Latest News

  • Willis preps rare aircraft engine lease ABS

    Willis Lease Finance Corp. is returning to the ABS market with a transaction backed by aircraft engine operating leases, the first securitization from the company in five years.

    • 20 Jul 2017
  • Federal judge dismisses lawsuits against Renovate America

    A federal judge dismissed a trio of lawsuits this week accusing Property Assessed Clean Energy (PACE) lender Renovate America and its government bond-issuing partners of violating the Truth in Lending Act (TILA) and Home Ownership and Equity Protection Act (HOEPA).

    • 20 Jul 2017
  • US private label mortgage market stages comeback

    A decade after the shutdown of the US RMBS market, private label issuance is picking up steam again, with a growing number of both prime and non-prime lenders tapping hot capital markets for funding away from the government sponsored enterprises (GSEs).

    • 20 Jul 2017
  • BMO set to launch risk transfer securitization

    Bank of Montreal is set to launch a synthetic ABS deal this week, shifting the risk on a $1.5bn portfolio of US and Canadian large corporate loans, with several European banks also understood to be working on risk transfer deals over the summer.

    • 20 Jul 2017
  • Social housing Reit brings IPO despite worries on state support

    In the UK’s lively market for real estate investment trust (Reit) and other fund listings, yet another deal was launched on Thursday. Triple Point Social Housing Reit hopes to raise up to £200m, joining the niche of social housing Reits, which has been growing fast — even though experts are worried government budget cuts could hit the sector’s finances.

    • 20 Jul 2017
  • Think before EU speak

    “What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear.

    • 20 Jul 2017
  • Late EU rule on MBS threatens NPL solution and legacy market

    European authorities' last minute change to regulatory proposals for European securitizations has the potential to cripple the supply of MBS backed by legacy mortgages by banning any European transaction that contains what regulators classify as self-certified loans. Sam Kerr reports.

    • 20 Jul 2017
  • Charter Court prices prime UK RMBS deal

    UK mortgage lender Charter Court Financial Services has priced its latest RMBS deal to strong investor demand and tight spreads.

    • 20 Jul 2017
  • National Collegiate legal fiasco spells trouble for ABS

    Beyond recent headlines around missing paperwork on $5bn worth of delinquent private student loans, ongoing legal tussles between several National Collegiate Student Loan Trust (NCSLT) transaction parties do not bode well for at least 15 outstanding ABS.

    • 19 Jul 2017
  • Bumper Blackstone hotel deal checks into CMBS market

    A $1.4bn single borrower CMBS deal hit the market on Wednesday, as the pipeline for single asset/single borrower deal bulges with floating rate borrowers keen to refinance deals ahead of further rate hikes.

    • 19 Jul 2017
  • Barclays makes PACE debut as ABS underwriter

    Barclays is hopping on the Property Assessed Clean Energy (PACE) bandwagon, acting as an underwriter for Renovate America’s latest residential PACE deal.

    • 19 Jul 2017
  • Private SME CLOs offered to European investors

    CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.

    • 19 Jul 2017
  • Dutch consumer ABS marketing

    A Dutch consumer ABS deal is being marketed to investors this week, expanding the range of Dutch collateral on offer this year following the sale of several mortgage and auto deals.

    • 19 Jul 2017
  • ECB quantitative tightening ‘could be the spark’ for FIG spreads to widen

    Questions over what the US Treasury plans to do with its balance sheet and how the European Central Bank (ECB) will approach quantitative tightening are focusing opinion in the FIG market, according to one investor.

    • 19 Jul 2017
  • Legacy CMBS investors suffer heavy losses

    Pre-crisis CMBS loans were in the spotlight this week, after a raft of property liquidations in three deals wiped out $410m of bonds, while Fitch reported that delinquencies jumped in June by the highest amount for six years.

    • 18 Jul 2017
  • CPS gets strong pricing for subprime auto ABS

    Consumer Portfolio Services (CPS) achieved a new tight for the pricing of its third subprime auto ABS deal of the year, reflecting continued strong demand for the bonds despite headline risks in the sector.

    • 18 Jul 2017
  • ECB needs to signal end of ABSPP

    The ECB should take a bold step this week to signal the end of the ABSPP, something which many in the market would welcome.

    • 18 Jul 2017
  • Summer pipeline stays active for European CLOs

    The European CLO primary market is going strong as the market heads into late summer, with a slew of deals sold over the last week and buyers eyeing more to come.

    • 18 Jul 2017
  • RNHB markets mixed MBS transaction

    A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.

    • 18 Jul 2017
  • CMBS needs another reboot to stop risks piling up

    The US CMBS market is becoming more concentrated, with a smaller number of lenders structuring more deals exposed to the same properties. Lenders will have to make the CMBS experience a better one for borrowers if they want to pump life back into the market.

    • 17 Jul 2017
  • Navient prices fourth 2017 FFELP SLABS deal

    Navient is back in the student loan ABS market this week, pricing its fourth Federal Family Education Loan Program (FFELP) deal on Tuesday.

    • 17 Jul 2017
  • Trinity on track with first rail car ABS deal of 2017

    Trinity Industries is bringing a rare rail car lease offering from its TRIP shelf after a three year break from the ABS market.

    • 17 Jul 2017
  • Insurance companies swoop on junior CLO debt as fast money holds off

    Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.

    • 17 Jul 2017
  • UniCredit’s sub debt bounces after NPL sale agreement

    UniCredit said on Monday that it had signed transfer agreements for the sale of its flagship non-performing loan (NPL) securitisation, supporting valuations on its subordinated debt instruments.

    • 17 Jul 2017
  • EIB sets up green bond 'Rosetta Stone'

    The European Investment Bank (EIB) and other market actors are working on a system to match investors’ views on what is a ‘green’ bond with suitable deals in the market.

    • 14 Jul 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
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%