• US home construction down for second straight month

    The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.

    • 21 Oct 2016
  • ABS investors balk at aggressive buy-side sellers

    Private equity firms and asset managers have jumped on a recent spread rally in ABS to lock down lucrative deals at attractive rates. The introduction of new, more aggressive structural features is a sign of the changing issuer base, but investors are starting to push back, writes David Bell.

    • 20 Oct 2016
  • Goldman lands Dynamic Dutch debut

    Dynamic Credit, the Dutch fixed income asset management firm, has stepped into the RMBS market for the first time with a debut €275m Dutch mortgage deal that sold the full capital structure.

    • 20 Oct 2016
  • Cerberus-backed lender lines up second French RMBS deal

    GE Money Bank in France, bought by US private equity firm Cerberus Capital Management in June, will tap the French RMBS market for a second time this year.

    • 20 Oct 2016
  • SFR down in 2016, but sporadic issuance to continue

    Issuers have come to market with only a handful of single family rental (SFR) securitizations in 2016, but a spate of recent deals shows that issuance should continue in fits and starts as aggregators of rental homes use ABS for balance sheet relief.

    • 19 Oct 2016
  • Peripheral yield draws new ABS buyers, but investors question rally

    Union De Créditos Inmobiliarios (UCI) expanded the investor base for its Prado Spanish RMBS shelf in its latest deal despite taking a bullish stance on pricing. However, not all investors are convinced the peripheral rally will last.

    • 19 Oct 2016
  • Spanish RMBS revival boosted by second deal

    Union de Creditos Immobiliarios (UCI) has mandated leads for a third Spanish RMBS deal, after Blackstone landed €212m of notes backed by a portion of its portfolio of Spanish reperforming mortgages.

    • 17 Oct 2016
  • Last GE collateral to be sold in second Hawksmoor

    Guidance on UK RMBS Hawksmoor Mortgages 2016-2 was released on Thursday, and though it was much tighter than the first Hawksmoor deal, bankers were confident of a strong reception, partly due to the fact this will be the last collateral acquired from GE Capital portfolio.

    • 14 Oct 2016
  • Goldman-financed Dutch RMBS deal breaks cover

    A debut RMBS deal from Dutch lender Dynamic Credit has surfaced, with Goldman Sachs arranging the transaction after warehousing the assets for more than a year.

    • 13 Oct 2016
  • Pent-up demand pours into latest Cerberus RMBS deal

    After a quiet summer and with reduced UK RMBS supply expected, investors took advantage of a small spread concession to pile into Cerberus’s latest UK RMBS deal, Towd Point Mortgage Funding-Auburn 10, on Tuesday.

    • 13 Oct 2016
  • CFPB loses landmark case

    The Consumer Financial Protection Bureau (CFPB) has been ruled as being unconstitutional by the US District Court of Appeals for the District of Columbia, in a landmark ruling that questioned the legality of its leadership and its use of retroactive enforcement action.

    • 12 Oct 2016
  • Fannie Mae to sell NPL loan pools in November

    US government sponsored enterprise Fannie Mae is to sell five pools of approximately 7,300 non-performing loans in November totalling $1.39bn in unpaid principal balance.

    • 12 Oct 2016
  • BlackRock UK RMBS vehicle surfaces with first deal mandate

    A UK RMBS vehicle funded solely by clients of BlackRock has mandated for a debut deal, which will be backed by a £238m buy-to-let portfolio originated by Fleet Mortgages.

    • 12 Oct 2016
  • RBS reminds us that ‘dealing' with non-performing loans can turn ugly

    European banks, especially the Italians, need to solve their non-performing loan problem, agrees everyone from the European Central Bank to the least informed finance hack out there. But the revelations coming out of Royal Bank of Scotland’s restructuring unit show it’s not always a pleasant process.

    • 11 Oct 2016
  • JP Morgan confident on risk transfer despite OCC uncertainty — CRT Symposium

    JP Morgan plans to forge ahead with its risk transfer programme, despite concerns that have been raised that the deals may not be in full compliance with risk based capital rules, said an executive from the bank speaking at a conference on credit risk transfer RMBS on Thursday.

    • 07 Oct 2016
  • GSE reform the last piece of post-crisis business — Corker

    Senator Bob Corker (R-Tenn.), a prominent voice on the US Senate Committee on Banking, Housing and Urban Affairs, pointed to the reform of Fannie Mae and Freddie Mac as the last piece of unfinished business left over from the financial crisis in remarks given at IMN's first annual Credit Risk Transfer (CRT) Symposium in New York on Thursday.

    • 06 Oct 2016
  • Delegates flood inaugural CRT conference

    Credit risk transfer (CRT) market players arrived in droves for IMN’s first ever CRT focused event in New York on Thursday, showcasing growing interest in a sector that is proving to be the only game in town for supply starved RMBS investors.

    • 06 Oct 2016
  • Issuance of NPL, RPL deals driving new mortgage production

    The sale of non-performing (NPL) and re-performing loans (RPL) has become a way for banks to free up space on balance sheets and reduce punitive capital charges, which observers say has driven an increase in mortgage lending.

    • 05 Oct 2016
  • RMBS primary still lags, but secondary market providing opportunities

    RMBS investors have been disappointed by the sluggish pace of non-agency issuance in 2016, but the secondary market is proving to be a fertile hunting ground for opportunistic buyers.

    • 04 Oct 2016
  • European securitization is complicated, and that's OK

    Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.

    • 04 Oct 2016
  • Arrow Global, CarVal to secure financing for €1.7bn RNHB mortgage book

    Arrow Global has partnered with CarVal Investors to acquire a €1.7bn mortgage portfolio from RNHB Hypotheekbank (RNHB), and the private equity firms could look to the securitization market to help fund the deal.

    • 04 Oct 2016
  • Blackstone vehicle to offer rare mezzanine Spanish RMBS opportunity

    A new Spanish RMBS deal from a Blackstone backed vehicle will offer investors the rare opportunity to buy mezzanine exposure in the scarce asset class.

    • 03 Oct 2016
  • Cerberus UK RMBS surfaces as Kensington feels BoE benefit

    Cerberus has announced its latest UK RMBS deal, backed by a portion of its £2.5bn Capital Home Loans buy-to-let portfolio, after a strong market backdrop helped Kensington Mortgage Company price a new Finsbury Square deal at a tight level.

    • 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 11.00
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.29
3 JP Morgan 4,776 10 7.33
4 Credit Suisse 4,718 9 7.24
5 Deutsche Bank 4,262 13 6.54

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%