market in the sector.

    • 02 Nov 2015
  • FRTB rule set to hammer ABS secondary market

    A rule to be published next month that is set to ramp up the cost of holding inventory for ABS dealers could seriously hamper secondary trading, hastening the retreat of banks from market making in more capital intensive sectors.

    • 02 Nov 2015
  • VW ‘very satisfied’ despite spread tripling

    Volkswagen landed an €800m German auto lease deal on Thursday, but it had to pay more than three times the spread on its last issue from the programme. Given the continuing emissions scandal headwinds facing the company, it seems this is a price they are willing to pay in order to achieve sizeable funding.

    • 29 Oct 2015
  • Talk of regulation dominates NY marketplace event

    With marketplace lending on track to surpass $15bn of new loan originations this year, industry experts at IMN’s inaugural Investor’s Conference on Marketplace Lending in New York debated the ways in which new regulation could be a make or break issue for the nascent industry.

    • 29 Oct 2015
  • Belfius storms back to RMBS market with €800m deal

    Belfius Bank returned to the public securitization market in style on Thursday, pricing an €800m RMBS deal that has impressed analysts with its size, spread and coverage.

    • 29 Oct 2015
  • European ABS pipeline heats up with French auto and UK RMBS mandates

    The pace of European ABS issuance is picking up, with Socram Banque preparing a French auto deal and Paragon returning to the UK RMBS market with a new buy-to-let offering.

    • 29 Oct 2015
  • Akbank extends tenors with $335m securitization

    Akbank has signed $335m of loans through its securitization programme, in tenors of up to 12 years.

    • 29 Oct 2015
  • CMBS buyers pay up for fully rated MSBAM deal

    Spreads on the latest conduit CMBS offering from Morgan Stanley and Bank of America Merrill Lynch tightened considerably from guidance, as investors paid up for full ratings on all of the deal’s publicly offered classes.

    • 28 Oct 2015
  • Brazos prices FFELP deal, new challenges loom

    Brazos Education Funding priced BEF 2015-1 on Tuesday, a $115.3m FFELP student loan ABS, with the $110.6m senior tranche of the deal selling at a coupon of 100bp over monthly Libor and a discount margin of 125bp.

    • 28 Oct 2015

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European CLO

IssuerArrangerSize ($M)
Apollo Management InternationalDeutsche Bank493.50
Guggenheim Partners Europe Citi436.45
Oak Hill Advisors Goldman Sachs456.90

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Nov 2015
1 Credit Suisse 62,861.34 168 10.15%
2 Bank of America Merrill Lynch 58,837.78 182 9.50%
3 JPMorgan 56,283.01 155 9.09%
4 Wells Fargo Securities 48,808.90 164 7.88%
5 Citi 45,176.19 138 7.30%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
GEDFT 2015-1100.00475.00
GEDFT 2015-2100.00300.00
OMFIT 2015-1100.0072.90

Priced Deals

Allied Irish Banks500
HSBC France03-Dec-20500

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,374.70 12 10.66%
2 Bank of America Merrill Lynch 7,387.96 26 9.40%
3 Citi 5,360.00 17 6.82%
4 Commerzbank Group 4,894.50 9 6.23%
5 Volkswagen Financial Services AG 4,734.59 12 6.02%