Securitization - Article Archive

  • Looming Shutdown Stunts CMBS Secondary Mart

    The possibility of a shutdown of the U.S. federal government and new concerns over the financial health of retailer JCPenney—the largest retail tenant in the commercial mortgage-backed securities universe—have stunted trading in the CMBS secondary mart and also caused a price drop in the CMBX.6 synthetic index.

    • 30 Sep 2013
  • Skewed Data Belies Auto Strength

    An expected drop in September car sales belies the strong fundamentals supporting the auto asset-backed securities market, according to analysts.

    • 30 Sep 2013
  • J.C. Penney Capital Raising Worries Among CMBS Investors

    J.C. Penney’s move to raise capital to ease vendor concerns about the company has investors in commercial mortgage-backed securities worried in the event the retailer, a major tenant in many malls, closes stores, according to JPMorgan analysts.

    • 30 Sep 2013
  • FHFA Criticized Over Foreclosure Deals

    The inspector general of the Federal Housing Finance Agency, which supervises Fannie Mae and Freddie Mac, has criticized the FHFA for selling foreclosed properties to bidders that failed to meet its required standards.

    • 30 Sep 2013
  • 2013 Third Busiest For CLO

    Global issuance of collateralized loan obligations climbed to $67.5 billion so far this year, making 2013 the third busiest on record, according to JPMorgan Chase.

    • 30 Sep 2013
  • Revised Qualified Mortgage Rule Issued

    The U.S. Department of Housing and Urban Development has released a revised version of its proposed qualified mortgage rule.

    • 30 Sep 2013
  • Citi To Pay GSE $395 Mln To Repurchase Claims

    Citigroup has agreed to pay Freddie Mac $395 million to settle potential future buybacks of loans it sold to the government-sponsored enterprises between 2000 and 2012.

    • 30 Sep 2013
  • Delinquent CMBS Loans Lacking Appraisals

    Master servicers have discovered that roughly 10% of loans in commercial mortgage backed securities delinquent since the end of 2012 lack current appraisals, according to Fitch Ratings.

    • 30 Sep 2013
  • Delinquent Loans In CMBS At 12-Month Low

    The total of delinquent unpaid loans in commercial mortgage-backed securities fell to $45.87 billion in August, its lowest level in 12 months, while foreclosure activity increased, according to Morningstar.

    • 30 Sep 2013
  • Companies pause for breath as consolidation takes hold

    It has been a year of divergent fortunes for Indonesian corporate debt. The first few months of the year were characterised by endless liquidity, an environment in which low rated borrowers could access remarkably cheap funding. Then everything changed. Chris Wright asks when — and in what form — the markets will return.

    • 30 Sep 2013
  • Healthier banks hunker down for hard times ahead

    Indonesia’s banking sector is far stronger today than during previous times of financial stress in the economy, and appears well set to weather the coming storm. But it is so well capitalised that new funding in the international markets is a rarity. By Chris Wright

    • 30 Sep 2013
  • Funding Indonesia’s future

    There is little doubt that, by now, international investors have become familiar with Indonesia’s story. The country’s steady rise in credit ratings, as well as the debt management office’s sizeable — and deftly managed — dollar bond issuance over the last decade has meant that it is arguably the stand-out Asian issuer around today. But few Indonesian companies have chosen to follow the sovereign into the international market, relying instead on a domestic debt market that is making strides forward but still has a lot more room to grow. EuroWeek talked to high-profile bankers, analysts and funding officials — including Robert Pakpahan, director general of the country’s debt management office — about what investors can expect in the future, and what changes need to happen to make the domestic market move into the next stage of development.

    • 30 Sep 2013
  • Republic remains a dollar devotee

    Any concerns about Indonesia’s fiscal position are belied by the continuing popularity of its sovereign debt, as September’s sukuk issue demonstrated. Indonesia’s international funding is still heavily dominated by the dollar, but if that is where it can find an adoring investor base, why go further afield? By Chris Wright.

    • 30 Sep 2013
  • Indonesia still strong, despite bearish short term view

    Worries over the end of quantitative easing in the US have turned investors cautious over many emerging economies, and Indonesia has not been immune from capital flight. But it has been resilient, and its promise remains, as Chris Wright reports.

    • 30 Sep 2013
  • Safe-haven credits adapt to new life after crisis

    Canada, its crown corporations and provinces have proved sought-after safe-haven assets for investors during the crisis era. Central banks have re-allocated assets to invest in the currency and Canada’s bond markets, underscoring the growth of the country’s economic importance. With bond supply set to fall as Canada and its provinces aim to return to a balanced budget by 2015 and a debt-to-GDP ratio of 25% by 2021, the outlook for Canadian public sector borrowers appears rosy. But all is not a picture of robust health in the Canadian economy. Domestic demand has started to sag, wages are stagnant and there are fears of a housing bubble. EuroWeek met in Toronto with senior Canadian public sector debt figures to discuss the extent to which these problems can harm Canada’s run of form, what positive factors there are to look forward to from outside the country and the outlook for their market.

    • 30 Sep 2013
  • European banks reaffirm their allegiance to Japan

    European financial institutions constitute the core of the Samurai market today. Abenomics has, if anything, increased their allure as investors have grown their appetite for yield while preferring the familiarity of established names. European banks, in turn, enjoy the Samurai market for several reasons: it provides a great deal of diversification from other currencies and investor bases, and leads to still more if issuers go on to issue Uridashi bonds later. Investors are willing to tolerate small and odd-sized tranches across a range of durations, without the insistence on liquidity that is commonplace in other markets; and the investor base tends to be loyal, taking a buy-and-hold approach and rewarding repeat issuers.

    • 30 Sep 2013
  • Reinvigorated equity sector ready to make up for lost time

    The emergence of a more Darwinian backdrop for Japanese companies combined with the ambitious growth plans of Prime Minister Abe means the future for Japanese equities has rarely been brighter.

    • 30 Sep 2013
  • Bullish Samurai market plays catch-up after sluggish start

    Volatility following the Bank of Japan’s sudden shift in monetary policy in April combined with the surprise absence of Australian banks meant the Samurai market had an even quieter first quarter than usual. But issuers from an increasingly broad range of sectors are making up for lost time, attracted by the opportunities to diversify and secure attractive pricing.

    • 30 Sep 2013
  • Abenonomics makes its mark in corporate bond market

    Abenomics has driven a sharp spike in activity in the domestic corporate bond market. Meanwhile, the international sector is also beginning to feel the effects with bankers receiving an increase in enquiries from a diverse range of issuers keen to lock in low rates before they start to rise.

    • 30 Sep 2013
  • EM sovereigns switch on to Samurai

    Emerging market sovereigns have started to return to the Samurai markets, first under the protection of a JBIC guarantee but increasingly as stand-alone credits. They are attracted by diversity of funding, and keen appetite from Japanese investors hungry for yield. How far down the credit curve will investors be willing to go? By Chris Wright.

    • 30 Sep 2013
  • International markets ready to welcome Japanese banks

    For a country with a famously liquid domestic market, Japanese borrowers from a range of sectors have been refreshingly active in the international capital market over the last 12 months. The run looks set to go on as Japanese banks continue to increase their lending overseas and capital regulations hit home.

    • 30 Sep 2013
  • Role reversal for Japan’s banks

    While the prospects for Japan’s megabanks look more exciting than they have done for many years thanks to strong balance sheets and adoption of global regulations, the outlook for the overcrowded regional banking sector is more uncertain.

    • 30 Sep 2013
  • Feel-good factor returns to Japan as Abenomics hits home

    It’s still early days. But Prime Minister Abe’s cocktail of monetary easing and fiscal stimulus, laced with proposals on long-overdue structural reforms aimed at stoking economic growth, appear to be working. And with Japan’s Diet no longer split, there is every reason to believe Abenomics will continue to work its magic.

    • 30 Sep 2013
  • Hunting for yield in the Japanese public sector

    For most foreign investors, pitifully low yields in the JGB market remain a powerful deterrent. Opportunity is therefore knocking for Japan’s other public sector borrowers including DBJ, JBIC and JFM who can offer an attractive pick-up over government bonds.

    • 30 Sep 2013
  • Top credits eye increasing opportunities in Japan

    For sovereign, supranational and agency investors, Japan represents a mixed picture: scarcely any opportunity in yen, but strong participation in dollar globals, with a mature retail base ready to pick up structured or high yielding vanilla paper through Uridashi tranches. Leading SSA issuers explain to Chris Wright how they view the funding opportunity in Japan in this virtual roundtable that was held in mid-September.

    • 30 Sep 2013
  • Spanish Banks Urged To Raise Capital, Maintain Lending

    The International Monetary Fund has called on Spanish banks to increase capital without cutting back on lending to achieve it.

    • 30 Sep 2013
  • Hypo Re Close To Selling Irish Bank

    Germany’ state-owned Hypo Real Estate is said to be close to reaching a deal to sell Dublin-based Depfa, the assets of which the German bank has been running down, to either a hedge fund or private equity fund.

    • 30 Sep 2013
  • U.K. To Step Up State-Backed Mortgage Plan

    U.K. Prime Minister David Cameron is pushing up by three months the launch date of state-backed mortgages with a deposit of only 5%, originally planned for January.

    • 30 Sep 2013
  • Basel May Relax Strict Capital Requirements

    Stefan Ingves, head of the Basel Committee on Banking Supervision, said tough capital requirements affecting securitizations may be relaxed as the committee takes a second look at the measures.

    • 30 Sep 2013
  • Sustainable and Responsible Capital Markets

    FULL PDF DOWNLOAD

    • 30 Sep 2013
  • Russian Railways innovates with development of inflation linkers

    Russian Railways is playing a key role in the development of the Russian bond market, determining market clearing prices for inflation-linked bonds and helping find new products to satisfy Russia’s growing pension fund investor base. Francesca Young speaks to Pavel Ilichev, deputy head of corporate finance at the company, to find out what is next for Russian Railways.

    • 30 Sep 2013
  • Noble goes local for arbitrage opportunities

    After an absence of more than two years, Noble Group wasted no time in returning to the US dollar bond market after its rating was returned to a stable outlook in March. But while the dollar remains an important source of funding, the borrower plans to take increasing advantage of Asia’s growing local currency markets. Lorraine Cushnie reports.

    • 30 Sep 2013
  • Schaeffler gives PIK bonds new glamour with €1.5bn refinancing

    Family-owned Schaeffler grew through numerous acquisitions into one of the leading ball bearings manufacturers. But its takeover of a larger-than-planned stake in tyre maker Continental in 2008 gave it a huge debt load to deal with. As Stefanie Linhardt reports, the multi-stage refinancing of this debt has this year included a large — and unusual — payment-in-kind bond.

    • 30 Sep 2013
  • CeramTec achieves perfect LBO in difficult conditions

    The financing behind the CeramTec buy-out proves that a European credit can command strong support in the transatlantic leveraged loan market. Olivier Holmey finds that a flexible debt structure, a popular name and a popular sector are the perfect ingredients for a blowout LBO.

    • 30 Sep 2013
  • Polkomtel innovation creates new competition for lenders

    Syndicated loans have a tried-and-tested formula that has been almost unchanged since they were created in 1568. That is, until this year when Poland’s Polkomtel proved that you can shock lenders and still be successful in the loan market, writes Michael Turner.

    • 30 Sep 2013
  • Gagfah underlines CMBS potential

    Primary issuance in European commercial mortgage securitization has picked up this year, and Gagfah, which has a strong focus on German residential property, is providing much of the fuel for the market, already pricing two CMBS deals this year. The firm sees further mileage in this funding avenue, and plans to refinance more of its debt via CMBS in the months ahead. Hugh Leask reports.

    • 30 Sep 2013
  • Framework for Green Bonds

    We publish below a white paper setting out a framework for green bonds written by Bank of America Merrill Lynch and Citi. In this paper, made public for the first time, the two firms lay out a vision for the green bond market and call for a Green Bond Working Group to be formed and drive the evolution of this nascent market. The paper calls for debate about every aspect of the green bond market, from how to guarantee that green bonds are more than just a coat of greenwash to defining the product itself. The two banks spell out the complexities and challenges that must be dealt with if the green bond market is to industrialise and reach its potential and argue that collaboration between issuers, dealers and investors is essential for progress to be made.

    • 30 Sep 2013
  • Continental returns to the big league

    Germany’s Continental spent over four years as a high yield credit, although one looked on favourably by investment grade buyers. But now with one triple-B rating, a newly established debt issuance programme and a foothold in the US markets, the tyre company’s drive to return to high grade status is gaining momentum. Nina Flitman finds out how.

    • 30 Sep 2013
  • Dim sum debut gives Far East a taste for bonds

    Far East Consortium made a stunning bond debut earlier this year with a massively oversubscribed book, following it up a month later with an equally impressive showing by its subsidiary. But despite its recent success with bonds, it is happy to sit back and explore its options, writes Rev Hui.

    • 30 Sep 2013
  • Dong plans to keep things simple

    Dong Energy drew plaudits when it had to improvise with an exchange offering after Standard & Poor’s changed its view on the issuer’s €700m hybrid from 100% equity to 0% in April. Its reputation remains intact — but the experience has permanently altered its approach to the capital markets. Craig McGlashan reports.

    • 30 Sep 2013
  • Covered bond programmes add to enviable diversity

    Royal Bank of Canada has an enviable array of funding tools at its disposal. Whether in calm or stormy times, the bank seems to always have options in the capital markets. Joe McDevitt finds out more.

    • 30 Sep 2013
  • Mission impossible? UniCredit pushes European pedigree

    Under the guide of a new head of funding, UniCredit has made waves in the capital markets this year even as Italy has suffered amid political uncertainty and a scandal-plagued banking sector. Will Caiger-Smith reports on a bank that wants to be bigger than its home country.

    • 30 Sep 2013
  • Investors run rule over RMBS and housing in the Netherlands

    The RMBS market in the Netherlands has long been a cornerstone of the wider European RMBS market, but it faces some stiff headwinds. House prices have fallen 20% from their peak, putting a growing number of mortgage borrowers into negative equity. The government’s efforts at reforming the housing market and reducing the Netherlands’ high LTV/mortgage tax deductibility model have only added to the sense of uncertainty, making turnover of new sales and origination of new mortgages sluggish. Despite all of this, RMBS performance remains very robust with short term and long term arrears barely rising over the past year. A bigger problem could be the lack of primary supply this year. Issuers from the Netherlands are very well funded and, as a result, have publicly issued only €4bn of new RMBS this year to date. When the absence of UK issuance this year is also factored in, there is a danger some investors might rethink their commitment to the RMBS asset class as a whole. In this roundtable, EuroWeek asked a selection of leading investors and issuers in RMBS from the Netherlands for their take on the macroeconomic picture, the shrinking volume of paper and the problems this might create for liquidity and investor appeal, and where potential spread volatility could arise in this sector.

    • 30 Sep 2013
  • BBVA: showing the way forward in new-style capital

    Like many banks in Europe’s periphery, BBVA continues to be dogged by the region’s perennial political and financial crises. But it is also a global brand, with a huge presence in growth markets like Latin America. That strength allowed it to triumph in capital issuance this year, writes Will Caiger-Smith.

    • 30 Sep 2013
  • IDBI explores new markets to dodge volatile dollar

    India’s growth is falling, inflation is rising and the rupee is plummeting, but IDBI Bank plans to build on its experience of issuing in non-G3 currencies as volatility also continues to rattle US dollar markets, writes Frances Yoon.

    • 30 Sep 2013
  • Pohjola exports the Finnish brand

    There aren’t many bank treasurers that can say the financial crisis of 2008 made their job easier, but Pohjola Bank’s is probably one of them. Its assets are restricted to one of Europe’s most fiscally stable jurisdictions, making it a sought-after credit for an increasingly broad audience, writes Tom Porter.

    • 30 Sep 2013
  • Cajamar shows why a new rating approach is needed

    The restructured Spanish bank Cajamar, which has grown its capital base and cleaned up its balance sheet, had its recently issued covered bond downgraded to junk this year by Moody’s. The rating action, which could potentially affect many other issuers, did not take into account the bond’s safety both from a regulatory and structural point of view and, writes Bill Thornhill, was out of sync with the other agencies.

    • 30 Sep 2013
  • Commerzbank makes a covered bond comeback

    Commerzbank bought an investment bank two weeks before Lehman Brothers collapsed, and now counts the German government as a major shareholder. But despite its drawn-out recovery meaning less frequent visits, Commerzbank is now creating funding markets all of its own, writes Tom Porter.

    • 30 Sep 2013
  • Italy rides the wave of euro recovery

    The Republic of Italy has survived the dark days of 2011 and 2012 and come out the other side stronger, boosting its maturity profile with a pair of long dated benchmarks and even reaching the 50 year part of the curve with a private placement. Foreign investors have returned, while the eurozone’s improving economic fortunes are playing a big part in its syndication plans. Craig McGlashan reports.

    • 30 Sep 2013
  • Carefully does it for KfW

    Despite a glittering start to the year for all SSA borrowers, market volatility has meant that even KfW has had to time its deals carefully in 2013. Nathan Collins discovers how the German development agency has gone about raising its hefty borrowing requirement in a tricky market.

    • 30 Sep 2013
  • Société Générale prepares Red & Black German Auto ABS

    Société Générale is back in the market with a new German auto loan securitization, Red & Black Germany 2 UG, which will be roadshowed to investors next week.

    • 30 Sep 2013
  • Bigger funding requirement means flexibility for IFC

    Bond market participants used to be able to set their watches by the International Finance Corporation’s issuance calendar when it came to benchmark funding. But with a larger funding need and in markets less certain, Ralph Sinclair discovers that the IFC has had to change its tactics.

    • 30 Sep 2013
  • Timing is everything for new boy ESM

    The much-anticipated launch of Europe’s permanent bail-out borrower, the European Stability Mechanism, is scheduled for October. Tessa Wilkie reports on how the issuer will establish its capital markets presence alongside sister supranational, the European Financial Stability Facility.

    • 30 Sep 2013
  • ADCB picks perfect moment for sub sales

    Abu Dhabi Commercial Bank returned to the public dollar bond market in style this year. Having started 2013 with a government loan still to pay off, it used a series of stellar transactions across currencies and asset classes to improve the cost, tenor and capital treatment of its funding. Steve Gilmore reports.

    • 30 Sep 2013
  • Indonesia braves markets to fund deficit

    The Republic of Indonesia faces a challenging remainder of the year as it must borrow more from the international markets to fill a widening current account deficit at a time when tapering talk in the US and weakening fundamentals at home are making it more difficult to attract investors, writes Frances Yoon.

    • 30 Sep 2013
  • Akbank’s Eurolira blazes trail for Turkey

    Akbank has spent this year pushing the boundaries of what is possible for Turkish issuers in the capital markets. It opened up the Eurolira market at the start of the year and then in the summer cut another 60bp off its loan pricing. Francesca Young finds out about Akbank’s plans in Eurolira and dollars, as well as its intention to enter the covered bond market and set up an MTN programme.

    • 30 Sep 2013
  • Green Kexim branches out to tackle bigger funding task

    The Export-Import Bank of Korea has been one of the few regular Asian issuers of international debt for many years. But 2013 saw it branching out into new markets tackling Swiss franc, euro and green bond deals. Ralph Sinclair finds out what is driving this expansionary behaviour.

    • 30 Sep 2013
  • Emma Delta’s ‘aggressive’ €400m OPAP bond nears London close

    Jefferies will close books at 5pm London time today for the €400m unrated high yield bond issue that finances the privatisation of 33% of OPAP, the Greek state lottery and football betting operator.

    • 30 Sep 2013
  • SocGen Unit Readying Red & Black German Auto ABS

    Société Générale is back in the market with a new German auto loan securitization, Red & Black Germany 2 UG, which will be roadshowed to investors next week.

    • 30 Sep 2013
  • LBO financing proves duck soup to Campbell Europe ahead of allocation

    Campbell Europe, the continental division of the soup company, expects to allocate €320m of senior loans on Monday or Tuesday, after investors committed to the deal en masse and signed off on final documentation last week.

    • 30 Sep 2013
  • GMAC prices E-Carat 2 UK auto return

    GMAC UK priced its E-Carat 2 UK auto loan securitization on Friday afternoon in line with initial price guidance, with the deal size on both tranches increased.

    • 30 Sep 2013
  • Vion Ingredients winner may emerge this week

    First round bids are due in today for the sale of Vion Ingredients, a business being sold by meat producer Vion Foods of the Netherlands.

    • 30 Sep 2013
  • GMAC Prices E-Carat 2 U.K. Auto Return

    GMAC U.K. priced its E-Carat 2 U.K. auto loan securitization on Friday afternoon in line with initial price guidance, with the deal size on both tranches increased.

    • 30 Sep 2013
  • Douglas loans get pricing makeover

    Douglas Holding, the German beauty products retailer, is set to complete the repricing of two loans after receiving sufficient consent from its existing group of investors last week.

    • 30 Sep 2013
  • "No, today we are smarter."

    ”Andrew Dym, partner at Perella Weinberg Partners, responding to the question of whether there should be concern that the subprime auto market is overheating. The comment was made last Tuesday at a conference in New York held by Standard & Poor's.

    • 27 Sep 2013
  • One Year Ago

    • 27 Sep 2013
  • Solid demand drives Yorkshire’s Brass tight

    Yorkshire Building Society priced the Brass No. 3 UK prime RMBS on Friday afternoon, with the senior bonds coming in tighter than indications earlier in the week.

    • 27 Sep 2013
  • Q&A: Andy Phelps, Natixis

    Natixis, which last week acted as arranger on its fifth U.S. collateralized loan obligation contract this year, has also been one of the first banks on the scene in Europe’s nascent CLO renaissance, taking arranging roles on both 3i Debt Management’s and Haymarket Financial’s post-crisis debuts. Managing Director and Head of Syndication for Global Structured Credit & Solutions Andy Phelps told Managing Editor Graham Bippart that the bank is focused on growing its high-yield bond and loan trading platforms as part of its strategy to increase its global CLO new-issuance market share.

    • 27 Sep 2013
  • Solid Demand Drives Yorkshire’s Brass Tight

    Yorkshire Building Society priced the Brass No. 3 U.K. prime residential mortgage securitization on Friday afternoon, with solid demand driving the senior tranche spread tighter than indications earlier in the week.

    • 27 Sep 2013
  • Dual Personality Russian Consumer ABS Opens Up Domestic Buyer Base

    A new RUB10 billion ($309.69 million) Russian consumer loan-backed securitization that melds international and Russian securitization features is due to be sold to an unprecedentedly large base of domestic buyers towards the end of October.

    • 27 Sep 2013
  • Bookrunners of European HY bonds, 27 September 2013

    Bookrunners of European HY bonds, 27 September 2013

    • 27 Sep 2013
  • Bookrunners of European Leveraged Syndicated Loans, 26 September 2013

    Source: Dealogic

    • 27 Sep 2013
  • Macquarie goes tight on Smart lease ABS

    Macquarie Leasing priced its Australian auto and equipment securitization Smart Series 2013-3 Trust on Friday morning, with the senior notes printing tighter than the initial guidance unveiled earlier in the week.

    • 27 Sep 2013
  • Bookrunners of West European HY corporate bonds, 25 September 2013

    Source: Dealogic

    • 27 Sep 2013
  • Window opens for Cemex, Arcos Dorados

    Latin American McDonald’s franchisee Arcos Dorados and Mexican cement company Cemex followed Mexico’s liability management transaction with LM exercises of their own this week. Latin issuers and bankers saw supportive conditions continue in the week after the Fed’s decision to not yet taper its asset purchases gave relief to fixed income markets.

    • 27 Sep 2013
  • Vienna 2.0 has strong Austrian support, says Stepic

    After its shock move at the end of 2011 to restrict Austrian bank lending in central and eastern Europe, the Austrian Central Bank is taking a "very active role" in a pan-European initiative to avoid chaotic bank deleveraging in the region, the former chief executive of Raiffeisen Bank International has told EuroWeek.

    • 26 Sep 2013
  • Euro cov-lites return as Dell blowout sets new standard

    Dell’s €700m landmark paves the way for further covenant-lite leveraged loans in Europe, bankers and investors agreed this week. Part of the US computer maker’s jumbo LBO financing, the oversubscribed and increased deal defied the scepticism that has long surrounded the product in Europe — especially since publisher Springer Science+Business Media had to offer a discount of 96.5 on an ambitious €615m offering in July.

    • 26 Sep 2013
  • Medical Properties sells euro’s first Reit HY

    After last week’s mortgage lender Jerrold, this week has brought another new sector to the European high yield market with Medical Properties Trust, a US real estate investment trust. The self-advised Reit sold its bond in line with 5.75% area yield guidance.

    • 26 Sep 2013
  • SNF Floerger sells first dollar HY to repay loans

    SNF Floerger, the French speciality chemicals company, sold its first dollar bonds with a $250m long eight year issue on Wednesday.

    • 26 Sep 2013
  • Businessmen seek €400m HY bond to buy Greek lottery OPAP

    Emma Delta, an investment fund controlled by a Czech billionaire and a Greek shipowner, wants to issue €400m of first and second lien unrated high yield bonds to part-finance its takeover of a 33% stake in OPAP, the Greek lottery and football betting company. The deal is Greece’s biggest privatisation this year.

    • 26 Sep 2013
  • Macquarie issues guidance on Aussie lease trade from Smart platform

    Macquarie Leasing is keeping the recent steady supply of new issue Australian securitization flowing with a new auto and equipment asset-backed deal from its Smart platform.

    • 26 Sep 2013
  • Dual personality Russian consumer ABS opens up domestic mart

    A new Rb10bn (€230m) Russian consumer loan-backed securitization that melds international and Russian securitization features is due to be sold to an unprecedented number of domestic buyers towards the end of October. Securitization specialists on the deal reckoned the innovative template could be applied more widely, not only in Russia but other emerging market countries too.

    • 26 Sep 2013
  • Rare Swedish non-conf RMBS deal to offer euro tranche

    Lead managers Barclays and Natixis will add a euro denominated tranche to Bluestep AB’s Swedish non-conforming residential mortgage securitization following initial investor meetings on the novel transaction.

    • 26 Sep 2013
  • Blackstone lures Deutsche Wohnen fans to €107m block

    Blackstone sold a €107m stake in German real estate fund Deutsche Wohnen on Monday night, finding quick and strong demand from the stock's supporters after a busy year so far for the sector.

    • 26 Sep 2013
  • Greece sells prized assets to please Troika

    The Greek government announced in 2010 plans to raise €50bn from privatisations by 2016. This ambitious goal was lowered to €19bn, before being cut to €15bn.

    • 26 Sep 2013
  • Price thoughts on Yorkshire’s Brass comeback 'fair'

    Lead managers Barclays, Deutsche Bank and Royal Bank of Scotland issued initial price thoughts on Yorkshire Building Society’s UK prime residential mortgage securitization Brass No 3 Thursday, with market players telling EuroWeek’s sister publication, SI that thin supply could drive the trade tighter.

    • 26 Sep 2013
  • GMAC unveils guidance on E-Carat auto deal

    GMAC UK has issued price guidance on E-Carat 2, its UK auto loan securitization due to be priced on Friday.

    • 26 Sep 2013
  • Benchmark Spreads Not Expected To Budge

    Spreads on benchmark asset-backed securities may not significantly tighten until 2014, and risk premiums on the non-benchmark classes remain high, according to analysts and traders.

    • 26 Sep 2013
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, September 26, 2013.

    • 26 Sep 2013
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, September 26, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 26 Sep 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, September 25, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 26 Sep 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, September 25, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 26 Sep 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated September 26, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 26 Sep 2013
  • Strong autumn could crown high yield’s record deal year

    High yield bankers in Europe expect a bumper couple of months of deals, as investors are demanding more paper and net inflows into high yield funds are building strongly.

    • 26 Sep 2013
  • SFIG To Boost Hill Presence

    The Structured Finance Industry Group is continuing its search for someone to spearhead the trade group’s lobbying efforts on Capitol Hill.

    • 26 Sep 2013
  • Abengoa finds real money investors with €250m tap

    Abengoa, the Spanish construction and industrial conglomerate, priced a €250m tap of its 8.875% 2018 notes at the tight end of guidance on Tuesday. The deal was supported by real money investors, allowing Abengoa to broaden its funding base.

    • 26 Sep 2013
  • Countrywide owner launches £70m sale

    Private equity firm Alchemy launched a sale of £70m of shares in UK estate agency Countrywide Holdings on Thursday night, following another successful sale by the firm's two other owners last month.

    • 26 Sep 2013
  • Investors jump on £120m Hellermann placing after strong post-IPO gains

    Doughty Hanson raised £120m through a sale of shares in UK cable equipment firm HellermannTyton on Wednesday night, with reverse enquiries and strong support from existing investors pushing the deal through a lock-up and securing tight pricing.

    • 26 Sep 2013
  • GMAC unveils guidance on E-Carat auto deal

    GMAC UK has issued price guidance on E-Carat 2, its UK auto loan securitization due to be priced on Friday.

    • 26 Sep 2013
  • GMAC Unveils Guidance on E-CARAT Auto Deal

    GMAC U.K. has issued price guidance on E-CARAT 2, its U.K. auto loan securitization due to price on Friday.

    • 26 Sep 2013