Top stories

  • Cov lite proliferates, leverage climbs in middle market as new funds pile in

    Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally more conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market.

    • 17 Nov 2017

  • Fed flags online lending as subprime redux, but market hits back

    The ABS market was abuzz this week after a controversial report from the Cleveland Federal Reserve compared online consumer lending to the pre-crisis subprime mortgage market, drawing criticism from market players for its “inflammatory” assessment. But the report comes at a time of increasing loss rates on consumer loans and a rush by lenders to adjust their loss expectations, writes Sasha Padbidri.

    • 16 Nov 2017
  • Angel Oak, JP Morgan add to busy RMBS primary pipeline

    A pair of RMBS deals from Angel Oak and JP Morgan hit the market this week, following an offering from non-prime mortgage aggregator Invictus Capital Partners and a non-QM deal from Ellington.

    • 16 Nov 2017
  • Issuers offer up trio of deals to euro ABS buyers

    A trio of deals hit ABS screens this week, with a Crédit Agricole consumer deal following the pricing of a Spanish credit card transaction and an Irish RMBS backed by a mixed pool of performing and non-performing loans.

    • 16 Nov 2017
  • Upstart slashes cost of funds with latest securitization

    Online consumer lender Upstart achieved new tights on a securitization that was priced on Wednesday, with spreads ratcheting tighter by 35bp-110bp across the capital stack.

    • 15 Nov 2017
  • Talen gets HY deal away with extra year of non call

    Energy company Talen Energy priced a new high yield bond on Tuesday, but the firm had to sweeten the deal with an extra year of non call protection for investors as sentiment remains shaky on US sub-investment grade debt.

    • 15 Nov 2017
  • Swiss lease ABS notches clean pricing

    The second Swiss auto ABS of 2017 achieved the neatest pricing a syndicate banker could hope for — printing at 0%, 1% and 2% coupons for the class ‘A’, ‘B’ and ‘C’, respectively, all placed at par and through the tight end of initial price thoughts.

    • 15 Nov 2017
  • Invictus follows Ellington debut in non-QM bond market

    Non-prime mortgage aggregator Invictus Capital Partners has launched a new RMBS deal backed by mortgages that fall outside government sponsored enterprise buying programmes, following a debut deal from Ellington that was priced on Monday.

    • 14 Nov 2017
  • Ally creates Irish SPE, ups risk profile for latest deal

    Ally Bank has created an Irish special purpose entity (SPE) for a new prime auto from a new loan shelf titled Juniper Receivables DAC, which is backed by loans with longer terms and higher risk collateral.

    • 14 Nov 2017
  • Third energy issuer pulls high yield bond, but market ploughs on

    The US high yield market suffered another casualty on Monday with a third energy deal pulled in as many days, but other issuers have braved the turmoil to price new deals and there is a healthy line of borrowers keen to follow them.

    • 14 Nov 2017
  • Euro ABS pipeline swells as issuers race to year end

    European ABS issuers have rushed the primary pipeline this week, bringing as many as seven deals to market as the push to year end begins.

    • 14 Nov 2017


The GlobalCapital View logo   Comment

  • GOP plan twists knife for student borrowers

    The removal of the student loan interest deduction under the Republicans’ new tax plan may seem inconsequential compared with the average sum of debt per borrower, but it will fan the flames of a growing student debt crisis.

    • 07 Nov 2017

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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 108,190.43 309 12.88%
2 Bank of America Merrill Lynch 95,782.14 279 11.40%
3 Wells Fargo Securities 80,847.28 245 9.63%
4 JPMorgan 58,524.24 184 6.97%
5 Credit Suisse 43,977.05 134 5.24%

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Max Adams
Securitization Editor
+1 212 224-3293
max.adams@globalcapital.com

Sasha Padbidri
New York Reporter
+1 212 224-3206

sasha.padbidri@globalcapital.com

Graham Bippart

European Securitization and Fixed Income Editor
+44 (0)207 779 8715
graham.bippart@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

 

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 108,190.43 309 12.88%
2 Bank of America Merrill Lynch 95,782.14 279 11.40%
3 Wells Fargo Securities 80,847.28 245 9.63%
4 JPMorgan 58,524.24 184 6.97%
5 Credit Suisse 43,977.05 134 5.24%