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Current Issue

  • Latest Print Issue
  • April 17 2014

Securitization

Top Securitization Stories

  • CIT Group exits student loans as Nelnet muscles for growth

    CIT Group, a commercial bank, will exit the student loan business by selling its remaining portfolio of $3.6bn in federal loans to Nelnet, a dominant issuer of student loan ABS. The deal comes as supply from a federal loan program winds down and investors look to whole loan transfers to help boost new ABS volumes.

    • 17 Apr 2014
  • Investors warn on ratings race for new rental loan deals

    Morningstar Credit Ratings is forging ahead to rate conduit-style securitizations of home rental loans, an offshoot of the single-borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors openly lamenting the post-crisis rating process, which they believe remains flawed.

    • 16 Apr 2014
  • VW lands biggest auto ABS since ‘07 after puzzling price pointers

    Volkswagen Bank printed the largest auto loan securitization since the onset of the financial crisis this week, despite its leads leaving rival syndicate teams nonplussed by deciding to go to one decimal place with initial price thoughts on the senior notes.

    • 17 Apr 2014
  • CFF remains coy on cap structure of debut prime RMBS

    Crédit Foncier de France is set to sell the first securitization of French home loans since before the financial crisis, after officially mandating leads for its long-awaited prime RMBS debut. But the issuer refused to be drawn on intense speculation that it will look to place the full capital stack with investors.

    • 17 Apr 2014

Latest News

  • Risk profiles stand out in Q1 auto tiering—Wells

    Fast-paced growth and higher net losses in the subprime auto space stoked investor concerns last year, prompting more credit tiering among the issuers. A Wells Fargo report evaluates where investors showed the most demand in the first quarter this year compared to 2013.

    • 17 Apr 2014
  • Underwriting standards weaker than pre-crisis, say Euro CLO managers

    European CLO managers and investors believe underwriting standards in Europe’s leveraged loan market are weaker now than before the 2008 financial crisis, but that with limited primary activity in the leveraged buyout market cov-lite loans are still not a “major issue” in Europe.

    • 16 Apr 2014
  • B2R Finance chalks up rental loans for multi-borrower securitization

    Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m.

    • 16 Apr 2014
  • Kubota, Mitsubishi lead ABS pipeline

    Kubota Credit Corp and Mitsubishi Motors Credit brought new deals into this week’s asset backed securities pipeline, with weekly trading volume decelerated for the Passover and Easter holidays.

    • 16 Apr 2014
  • Yorkshire backs UK mid-tier for RMBS growth

    Yorkshire Building Society and its fellow mid-tier lenders can look forward to a more active future in RMBS, its treasury team told GlobalCapital this week after fully retaining the issuer’s fourth mortgage securitization.

    • 16 Apr 2014
  • Aussies pick up European slack in RMBS supply surge

    European investors were given a way out of an RMBS supply shortage on their own continent this week as three Australian issuers sought to capitalise on an ever-growing bid for their paper from foreign investors.

    • 16 Apr 2014
  • Banco BPI purchases 30% of investors’ Douro offers

    Banco BPI had a good response from investors to its tender offer for 10 bonds from its Douro RMBS platform, with the Portuguese bank deciding to buy back 30% of the bonds tendered at prices close to or just above minimum prices.

    • 16 Apr 2014
  • Fitch sees expansion for Chinese leasing ABS after rule change

    Changes to rules governing financial leasing companies in China should limit the risk of originator/servicer defaults and make the issuance of leasing ABS deals possible in the country, according to analysts at Fitch Ratings.

    • 14 Apr 2014

People News

Top RMBS Stories

Comments? Questions? Tips?

Will Caiger-Smith
Securitization Editor
+44 (0)207 779 7323 
will.caiger-smith@globalcapital.com

Matt Scully
New York Reporter
+1 212 224-3243
matthew.scully@globalcapital.com

Tom Porter
European Securitization Editor
+44 (0)207 779 7324
tom.porter@globalcapital.com

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Mark Goodes
+44 (0)207 779 8605
mark.goodes@globalcapital.com

George Williams
+44 (0)207 779 8274
george.williams@globalcapital.com

 

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James Barfield
+1 212 224-3445
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CLO

IssuerArrangerSize ($M)
NXT Capital Investment Advisers, NXT CLO 2014-1Wells Fargo357.44
H.I.G. Whitehorse Capital, Whitehorse VIIIMorgan Stanley574.75
Blackrock, Magnetite VIII CLOWells Fargo612.41

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 22,169.53 47 11.59%
2 Bank of America Merrill Lynch 21,725.71 56 11.36%
3 Citi 20,856.97 48 10.91%
4 Barclays 15,507.18 39 8.11%
5 Deutsche Bank 15,269.96 36 7.99%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
ERL 2014-1100.0032.00
ERL 2014-1100.00220.80
ERL 2014-1100.0087.50

Priced Deals

IssuerMaturitySize
Intesa Sanpaolo17-Apr-191000
3CIF22-Apr-191500
Allied Irish Banks16-Apr-19500

bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 2,240.24 5 12.62%
2 VTB Capital 1,601.44 4 9.02%
3 RBS 1,570.47 3 8.85%
4 Deutsche Bank 1,387.85 4 7.82%
5 Santander 1,275.84 4 7.19%