Securitization - Article Archive

  • Fannie Mae Sues Nine Banks Over LIBOR

    Fannie Mae has filed lawsuits against nine global banks, including the Royal Bank of Scotland and UBS, for allegedly manipulating the London Interbank Offered Rate and to recover losses from such an action.

    • 31 Oct 2013
  • UBS, Wells Partner For Tower CMBS

    UBS is partnering with Wells Fargo to fund a $450 million, seven-year mortgage on a Manhattan office tower through a commercial mortgage-backed securitization. .

    • 31 Oct 2013
  • DOJ May Sue B Of A Over MBS

    Bank of America says the U.S. Attorney’s Office hasrecommended that the U.S. Department of Justice file a civil lawsuit against Bank of America over its mortgage-backed securities.

    • 31 Oct 2013
  • Mortgage Originations Plunge 19% In Q3

    Mortgage originations plunged 19% in the third quarter to $460 billion from a year ago to their lowest level since the end of 2011.

    • 31 Oct 2013
  • Rabobank Settles LIBOR Charges For $1 Bln

    The Dutch lender Rabobank has agreed to pay more than $1 million in criminal and civil penalties to settle charges filed by the U.S., U.K. and other regulators for manipulation of the London Interbank Offered Rate.

    • 31 Oct 2013
  • RMBS Investor Suit Against Citi Dismissed

    A federal judge in New York has dismissed a lawsuit filed by investors in residential mortgage-backed securities sold by Citigroup alleging the bank made misleading statements in relation to the RMBS.

    • 31 Oct 2013
  • U.S. CMBS Delinquency Rate Falls Below 8%

    The delinquency rate for loans in U.S. commercial mortgage-backed securities fell to 7.98%; the first time it dropped below 8% since early 2010, according to Trepp.

    • 31 Oct 2013
  • GSE Risk-Sharing Bond Prices Soar, Freddie Plans Next Sale

    Prices on the junior mezzanine tranches off the inaugural risk sharing deals from Freddie Mac and Fannie Mae have soared in recent weeks, suggesting big demand for Freddie’s sophomore trade, STACR 2013-DN1, which is scheduled to launch next week.

    • 31 Oct 2013
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, October 31, 2013.

    • 31 Oct 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, October 30, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 31 Oct 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, October 30, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 31 Oct 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated October 31, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 31 Oct 2013
  • FirstRand Revs Up New Turbo Finance ABS

    FirstRand Bank is gearing up for a securitization of U.K. auto loans from its Turbo Finance shelf, in what will be its fourth issue from the program.

    • 31 Oct 2013
  • Ginnie Outperformance Expected Into Next Year

    Ginnie Mae bonds are trading incrementally higher than Fannie Mae securities, and they may continue to do so until banks fill a projected $200 billion shortfall in highly liquid assets.

    • 31 Oct 2013
  • Basel Proposes Tougher Trading-Books Regs

    The Basel Committee on Banking Supervision has proposed an overhaul of bank trading-book rules, which would affect swaps, bonds and other securities.

    • 31 Oct 2013
  • European Banks Tighten Private-Sector Lending

    Banks in the eurozone tightened their lending standards for the private sector in the third quarter, according to the European Central Bank.

    • 31 Oct 2013
  • BaFin Wants Capital Rule Update From ECB

    German financial regulator BaFin is asking the European Central Bank for an update of its capital rules as Deutsche Bank plans to sell notes to boost its finances.

    • 31 Oct 2013
  • CQS prices Deutsche-arranged euro CLO

    CQS Investment Management priced its €361.55m Grosvenor Place 2013-1 collateralized loan obligation—arranged by Deutsche Bank—on Thursday afternoon, the first European CLO to be priced in six weeks.

    • 31 Oct 2013
  • Head CLO Trader Exits Cantor After Short Stint

    Cantor Fitzgerald’s Head of Collateralized Debt and Loan Obligation Trading Florian Bita has left the investment banking firm after only five months.

    • 31 Oct 2013
  • CQS Prices Deutsche-Arranged Euro CLO

    CQS Investment Management priced its EUR361.55 million ($493.1 million) Grosvenor Place 2013-1 collateralized loan obligation—arranged by Deutsche Bank—on Thursday afternoon, the first European CLO to price in six weeks.

    • 31 Oct 2013
  • AA's £350m PIK toggle priced at guidance, trades up

    The Automobile Association has priced its £350m PIK toggle bond in line with price talk. The UK roadside assistance group's six year notes were priced today (Thursday) with a 9.5% coupon at par and traded up on the break.

    • 31 Oct 2013
  • Nuance Group guides €200m FRN

    Nuance Group, the Swiss duty free retailer, has released price guidance for its €200m high yield bond in the Euribor plus 500bp to 525bp area, with a reoffer price between 99.5 and par.

    • 31 Oct 2013
  • FirstRand revs up new Turbo Finance ABS

    FirstRand Bank is gearing up for a securitization of UK auto loans from its Turbo Finance shelf, in what will be its fourth issue from the programme.

    • 31 Oct 2013
  • F Van Lanschot prints inaugural Lunet RMBS

    F Van Lanschot Bankiers priced the inaugural €1.07bn deal from its new Lunet Dutch residential mortgage-backed securities platform on Wednesday afternoon.

    • 31 Oct 2013
  • Capsugel aims to sell PIK toggle in one day

    Capsugel, the US maker of pill capsules, wants to price $415m of PIK toggle notes in a drive-by sale on Thursday.

    • 31 Oct 2013
  • NH Hoteles to sell increased high yield bond today

    NH Hoteles has increased its debut high yield bond, thanks to good demand, and released price guidance, according to a banker close to the deal.

    • 31 Oct 2013
  • Most lenders back Scandlines' tougher terms, deal still oversubscribed

    Prospective lenders recommitted to Scandlines’ €875m refinancing package on Wednesday, after the German-Danish ferry operator changed the terms and pricing of the debt in its favour late last week.

    • 31 Oct 2013
  • Tullow Oil aims for 6.5% range for debut bond

    Tullow Oil, the London-listed company that explores for oil in Africa, has released guidance in the 6.5% area for its $500m debut bond.

    • 31 Oct 2013
  • OGX bankruptcy puts LatAm restructuring in unchartered waters

    The search for precedents to help manage expectations of OGX’s bankruptcy has been about as successful as the Brazilian oil and gas company’s search for productive oil fields, according to EM bond investors.

    • 31 Oct 2013
  • LSTA Proposing “QRM” Equivalent For CLOs

    The Loan Syndications and Trading Association is proposing regulators exempt from risk retention rules collateralized loan obligations comprising pools of loans that meet a high standard of quality, similar to the qualified residential mortgage rule adopted for the residential mortgage-backed securities market, according to two people familiar with the matter.

    • 30 Oct 2013
  • Investors Dig Into CarMax Subs

    CarMax Auto Finance launched Wednesday its fourth deal of the year, an upsized $1 billion securitization with attractive spreads on its subordinate notes that came in wider than its July offering. CarMax issued two deals in 2012 and three in 2013, according to SI data.

    • 30 Oct 2013
  • Abengoa taps 2018 for €50m, bringing it to €550m

    Abengoa, the Spanish construction and industrial conglomerate, sold a €50m tap of its 2018 bonds on Wednesday.

    • 30 Oct 2013
  • F Van Lanschot Prints Inaugural Lunet RMBS

    F Van Lanschot Bankiers priced the inaugural EUR1.07 billion ($1.72 billion) deal from its new Lunet Dutch residential mortgage-backed securities platform on Wednesday afternoon.

    • 30 Oct 2013
  • Irish Lender Plans U.K. Loan Sale

    Ireland’s Permanent TSB Group is said to be planning to begin selling its EUR6.9 billion ($9.5 billion) worth of U.K. residential mortgages in 2014.

    • 30 Oct 2013
  • Italian Banks May Write Down More Bad Loans

    Italian banks may write down more bad loans ahead of review by the European Central Bank, according to Ignazio Visco, a member of the ECB governing council.

    • 30 Oct 2013
  • Portuguese Bank Sells Greek Stake

    Banco Comercial Portugues has sold its stake in Greece’s Piraeus Bank for EUR494 million ($680 million) and will use the proceeds to repay government bailout funds.

    • 30 Oct 2013
  • Italian RMBS Loan Defaults Remain Unresolved

    A number of Italian residential mortgage loans that default as far back as 2004 are still not resolved, according to Fitch Ratings, which it says highlights the long recovery times compared with other jurisdictions.

    • 30 Oct 2013
  • European Banks Seen Easing Standards In Q4

    European financial institutional are expected to ease loan standards in the fourth quarter, according to the European Central Bank.

    • 30 Oct 2013
  • European Bank Credit Risk Drops To Three-Year Low

    The Markit iTraxx Financial Index, which tracks bank credit risk, fell to its lowest level in three years in Europe in October.

    • 30 Oct 2013
  • Australia’s Mystate unveils latest ConQuest

    Tasmanian lender Mystate is out with a new securitization of prime Australian residential mortgages, known as ConQuest 2013-1.

    • 30 Oct 2013
  • SoFi Plans Thanksgiving Launch For P2P Deal

    Student loan start-up Social Finance will launch its inaugural peer-to-peer lending securitization right around Thanksgiving, six-months after it initially hoped to do so and just after its revised October target date, a company spokesperson confirmed Tuesday.

    • 30 Oct 2013
  • Carrefour Banque To Make Credit Card ABS Debut

    Carrefour Banque is set to issue its first securitization of credit card receivables, an asset class that until now has been dominated by the more established credit card market in the U.K.

    • 30 Oct 2013
  • DB Announces First-Ever SF RMBS

    Deutsche Bank has announced a $479.14 million single-family rental securitization—the first of its kind—with aims to price the deal on or around November 4.

    • 30 Oct 2013
  • Abengoa sells €50m tap of 8.875% 2018 notes

    Abengoa, the Spanish-listed renewables engineering firm, sold a €50m add-on to its 2018 notes on Wednesday. See www.EuroWeek.com/levfin later today for details.

    • 30 Oct 2013
  • Australia’s Mystate Unveils Latest ConQuest

    Tasmanian lender Mystate is out with a new securitization of prime Australian residential mortgages, known as ConQuest 2013-1.

    • 30 Oct 2013
  • Fresenius seeks €1.2bn loan at investment grade spread

    Fresenius, the German healthcare company, started marketing a new €1.2bn loan package on Tuesday to back its acquisition of 43 hospitals from Rhön-Klinikum.

    • 30 Oct 2013
  • AA preps PIK guidance, will replace more loans with bonds later

    Bankers working on the PIK toggle bond issue for the Automobile Association plan to release guidance today and price the £350m six year deal as early as this evening or tomorrow.

    • 30 Oct 2013
  • Merlin opens books on £1bn IPO

    UK theme park operator Merlin Entertainments began bookbuilding on its £1bn IPO on Wednesday.

    • 30 Oct 2013
  • Double-B high yield bonds below par offer most value, says Hermes

    Double-B rated high yield bonds issued in Europe and the US in the last year could be the place to be for investors, according to Fraser Lundie, co-head and senior portfolio manager at Hermes Credit.

    • 30 Oct 2013
  • Moody's expects fewer fallen angels as sovereigns, markets recover

    Moody’s expects fewer companies to become ‘fallen angels’ in 2013 and 2014 than last year, as financial markets improved in the first nine months of 2013 and global economic prospects have begun to pick up.

    • 30 Oct 2013
  • Stahl to buy Clariant's leather unit and issue debt

    Stahl, the coatings company owned by Wendel, the French investment company, will acquire the leather business of Swiss chemical firm Clariant, Wendel announced on Wednesday.

    • 30 Oct 2013
  • Carrefour Banque to make credit card ABS debut

    Carrefour Banque is set to issue its first securitization of credit card receivables, an asset class that until now has been dominated by the more established credit card market in the UK.

    • 30 Oct 2013
  • Spanish tier two keeps up FIG bull run

    With the US Federal Reserve not expected to taper asset purchases until next March, there have been few obstacles to FIG issuance over the past couple of weeks, across senior unsecured, covered bonds and bank capital. There has been a bigger geographical variety of credits in the funding markets — but the periphery is still the place to pick up yield.

    • 30 Oct 2013
  • Optimal conditions tempt blue chips

    Companies have issued so many bonds during 2013’s exceptionally clement market conditions that the cupboard of mandates is looking quite bare. But the Indian summer of tight spreads and low rates that has followed the US Federal Reserve’s decision to delay tapering quantitative easing has made the market too good to resist for some borrowers.

    • 30 Oct 2013
  • Cementos Progreso nets debut blowout to coax more high yield names

    The Latin American bond market emphatically passed its latest test as high yield Guatemalan cement company Cementos Progreso attracted $2.2bn of orders for its inaugural international deal of $350m on Tuesday.

    • 30 Oct 2013
  • Nocibé to launch €330m of loans for buyout by Douglas

    Nocibé, the French perfumery chain, is set to issue €330m of drawn and undrawn debt to back its acquisition by German retailer Douglas Holding.

    • 30 Oct 2013
  • Moody’s Finds Collateral Barbell With Lower-Quality Loans, Trophy Assets

    Moody’s Investors Service tracked a divergence in collateral quality for conduit commercial mortgage-backed securities deals in the third quarter, with a high volume of lower-quality collateral on one end of the spectrum, large trophy assets on the other and few middle-of-the-road assets in between. “While the issuer subsequently drops most of these [lower-quality] assets, the fact they continue to be originated indicates that flaws remain within the CMBS business model,” Tad Philipp, director of commercial real estate research, told sister publication Real Estate Finance Intelligence.

    • 29 Oct 2013
  • Rare Revolvers Likely To Make Year-End Appearance

    Rare auto and credit card securitizations featuring revolving periods for the underlying asset pools are likely to come to market toward year end, as opportunistic issuers look to tap demand for higher yielding structures, according to a syndicate banker and an investor.

    • 29 Oct 2013
  • Freddie Mac New Biz At 18-Month Low

    Freddie Mac saw new business drop to its lowest level in 18 months, declining for the third month in a row in September.

    • 29 Oct 2013
  • Countrywide RMBS Settlement Tentatively Approved

    U.S. District Judge Mariana Pfaelzer of Los Angeles has tentatively approved a $500 million settlement between Bank of America’s Countrywide Financial unit and investors in residential mortgage-backed securities.

    • 29 Oct 2013
  • Cerberus Launches CMBS Hedge Fund

    Cerberus Capital Management has launched the Cerberus CMBS Opportunities Fund, which will invest in senior and subordinated commercial mortgage-backed securities, interest-only securities, commercial real estate collateralized debt obligations and mezzanine loans.

    • 29 Oct 2013
  • JPM, DOJ Settlement Hits Snag

    The proposed $13 billion settlement between JPMorgan Chase and the U.S. Department of Justice over its sale of mortgage-backed securities has hit a snag and is said to be at risk of collapsing.

    • 29 Oct 2013
  • JPM, FHFA Pact Sets High Bar

    The $4 billion settlement between JPMorgan Chase and the U.S. Federal Housing Finance Agency over mortgage-backed securities sold to Fannie Mae and Freddie Mac sets “a relatively high bar” for other banks looking to reach similar agreements, according to Fitch Ratings.

    • 29 Oct 2013
  • Citi Seeks Single Buyer For MSR

    Citigroup is said to be seeking a single buyer for the $61 billion legacy mortgage servicing rights that is looking to sell.

    • 29 Oct 2013
  • EBA's liquidity verdict is a puzzle

    As any politician knows, statistics are a very useful tool for making any point you like. This must have now become apparent too to ABS and covered bond bankers who are scrutinising the European Banking Authority’s analysis of liquidity in their two markets — analysis that may have raised more questions than it answers.

    • 29 Oct 2013
  • Threadneedle Pulls Plug On New LSE-listed ABS Fund

    Insufficient investor interest has scuppered Threadneedle Investments’ plan to launch a new high-return global asset-backed securities fund through an initial public offering in October.

    • 29 Oct 2013
  • Implementation Debate May Delay E.U. Directive

    Debate by members of the European Parliament may delay implementation of the European Union’s mortgage directive until as late as February.

    • 29 Oct 2013
  • European NPLs Double In Value

    European NPLs Double In Value The value of non-performing loans held by European banks doubled in four years to close to EUR1.2 trillion ($1.7 trillion), according to PricewaterhouseCoopers.

    • 29 Oct 2013
  • U.K. Mutual Lending Up 50%

    Lending by U.K. mutuals and building societies rose 50% in September from a year earlier, according to the Building Societies Association.

    • 29 Oct 2013
  • Rabobank Fined £105 Mln Over LIBOR

    The U.K. Financial Conduct Authority has fined Rabobank £105 million ($168.54 million) for its alleged role in manipulation of the London Interbank Offered Rate.

    • 29 Oct 2013
  • UBS Ordered To Boost Buffer

    The Swiss Financial Market Supervisory Authority has ordered UBS to boost its capital reserves by 50% to hold against costs associated with litigation, compliance and operational risks.

    • 29 Oct 2013
  • U.K. Mortgage Approvals At Five-Year High

    Mortgage approvals in the U.K. climbed to their highest level in September since the collapse of Lehman Brothers in 2008, according to the Bank of England.

    • 29 Oct 2013
  • Threadneedle pulls plug on new LSE-listed ABS fund

    Insufficient investor interest has scuppered Threadneedle Investments’ plan to launch a new high-return global ABS fund through an initial public offering in October.

    • 29 Oct 2013
  • AA to issue PIK toggle as refinancing continues

    The Automobile Association is joining the trend of PIK toggle issuance. The UK roadside assistance group wants to sell £350m of payment in kind toggle notes this week, which would make it the 13th European issuer of a PIK bond this year.

    • 29 Oct 2013
  • Tank & Rast goes for loan-bond-PIK debt structure

    Tank & Rast, the German motorway services operator owned by Terra Firma, has settled on a debt structure for the highly anticipated refinancing of about €2bn of its outstanding debt.

    • 29 Oct 2013
  • Nuance Group launches €200m HY bond after premarketing

    Nuance Group has launched the roadshow for its premarketed high yield bond. The debut transaction for the Swiss duty free retailer will be a €200m floating rate issue.

    • 29 Oct 2013
  • Exopack allocates $675m loan, sells $325m bond

    Exopack Holdings, the US-based packaging group, allocated its new $675m-equivalent transatlantic loan package on Friday, after having increased the deal’s euro tranche earlier in the week.

    • 29 Oct 2013
  • Serbia BroadBand to start premarketing LBO debt tomorrow

    Serbia BroadBand will start premarketing a debt package to finance its takeover by KKR on Wednesday, according to sources.

    • 29 Oct 2013
  • Tarkett launches, Numéricable covered

    Tarkett, the French flooring company, began investor education on a Paris IPO on Tuesday.

    • 29 Oct 2013
  • High yield takes over LatAm as Progreso talks price

    Guatemalan debut issuer Cementos Progreso will become the first of several high yield Latin American companies to test whether investors' appetite for LatAm credit will endure further down the credit spectrum and for less familiar borrowers.

    • 29 Oct 2013
  • Credit Standards Still Too Constricted, Ranieri Says

    Securitization still has a “big black eye” coming out of the financial crisis, but it still has the potential to benefit investors, lenders and borrowers, said Lewis Ranieri, chairman of Ranieri Partners in a white paper published today.

    • 28 Oct 2013
  • N.Y. Fed Probes Banks’ MREITS Exposure

    The Federal Reserve Bank of New York is investigating banks’ exposure to mortgage real estate investment trusts over growing concern that the market is expanding too quickly.

    • 28 Oct 2013
  • U.S. CMBS Defaults Stabilize

    Cumulative defaults for fixed-rate U.S. commercial mortgage-backed securities dropped slightly in the third quarter, showing further signs of stabilizing, according to Fitch Ratings.

    • 28 Oct 2013
  • JPM Settles FHFA’s MBS Claims For $5.1 Bln

    JPMorgan Chase has reached an agreement with the U.S. Federal Housing Finance Agency to pay $5.1 billion to settle claims related to home loans and mortgage-backed securities the banks sold to Fannie Mae and Freddie Mac.

    • 28 Oct 2013
  • Fed Could Avoid MBS Losses By Not Selling

    The Federal Reserve could avoid massive losses from its purchases of mortgage-backed securities by never selling them, according economists.

    • 28 Oct 2013
  • GSE MBS Purchases Down 20%

    Purchases of single-family mortgage-backed securities by Fannie Mae and Freddie Mac dropped 20% in September from a month earlier but were up 7% in the first nine months of 2013 from a year ago.

    • 28 Oct 2013
  • CLO Issuance Breaches $64 Bln

    Year-to-date issuance of U.S. collateralized loan obligations surpassed the $64 billion mark on Friday, when Bank of America Merrill Lynch priced a $411 million collateralized loan obligation for Fortress Investment Group.

    • 28 Oct 2013
  • FTT Poses Risks, Says French Bank Prez

    The proposed financial transaction tax poses “an enormous risk” and could threaten the financial stability to those countries planning on implementing it, according to Christian Noyer, governor of France’s central bank.

    • 28 Oct 2013
  • Proposals For Austrian Bad Bank Delayed

    Proposals for creating a bad bank to hold the toxic assets for Austria’s Hypo Alpe-Adria-Bank International will not be ready until the middle of November, according to Klaus Liebscher, the head of the committee working on the proposals.

    • 28 Oct 2013
  • Spain Cuts CRE Sale Size

    Sareb, Spain’s bad bank, is said to be reducing the size of the portfolio of commercial real estate it put up for its first sale of the assets after it failed to attract high enough bids.

    • 28 Oct 2013
  • Irish CRE Values Up

    Commercial real estate values in Ireland rose for the first time in six years in the third quarter, according to CBRE.

    • 28 Oct 2013
  • U.K. Mulls Internal Bad Bank For RBS

    The U.K. government is considering the creation of an internal bad bank for the Royal Bank of Scotland instead of splitting the bank.

    • 28 Oct 2013
  • Hungarian Mortgage Bailout Plan Called Inadequate

    Mihaly Varga, Hungary’s economy minister, says a proposed bailout plan for the country’s mortgage woes is inadequate.

    • 28 Oct 2013
  • Italian Banks Seen Having Capital Shortfalls

    The European Central Bank is expected to uncover capital shortfalls at five Italian banks because of low capital bases or the weak asset quality of their portfolios, according to Moody’s Investors Service.

    • 28 Oct 2013
  • Books Open For Van Lanschot’s First Lunet RMBS

    Leads on F Van Lanschot Bankiers’ first deal from its new residential mortgage-backed securities shelf, Lunet, opened books on Monday morning, after the borrower finished a European roadshow last week.

    • 28 Oct 2013
  • BMW, CarMax and Wyndham Timeshare Add $1.85Bln To Pipeline

    BMW Financial Services, Carmax Auto Finance and Wyndham Consumer Finance are preparing asset-backed securities deals that would add $1.85 billion to the $1.5 billion that began marketing last Friday (SI, 10/25).

    • 28 Oct 2013
  • Virgin Money prices Gosforth RMBS re-offer

    UK lender Virgin Money has priced its re-offer of £300m worth of previously retained ‘A2’ notes from last year’s Gosforth 2012-2 UK RMBS.

    • 28 Oct 2013
  • Books open for Van Lanschot’s first Lunet RMBS

    Leads on F Van Lanschot Bankiers’ first deal from its new RMBS shelf, Lunet, opened books on Monday morning, after the borrower finished a European roadshow last week.

    • 28 Oct 2013
  • Mint Partners scoping novel development loan CLO

    London-based Mint Partners is looking to put together a novel CLO-type transaction backed by loans made to UK property developers for prime residential developments in London.

    • 28 Oct 2013
  • Virgin Money Prices Gosforth RMBS Re-offer

    U.K. lender Virgin Money has priced its re-offer of £300 million (£484.97 million) worth of previously-retained A2 notes from last year’s Gosforth 2012-2 U.K. prime residential mortgage securitization.

    • 28 Oct 2013