Top Securitization Stories

  • Cheers! Punch bondholders finally vote yes

    The value of the distressed Punch whole business securitizations is set to rally after both shareholders and bondholders voted in favour of the latest in a series of restructuring efforts.

    • 12:00 PM
  • ABS purchases could shape future regulation, says ECB’s Mersch

    ECB executive board member Yves Mersch has said that the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.

    • 17 Sep 2014
  • Progress set to exploit bullish SFR demand

    Pricing guidance for Progress Residential’s first single-family rental (SFR) securitization was released on Tuesday amidst growing criticism of the new asset class, but secondary market trading levels in the first SFR suggest investors are still bullish on the product.

    • 17 Sep 2014
  • CLO relief bill awaits shot at Senate

    The House of Representatives has shown strong support for a bill from Kentucky Republican Andy Barr, aimed at protecting the CLO market by extending the deadline for banks to comply with the Volcker rule. The Senate is its next challenge, but market participants are sceptical about the bill’s chances.

    • 17 Sep 2014

Latest News

  • Slew of auto and credit card deals set to hit markets

    Steady supply of auto and credit card backed ABS is expected to continue as new issues in the sectors were priced this week. Pricing guidance was released for a number of other issues expect to hit markets soon, including the latest single-family rental securitization.

    • 17 Sep 2014
  • Euro CLO spreads creeping tighter despite new run of supply

    The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.

    • 17 Sep 2014
  • Credit Acceptance brings subprime deal as CFPB flexes muscles

    Fitch Ratings cautioned investors in securitizations backed by subprime auto loans on Tuesday, just as the agency's competitors assigned preliminary triple-A ratings to yet another subprime deal and the Consumer Financial Protection Bureau (CFPB) turned up the heat on the sector.

    • 16 Sep 2014
  • Calfornia clean energy groups prep new ABS

    Two California-based clean energy financing companies affiliated with the Property Assessed Clean Energy (PACE) programme are preparing asset back securities to be issued before the end of the year, one securitizing unsecured residential energy financing loans and the other backed by PACE assessments.

    • 16 Sep 2014
  • FirstRand knocks quarter off senior auto ABS spreads

    FirstRand Bank has shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal, demonstrating the already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.

    • 16 Sep 2014
  • Private student loan providers readying securtization platforms

    With government-backed student loan collateral diminishing, decreasing ABS issuance in the sector could be boosted as private lenders such as Citizens Bank look to consolidate loans into securitization-ready pools.

    • 15 Sep 2014
  • Non-bank servicer boom to disrupt RMBS

    Investors in non-agency mortgage bond securitizations could see payments on their notes disrupted due to servicer turnover, according to a Fitch Ratings report released on Tuesday.

    • 16 Sep 2014
  • Volkswagen set for swift return to busy auto market

    Volkswagen has gained provisional ratings for its second auto lease securitization of the year, just days after printing a large sterling auto ABS. The deal extends a busy post-summer period for a European auto ABS market whose investors are already casting their eyes over FirstRand Bank’s latest offering this week.

    • 15 Sep 2014
  • UniCredit steps up SME ABS with agency help

    A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.

    • 15 Sep 2014
  • Springleaf $2.62bn ABS follows servicing divestment

    Springleaf Finance, along with New Residential Investment Corp. and Blackstone Tactical Opportunities Advisors, intends to issue $2.62bn worth of personal loan ABS from a joint venture entity called SpringCastle. The issue comes just a month after Springleaf announced plans to unwind its mortgage servicing operations.

    • 15 Sep 2014
  • Risk retention could halt CLO issuance 'overnight' but benefit investors

    Upcoming risk-retention rules for securitization in the US could lead CLO issuance, which hit almost $80bn this week, to grind to a halt almost overnight, according to several market participants who took part in a roundtable organised by GlobalCapital this week.

    • 11 Sep 2014
  • Italian RMBS re-sales put on hold by ECB

    Some Italian mortgage originators issuers preparing to re-market previously retained RMBS transactions in the next few months have put their plans temporarily on hold, preferring to wait and see if they can trim costs by selling them to the European Central Bank rather than the open market.

    • 11 Sep 2014
  • The ECB effect: Banif SME deal to test new bid for periphery ABS

    Portuguese lender Banco Internacional do Funchal (Banif) has launched a securitization of Portuguese SME loans that will include a sale of triple-B rated debt, in an immediate test of whether the European Central Bank has managed to stimulate a new wave of appetite for periphery ABS with last week’s promise to buy up bonds.

    • 11 Sep 2014
  • New York CLO manager moves to Volckerise deal

    One of the largest CLO managers in the US has sent out a proposal to make a legacy deal from 2012 complaint with the Volcker rule, according to people familiar with the situation.

    • 11 Sep 2014
  • P2P lenders amass for securitization pitch

    Lending.com, a peer-to-peer lender that launched earlier this year, expects the first securitization of its single-family property rehab loans to hit markets in eight months. The company is one of many peer-to-peer lenders flocking to the ABS East Conference later this month to plan issuance in the high-yielding asset class.

    • 11 Sep 2014
  • Market correction for latest agency risk-sharing RMBS

    Freddie Mac's seventh risk-sharing RMBS, which priced on Wednesday, is expected to settle in a more stable market than earlier issues under the program, which widened drastically last month.

    • 11 Sep 2014
  • GMAC drives sterling auto ABS inside VW

    GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.

    • 11 Sep 2014
  • Subprime credit card ABS unlikely to return

    High supply of credit card receivables and strong performance of past deals should lead to an increase in highly liquid credit card ABS issuance, despite the asset class being left out of the liquidity coverage ratio, said bankers on Tuesday. But a standalone subprime credit card market is unlikely to develop.

    • 10 Sep 2014
  • ECB lack of detail clouds pipeline in European ABS

    A strong September pipeline of European ABS transactions could face delays as issuers wait for more detail from the European Central Bank on its impending asset purchases, though those that do decide to pull the trigger should have no problem with execution, bankers said this week.

    • 11 Sep 2014
  • The ECB effect: Banif SME deal to test new appetite for periphery ABS

    Portuguese lender Banco Internacional do Funchal (Banif) has launched a securitization of Portuguese SME loans that will include a sale of triple-B rated debt, in an immediate test of whether the European Central Bank has managed to stimulate a new wave of appetite for periphery ABS with last week’s promise to buy up bonds.

    • 09 Sep 2014
  • Citi spin-off brings third CLO of year as bulging pipeline softens mezz

    Napier Park, the $6bn hedge fund that was spun off from Citi in 2013, is set to price its third CLO of 2014 in the next two to three weeks. Several other deals are in the pipeline but while demand for CLO equity is strong, widening mezzanine spreads are making that part of the capital stack hard to place.

    • 09 Sep 2014
  • Santander and GM auto ABS rolls on amid investigation

    Auto ABS originators priced a slew of deals this week, as the industry continued to grapple with negative sentiment amid a regulatory probe into lending standards.

    • 10 Sep 2014
  • Firstmac comes home to add RMBS to Aussie pipeline

    Australian specialist mortgage lender Firstmac is set to issue its first purely Australian dollar denominated RMBS transaction of the year, just as Bank of Queensland is pulling in orders for its latest auto ABS.

    • 09 Sep 2014
  • Worse underwriting not expected to hamper auto ABS performance

    Standard & Poor's analysts on Tuesday dismissed claims that the subprime auto lending sector was overheating, saying that subprime auto ABS performance would remain strong despite a decline in underwriting standards.

    • 09 Sep 2014
  • Covered bond investors could shift to ABS on ECB backing

    Covered bond investors that have long shunned the European ABS market may be among the first buyside participants to be drawn back into securitization as yields in their market are squeezed even tighter by the European Central Bank’s impending purchases, bankers told GlobalCapital on Monday.

    • 08 Sep 2014
  • Blackstone and TPG acquire UK mortgage originator Kensington

    US based private equity firms Blackstone and TPG Capital have acquired non-conforming and buy-to-let UK mortgage lender Kensington Mortgages from Investec, in a move that could see the lender issuing different forms of ABS.

    • 09 Sep 2014
  • FirstRand Bank hits Turbo on sterling ABS market

    FirstRand Bank has mandated lead managers for its fifth securitization of auto loans under its Turbo programme, with GMAC UK also on the road this week as a typically anaemic sterling ABS market enjoys a rampant start to the post-summer period.

    • 08 Sep 2014
  • Next Freddie risk-sharing RMBS expected soon

    Freddie Mac is set to price its seventh risk-sharing RMBS deal this week, with strong demand expected despite choppy secondary trading in the asset class over recent months.

    • 08 Sep 2014
  • Investors take long and short from Virgin amid new focus on pre-payment risk

    A number of accounts participated in both the two and five year tranches offered by Virgin Money’s latest Gosforth RMBS, which one person close to the deal said was the first UK deal for some time to focus on mitigating pre-payment rather than extension risk.

    • 08 Sep 2014
  • GM Financial returns to lease ABS following parent deal

    GM Financial is planning to issue a $709m securitization of prime and subprime auto leases, days after reaching a new support agreement with its parent company, General Motors. The agreement could foster increased loan and lease securitizations by GM Financial, analysts suggested.

    • 08 Sep 2014
  • Covered bond buying branded ‘insane’ as ECB goes for QE-lite

    The European Central Bank surprised ABS bankers and infuriated many of their covered bond peers on Thursday by committing to a broad purchase programme for both asset classes. The move was welcomed in the ABS market and sparked a fresh hunt for secondary paper, but deprived of more detail bankers were unable to say how quickly the measures would encourage more primary issuance, if at all.

    • 04 Sep 2014
  • RMBS, mezz, even covered on shopping list for ECB’s QE-lite

    The European Central Bank sparked a hunt for available European ABS in the secondary market on Thursday after its president, Mario Draghi announced RMBS and possibly mezzanine tranches would be included in its purchase programme, alongside covered bonds. Draghi said the measures were directed at credit easing, leaving the ECB relying on banks to direct their freed up capital towards SMEs of their own accord.

    • 04 Sep 2014
  • Auto ABS takes spotlight as new deals pile in

    Auto ABS continues to take a majority share of new issues, with one auto ABS pricing and three more in the pipeline. An RMBS issue and a GE Capital mid-ticket equipment lease ABS are also expected to come to market.

    • 04 Sep 2014
  • LCR means worse capital treatment for agency MBS

    Banks will be disincentivised from holding agency-backed MBS when US banking regulators implement floors on the quality and quantity of assets banks hold on their balance sheets in accordance with the just-finalised Liquidity Coverage Ratio (LCR) rule.

    • 04 Sep 2014
  • Raters square up over single-family rental

    Fitch sent a warning shot to the single family rental securitization market on Tuesday, as American Homes 4 Rent announced its second deal in the asset class. The new transaction has a preliminary rating of triple-A from Kroll and is slated to receive a rating from Moody’s. But Fitch said refinancing risk and leverage were reasons for not rating deals higher than single-A in the controversial new market.

    • 03 Sep 2014
  • Fitch: Basel III penalises Europe’s best securitizations

    Fitch has said the Basel III securitization framework’s capital charges penalise the best performing and highest rated transactions, while Spanish RMBS and Greek RMBS benefit the most from the committee’s attempt to avoid cliff risk.

    • 04 Sep 2014
  • VW pulls non-UK accounts to sterling with £1bn Driver Two

    Volkswagen Financial Services priced its second UK auto ABS transaction on Wednesday morning, pulling in a big proportion of non-UK buyers to ensure a small oversubscription on the £1bn deal.

    • 03 Sep 2014
  • UK auto ABS treated to more supply as GMAC mandates

    Hungry buyers of sterling denominated auto ABS will be treated to more supply next week after GMAC UK mandated banks for its fourth UK E-Carat transaction, following on from Volkswagen’s Driver Two trade priced on Wednesday.

    • 03 Sep 2014
  • SFIG swamped as market searches for Reg AB II answers

    ‘Unparalleled’ industry interest in the Regulation AB II rules approved by the US Securities and Exchange Commission last week led a huge number of industry participants to join calls with a leading industry group on Tuesday, after a pre-Labor Day rush by lawyers to digest the documents.

    • 03 Sep 2014
  • Fitch tackles Scottish independence currency fears for RMBS

    The high credit enhancement of UK RMBS transactions mean a yes vote for Scottish independence in this month’s referendum poses only a remote risk to them, according to Fitch Ratings. But there remain no mechanisms in transactions to address the risks of a currency redenomination.

    • 03 Sep 2014
  • Virgin brings back Gosforth as FLS effect melts away

    Virgin Money has mandated banks for its first new RMBS sale since 2012, in a further sign that a weakened Funding for Lending Scheme and a tightening of UK RMBS spreads is making the market tempting once more to a bigger pool of issuers.

    • 02 Sep 2014
  • SoFi to bring third securitization and offer mortgages

    Peer-to-peer lender SoFi is planning to bring a $300m-plus securitization this November, as it seeks to broaden its appeal to institutional investors. The move comes as the firm expands into the mortgage and consumer loan markets in addition to its original student loan product — and as private issuance of student loans bounces back.

    • 02 Sep 2014
  • Santander Consumer steps up size as it builds Bilkreditt brand

    Santander Consumer Bank is set to make good on its ambition to make its Norwegian arm a more established presence in the European auto ABS market this week after launching its first deal of the year. Bankers said the initial price thoughts on the deal indicated a tightening trend brought about by an increased number of investors coming into the name.

    • 02 Sep 2014
  • Bankers welcome VW auto deal with price debate

    Volkswagen Financial Services may take distributed UK auto ABS supply for 2014 above last year’s total by the middle of this week having put out initial price thoughts for Driver UK Two, ahead of a number of deal announcements expected for the European ABS market in the next few days.

    • 01 Sep 2014
  • Ocwen downgrade spurs need for better servicers

    Moody’s Investors Service downgraded Ocwen Loan Servicing's subprime and special servicer quality (SQ) assessments last Thursday. The move puts more pressure on banks to choose the right buyer when they offload loan servicing rights. At the same time, concerns persist over the capacity of fast-growing non-bank servicing firms and how that growth could weigh on the performance of mortgage collateral.

    • 29 Aug 2014
  • Italian SME CLOs 'protected against economy'

    The relatively short senior tranches of Italian SME CLO transactions are protecting them from the weak performance of the country’s SMEs, according to Fitch, thanks to strong credit enhancement levels and unique structural features.

    • 02 Sep 2014
  • Bank bid pushes CBA to huge RMBS

    Commonwealth Bank of Australia has left a A$4bn (€2.85bn) hole in the pockets of RMBS investors after quadrupling the size of its Medallion Trust Series 2014-2 transaction.

    • 01 Sep 2014
  • Lending Club IPO revives peer-to-peer securitization debate

    Lending Club announced a $500m initial public offering on Wednesday, sparking renewed speculation over how the company’s peer-to-peer lending assets could be acquired by banks and securitized.

    • 28 Aug 2014

People News

  • 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
  • RBS exodus continues as Cantor nabs two

    Cantor Fitzgerald has hired two bankers from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the UK-based lender implements deep cuts to its North American asset-backed securities business.

    • 11 Jul 2014
  • Dismissed RBS trader finds home at Nomura

    Nomura has hired an ex-Royal Bank of Scotland CDO trader to work on its London CLO trading desk, a year after he lost a lawsuit contending that he was unfairly fired from RBS.

    • 10 Jul 2014
  • AXA brings SF team founder back as head

    AXA Investment Managers has made the very definition of an experienced hire for its structured finance team, bringing back one of its founders as head of the business.

    • 10 Jul 2014
  • Stehli builds Mizuho CLO team with new hire

    Jim Stehli, the veteran of UBS’s CDO losses who joined Mizuho earlier this year to build a CLO origination team, has hired a CLO structurer from Cantor Fitzgerald.

    • 08 Jul 2014
  • Apollo hires two for structured credit investment

    Apollo Global Management has made two new hires within its structured credit investment team in the US, bringing on a former sell-side CLO structurer from Bank of America Merrill Lynch and a trader from Citi.

    • 02 Jul 2014
  • SCIO grows team DB with syndicate appointment

    SCIO Capital has added to its ranks of former Deutsche Bank structured credit bankers with the appointment of a new head of syndicate.

    • 01 Jul 2014
  • RBS cuts extend to ABS

    Two senior ABS bankers have left Royal Bank of Scotland's US headquarters in Connecticut, one month after the bank announced a strategic “repositioning” that may affect as many as 400 of its US staff.

    • 27 Jun 2014
  • NewOak hires CRE securitization veteran

    NewOak Advisors has hired a former commercial real estate and structured credit analyst at Standard & Poor’s as a managing director in its Credit Services group. The new hire will help NewOak build up its collateral validation, servicer oversight and other credit management functions.

    • 26 Jun 2014

Top RMBS Stories

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New York Reporter
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European Securitization Editor
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IssuerArrangerSize ($M)
Aegon USA Investment Management, LLC., Cedar Funding IVJefferies460.85
GSO/Blackstone Debt Funds Management LLC, Thacher ParkGoldman Sachs564.30
Symphony Asset Management, Symphony CLO VIII Credit Suisse349.00

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Sep 2014
1 JPMorgan 46,969.96 111 10.15%
2 Citi 44,925.16 112 9.71%
3 Bank of America Merrill Lynch 40,392.62 114 8.73%
4 Barclays 40,069.35 104 8.66%
5 Credit Suisse 38,044.64 96 8.22%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
World Omni Auto Lease 2014-A100.0030.10
World Omni Auto Lease 2014-A100.00305.40
World Omni Auto Lease 2014-A100.00213.60

Priced Deals

Macquarie Bank16-Sep-19500
Lloyds Bank10-Sep-191000
Swiss Re11-Sep-44500

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Sep 2014
1 JPMorgan 4,333.47 12 0.00%
2 Deutsche Bank 4,084.61 12 0.00%
3 Bank of America Merrill Lynch 3,862.85 9 0.00%
4 HSBC 2,880.36 7 0.00%
5 RBS 2,666.67 6 0.00%