Latest News

  • Four-tranche success for SAIC-GMAC’s second 2017 ABS

    SAIC-GMAC Automotive Finance has made a rapid return to the China auto ABS market with its second deal of 2017. This time around, the firm opted for four tranches with its Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization.

    • 08:00 AM
  • Carrefour prices French card deal

    Carrefour Banque has priced Series 2017-1 of its Master Credit Cards Pass Compartment France series, selling the bonds at the tight end of price guidance.

    • 23 May 2017
  • Blockchain platform eyes ABS market for funding

    Secured Automated Lending Technology (SALT), a Denver-based blockchain company, is eyeing the securitization market to finance its growth, CEO Shawn Owen tells GlobalCapital.

    • 23 May 2017
  • Credit metrics slipping in multifamily CMBS, as agencies compete for business

    Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.

    • 23 May 2017
  • CofE’s fund performance either luck, judgement or divine inspiration

    The strong performance of the Church of England’s investment fund over the last decade either proves that the Church Commissioners have worked out a prudent investment formula, predicated on patience or they are benefiting from the aid of the ultimate market mover.

    • 23 May 2017
  • Aircraft, drug royalty ABS fill crowded esoteric pipeline

    A $150m drug royalty offering from DRI Capital, a Toronto-based healthcare royalty fund manager, and a $612m aircraft ABS from Apollo Aviation Management have hit the market as bids heat up for esoteric ABS paper in the second quarter.

    • 22 May 2017
  • Goldman prices CMBS as issuers prep another $2.7bn for issuance

    Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.

    • 22 May 2017
  • Eurotunnel prices debt restructuring

    Eurotunnel Group, the owner and operator of the Channel Tunnel, has completed its €1.98bn debt restructuring.

    • 22 May 2017
  • Issuers crowd European CLO primary pipeline

    A flood of European CLO paper washed through the primary pipeline in the past week, with issuers across asset classes flipping the switch following a lull in the wider euro ABS market.

    • 22 May 2017
  • Beijing Hyundai goes big with Autopia China 2017-1

    The leads have priced the senior fixed rate notes of Beijing Hyundai Motor Group’s Rmb3.5bn ($508.7m) Autopia China 2017-1 Retail Auto Mortgage Loan Securitization Trust, its largest ABS in the country to date.

    • 22 May 2017
  • Bull run can charge through Trump but not forever

    Wednesday’s sharp fall in the S&P 500, as the political storm around US president Donald Trump’s links with Russia intensified, has not turned into a market rout... yet. Equities bankers, indeed, are convinced it is a blip, saying investor appetite for stocks remains strong.

    • 18 May 2017
  • Aircraft ABS pros call for greater stadardization

    Aircraft ABS could find a bigger buyer base and issuance could become more frequent if deals were less bespoke, said panelists at the Annual North America Airfinance Conference in New York this week.

    • 18 May 2017
  • Liquidity surge in middle market lending drives CLO boom

    A flood of capital into the US middle market is fuelling a rise in CLO issuance, with the product also set to expand into Europe for the first time.

    • 18 May 2017
  • Euro pipeline fills up ahead of Barcelona ABS confab

    The European ABS market shifted to high gear this week, as market participants prepare to head off to Barcelona for Global ABS on June 6.

    • 18 May 2017
  • Buyers weigh negative yields as spreads plummet

    European ABS spreads have plunged to new tights, but for many investors, effective negative yields are still a better alternative to holding cash.

    • 18 May 2017
  • Pair of student loan refi ABS enter pipeline

    Online lenders Earnest and SoFi are each marketing student loan refinancing transactions this week, as rumors of Earnest putting itself up for sale percolate in the market.

    • 17 May 2017
  • Hotel heavy single borrower deal hits hot CMBS market

    A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.

    • 17 May 2017
  • Trilogue breakdown drags out STS talks

    Disagreements between the European Parliament, Council and Commission over the final look of its 'simple, transparent and standardised' (STS) securitization framework halted talks this week, dragging out discussions until the end of the month when EU legislators will have to meet again to try and hammer out a deal.

    • 17 May 2017
  • Huge demand drives BMW auto ABS to post-crisis tight levels

    BMW Bank priced Bavarian Sky 6 this week, its first auto ABS transaction of the year, with surging investor demand driving pricing for European auto ABS to the tightest levels since the crisis.

    • 17 May 2017
  • Obvion markets second Green Storm deal

    Dutch mortgage lender Obvion is marketing its second ever green RMBS transaction, Green Storm 2017, on the back of heavy investor demand for its debut green deal last year.

    • 17 May 2017
  • Investors ride with Toyota on rare China ABS offering

    Toyota Motor Finance (China) Co priced the senior notes of its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities on Tuesday. The deal had some rarity value as it is only the second auto ABS offered by the originator in China in three years.

    • 17 May 2017
  • Capital trades lead FIG supply boom

    Bank treasury departments have spied a golden opportunity to make headway on the riskiest parts of their funding strategies this week, but bankers are keeping their eyes peeled for sign that the mountain of supply is pushing bond spreads wider in secondary.

    • 17 May 2017
  • Evolving structures, new collateral mark new era for aircraft ABS — panel

    Aircraft ABS transactions have benefited from changes in deal structures and new collateral since the market restarted in 2013, said panelists at the Annual North America Airfinance Conference on Tuesday. However, speakers also warned that broader market events like the bankruptcy of Italian airline Alitalia could be problematic for outstanding transactions.

    • 16 May 2017
  • As portfolios shrink, CMBS servicers turn to GSEs

    The four largest commercial mortgage servicers in the US are successfully battling a decline in the volume of outstanding CMBS loans by ramping up their involvement in deals from the government sponsored enterprises, said Morningstar Credit Ratings on Monday.

    • 16 May 2017
  • Hot potato with Italian NPLs doesn't help

    There is no easy answer to the non-performing loan problem that continues to weigh on Italian banks, but rather than a lasting solution it's touted to be, the Atlante fund is nothing more than a short term fix.

    • 16 May 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) 3,136 9 13.35
2 Citi 2,562 6 10.90
3 Goldman Sachs 2,150 3 9.15
4 Credit Suisse 1,822 6 7.75
5 Societe Generale 1,814 4 7.72

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%