Top Securitization Stories

  • Altisource SFR ABS could be victim of Ocwen fallout

    Altisource Residential (Resi) is believed to be on pace to acquire enough single-family rental properties to issue its first securitization early next year. But the latest Ocwen Financial investigation could derail those plans.

    • 23 Oct 2014
  • Immediate manager tiering in store as risk retention hits CLOs

    Recent spread volatility in the US CLO market calmed down this week, with several deals pricing back around the 150bp mark over Libor. Issuance is expected to continue to increase as managers try to lock in assets under management before risk retention rules come into effect in late 2016 — but the rules could force smaller managers out of business and cause serious legal headaches for those that remain.

    • 23 Oct 2014
  • EIB backs ‘catalytic’ guarantees for ABS

    The European Investment Bank has said public sector guarantees could have a catalytic effect on ABS volumes in Europe and potentially double the size of the market, which it said was critical to improve small and medium-sized lending in some countries where SME ABS is “non-existent”.

    • 23 Oct 2014
  • ABS purchases to leave ECB with ‘minimal credit risk’

    The European Central Bank’s focus on senior ABS tranches for its purchase programme means it will be taking on “minimal” credit risk, according to figures from Fitch, while the ratings agency also rejected the idea that the programme would lead to looser lending practices in Europe.

    • 23 Oct 2014
  • RMBS holders should prepare for Ocwen ‘worst case’

    Allegations made by New York financial watchdog Benjamin Lawsky that loan servicer Ocwen Financial backdated thousands of letters to borrowers, preventing them from appealing denials of loan modifications, could lead to increased servicing disruption and significant costs for residential mortgage-backed security (RMBS) investors, said analysts on Wednesday.

    • 22 Oct 2014

Latest News

  • Hotels tap cheap financing with timeshare ABS

    Timeshare ABS issuance has picked up as hotel operators have taken advantage of cheap funding. But some investors think spreads have got too narrow for timeshare-backed notes because macroeconomic factors could make it more difficult for operators to manage and sell timeshare properties.

    • 23 Oct 2014
  • Multi-borrower SFR ABS held up

    Market participants including Colony American Finance have been talking about the first multi-borrower single family rental securitizations for months. But operational complexities could hold the asset class’s debut back even longer.

    • 22 Oct 2014
  • ECB tightening will hit ABS participation, say investors

    More investors than ever before expect securitization volumes to rise in the next 12 months, according to Fitch's latest quarterly investor poll. But active ABS investors are concerned that the spread tightening attributed to the European Central Bank’s impending purchases will render returns in the asset class insufficient to grow or even maintain investor participation.

    • 22 Oct 2014
  • Ford demand unscathed by volatility, spreads drop

    Ford Credit Europe Bank’s second Globaldrive German auto ABS of the year was priced on Wednesday with a similar level of demand to its first and at lower spreads, as secondary trading in the European ABS market remained cautious.

    • 22 Oct 2014
  • Scope builds ABS team, sets up shop in covered

    Scope Ratings has hired two directors from rival ratings agencies to join its structured finance team, as well as expanding into covered bond ratings.

    • 21 Oct 2014
  • No Santander single-As despite solid demand

    Santander Consumer Bank’s Finnish arm has decided against selling a small tranche of single-A rated Class C bonds in its third auto ABS transaction.

    • 21 Oct 2014
  • Arranger risk retention ‘a unicorn’ says LSTA exec

    A secondary option for risk retention in collateralised loan obligations, proposed by the FDIC in the final version of the Dodd-Frank rules on Tuesday, has been dismissed as “completely unworkable” by a senior executive at the Loan Syndications and Trading Association.

    • 21 Oct 2014
  • Jumbo deals weather regulatory storm

    JP Morgan and Citi announced jumbo RMBS deals this week, bucking a trend in which many would-be issuers have opted to retain jumbos on balance sheet rather than launch securitizations.

    • 22 Oct 2014
  • Auto ABS hit by risk retention paradox

    New risk retention rules, which will require securitization sponsors to retain a 5% stake in new issuances, could impact auto ABS deals more than mortgage-backed ones. The rules, mandated by Dodd-Frank in response to the financial crisis, were finalised by the FDIC on Tuesday — but some observers say they will penalise the wrong asset class.

    • 21 Oct 2014
  • New York P2P investor plans Prosper loan securitization

    Blue Elephant Capital Management, an investment manager that acquires loans from marketplace lending platforms, expects to print its first securitization of loans made by peer-to-peer lender Prosper within the next couple of months. Eaglewood Capital, a similar firm to Blue Elephant, today closed its second securitization of Lending Club loans.

    • 20 Oct 2014
  • New reps and warranties for STACR deals

    Clarifications on representations and warranties of mortgages purchased by Fannie Mae and Freddie Mac could apply to the agencies’ risk-sharing deals, a Freddie Mac spokesperson told GlobalCapital following comments by Federal Housing Finance Agency director Melvin Watt on Monday.

    • 20 Oct 2014
  • Correction coming for non-bank mortgage originators

    The Federal Housing Finance Agency's plans to open up credit in the mortgage market were welcomed by banks and investors yesterday, but non-bank mortgage originators could still be in trouble.

    • 21 Oct 2014
  • Private student loan ABS still dragging

    Student loan ABS issuance has declined in recent years as underwriting standards have improved, and the majority of deals that have come to market have been backed by federal student loans under the defunct Federal Family Education Loan Program (FFELP). Issuance could continue to drag for a while yet, according to Standard & Poor's.

    • 21 Oct 2014
  • Euros in favour as sterling issuers bide time

    More euro-denominated transactions are ready to hit the European ABS pipeline this month, but drawing out sterling transactions is proving a tougher assignment for syndicate teams who are battling against well funded issuers and anticipation of European Central Bank purchases.

    • 20 Oct 2014
  • ABS primary shrugs off widening as SCB Finland mulls mezz

    Santander Consumer Bank’s Finnish arm could sell Class C auto ABS bonds for the first time on Tuesday, undeterred by a widening across European ABS last week as the market opened with a stronger tone on Monday morning.

    • 20 Oct 2014
  • Navient rebuffs servicing concerns on student loan ABS

    Navient Corp’s latest private student loan ABS issuance, which settles next week, comes amid regulatory criticism over poor servicing in the industry. But the Sallie Mae spin-off disclosed improved private loan performance on Wednesday and rebuffed assertions that borrowers were unable to refinance their loans.

    • 16 Oct 2014
  • GSE plan could resurrect RMBS

    More agency RMBS could be coming to the market if an agreement between Fannie Mae, Freddie Mac and mortgage lenders to clarify liabilities and relax the government sponsored enterprises’ mortgage purchasing standards is reached as expected. The agreement comes as Freddie Mac prepares two new risk-sharing deals.

    • 17 Oct 2014
  • CLO managers forced to ‘bite bullet’ at wider levels

    Continued spread pressure in the US CLO market has forced managers completing deals in the past two weeks or so to swallow higher spreads to get their deals over the line, with many hoping they can take advantage of softness in the underlying leveraged loan market to make up for the wider print.

    • 16 Oct 2014
  • EBA calls for big rethink on ABS regs with ‘high quality’ vision

    The European Banking Authority has called for a systematic review of the “entire regulatory framework applicable to securitizations” to better align its treatment with other asset classes, alongside proposing the first concrete definition of a ‘qualifying’ securitization.

    • 16 Oct 2014
  • Eaglewood brings P2P deal as institutions reach for sector’s yields

    Eaglewood Capital, a boutique investment firm focused on securitizing peer-to-peer loans, is about to close its second securitization of consumer loans originated by Lending Club.

    • 16 Oct 2014
  • Yorkshire pushes RMBS through volatility

    Yorkshire Building Society is preparing to price its first RMBS transaction of the year on Friday morning at the end of a torrid week of secondary trading that has sent comps for the deal bouncing around in a 10bp range.

    • 16 Oct 2014
  • American Capital continues transatlantic strategy with new CLO

    American Capital, which earlier this year brought one of the first US collateralised loan obligations to comply with European risk retention rules, is aiming to replicate the success of that deal with a new CLO it announced this week.

    • 15 Oct 2014
  • Exeter subprime faces used car plummet

    Non-bank auto finance company Exeter Finance Corp issued a $500m subprime auto ABS deal on Wednesday amid turmoil in US markets and steady criticism over subprime auto financing.

    • 15 Oct 2014
  • A-BEST mezz tightening encouraging for Italian issuers

    FGA Capital, Fiat's car finance joint venture with Crédit Agricole, sold €22.5m of single-A rated bonds well inside guidance on Wednesday. Bankers away from the trade said that was a good indication of demand for mezzanine debt from Italy, which the European Central Bank hopes will increase as it backs the securitization market.

    • 15 Oct 2014
  • Ford picks up auto baton as core ABS refuses to budge

    Ford Credit Europe Bank on Tuesday mandated banks for its second Globaldrive German auto ABS transaction of the year, with bankers expecting another tight post-ECB print as core ABS spreads in European continue to shrug off broader market volatility.

    • 14 Oct 2014
  • Weary Punch bondholders hit again by low S&P and Fitch ratings

    Punch Taverns’ bondholders had only just finished celebrating the culmination of the pub group’s seemingly endless securitization restructuring saga, when late last week Fitch and Standard & Poor’s delivered another blow by assigning much lower ratings than Moody’s to several tranches.

    • 13 Oct 2014
  • Sentiment slump fails to down tight-end Dolphin

    ABN Amro priced its €500m five year Dolphin RMBS at the tight end of guidance on Wednesday morning, demonstrating the continued resilience of core ABS to a broader market slump and placing the trade directly between recent prints from Dutch rivals Aegon and Obvion.

    • 15 Oct 2014
  • Five Oaks looks to launch own shelf

    Five Oaks Investment Corp. plans to acquire more jumbo mortgages and aspires to launch its own RMBS shelf by the end of next year, following the completion of the company’s first securitization last week.

    • 15 Oct 2014
  • Longer loans for Volkswagen's $1bn auto ABS

    Volkswagen’s $1bn prime auto ABS deal received triple-A ratings from Standard & Poor’s Rating Services and Fitch Ratings on Tuesday. The deal is backed by a greater share of extended-term loans than the issuer’s last deal — a growing trend in auto lending.

    • 14 Oct 2014
  • JP Morgan to sell on crisis-era UK RMBS

    JP Morgan is at the head of a consortium that has acquired a £2.7bn portfolio of legacy performing UK residential mortgages from the UK government’s bad bank, and has structured the assets into two RMBS transactions to syndicate to investors.

    • 14 Oct 2014
  • Raters battle for third SoFi securitization, quarterly issuance on way

    San Francisco-based peer-to-peer lender SoFi is in talks with three ratings agencies regarding its third securitization of student loan refinancings, which is set to hit the market in the first week of November and should lead to regular quarterly issuances from the company.

    • 13 Oct 2014
  • Non-bank servicing could be a house of cards

    Non-bank mortgage servicers might not be able to overcome regulatory interventions as their share prices deteriorate, and holders of mortgage-backed securities could see interruptions in cash flows as a result, according to market sources.

    • 14 Oct 2014
  • FGA Capital eyes 20bp saving with Italian ABS after ECB news

    Fiat's car finance joint venture with Crédit Agricole, FGA Capital, is heading for a significant improvement on spread levels for its latest A-BEST loan securitization, in the first public Italian collateral-backed deal since the European Central Bank outlined the scope of its forthcoming asset purchases.

    • 13 Oct 2014
  • Citi preps first Aussie RMBS for three years

    Investors will be able to buy Citi-branded Australian RMBS for the first time for more than three years this month, after Citibank Australia mandated for a new deal from its Securitised Australian Mortgage Trust platform.

    • 13 Oct 2014
  • Investors take wheel as clouds gather over US CLO market

    The bull market in US collateralised loan obligations showed signs of running out of steam this week. With a huge amount of supply still in the pipeline as managers try to ramp up assets under management before risk retention rules are finalised, some deals in the market are having trouble getting over the finish line after a torrid time for secondary triple-A and double-A spreads last week.

    • 09 Oct 2014
  • Prime auto deals pumped up

    Three prime auto ABS issuers increased deals this week to take advantage of strong demand. Spreads have tightened in the asset class since widening along with the subprime auto sector in August, when regulators and the US Department of Justice announced weaker lending standards at the lower end of the credit spectrum.

    • 08 Oct 2014
  • Tighter spreads bode well for risk transfer and real economy lending

    European banks are slowly reengaging with risk transfer trades, with half a dozen in the market and the outlook improving as ECB actions promise to make such trades more.

    • 09 Oct 2014
  • Smorgasbord of European ABS follows ECB

    A wide variety of deals have been announced or priced in the European ABS market in the week following the ECB Governing Council meeting, which revealed more details about the central bank’s plans to buy European ABS.

    • 09 Oct 2014
  • RMBS supply picks up despite softer tone

    New issue momentum picked up in the RMBS market this week as one Dutch deal was priced and another was announced, along with a sterling deal from a UK bank. However, pricing softened as euphoria over the ECB’s purchase programme began to wane.

    • 09 Oct 2014
  • Steady issuance and stable spreads for agency risk-sharing MBS

    Market participants expect spreads to remain stable for agency risk-sharing MBS offerings as more and more of the notes are issued.

    • 09 Oct 2014
  • Secondary illiquidity bites as Napier Park prices fifth Regatta CLO

    Napier Park Global Capital has priced the fifth collateralised loan obligation in its Regatta series, with the significantly wider pricing levels of the triple-A tranche showing the effect of poor secondary liquidity in senior CLO paper on primary supply.

    • 08 Oct 2014
  • Discover draws on better card delinquency

    With delinquency rates falling, Discover Bank plans to launch a $500m credit card ABS deal this week.

    • 08 Oct 2014
  • Santander Consumer Bank adds Finnish deal to pipeline

    Santander Consumer Bank Finland has announced Kimi 3, a new Finnish auto ABS, which it is considering selling down to class C for the first time.

    • 09 Oct 2014
  • Penarth set to price tomorrow

    Lloyds Bank is set to price its Penarth 2014-2 UK credit cards deal on Thursday, after going subject in line with initial price thoughts of 37bp earlier on Wednesday.

    • 08 Oct 2014
  • Fiat mandates Italian auto deal

    Fiat and Credit Agricole joint venture FGA Capital has mandated banks for A-BEST 10, a new Italian auto loan ABS.

    • 08 Oct 2014
  • Westlake's second subprime deal expected to come cheaper

    Westlake Services’ $400m subprime auto ABS deal is expected to price between 50bp and 55bp over EDSF for the deal’s triple-A tranche in accordance with guidance released on Tuesday.

    • 07 Oct 2014
  • Primary ABS picks up pace as ABN announces

    The primary ABS market picked up momentum sharply on Tuesday as Dutch RMBS Saecure 15 was priced and ABN’s Dolphin 2014-3 was announced, while initial price thoughts on Lloyds’ UK credit card deal, Penarth, were announced. Finally, in the CMBS market, Westfield Stratford City Finance was priced.

    • 07 Oct 2014
  • CMBS servicer workloads increase, says Fitch

    About half of commercial loan assets backing CMBS that were due to mature this year and last are still awaiting resolution, according to Fitch’s third quarter EMEA commercial mortgage market report. As a consequence the workload of servicers has increased considerably, said the agency in the report published on Monday.

    • 07 Oct 2014
  • Japan to the rescue as triple-A and equity struggle hits CLOs

    Japanese investors are helping CLO managers price their deals as the end of the year approaches, filling a gap left by US triple-A investors that don’t have room left for new deals. Amid widening triple-A spreads and secondary market volatility, equity returns are suffering — but widening spreads in the underlying leveraged loan market may help offset that decline.

    • 06 Oct 2014
  • Aegon to test RMBS demand

    Dutch lender Aegon Hypotheken has opened books and released initial price thoughts for Saecure 15, a prime RMBS that is backed by a high proportion of guaranteed mortgage loans. This will be the first RMBS since details of the European Central Bank’s ABS purchase programme were announced, and could prove a litmus test of prospective demand.

    • 06 Oct 2014
  • Three French consumer ABS dominate the week

    Three new French consumer ABS deals should be priced this week, all from regular visitors to the European market.

    • 06 Oct 2014
  • Lloyds announces new credit card trade

    Lloyds Bank has mandated BAML and its own primary markets operation for Penarth 2014-2, a new UK credit card ABS.

    • 06 Oct 2014
  • Westfield Stratford pricing shades inside previous attempt

    The relaunch of Westfield’s Strat 2014 CMBS, which finances the Westfield Stratford shopping centre, looks set to price inside the guidance offered when the deal was first marketed.

    • 06 Oct 2014
  • ECB purchases likely to start November, last four years

    The European Central Bank’s purchases of ABS and covered bonds may start next month and last four years.

    • 01 Oct 2014
  • UK issuers eye Q4 for long term funding

    Some of the largest UK banks and other mortgage lenders are preparing returns to the ABS market before the end of the year, with some market sources saying that keeping in touch with their investor base is no longer the main motive for using the asset class.

    • 02 Oct 2014
  • EC rules ‘reinforce rating competition’

    The European Commission is set to issue new rules for European structured finance transactions that will see issuers post enhanced deal data on a website and require rating agencies to submit data on ratings and the fees charged to clients.

    • 02 Oct 2014
  • Draghi reaches for junk but ABS and covered bankers unimpressed by size

    Sub-investment grade ABS and covered bonds will be on the European Central Bank’s shopping list when it begins the private sector purchase programme it hopes will revive real economy lending this month. But stakeholders in both markets remain unconvinced of the size the ECB can achieve and many now see the move as a mere stepping stone to full-blown quantitative easing.

    • 02 Oct 2014
  • Widening in US CLOs takes toll on equity

    The US CLO market took a turn for the worse this week, with new issue spreads widening and a large proportion of secondary market bid lists failing to trade. Illiquidity in CLOs and a widening in the underlying leveraged loan market is now causing problems in the primary market, particularly for equity investors.

    • 02 Oct 2014
  • WinWater credit enhancement falls short, says Kroll

    Premium Point Investment’s securitization conduit WinWater Home Mortgage is marketing its second securitization since its launch in 2013. Credit enhancement was too low for Kroll Bond Ratings Agency to assign preliminary ratings in two of the deal’s tranches.

    • 02 Oct 2014
  • Draghi commits to buying junk ABS

    European Central Bank president Mario Draghi brought his determination to buy Greek and Cypriot ABS into the public sphere on Thursday as he said the intention was to include sub-investment grade paper in the purchase programme in a bid to make it as inclusive as possible.

    • 02 Oct 2014
  • Exeter and Westlake brave the heat of under-fire subprime auto market

    Exeter Finance Corp and Westlake Services have received triple-A ratings for two new subprime auto deals, even as the sector fights a wave of negative sentiment driven by rising delinquencies and increased regulatory oversight.

    • 02 Oct 2014
  • GM Financial opens door for more Chinese auto ABS

    General Motors is planning to introduce its captive auto finance arm into the Chinese market later this year, paving the way for more issuance of auto loan securitizations in the world’s largest auto market. But concerns still remain around the asset class, in a country where securitization laws are relatively new.

    • 01 Oct 2014
  • BoE asks for powers to cap mortgage LTVs

    The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.

    • 02 Oct 2014
  • JPM RMBS deal prone to payment shock, say market participants

    JP Morgan Mortgage Trust’s planned $483.56m jumbo RMBS issue is backed entirely by adjustable rate mortgages. The deal has raised concerns over the potential for payment shock to cause defaults in the loans.

    • 30 Sep 2014
  • Analysts at odds over size of the ECB’s wallet

    Europe’s ABS research teams have given a neat indication of the uncertainty that still surrounds the potential effect of the European Central Bank’s ABS purchase programme ahead of the central bank’s policy meeting this week, releasing a wide range of size predictions even as investors bid up prices to post-crisis records.

    • 29 Sep 2014
  • Big week for CMBS as Westfield relaunch follows Tulip pricing

    Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.

    • 30 Sep 2014

People News

  • CircleBack beefs up staff

    Online consumer lending platform CircleBack Lending, which has teamed up with Jefferies to securitize up to $500m of the loans it originates, is “aggressively” expanding its staff to deal with increased business.

    • 16 Oct 2014
  • JPM combines debt syndicate, O’Grady and LoBue to co-head

    JP Morgan is bringing all of its fixed income syndicate teams together under new global co-heads Ryan O’Grady and Bob LoBue.

    • 15 Oct 2014
  • Nomura loses credit sales chief

    Nomura’s head of leveraged credit sales has left the bank’s New York office.

    • 14 Oct 2014
  • Lloyds replaces Boz with ex-Barclays FIG boss

    Lloyds Bank has hired Allen Appen from Barclays to fill a new role created after the departure of Robert ‘Boz’ Plehn, Lloyds’ former head of asset-backed securities, earlier this year.

    • 09 Oct 2014
  • Onex hires for growing European CLO market

    Onex Credit Partners, the collateralised loan obligation manager arm of Canada’s Onex Corporation, is making a push into the expanding European CLO market with a new hire, the firm announced today. The move comes amid a growing trend of US managers trying to access European investors.

    • 08 Oct 2014
  • Structured chief heads to Mitsubishi

    Mitsubishi UFJ Financial Group has hired a well-known credit structurer to play a senior role in its structured products business

    • 09 Oct 2014
  • Citi adds RMBS distribution head

    Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.

    • 07 Oct 2014
  • Covenant hires new PM as second deal nears

    Covenant Credit Partners, which is about to price its second collateralised loan obligation, has hired a new portfolio manager to join its management team.

    • 06 Oct 2014
  • Cantor hires in US CLOs, looks to replace in London

    Cantor Fitzgerald has hired a collateralised loan obligation trader in its New York office, as it seeks to build out its new issue CLO business. At the same time, it is looking to replace its head of euro CLO origination, who is no longer with the firm.

    • 01 Oct 2014
  • HSBC appoints new global head of leveraged and acquisition finance

    Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division.

    • 01 Oct 2014
  • PineBridge hires structured credit expert

    PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.

    • 29 Sep 2014
  • Fannie operations head to step down

    The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.

    • 24 Sep 2014
  • UBS loses credit structuring head

    UBS has lost a long-serving senior official from its credit structuring business.

    • 22 Sep 2014
  • CLO lawyer returns to Cadwalader in London

    A top securitization lawyer has rejoined Cadwalader, Wickersham & Taft to expand the firm’s structured finance practice in London.

    • 16 Sep 2014
  • Grant Thornton hires director for securitization valuation

    Grant Thornton has hired a former DTCC securitization valuation specialist for its forensic and valuation services practices in New York.

    • 15 Sep 2014
  • RBC hires from RBS for agency MBS

    Royal Bank of Canada has added to its growing securitization team, hiring a CLO trader from Royal Bank of Scotland’s shrinking securitization team.

    • 10 Sep 2014
  • Jones Day beefs up securitization team

    Global law firm Jones Day has hired an expert CLO lawyer in London within a week of hiring a new high yield partner, and plans to add more partners as the structure finance markets expand.

    • 10 Sep 2014
  • Pimco raids banks as diversification push hits Europe

    Pimco has relocated a US-based structured credit veteran to London to head its European structured product group, as well as making a swathe of hires from investment banks for its London real estate team as it its latest effort to diversify away from bonds.

    • 10 Sep 2014
  • Spire Partners hires CIO from 3i

    Robert Reynolds has joined Spire, the European leveraged debt asset manager, as chief investment officer and partner.

    • 10 Sep 2014
  • Ex-RBS strategist to lead Bayview CLO push

    A CLO strategist who left Royal Bank of Scotland’s dwindling Stamford, Connecticut office last month is set to move to a Florida-headquartered mortgage specialist to lead a push into the booming US CLO market.

    • 09 Sep 2014
  • Highland grows structured team, set to hire more

    Dallas-based investment firm Highland Capital Management has hired a new loan and high yield bond trader to support its growing structured products team, and wants to make two more hires this year.

    • 09 Sep 2014
  • Hazelwood adds another to Mitsubishi securitization team

    Mitsubishi UFJ’s head of structured products, Tricia Hazelwood, has added another salesperson to her growing team, this time sourcing the new hire from Royal Bank of Scotland’s shrinking US capital markets business.

    • 04 Sep 2014
  • Värde hires RBS conduit pro to head capital markets

    Värde Partners has hired a securitization structurer from RBS as head of capital markets.

    • 04 Sep 2014
  • Mayer Brown hires LatAm structured expert in DC

    Mayer Brown is welcoming back an expert in Latin American project finance, structured finance and acquisition financing to its Washington, DC office.

    • 02 Sep 2014
  • Up-and-coming CLO shop adds analyst

    A new North Carolina-based CLO manager is continuing to build up its small team, adding another analyst with the eventual aim of run high-diversity portfolios.

    • 27 Aug 2014
  • One in, one out at CIFC board

    CIFC Asset Management, one of the most active CLO managers in the US, has appointed a former Ares Management senior partner to its board of directors. Another CIFC board member has resigned.

    • 26 Aug 2014
  • Moelis-backed CLO manager hires analyst from CIFC

    A CLO manager set up earlier this year by Moelis Asset Management has hired a fund analyst from CIFC Asset Management to join its growing team.

    • 18 Aug 2014
  • Lloyds goes for securitization growth as RBS’s structured exodus accelerates

    Lloyds Banking Group is continuing its push into the US credit and asset-backed securities markets but is taking a very different approach to that of Royal Bank of Scotland, whose Connecticut office had several more structured credit departures this week amid its retrenchment in the country.

    • 13 Aug 2014
  • Another CLO expert leaves RBS

    A well-known face on CLO conference panels is the latest departure from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the bank sheds its staff in that market.

    • 14 Aug 2014
  • RBS continues cuts into US mortgage team

    At least two more mortgage experts have left Royal Bank of Scotland in Connecticut as the bank shrinks its US footprint across multiple businesses.

    • 13 Aug 2014
  • CLO experts leave RBS for CIFC

    CIFC Asset Management has picked up two CLO bankers from Royal Bank of Scotland's US headquarters in Stamford, Connecticut, as the UK government-owned bank retrenches from the market.

    • 13 Aug 2014
  • Ignis veteran leaves for TwentyFour AM

    Ignis Asset Management’s former head of credit is leaving the firm to join Twenty Four Asset Management, following Ignis’s takeover by Standard Life last month.

    • 11 Aug 2014
  • Credit Suisse veteran to lead new hires at Element

    Element Financial Corporation has added six US structured products experts to its transportation finance team in Connecticut, including a managing director from Credit Suisse.

    • 08 Aug 2014
  • FGB adds two to structured finance team

    First Gulf Bank has added two people to its structured finance team. Anand Bangur and Mehdi Raza have joined the group’s debt markets and syndications team under former Standard Chartered banker Steve Perry, who was hired by FGB in September 2013.

    • 07 Aug 2014
  • Cantor bids to build in mortgages and CLOs

    Cantor Fitzgerald is looking to acquire residential mortgage origination firms as it moves to “aggressively” expand its capabilities in that market, its CEO, Shawn Matthews, told GlobalCapital. The firm is also looking to move into the CLO market.

    • 05 Aug 2014
  • Prytania appoints Henderson FI head as next CEO

    Henderson Global Investors will lose its head of fixed income next week to London-based asset manager The Prytania Group, which is replacing retiring chief executive Joe Cook.

    • 23 Jul 2014
  • CRE bankers to join loan servicer

    Commercial real estate loan servicing firm Hatfield Philips has plundered two commercial real estate professionals from banks to head up its newly launched debt advisory team and its marketing team.

    • 22 Jul 2014
  • Fledgling CLO shop looking to expand

    A young North Carolina CLO manager is looking to expand its small team with three new hires in the next couple of months, according to a person at the firm.

    • 18 Jul 2014
  • CIFC loses one but middle-market project continues

    CIFC is forging ahead with its new middle-market CLO platform, despite losing a managing director to a specialist middle-market lender.

    • 15 Jul 2014

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IssuerArrangerSize ($M)
Ballyrock Investment Advisors LLC, Ballyrock 2014-1Citi409.18
Symphony Asset Management, Symphony CLO XV BAML622.50
Feingold O'Keeffe Capita, Hull Street CLOCredit Suisse515.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Oct 2014
1 JPMorgan 57,475.48 143 10.31%
2 Bank of America Merrill Lynch 50,643.60 142 9.09%
3 Citi 50,519.56 130 9.06%
4 Barclays 49,010.92 123 8.79%
5 Credit Suisse 46,233.08 112 8.29%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
CCCIT 2014-A899.991,099.80
Westgate 2014-1100.0053.00
Westgate 2014-1100.0035.00

Priced Deals

Society of Lloyd's30-Oct-14500
Goldman Sachs29-Oct-191250

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 JPMorgan 5,656.88 18 8.98%
2 Deutsche Bank 4,853.22 15 7.70%
3 Bank of America Merrill Lynch 4,636.22 11 7.36%
4 HSBC 4,327.82 11 6.87%
5 Citi 4,083.79 11 6.48%