Latest News

  • Hurricanes dent CMBS demand in busiest month of the year

    The CMBS market has softened this month as insurance companies pull back from the primary buying in anticipation of a heavy flow of hurricane related claims, leading to spreads widening as issuers bring a raft of new deals to the market.

    • 21 Sep 2017
  • Bank of the West makes auto ABS return

    Bank of the West is in the market with a prime auto deal that pools riskier loans compared to its previous transactions.

    • 21 Sep 2017
  • Why Mexico’s cat bond won’t pay out yet

    The devastating earthquake that hit Mexico this week could well mean a pay-out from a World Bank catastrophe bond issued in early August that provided the country with insurance protection against such a disaster. But Mexico’s chosen structure for the bond means that any cash payment is unlikely to be made for at least 30 days, while more data is collected.

    • 21 Sep 2017
  • Mattel loosens debt covenants after Toys ‘R’ Us bankruptcy

    Toymaker Mattel has loosened the terms of its revolving credit facility for the second time this year after key buyer Toys ‘R’ Us filed for chapter 11 bankruptcy on Monday.

    • 21 Sep 2017
  • Ford euro auto deal keeps spreads tight

    Ford sold its latest German auto ABS transaction this week, as spreads on European paper continue to hover at post-crisis tights.

    • 21 Sep 2017
  • Cross River taps Schumer staffer for policy gig

    Cross River Bank has tapped Phil Goldfeder, a former staff member with New York Senator Charles Schumer, to lead its government affairs team.

    • 21 Sep 2017
  • Issuers look to rekindle US interest for sterling ABS revival

    Before the Bank of England’s easy money schemes, UK issuers were reliant upon a deeper base of US buyers to get deals over the line. With the end in sight for the BoE’s Term Funding Scheme (TFS), sellers are looking to restore the link between the US and the UK markets to support sterling issuance.

    • 21 Sep 2017
  • Neuberger Berman closes $1.1bn PE debt fund

    New York investment manager Neuberger Berman has closed a new $1.1bn fund that will target the secured and unsecured debt of private-equity backed US companies.

    • 20 Sep 2017
  • Investors count cost of Toys ‘R’ Us bankruptcy

    A hastily arranged bankruptcy financing for Toys ‘R’ Us has left investors analysts scrambling to understand the impact on the company’s corporate and real estate debt.

    • 20 Sep 2017
  • Scotiabank eyes US buyers with new auto deal

    Scotiabank is looking to woo US investors with a dollar denominated auto loan securitization, as demand for Canadian cross border ABS heats up and pricing lures Canadian banks to the market.

    • 20 Sep 2017
  • US buyers clamour for Virgin RMBS

    Virgin Money’s first prime UK RMBS deal of the year was well received by domestic buyers, but demand was particularly healthy in the US, with the dollar tranche of the deal heavily oversubscribed.

    • 20 Sep 2017
  • Investors give Mercedes-Benz ABS easy ride

    Chinese investors warmly welcomed Mercedes-Benz Auto Finance’s second outing this year in China’s securitization market, helping the originator raise Rmb4.98bn ($760m) from the senior tranche of its deal.

    • 20 Sep 2017
  • Low trigger AT1s popular after Popular

    Investors have largely discredited the idea that the distance between an additional tier one (AT1) trigger point and a bank’s reported capital position is a clear indication of risk, but banks continue to profit from a distinction between high and low triggers.

    • 20 Sep 2017
  • Watch middle market heat, warns Cerberus MD

    Speakers at ABS East in Miami on Tuesday highlighted the heat in middle market lending, as new funds chase yield in the sector with increasingly aggressive deal terms and financing methods.

    • 19 Sep 2017
  • Alternative data could reshape SLABS landscape

    New and alternative sources of data beyond FICO and other traditional credit scoring metrics have the potential to dramatically alter the landscape for student loan ABS, according to speakers on day three of ABS East.

    • 19 Sep 2017
  • Toys‘R’Us woes should prompt CLO managers out of retail

    Toys‘R’Us has filed for bankruptcy protection in the US and Canada as it attempts to restructure its debt. Its woes should be another hint to CLO managers that its time to cycle out of specialist retail exposures.

    • 19 Sep 2017
  • EBA proposes securitization risk transfer reform

    The European Banking Authority has published a discussion paper looking to harmonise the supervision of risk transfer in securitization across the EU.

    • 19 Sep 2017
  • BAML argues for ABSPP continuation

    Analysts at Bank of America Merrill Lynch have argued the European Central Bank keep its asset backed purchase programme running in 2018 — a contrarian position given the market consensus that it is likely to end this year.

    • 19 Sep 2017
  • Primary euro CLO market restarts

    Investors were finally offered a crack at new European CLOs this week, with offerings priced from Tikehau Capital and Accunia.

    • 19 Sep 2017
  • Student loans set to impact whole spectrum of consumer debt

    Accelerated growth of student loan debt is set to impact virtually every consumer debt segment in the US, as what has been called a growing loan bubble shifts historical patterns of homeownership nationwide, said speakers on a consumer credit panel on day two of ABS East.

    • 19 Sep 2017
  • Latham hires veteran structured finance lawyer

    Latham & Watkins said it had hired Simeon Rudin, a former partner at Freshfields and former head of the firm's structured and asset finance team in London.

    • 18 Sep 2017
  • Gosforth gathers strong dollar demand despite Miami meet

    Virgin Money's new UK RMBS, Gosforth Funding 2017-1, saw strong demand for both sterling and dollars in its new deal, despite much of the US market heading to Miami for IMN's ABS East conference.

    • 18 Sep 2017
  • ABS market descends on Miami as Irma fails to dent attendance

    The securitization market is hitting Miami Beach again this year in force, despite early concerns that Hurricane Irma would strike a blow to attendance, with IMN still expecting heavy participation from more than 4,000 registered attendees.

    • 18 Sep 2017
  • Greenworks set to open commercial PACE market

    Commercial property assessed clean energy (PACE) lender Greenworks Lending is preparing to issue the first ever commercial PACE securitization.

    • 18 Sep 2017
  • CMBS snaps up loans as community banks pull back

    With US regulators keeping a close eye on commercial real estate lending concentrations in the nation’s banks, some smaller institutions are pulling back from the sector, allowing the CMBS market to step in and snap up loans coming up for refinancing.

    • 18 Sep 2017

More Securitization

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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 83,931.01 244 12.94%
2 Bank of America Merrill Lynch 71,587.85 220 11.03%
3 Wells Fargo Securities 64,351.96 203 9.92%
4 JPMorgan 46,391.25 147 7.15%
5 Credit Suisse 37,323.31 115 5.75%