• ABS primary sees green with pair of PACE deals

    California-based Property Assessed Clean Energy (PACE) issuers Renew Financial and Ygrene Energy are marketing two offerings this week, as issuers look to close out a breakout year for the asset class.

    • 09:00 PM
  • VW, Ford quench investors’ thirst for prime UK paper

    After a five month drought, the UK auto ABS market saw two deals price last week, as the short dated paper attracts new investors looking for diversification within structured finance.

    • 04:15 PM
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Fixed income markets brace for December rate hike

    The minutes of the Federal Open Market Committee released last week are preparing investors for an interest rate hike in December, leading to concerns that the beginning of 2017 could see similarly volatile conditions to the first quarter of 2016.

    • 17 Oct 2016
  • Pair of equipment deals join October pipeline

    A pair of small to mid-ticket equipment offerings from Ascentium Capital and Axis Capital are joining the near-term pipeline as issuers pump out deals to beat the risk retention deadline.

    • 13 Oct 2016
  • Open ended loan funds: an illiquid lunch

    Insurance companies taking leveraged loan exposure through open ended funds, rather than CLOs, should cause alarm. Given the liquidity risk inherent in the structures, regulators ought to be watchful.

    • 13 Oct 2016
  • Consumer ABS issuers swarm on European market

    Three consumer ABS deals were priced on Thursday, with a rare Dutch consumer ABS deal joining the return of Volkswagen’s well known VCL programme, alongside a secondary placement of a tranche of NewDay’s latest retained UK credit card deal.

    • 13 Oct 2016
  • Former BNPP securitization boss to head alternatives project on buyside

    Fabrice Susini, former global head of securitization at BNP Paribas, has joined the firm's asset management operation, BNP Paribas Investment Partners.

    • 13 Oct 2016
  • Dongfeng Nissan launches fixed/floating rate auto ABS

    Dongfeng Nissan Auto Finance is in the market with its second auto ABS of the year, opening books for a Rmb4bn ($595m) VINZ 2016-2 Retail Auto Loan Securitization on Thursday.

    • 13 Oct 2016
  • Sprint markets rare spectrum ABS

    Wireless carrier Sprint Communications is marketing a $3.5bn deal backed by a portion of the company’s spectrum assets as it looks to reduce its dependency on the high yield market.

    • 12 Oct 2016
  • Financials awaken for raft of new deals

    Syndicate desks bombarded investors with FIG deals up and down the capital structure this week, as banks and insurers finally felt confident enough to launch new transactions ahead of a tricky fourth quarter.

    • 12 Oct 2016
  • Conn’s issues ‘C’ notes from March deal

    Home appliance chain Conn’s Inc is selling the originally retained ‘C’ notes from a $564.05m subprime consumer loan ABS that was priced in March.

    • 11 Oct 2016
  • How I learned to stop worrying and love SoFi

    The business model of marketplace lender SoFi can sometimes sound like the subject of a grim corporate dystopia. The fintech start-up is not only in the business of selling loans — it wants to bring millennials on board from early adulthood until death, through relationships and home-building.

    • 11 Oct 2016
  • Big players best placed as P2P grows up

    With pioneers of peer-to-peer lending tapping more institutional investors and competing to claim how boring their products are, the hype in alternative lending may be fading. That's good news, but only for those that have already reached scale.

    • 11 Oct 2016
  • Lord Turner in P2P turnaround at LendIt

    Distancing himself from negative comments made in February, Lord Adair Turner told the LendIt Europe conference in London on Tuesday that peer-to-peer (P2P) lending platforms could become a “stable and secure” element of credit provision, and even help prevent credit crunches, if they remain simple and transparent.

    • 11 Oct 2016
  • Timeshare, cell tower ABS hit esoteric pipeline

    Esoteric ABS offerings from timeshare operator Wyndham Worldwide Corp and communications infrastructure company Vertical Bridge priced this week, with more to come as the esoteric ABS asset class gears up for a busy October.

    • 10 Oct 2016
  • Investors say economic downturn would be ‘best thing’ for marketplace lending

    An economic downturn would be an opportunity for the marketplace lending industry to prove its resilience, paving the way for a flood of wary investors to pile capital into the market, said investors at the LendIt Europe conference on Monday.

    • 10 Oct 2016
  • Trade bodies pitch for better ABS treatment ahead of Brussels debate

    A joint paper from eight European trade associations has outlined the importance of rehabilitating Europe’s securitization market, ahead of crucial discussions on the industry’s regulatory future in the European Parliament on Tuesday.

    • 10 Oct 2016
  • Prospect Capital lands Lending Club ABS deal

    A private securitization of Lending Club loans from American Consumer Lending Holdings, a subsidiary of Prospect Capital, was priced on Thursday afternoon.

    • 07 Oct 2016
  • European ABS: pied beauty

    Efforts to paint the European ABS market as a simple, bank dominated funding tool to charm nervy rule makers underplay the importance of the market for complex, bespoke deals for private equity firms. Each sort has its merits.

    • 06 Oct 2016
  • SoFi prices latest consumer ABS deal

    Bookrunners priced a $427.8m consumer ABS deal from SoFi on Thursday, the platform's fourth such offering from its unsecured consumer loan shelf.

    • 06 Oct 2016
  • Volkswagen gears up for new German auto lease ABS deal

    Volkswagen Leasing has mandated leads for a new German auto lease ABS deal from the VCL shelf, as secondary spread levels on VW paper show signs of returning to pre-emissions scandal levels.

    • 06 Oct 2016
  • First CRE MPL securitization could surface in 2017

    The commercial real estate (CRE) segment of the marketplace lending industry is on track to bring a debut securitization to market in 2017, sources say, as investors grow comfortable with online lending and key players aggregate sufficient volume to securitize.

    • 05 Oct 2016
  • Periphery ABS credits boosted by investor demand

    Demand for yield is driving bank originators to dust off rare asset classes, such as Italian SME ABS and Spanish auto loan deals, to satisfy investor appetite.

    • 05 Oct 2016
  • FIG market awaits senior return

    Risk appetite has yet to return following last week’s intense fears around Deutsche Bank, but a number of positive developments suggested the FIG market can welcome the return of vanilla senior issuance before October blackout periods end.

    • 05 Oct 2016
  • Politicians are the biggest obstacle to US regulatory progress

    The highly dysfunctional and hostile political environment in Washington, DC is making it difficult to pass any real financial regulatory reform, limiting Congress’s ability to enact meaningful change.

    • 04 Oct 2016
  • Marketplace lenders question viability of “hybrid” funding model

    Marketplace lending players are expressing mixed views on whether a so-called “hybrid” model, which combines the balance sheet approach and marketplace lending model, is the answer for platforms seeking stable, long term funding.

    • 03 Oct 2016

New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%