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Securitization

Top Securitization Stories

  • Early amortization in store for Ocwen-backed notes

    Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday.

    • 26 Jan 2015
  • Strong oversub for SoFi’s latest ABS

    San Francisco marketplace lender SoFi sold its fourth and largest yet securitization of student loan refinancings on Friday, pulling in almost $900m of orders and pricing around 3bp inside where its last deal was trading on the secondary market, according to a person at the firm.

    • 26 Jan 2015
  • Australia’s day in securitization as Macquarie lines up RMBS

    Macquarie Securitisation Limited celebrated Australia Day by launching a roadshow for what may be the first Australian RMBS to price in 2015, well over a month since the last supply from the country.

    • 26 Jan 2015
  • More ABS reaches investors in 2014 - just

    New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes.

    • 26 Jan 2015

Latest News

  • RMBS holders take another swing at Ocwen

    Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.

    • 26 Jan 2015
  • Deutsche discounts Progress SFR ABS amid heavy supply

    Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.

    • 22 Jan 2015
  • Institutional investors wolf down Dunkin' Donuts securitization

    Strong demand from institutional investors allowed Dunkin’ Brands to upsize its whole business securitization by $200m to $2.6bn on Thursday, making it one of the largest such deals in recent memory.

    • 22 Jan 2015
  • CMBS steps out as Banca IMI and Cairn price fashionable deal

    Banca IMI and Cairn Capital priced and issued the first European CMBS transaction of the year this week, with the deal being used to refinance a luxury fashion complex in Milan.

    • 23 Jan 2015
  • Buyers jump on first fresh ABS to drive down VW’s auto level

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

    • 22 Jan 2015
  • Dutch RMBS spreads hit fresh lows but tightened lending rules to slow recovery

    Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.

    • 22 Jan 2015
  • Pace effect unclear as ABS is loaded into ECB bazooka

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    • 22 Jan 2015
  • Originators ‘improve’ Greek RMBS performance

    Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.

    • 23 Jan 2015
  • The SEC banned who from rating what?

    The Securities & Exchange Commission’s decision to suspend Standard & Poor's from rating conduit fusion CMBS deals for one year may seem dramatic, but will have little effect on issuers and investors. Market participants have already adapted to life without the ratings agency, which has seen its market share drop by a factor of 10 since 2007.

    • 22 Jan 2015
  • Top players lose share in CLOs, but not for long

    The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.

    • 22 Jan 2015
  • Largest SoFi ABS yet gets upgrade despite lower FICOs

    DBRS has awarded West Coast marketplace lender SoFi a small ratings upgrade for its fourth and largest yet securitization of student loan refinancings, despite noting slightly weaker collateral backing the deal.

    • 21 Jan 2015
  • Another shot for MBS investors in trustee lawsuits

    Lawsuits against MBS trustees over bad mortgages originated before the financial crisis might still have a chance of being considered, after a petition filed in a US federal appellate court on Tuesday.

    • 21 Jan 2015
  • VW pushing 3x as investors climb on fresh bonds

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for its market opening auto loan-backed transaction.

    • 21 Jan 2015
  • StormHarbour reveals third deal for Energias de Portugal

    StormHarbour arranged an electricity tariff deficit sale for Energias de Portugal just before Christmas, the third such transaction it has structured for the energy company but also the smallest.

    • 21 Jan 2015
  • Esoteric ABS surge continues

    A trend of more esoteric ABS issuance continued this week with three deals marketing, one backed by timeshares, another by shipping containers and the third by railcar equipment.

    • 21 Jan 2015
  • New housing drive to boost Indian RMBS

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    • 22 Jan 2015
  • VW testing tighter with ECB to come

    Volkswagen Bank is ready to set a tight benchmark for the rest of the European ABS market to follow on Wednesday after tightening guidance on its Driver Thirteen German auto ABS to a minimum spread of 25bp on Tuesday.

    • 20 Jan 2015
  • Progress pricing similar to Invitation Homes, but less leverage

    Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.

    • 20 Jan 2015
  • Auto performance down but pipeline still strong

    Regular auto ABS issuers are not expected to encounter much difficulty launching new deals in the prime or subprime space, despite declining performance, as Credit Acceptance Corp leads a pack of auto lenders marketing new deals this week.

    • 20 Jan 2015
  • Spanish supply hopes grow as SME CLO spreads tighten

    Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

    • 20 Jan 2015
  • UK group sells motorway services CMBS

    Extra MSA Group, which owns a portfolio of 18 motorway service areas (MSAs) in the UK, has securitised half of them in a private £220m commercial mortgage-backed bond just before Christmas.

    • 19 Jan 2015
  • Gatehouse preps Shariah compliant structure for CMBS breakthrough

    Shariah compliant lender Gatehouse Bank kicked off a roadshow on Monday for its first commercial rental backed security (CRBS). The bank created the new Shariah compliant structure in order to break into the recovering European CMBS market, and the collateral features on the new product could eventually allow tighter pricing than conventional CMBS, a senior Gatehouse banker told GlobalCapital.

    • 19 Jan 2015
  • Two out of three is bad for Tesco CMBS

    Standard & Poor’s became the second ‘big three’ ratings agency to cut UK supermarket group Tesco to junk status last week, and its commercial mortgage-backed debt is suffering the consequences.

    • 19 Jan 2015
  • ‘Reeling’ CLO market searches for first pricing

    The US CLO market was still yet to see its first deal pricing of 2015 on Thursday, with a confluence of regulatory and market-driven factors putting serious pressure on demand. But that isn’t stopping some banks from taking an aggressive stance on new issuance.

    • 15 Jan 2015
  • Investors urged to jump in to euro ABS as tightening trend starts to re-emerge

    While some ABS market participants remain extremely unimpressed by the pace of European Central Bank purchases so far, many are now expecting the scheme to gather pace as the process becomes more streamlined and are urging any investors not positioned for a another rally to become so.

    • 15 Jan 2015
  • Raters stop short of Ocwen RMBS downgrades

    Ratings agencies are monitoring the possibility of a mortgage servicing right (MSR) fire sale in California closely, but they have stopped short of downgrading structured products tied to the beleaguered servicer.

    • 15 Jan 2015
  • Spire to unveil new euro CLO platform

    Spire Partners has hired a European investment bank to arrange its inaugural European collateralised loan obligations (CLO) transaction, as fellow US managers consider their own debuts.

    • 15 Jan 2015
  • DLJ Mortgage Capital to bring jumbo RMBS

    DLJ Mortgage Capital is partnering with Credit Suisse to bring an RMBS issuance backed by 525 jumbo mortgages totaling $381.6m in principal.

    • 15 Jan 2015
  • Santander to double down in Vegas

    Santander Consumer UK has lined up a series of meetings with investors at ABS Vegas in February, to discuss what would be the fourth dual sterling and dollar offering of auto ABS from its Motor programme in as many years.

    • 15 Jan 2015
  • New TIG fund targets esoteric ABS

    US hedge fund TIG Advisors has launched a new fund to target illiquid securitized products that do not quite fit into its Securitized Asset Fund, with a focus on esoteric asset classes like aircraft ABS and peer-to-peer loan securitizations.

    • 14 Jan 2015
  • Invitation Homes opens big year for SFR ABS

    Invitation Homes is marketing the first single family rental (SFR) securitization of 2015, a $540.854m deal backed by a single first-lien, interest-only loan.

    • 14 Jan 2015
  • Two Harbors comes but jumbo RMBS still small-time

    Jumbo RMBS issuance in the US is trending upward as Two Harbors markets its first deal of the year, but market participants say a lot more volume is needed before a secondary market can develop in the sector.

    • 14 Jan 2015
  • CLOs rue oil exposure

    Of the 68 US loan borrowers that have suffered price drops of more than 5 percentage points in the past 30 days, some 35 are in the oil and gas industry or related sectors, compared to just five two months ago, Morgan Stanley analysts wrote on Wednesday.

    • 15 Jan 2015
  • Upgrades loom as UK non-conforming story improves

    The performance of UK non-conforming residential mortgage-backed securities market improved in the three months ending November 2014, according to Moody's, which has a positive view on the country’s housing market and is eyeing upgrades to 17 trades.

    • 15 Jan 2015
  • VW preps ABS market opener as supply lines up for February

    Volkswagen Bank has named leads for what will likely be the first European ABS print of 2015 next week. Bankers anticipate seeing only one or two more deals in January but they are preparing for a busy February and March.

    • 14 Jan 2015

People News

  • Lloyds continues US push with another London transfer

    UK-headquartered Lloyds Bank has transferred yet another senior banker to its New York outpost, as it attempts to win market share in carefully-selected parts of the US capital markets such as corporate debt and securitization. The new addition will focus on North American institutional investor coverage for the bank’s financial institutions team.

    • 22 Jan 2015
  • Cadwalader names securitization expert as managing partner

    Law firm Cadwalader, Wickersham & Taft has named Patrick Quinn, an expert on the securitization market, as managing partner.

    • 20 Jan 2015
  • Bay area PM approaching new ABS fund launch

    A San Francisco Bay area portfolio manager is readying his firm’s first dedicated securitized asset fund, focusing on esoteric ABS, as well as RMBS and CMBS and some CLOs.

    • 15 Jan 2015
  • CLO moves: Gulf Stream CLO manager leaves Apollo

    A portfolio manager mainly focused on CLOs acquired from Gulf Stream in 2011 has left Apollo Global Management, GlobalCapital understands. Separately, Apollo is marketing its first US CLO of 2015, ALM 12, with Morgan Stanley as arranger.

    • 14 Jan 2015
  • US Ex-Im Bank hires OPIC structured head

    The Export-Import Bank of the United States has hired the Overseas Private Investment Corporation’s former vice president of structured finance to oversee its structured finance transactions, according to a statement from the Ex-Im Bank.

    • 13 Jan 2015
  • C-PACE pioneer leaves Connecticut Green Bank

    Jessica Bailey, who helped spearhead Connecticut’s property assessed clean energy (PACE) financing programme for commercial buildings, resulting in the first ever securitization of commercial PACE collateral, is leaving the Connecticut Green Bank after almost three years.

    • 12 Jan 2015
  • Investec hires von Hartig to head DCM

    Investec has hired Florian von Hartig as head of DCM. Von Hartig joins from Standard Bank, where he was global head of debt primary markets, managing DCM, securitization, ratings advisory, transaction execution and bond syndicate.

    • 06 Jan 2015
  • Deutsche director moves back to London

    One of Deutsche Bank’s collateralised loan obligation experts has moved back to London after a four and a half year stint in New York, according to a person at the bank.

    • 05 Jan 2015
  • Cantor Fitzgerald taps two for loan trading

    Cantor Fitzgerald has added two whole loan trading experts to its mortgage and mortgage-backed securities team, as part of a strategic expansion into whole loan trading.

    • 15 Dec 2014
  • Structured shake-up at AXA IM

    AXA Investment Managers has combined its fixed income and structured finance divisions into one, with the structured finance team split into two platforms, which the fund manager says will make it more aligned with how clients think about their investments.

    • 02 Dec 2014
  • Clifford Chance launches US RMBS practice

    Clifford Chance, the UK based global law firm, has tapped a team of five lawyers from Bingham McCutchen to bolster its structured finance practice in Washington, DC. The additions are a big move by Clifford Chance into both the RMBS and consumer ABS space.

    • 01 Dec 2014
  • B2R brings on first CEO as multi-borrower deal eludes market

    B2R Finance hired Jason Hogg as its first CEO on Monday. His appointment comes amid anticipation for a multi-borrower single-family securitization from B2R.

    • 17 Nov 2014
  • CSAM to make new London credit hire

    Credit Suisse Asset Management is looking for a new credit analyst to join its credit investments group in London, as it gears up to issue its first euro CLO of the year.

    • 10 Nov 2014
  • BMO targets mid-cap growth in US

    BMO Capital Markets has appointed a new global head of investment and corporate banking and a new global head of trading products, as it ‘commits’ to increasing its US market share in the mid-cap space. The bank has also appointed new heads of US and Canadian investment and corporate banking.

    • 04 Nov 2014
  • Moody’s Analytics to hire two researchers for SF Portal

    Moody’s Analytics is looking for two full time researchers to create research papers and webinars showcasing data from its Structured Finance Portal, which was initially focused just on CLOs but is growing into ABS and RMBS — a process which will be sped up by Moody’s Corporation’s acquisition of data provider Lewtan.

    • 31 Oct 2014
  • Serone partner joins DB in CRE special situations

    A former Serone Capital Management partner and seasoned structured credit professional has joined Deutsche Bank’s special situations group.

    • 31 Oct 2014
  • 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

Top RMBS Stories

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Will Caiger-Smith
Securitization Editor
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Ryan Bolger
New York Reporter
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Tom Porter
European Securitization Editor
+44 (0)207 779 7324
tom.porter@globalcapital.com

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CLO

IssuerArrangerSize ($M)
CVP, CVP Cascade CLO-3Jefferies408.50
CVC Credit Partners, LLC, Apidos XXCredit Suisse509.25
CIFC Asset Management LLC, CIFC Funding LTD 2011-1 (Refi) Nomura290.30

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jan 2015
1 Citi 960.41 3 12.42%
2 Mizuho 844.54 3 10.92%
3 Credit Agricole CIB 794.04 2 10.27%
3 Barclays 794.04 2 10.27%
5 CITIC Securities 553.21 3 7.15%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
HAROT 2015-1100.00122.00
HAROT 2015-1100.00384.00
HAROT 2015-1100.00384.00

Priced Deals

IssuerMaturitySize
Citi28-Jan-251250
JP Morgan27-Jan-251500
JP Morgan27-Jan-20750

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 613.60 1 16.48%
1 Cantor Fitzgerald & Co 613.60 1 16.48%
3 Credit Agricole CIB 540.88 1 14.53%
3 Citi 540.88 1 14.53%
3 Barclays 540.88 1 14.53%