Latest ABS news
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- FCA meddles with league tables, IPO allocs
- Goldman Sachs reports jump in profits on back of strong trading
- Former BNPP securitization boss to head alternatives project on buyside
- Trade bodies pitch for better ABS treatment ahead of Brussels debate
- European ABS: pied beauty
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||6,703||19||10.45|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||67,591.81||167||11.54%|
|2||Bank of America Merrill Lynch||57,568.62||162||9.83%|