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Securitization

Top Securitization Stories

  • Russia skewers foreign rating agencies with sanctions threat

    Russian authorities are mulling forcing international rating agencies to continue rating all Russian entities, including borrowers subject to US and EU sanctions.

    • 18 Dec 2014
  • Solar securitization looks for its big bang in 2015

    As the use of solar energy increases in the US, issuance of securitizations of various financing products for the technology is set to increase, with several new names set to print deals in 2015. But despite progress in 2014, legislation continues to be an obstacle to the growth of this market.

    • 18 Dec 2014
  • Five Oaks taps Credit Suisse for next jumbo RMBS

    Five Oaks has partnered with Credit Suisse to issue a $272m RMBS deal backed by prime jumbo mortgages. The real estate investment trust partnered with JP Morgan to bring previous deals.

    • 18 Dec 2014
  • Russian RMBS leans on state with new assets planned for next year

    Despite the turmoil in the wider Russian markets, the Russian domestic asset-backed market may still have a bright long term future — but the asset class will need heavy support from state institutions.

    • 15 Dec 2014
  • Santander tweaks Holmes to match LCR needs

    Santander UK has restructured the Holmes master trust to make sure its bonds meet the standards for the European Banking Authority’s Liquidity Coverage Ratio, so that banks will be able use Holmes RMBS notes in category “2B” of their liquidity buffers.

    • 18 Dec 2014
  • Titan 2006-2 crystallises loss on Margaux

    Proceeds from the largest loan left in Titan 2006-2 will flow through to noteholders in January, but the hefty costs of enforcing the loan and selling the property means noteholders are likely to see losses. The property sold for €268m almost a year ago, but CMBS noteholders are only set to recover around €239.5m, 90.58% of the outstanding loan amount.

    • 18 Dec 2014

Latest News

  • JPM CMBS widening exemplifies trend of weaker collateral

    JP Morgan’s latest CMBS deal represents a market trend in which issuers have sold investors cheaper deals backed by weaker collateral, market participants say.

    • 18 Dec 2014
  • Man Group fires starting pistol on CLO manager consolidation

    UK hedge fund giant Man Group’s decision to buy Silvermine Capital, the US collateralised loan obligation manager, makes Silvermine "immune to risk retention" and could be the first acquisition of many as onerous risk retention rules threaten smaller CLO managers, said market participants.

    • 17 Dec 2014
  • Servicer advance securitizations expected to pick up next year

    Market participants are expecting increased issuance of servicer advance securitizations by non-bank servicers in 2015, as regulatory pressures continue to squeeze margins for non-bank servicers like Ocwen Financial, the target of yet another investigation.

    • 17 Dec 2014
  • Lloyds structures chunky SME repo trade

    Lloyds Bank has structured Lingfield 2014 I, a £3.2bn SME ABS backed by secured loans to medium sized enterprises.

    • 17 Dec 2014
  • Sankaty tweaks CLO 2.0 structure for Rye Harbour

    Sankaty Advisors and Citigroup have priced Rye Harbour CLO, a €350m European CLO 2.0 with a few structural tweaks from the standard deal. Like most new-style collateralised loan obligations, the deal will be 90% senior secured, with strict limits on unhedged non-euro assets.

    • 17 Dec 2014
  • RGA brings first reinsurance ABS since crisis

    Reinsurance Group of America (RGA) closed the first issuance of reinsurance backed ABS since the financial crisis on Tuesday. The deal was $100m larger than originally expected.

    • 17 Dec 2014
  • Dick Clark Productions ABS to rock in the new year

    Dick Clark Productions (DCP) is planning to securitize the fees and revenues from its group of televised event programmes ahead of this year’s Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.

    • 16 Dec 2014
  • CAO departure fails to dent Starwood SFR debut in secondary

    The resignation of Starwood Waypoint’s chief accounting officer (CAO) just after the pricing of the issuer’s first single family rental (SFR) securitization has been seen as a red flag by some market participants, but secondary market trading has not suggested a negative reaction to his departure.

    • 15 Dec 2014
  • Manager tiering could widen pricing for York’s CLO debut

    Investors may demand wider pricing than is currently being talked about for York Capital Management’s debut collateralised loan obligation, as incoming risk retention rules lead to increased price tiering between established managers and newer entrants, according to market participants.

    • 15 Dec 2014
  • Russian RMBS leans on state with new assets planned for next year

    Despite the turmoil in the wider Russian markets, the Russian domestic asset-backed market may still have a bright long term future — but the asset class will need heavy support from state institutions.

    • 15 Dec 2014
  • European Investment Bank buys new Italian RMBS

    The European Investment Bank and Société Générale’s asset backed commercial paper conduit are buying parts of a new residential mortgage backed security for a group of Italian cooperative banks, according to a prospectus filed with the Central Bank of Ireland.

    • 15 Dec 2014
  • 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
  • No on the run trading for new timeshare ABS

    A timeshare backed ABS issuance by Gold Key Resorts this week was fully subscribed, mostly by a group of smaller insurance companies, market participants said. The notes are expected to remain with primary investors, unlike deals by more regular issuers that have seen a lot of on the run trading by larger money managers.

    • 11 Dec 2014
  • Blurred lines between middle market and broadly syndicated CLOs

    Loosening language around what types of assets collateralised loan obligations can hold could lead to more middle market loans making their way into broadly syndicated loan CLOs, market participants told GlobalCapital this week.

    • 11 Dec 2014
  • Starwood Waypoint CAO resigns after just 4 months

    Starwood Waypoint Residential Trust filed an SEC notice on Friday stating that the company’s chief accounting officer John Farias resigned from his post on Monday. His resignation comes as Starwood Waypoint seeks to finalise its first single-family rental securitization.

    • 12 Dec 2014
  • More fear than hope for ABS as Basel serves up December double

    The Basel Committee on Banking Supervision spoiled ABS experts’ quiet December for the third year in a row on Thursday, proposing criteria for ‘high quality’ securitizations at the same time as finalising capital rules for the product that bankers argue will strangle the market.

    • 11 Dec 2014
  • More varied ABS supply for 2015 as Italy hits €6bn

    This year’s European ABS issuance volumes have only just crept above those of 2013, but there has been a greater variety of deals encouraged by tighter spreads and the resurgence of certain asset classes. Banca Popolare dell’Alto Adige’s resale of RMBS notes this week exemplifies a trend that is set to strengthen in 2015 as deal economics improve.

    • 11 Dec 2014
  • NewDay cards mean sterling ends on a high

    UK credit and store card provider NewDay priced what is likely to be the last sterling denominated ABS of the year this week, ensuring the currency ends the year on a high after a tricky run in recent weeks. The deal also offers hope of increased issuance next year for UK credit card ABS.

    • 11 Dec 2014
  • Edsouth Services planning student loan ABS

    Edsouth Services is planning a $302.8m student loan securitization backed by rehabilitated FFELP loans, according to a Fitch presale published on Wednesday.

    • 11 Dec 2014
  • More seats to fill at Fitch amid US structured credit boom

    Fitch Ratings has grown its structured credit ratings team in the US significantly over the past 18 months or so and is continuing to do so, with several more positions to fill as the market grows, especially in collateralised loan obligations.

    • 11 Dec 2014
  • York Capital aims for CLOs with debut deal

    Credit Suisse has been handed arranger duties on a new collateralised loan obligation from debut New York issuer York Capital Management, according to a person familiar with the situation.

    • 11 Dec 2014
  • Auto issuance expected to defy headwinds in 2015

    Market participants are expecting 2015 to be an even bigger year than 2014 for prime and subprime auto ABS issuance, even as rising delinquencies and strong competition among issuers push up yields for new transactions.

    • 10 Dec 2014
  • The ABS purchase programme could be over before it’s even begun

    Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS.

    • 09 Dec 2014
  • CPS to tap cheap financing in latest subprime deal

    Consumer Portfolio Services (CPS) is taking advantage of low benchmark rates to launch a new deal cheaply despite wider spreads, market participants say.

    • 10 Dec 2014
  • Buy and holds expected for First National Holdings' tax lien ABS

    Asset managers are expected to buy and hold all of a $90m tax lien ABS by First National Holdings, due to the relative stability but small size of the asset class.

    • 09 Dec 2014
  • European banks ‘committed’ to ABCP despite MMF fears

    Asset backed commercial paper issuance by European banks should remain stable next year despite the impeding effects of incoming money market fund regulations on the make-up of conduit portfolios, according to Fitch.

    • 09 Dec 2014
  • Three out of five wide for Australia’s B&A Bank

    Bendigo and Adelaide Bank sold a full stack of Australian RMBS notes on Tuesday, its second mortgage-backed deal of the year, with three tranches were sold at the wide end of guidance and one tranche inside guidance.

    • 09 Dec 2014
  • S&P cuts 61 antipodean RMBS ratings

    Standard & Poor’s has lowered ratings on over 40% of the Australian and New Zealand RMBS tranches placed on negative watch after the agency’s downgrade of mortgage insurance provider Genworth last month.

    • 09 Dec 2014
  • Holidays and credit work make BPAA wait

    An Italian public holiday could keep Banca Popolare dell’Alto Adige from pricing its secondary reoffering of RMBS notes until the middle of this week, with accounts also taking time to do credit work on the rare name.

    • 08 Dec 2014
  • Paragon to add 10% to latest RMBS portfolio

    Paragon Mortgages is set to add £23.4m of prefunded loans to the portfolio backing its 21st residential mortgage backed transaction this week, though the move will not affect the deal’s ratings.

    • 08 Dec 2014
  • Arrears will rise with rates, warns BoE

    The Bank of England has warned that raising interest rates from their record low of 0.5% could increase the number of UK mortgage borrowers at risk of falling into arrears by a third, as stagnant incomes remain a key concern for the UK economy.

    • 08 Dec 2014
  • Europe braces for P2P securitization as KLS signs up

    Europe’s first securitization of peer-to-peer (P2P) loans could be in investors’ hands within months, after KLS Diversified Asset Management signed a landmark deal with UK based platform Funding Circle this week that will see the fund manager invest £132m ($206.9m) in small British businesses and thrust the product into the capital markets. Tom Porter reports.

    • 04 Dec 2014
  • Orchard launches first marketplace loan database

    Orchard Platform on Friday launched the first marketplace lending database to streamline the due diligence process for institutional investors in marketplace loans. Efficiencies and loan data standardisation from the platform could bolster the securitization market for marketplace loans.

    • 05 Dec 2014
  • Euros dominate in Clydesdale’s UK RMBS as supply winds down

    Clydesdale Bank’s Lanark 2014-2 RMBS transaction was priced this week with a euro portion €250m larger than the issuer’s previous offering, reflecting a large bid for euro denominated UK RMBS as investors snapped up some of the last supply of the year.

    • 04 Dec 2014
  • CPS planning subprime auto ABS

    Consumer Portfolio Services (CPS) is planning a $267.5m auto ABS backed by subprime auto loans originated by the specialty finance company’s network of partnering auto dealers.

    • 04 Dec 2014
  • B&A and Mystate to build on Westpac’s jumbo RMBS

    New mandates from Bendigo and Adelaide Bank and MyState Financial this week showed Australian issuers are not taking their foot off the RMBS gas in the run-up to Christmas, despite the Australian dollar investor base absorbing another A$2.7bn of supply from Westpac on Thursday.

    • 04 Dec 2014
  • European CLO leverage ‘at 2007 levels’

    Leverage levels of the single-B rated issuers that dominate European CLO portfolios are back to 2007 levels, according to Moody’s. But despite Europe’s continued deterioration of loan covenant quality and weak economic growth, the ratings agency still expects the asset class to perform strongly in 2015.

    • 04 Dec 2014
  • Investors fear jumbo RMBS despite strong collateral

    Jumbo RMBS issuance has picked up with new and repeat issuers coming to market with deals backed by strong collateral. However, while regular pre-crisis issuers are beginning to come back, the same cannot be said on the demand side where institutional investors are still wary of representations and warranties for new deals.

    • 03 Dec 2014
  • DriveTime subprime auto ABS cheap for triple-A

    DriveTime’s subprime auto ABS was priced cheaper than recent subprime issuance, a development investors have attributed to rising delinquencies in subprime auto ABS and a recent enforcement action against DriveTime.

    • 03 Dec 2014

People News

  • 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
  • Onex hires for growing European CLO market

    Onex Credit Partners, the collateralised loan obligation manager arm of Canada’s Onex Corporation, is making a push into the expanding European CLO market with a new hire, the firm announced today. The move comes amid a growing trend of US managers trying to access European investors.

    • 08 Oct 2014
  • Structured chief heads to Mitsubishi

    Mitsubishi UFJ Financial Group has hired a well-known credit structurer to play a senior role in its structured products business

    • 09 Oct 2014
  • Citi adds RMBS distribution head

    Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.

    • 07 Oct 2014
  • Covenant hires new PM as second deal nears

    Covenant Credit Partners, which is about to price its second collateralised loan obligation, has hired a new portfolio manager to join its management team.

    • 06 Oct 2014
  • Cantor hires in US CLOs, looks to replace in London

    Cantor Fitzgerald has hired a collateralised loan obligation trader in its New York office, as it seeks to build out its new issue CLO business. At the same time, it is looking to replace its head of euro CLO origination, who is no longer with the firm.

    • 01 Oct 2014
  • HSBC appoints new global head of leveraged and acquisition finance

    Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division.

    • 01 Oct 2014
  • PineBridge hires structured credit expert

    PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.

    • 29 Sep 2014

Top RMBS Stories

Comments? Questions? Tips?

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

Ryan Bolger
New York Reporter
+1 212 224-3243
ryan.bolger@globalcapital.com

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

Top CMBS Stories

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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
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CLO

IssuerArrangerSize ($M)
THL Credit, Wind River 2014-3Deutsche Bank408.68
York CLO Managed Holdings, York CLO-1Credit Suisse412.85
NewStar Financial, NewStar Clarendon FundCiti407.40

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 73,139.63 181 10.37%
2 Bank of America Merrill Lynch 62,363.99 182 8.84%
3 Barclays 59,767.03 157 8.48%
4 Citi 58,758.42 158 8.33%
5 Credit Suisse 56,960.59 141 8.08%

Financing Record (MBS)

IssuerPriceTotal Amount ($ Millions)
SWAY 2014-199.50502.00
NAROT 2014-B100.00179.00
NAROT 2014-B100.00243.00

Priced Deals

IssuerMaturitySize
La Mondiale500
DekaBank474
Intesa Sanpaolo Vita17-Dec-24750

Bookrunners of European Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 JPMorgan 10,367.66 21 12.72%
2 Deutsche Bank 6,702.94 20 8.22%
3 Bank of America Merrill Lynch 5,509.73 14 6.76%
4 Citi 5,022.24 13 6.16%
5 Barclays 4,839.91 15 5.94%