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Securitization

Top Securitization Stories

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

  • Hermes taps Tikehau exec to kick-start CLO business

    Hermes Investment Management has tapped recent CLO debutant Tikehau Capital for its new head of private debt and CLOs.

    • 02 Jul 2015
  • Bigger drop in used car prices moot for auto ABS

    Used car prices are projected to drop again for the second half of 2015 and at a higher rate for the next two years, but market participants say performance for auto ABS will remain strong.

    • 01 Jul 2015
  • Core ABS avoids Greek contagion, says Prytania

    Until the Greek crisis finds some kind of resolution, European securitization markets are likely to be frozen up, or worse, pummelled by uncertainty.

    • 02 Jul 2015
  • Credit Suisse prices Sunrun outside guidance

    Sunrun’s inaugural solar securitization was priced late Tuesday, at levels wider than the pricing guidance released earlier in the day.

    • 30 Jun 2015
  • EBA backs capital cut for qualifying ABS

    Bank investors in securitizations may be granted a significant reprieve from the severe risk weighting floors assigned to securitizations under current European Union proposals.

    • 26 Jun 2015
  • China ABS looks to go global with CNH offerings

    China ABS has been developing at a fast pace since the government reopened the market in 2012. With foreign investors buying auto loan ABS from international car manufacturers, bankers wonder if they could issue offshore renminbi ABS to attract an even broader investor base.

    • 29 Jun 2015
  • UK lenders invited, but RMBS party closed for now

    In what might have been one of the busiest weeks in the public ABS market in recent memory, there is a queue of UK lenders lining up to issue. But as yet, no deals are forthcoming.

    • 29 Jun 2015
  • US securitization markets wait out Greek threat

    US ABS and RMBS markets were stalled on Monday as the potential for a Greek default left syndicates and secondary traders waiting for a move in sovereign bond spreads.

    • 29 Jun 2015
  • Babson seeks €400m with CLO as spreads widen

    Babson Capital is marketing its third European CLO after strong issuance in the first half of the year, even though spreads are widening.

    • 29 Jun 2015
  • Natixis names US trading bosses

    Natixis announced on Monday that it had appointed a new head of global markets Americas and hired a new head of fixed income Americas from UBS.

    • 30 Jun 2015
  • Capital One, Safe-Guard execs bring subprime auto ABS

    Former executives of credit card lender Capital One and Safe-Guard Products International, an auto finance and insurance company, have priced their first subprime auto securitization.

    • 29 Jun 2015
  • ABS rears up in face of Greek crisis, eventually

    The ABS market cannot take any more. Having soldiered through months of Greece induced volatility, issuers seem to have given up on printing despite a full pipeline of deals.

    • 29 Jun 2015
  • Banif not seeing the benefit of ABSPP spread compression

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last transaction.

    • 25 Jun 2015
  • Redwood calls out ratings agencies for 'upside down' logic

    Redwood Trust has included new investor protections in its last two deals, but the non-agency RMBS sponsor says it might have to change course if rating agencies don’t allow it better execution.

    • 25 Jun 2015
  • MountainView snags talent from Barclays and KPMG

    Asset valuation company MountainView IPS has hired a senior banker from Barclays and an analyst from KPMG to join its structured products team.

    • 24 Jun 2015
  • VW places conduit auto ABS

    VW placed a conduit German auto ABS via Commerzbank this week.

    • 25 Jun 2015
  • Greek RMBS delinquencies, defaults tick up

    Ninety-plus day delinquencies backing Greek RMBS surged more than a point between April 2014 and April 2015, according to Moody’s.

    • 25 Jun 2015
  • Sunrun IPO won’t impact ratings for new deal

    Sunrun filed for an initial public offering on Thursday as Credit Suisse was marketing the solar panel financier's inaugural securitization.

    • 25 Jun 2015
  • Tough week causes resistance in periphery primary spreads

    It was a difficult week for periphery ABS, with two lenders getting deals done, but at spreads that suggest Greece’s difficulties are taking their toll on the market.

    • 26 Jun 2015
  • Freddie’s second actual loss risk transfer deal well oversubscribed

    The most senior notes of Freddie Mac’s second structured agency credit risk transfer issuance were well oversubscribed before it priced on Wednesday.

    • 24 Jun 2015
  • Eaglewood taps UK financing to buy more loans from Lending Club

    Eaglewood Capital Management will continue to purchase loans from US peer-to-peer (P2P) lending platform Lending Club following a shift of Eaglewood's management from the US to the UK, a source involved in talks on the company’s new corporate structure has told GlobalCapital.

    • 24 Jun 2015
  • German RMBS is back, UK BTL RMBS pipe builds

    The RMBS machine was up and running this week, with two UK buy-to-let transactions announced and one issuer offering the full stack of a German RMBS — the first in years in the asset class.

    • 25 Jun 2015
  • Banif spreads not benefitting from ABSPP

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last SME ABS transaction.

    • 24 Jun 2015
  • Single-family rental hybrid coming soon

    Velocity Commercial Capital is planning a deal backed mostly by loans it has made to retail investors in single-family rental properties, its second such securitization since the financial crisis.

    • 23 Jun 2015
  • Green bonds: not exactly SRI, nor yet ESG

    Green bonds, SRI, ESG — they’re all pretty much the same, right? Wrong.

    • 25 Jun 2015
  • Fed liftoff would mean little for credit risk, Moody’s says

    Rising interest rates in the US could mean higher credit risk for outstanding CMBS but other types of legacy assets would be mostly unaffected, according to Moody’s Investors Service.

    • 23 Jun 2015
  • Agos Ducato launches into a week of uncertainty

    Calming words coming from some of Greece’s creditors on Monday allowed ABS deal flow to resume. Agos Ducato took the opportunity to issue initial price thoughts on its Italian consumer ABS as a result.

    • 23 Jun 2015
  • First full stack German RMBS in years on the way

    Macquarie’s corporate asset finance division has announced it is looking to sell a full capital stack of RMBS backed by German mortgages - an extremely rare asset class that has piqued investor interest since rumours about it surfaced at Global ABS in Barcelona.

    • 23 Jun 2015
  • New Residential raising cash as servicer scrutiny continues

    New Residential Investment Corp, a real estate investment trust that has focused on buying and servicing distressed residential mortgage assets, is about to tap the capital markets for the second time this month.

    • 22 Jun 2015
  • Fed statements throwing consumer ABS off course

    The Federal Reserve’s policy statements on interest rates and resulting interest rate volatilities could be throwing securitization timetables and secondary trading out of whack.

    • 22 Jun 2015
  • VW joins pipeline, but primary hesitates on Greece, rates

    Even the normally volatility-resistant European ABS market is holding its breath as reports over the last week show Greece could be spiralling toward an exit from the euro and maybe even the European Union.

    • 22 Jun 2015
  • Secs on the beach: the Global ABS 2015 debrief

    Catalunya is famed for being the most independently-minded of Spain’s regions, but separatism was the last thing on the minds of Global ABS delegates this year. Securitization is becoming part of Europe once again, and GlobalCapital — reporting from our very own Special Purpose Vehicle — has all the gossip from the conference’s most positive outing in recent memory.

    • 18 Jun 2015
  • Deutsche hires CLO structurer

    Deutsche Bank has hired a CLO structurer to fill the seat vacated by Peter Melichar's move to Jefferies

    • 18 Jun 2015
  • New debt CIO for Blackstone

    Global property giant Blackstone has hired Deutsche Bank’s former global head of commercial real estate as the new chief investment officer for its real estate debt business.

    • 16 Jun 2015
  • Orlandi to join Goldman

    Enrico Orlandi, an ABS structurer, is headed to Goldman Sachs, GlobalCapital understands.

    • 17 Jun 2015
  • Peer to peer lender planning UK student loan ABS

    A new online marketplace lending platform in the UK is planning to securitize student loans next year as peer to peer lenders look increasingly to the capital markets for financing.

    • 18 Jun 2015
  • CFPB loan reporting rule delay might not be long

    A delay for the Consumer Financial Protection Bureau’s new due diligence disclosure requirements came as a relief for RMBS bankers, but the CFPB could require compliance in only two weeks time, rather than in October as proposed.

    • 18 Jun 2015

More Securitization stories

People News

  • Fitch ABS director moves to BAML

    Brad Sohl has joined Bank of America Merrill Lynch’s ABS banking team from Fitch Ratings, where he worked as a senior director in the agency’s ABS group.

    • 01 Jul 2015
  • Oppenheimer hires LatAm structured vet for DCM and syndicate

    Capital markets boutique Oppenheimer & Co has hired an ex Bear Stearns and JP Morgan fixed income and structured finance specialist as its new head of debt capital markets and syndication.

    • 29 Jun 2015
  • Cantor expands mortgage trading team

    Cantor Fitzgerald has hired two managing directors that will work in agency and non-agency mortgage backed securities trading and sales, the investment bank announced on Friday.

    • 26 Jun 2015
  • MountainView snags talent from Barclays and KPMG

    Asset valuation company MountainView IPS has hired a senior banker from Barclays and an analyst from KPMG to join its structured products team.

    • 24 Jun 2015
  • Deutsche hires CLO structurer

    Deutsche Bank has hired a CLO structurer to fill the seat vacated by Peter Melichar's move to Jefferies

    • 18 Jun 2015
  • Orlandi to join Goldman

    Enrico Orlandi, an ABS structurer, is headed to Goldman Sachs, GlobalCapital understands.

    • 17 Jun 2015
  • New debt CIO for Blackstone

    Global property giant Blackstone has hired Deutsche Bank’s former global head of commercial real estate as the new chief investment officer for its real estate debt business.

    • 16 Jun 2015
  • Demica closing in on new origination team

    Receivables reporting firm Demica is hiring several senior bankers in Europe and the US as it reboots itself as a arranger of comprehensive securitization solutions to small and middle sized companies.

    • 16 Jun 2015
  • Moody's ratings head moves to DBRS

    Detlef Scholz is leaving Moody’s Investors Service to head DBRS’s ratings business in Europe, the Middle East and Africa, DBRS announced Monday morning.

    • 15 Jun 2015
  • Mizuho hires new head of US securitization

    Mizuho has hired a new head of securitization in New York, adding to the new faces in the firm’s US banking and capital markets arms.

    • 11 Jun 2015
  • Freddie Mac fills chief economist vacancy

    Freddie Mac has filled the void left by former vice president and chief economist Frank Nothaft, who left for a head economist job with property data provider CoreLogic in January.

    • 09 Jun 2015
  • Wells picks up BNP Paribas RMBS analyst

    Wells Fargo Securities has snagged BNP Paribas’ lead RMBS strategist to serve as a director and senior RMBS research analyst in the US.

    • 09 Jun 2015
  • Natixis CLO trading head shows up at fund

    The head of European CLO and ABS trading at Natixis in France has moved to an ABS fund as portfolio manager.

    • 09 Jun 2015
  • HSBC’s plan to slash investment bank assets

    HSBC announced a new plan to cut assets in its Global Banking and Markets unit on Tuesday morning, following most other universal banks in promising to shrink long-dated rates, restrict its client list to the most profitable and distribute risk rather than holding it.

    • 09 Jun 2015
  • Clayton Holdings hires senior business development MD

    Real estate service provider Clayton Holdings has named Suzanne Singer as senior managing director of business development in the US, according to a press release.

    • 04 Jun 2015
  • Navient names new group presidents

    Loan manager Navient has promoted John Kane to the new position of group president for asset recovery and business services and Jeff Whorley Jr. for the new position of group president for asset management and servicing.

    • 04 Jun 2015
  • Invictus Capital names structured credit expert as investment chief

    Washington DC-based Invictus Capital Partners has hired structured credit expert Carl Bell as managing director and co-head of investments.

    • 04 Jun 2015
  • Natixis searching for senior CLO banker in NYC

    Natixis is looking for a managing director to join its structured credit team in New York, according to GlobalCapital sources.

    • 03 Jun 2015
  • Shearman & Sterling bolsters NYC structured finance team

    Law firm Shearman & Sterling has added a former Cleary Gottlieb lawyer to its New York structured finance practice team, according to an announcement from the firm.

    • 03 Jun 2015
  • CS rehires its head of European asset finance

    Credit Suisse has rehired a senior banker to run its European asset finance business.

    • 02 Jun 2015

More People stories

US CLO

IssuerArrangerSize ($M)
Tikehau Capital Europe Goldman Sachs399.85
PineBridge InvestmentsBarclays372.66
Cairn Loan InvestmentsCiti343.03

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jun 2015
1 JPMorgan 32,710.67 90 10.22%
2 Wells Fargo Securities 30,567.24 107 9.55%
3 Credit Suisse 28,829.66 82 9.00%
4 Bank of America Merrill Lynch 26,978.77 91 8.43%
5 Citi 25,309.67 78 7.90%

Financing Record (MBS)

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

Priced Deals

IssuerMaturitySize
UBS30-Jun-201500
HSBC30-Jun-251500
Co-operative Bank01-Jul-25250

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Jun 2015
1 Citi 3,064.41 8 9.52%
2 Deutsche Bank 2,421.47 6 7.52%
3 Bank of America Merrill Lynch 2,219.04 8 6.89%
4 Lloyds Banking Group 2,202.26 6 6.84%
5 Santander 2,047.53 8 6.36%