Latest News

  • Earnest lines up new student loan refi ABS

    Online student loan refinancing platform Earnest Operations is set to hit the primary market with a new ABS offering in the coming week.

    • 21 Oct 2016
  • US home construction down for second straight month

    The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.

    • 21 Oct 2016
  • JP Morgan names new head of Emea DCM

    JP Morgan has chosen a new head of debt capital markets in Emea, as part of a wider reshuffle designed to promote a new generation of bankers to top jobs.

    • 21 Oct 2016
  • Sprint prices rare spectrum-backed ABS

    Wireless carrier Sprint Communications priced a $3.5bn securitization backed by a portion of the company’s spectrum on Thursday, as the company looks to raise money to pay down debt.

    • 20 Oct 2016
  • ABS investors balk at aggressive buy-side sellers

    Private equity firms and asset managers have jumped on a recent spread rally in ABS to lock down lucrative deals at attractive rates. The introduction of new, more aggressive structural features is a sign of the changing issuer base, but investors are starting to push back, writes David Bell.

    • 20 Oct 2016
  • FCA meddles with league tables, IPO allocs

    The UK’s Financial Conduct Authority will look over some banks’ shoulders to make sure they are allocating IPOs fairly and is trying to get league table providers to reduce incentives for banks to engage in ‘league table trades’ in the MTN and equity block trades markets.

    • 20 Oct 2016
  • CLO, CMBS markets test multiple approaches to risk retention

    As the US CLO and CMBS markets debate the viability of horizontal versus vertical risk retention, the market is quietly discussing a third solution to this year’s favourite fixed-income conundrum.

    • 20 Oct 2016
  • Would you go to Marcus for money?

    A bank masquerading as a start-up in the overcrowded marketplace lending industry seems like overkill, but Goldman Sachs is fighting an uphill battle to win the hearts of US borrowers, especially after being vilified during the 2008 financial crisis.

    • 20 Oct 2016
  • Goldman lands Dynamic Dutch debut

    Dynamic Credit, the Dutch fixed income asset management firm, has stepped into the RMBS market for the first time with a debut €275m Dutch mortgage deal that sold the full capital structure.

    • 20 Oct 2016
  • Cerberus-backed lender lines up second French RMBS deal

    GE Money Bank in France, bought by US private equity firm Cerberus Capital Management in June, will tap the French RMBS market for a second time this year.

    • 20 Oct 2016
  • California ruling a boon for SLABS, MPL ABS

    A recent ruling in California in which the court rejected the argument that a bank that made loans on behalf of Sallie Mae was not the “true lender” is a boon for marketplace loan and student loan ABS made under partner-bank origination models.

    • 19 Oct 2016
  • SFR down in 2016, but sporadic issuance to continue

    Issuers have come to market with only a handful of single family rental (SFR) securitizations in 2016, but a spate of recent deals shows that issuance should continue in fits and starts as aggregators of rental homes use ABS for balance sheet relief.

    • 19 Oct 2016
  • Peripheral yield draws new ABS buyers, but investors question rally

    Union De Créditos Inmobiliarios (UCI) expanded the investor base for its Prado Spanish RMBS shelf in its latest deal despite taking a bullish stance on pricing. However, not all investors are convinced the peripheral rally will last.

    • 19 Oct 2016
  • US banks take centre stage in quiet FIG mart

    The FIG market turned its attention towards US and the Italy this week, as the European banks settled into blackout periods ahead of announcing third quarter results.

    • 19 Oct 2016
  • Orange Lake prices no-grow timeshare transaction

    A $176.189m timeshare securitization from Orange Lake Country Club Inc was priced on Tuesday, adding to the growing wave of esoteric ABS that has washed over the market in October.

    • 18 Oct 2016
  • Deutsche prices single asset CMBS test deal

    Deutsche Bank priced the first ever single asset CMBS offering to comply with risk retention rules late last week, giving the market the first glimpse of what a deal tied to a single property will look like under the new regulatory regime.

    • 18 Oct 2016
  • Goldman Sachs reports jump in profits on back of strong trading

    Goldman Sachs reported third quarter earnings on Tuesday, posting a year-on-year increase in revenue on the back of improved conditions in its fixed income trading unit.

    • 18 Oct 2016
  • Consumer watchdog down but not out

    The reputation of the US Consumer Financial Protection Bureau (CFPB) as a feared watchdog took a hit last week when a US Court of Appeals ruled against the regulator in a suit brought against it by PHH Mortgage. But opponents of the agency should not be confident that it has been completely defanged.

    • 18 Oct 2016
  • Much ado about Marcus

    Goldman Sachs’s new online lending platform Marcus, which was launched last Thursday, has to prove itself in an industry where the ability to scale and the retention of a loyal customer base determines who gets to stay in the game.

    • 18 Oct 2016
  • EU auto ABS issuers line up new deals

    UK and Finnish auto ABS issuers are rolling into the European ABS market this week, shifting investor focus away from Germany after a rush of auto deals from that jurisdiction.

    • 18 Oct 2016
  • Toyota to end two year China auto ABS absence

    Chinese ABS buyers are gearing themselves up for a rare visit from Toyota. The company’s China auto leasing arm is poised to launch a Rmb3bn ($445m) offering this week following a more than two year absence.

    • 18 Oct 2016
  • ABS players shrug off CircleBack woes

    Online lender CircleBack Lending announced last week that it would stop originating new loans, though the news may be a blip on the radar for marketplace lending players, who said that 2016 has demonstrated that the market can stand up to headline risk.

    • 17 Oct 2016
  • Spanish RMBS revival boosted by second deal

    Union de Creditos Immobiliarios (UCI) has mandated leads for a third Spanish RMBS deal, after Blackstone landed €212m of notes backed by a portion of its portfolio of Spanish reperforming mortgages.

    • 17 Oct 2016
  • Investors question CLO refi, reset trend

    US CLO investors are questioning the staying power of the recent trend of CLO resets and refinancings, which have outstripped the pace of new issuance considerably in the past few weeks.

    • 17 Oct 2016
  • KKR and Tikehau take European CLOs to record tights

    Spreads on European triple-A CLO paper have hit a new post-crisis low, after KKR Credit Advisors and Tikehau Capital Europe closed deals at the end of last week.

    • 17 Oct 2016

More Securitization

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%