Securitization - Article Archive

  • Janus’s Kerschner tapped to run new fund

    Securitization veteran John Kerschner has been named co-portfolio manager to run Janus Capital Group’s Multi-Sector Income Fund, a new fund that will invest aggressively in high-yield bonds.

    • 28 Feb 2014
  • US: California county turns a corner in clean energy home financing

    A California municipality has obtained the second highest rating approval for bonds secured by payments for home-installed clean energy retrofits, overcoming objections from the Federal Housing Finance Agency.

    • 28 Feb 2014
  • GMAC UK increases size twice as sterling buyers pile in

    GMAC UK’s auto loan securitization, E-Carat 3, attracted enough demand for lead managers to increase the size of the trade twice during the pricing process and print close to outstanding levels.

    • 28 Feb 2014
  • UK credit fund enters Dutch RMBS market after portfolio sale

    UK-based credit investor Venn Partners has announced it will securitize a €481.5m portfolio of Dutch mortgages that it bought at the end of last year from GE Artesia Bank.

    • 28 Feb 2014
  • Sallie deal appears in $2.9bn pipeline, as servicing concerns escalate

    A $676m private student loan deal from Sallie Mae is among $2.9bn in new issue ABS deals this week, even as Sallie faces heightened criticism from consumer advocates regarding its loan servicing, a complaint the issuer acknowledged in its earnings report this week.

    • 28 Feb 2014
  • Carlyle and 3iDM keep up euro CLO flow despite Volcker woes

    The European CLO primary market continues to make light of regulatory concerns that have caused a slowdown in the US market this year to date. Carlyle Group and 3i Debt Management printed deals at the start of the week, and Intermediate Capital Group is due to price St Paul’s IV CLO early next week.

    • 28 Feb 2014
  • Non-agency DNTs hit month high as market continues to soften

    The percentage of do-not-trades on non-agency RMBS in the U.S. secondary market has hit the highest mark in a month, adding to earlier signs that the space is weakening.

    • 28 Feb 2014
  • Paragon preps first RMBS as a more frequent issuer

    UK lender Paragon Group will meet investors next week ahead of a new UK buy-to-let RMBS, the first of potentially two to three securitizations the mortgage provider plans to sell this year.

    • 28 Feb 2014
  • Sequoia down: Redwood puts high hopes in conforming market

    Redwood Trust is turning away from the slow private-label business and is putting its eggs in the agency loan basket with goals of acquiring $1bn in conforming loans per month, executives reported this week.

    • 28 Feb 2014
  • Managers serve up triple Euro CLO sandwich, but Volcker lurks

    Three European CLO deals hit the market this week in quick succession, bringing the total number of deals priced this year to four, with several more waiting in the wings. But great uncertainty is hanging over the market while US legislators wrangle over the Volcker Rule’s treatment of CLOs, which is stymieing US bank investors who are increasingly looking to Europe as domestic spreads compress.

    • 28 Feb 2014
  • GMAC UK to print auto ABS flat to outstanding curve

    GMAC UK’s latest auto loan securitization, E-Carat 3, enjoyed a surfeit of investor demand for both tranches, with leads set to price the trade on Friday.

    • 28 Feb 2014
  • Intu increases Trafford CMBS debt to £825.9m

    Intu Properties has raised another £110m through its Intu Trafford CMBS platform, bringing the total outstanding debt secured by the UK shopping centre to £825.9m.

    • 28 Feb 2014
  • New railcar safety standards has ABS impact, says Moody’s

    An uptick in railcar accidents involving flammable materials has prompted the US Department of Transportation to review safety standards for trains carrying hazardous materials, a development that will directly impact railcar lease ABS issuers and investors.

    • 28 Feb 2014
  • BNPP makes senior cuts to NY MBS desk, appoints new co-heads

    BNP Paribas is said to have cut around two dozen employees from its New York front office, including its MBS desk, with a managing director, a head bond trader and the team’s head of interest rate sales among the casualties. The bank has also appointed three staffers to co-head the mortgage bond sales and trading group.

    • 28 Feb 2014
  • US: Home rental investors turn bearish as rating agencies highlight risks

    New reports from rating agencies are forcing securitization investors to rethink home rental deals. On Thursday, Standard and Poor’s announced it would not assign triple-A ratings to single-family rental securitizations.

    • 27 Feb 2014
  • Home rental investors turn bearish as rating agencies highlight risks

    New reports from rating agencies are forcing securitization investors to rethink home rental deals, as rental yields dampen and institutional owners slow their purchases. Many investors are rebalancing their portfolios and turning away from the market, as Standard & Poor’s announced it would not assign triple-A ratings to single-family rental securitizations.

    • 27 Feb 2014
  • Europe: Paragon preps first BTL RMBS as a more frequent issuer

    UK lender Paragon Group will meet investors next week ahead of a new UK buy-to-let RMBS, the first of potentially two to three securitizations the mortgage provider plans to sell this year.

    • 27 Feb 2014
  • Pipeline: Sallie deal appears in $2.9bn pipeline, as servicing concerns escalate

    A $676m private student loan deal from Sallie Mae is among $2.9bn in new issue ABS deals this week, even as Sallie faces heightened criticism from consumer advocates regarding its loan servicing, a complaint the issuer acknowledged in its earnings report this week.

    • 26 Feb 2014
  • Non-agency DNTs hit month high as market continues to soften

    The percentage of do-not-trades on non-agency RMBS in the U.S. secondary market has hit the highest mark in a month, adding to earlier signs that the space is weakening.

    • 26 Feb 2014
  • Dutch RMBS market ushers in new UK entrant

    UK-based credit investor Venn Partners has announced it will securitize a €481.5m portfolio of Dutch mortgages that it bought at the end of last year from GE Artesia Bank.

    • 26 Feb 2014
  • GMAC UK out with new UK auto loan ABS

    Leads on GMAC UK’s latest auto loan securitization, E-Carat 3, have started taking indications of interest after the borrower finished investor meetings in London at the start of the week.

    • 26 Feb 2014
  • Intu takes outstanding Trafford CMBS debt to £825.9m

    Intu Properties successfully raised another £110m through its Intu Trafford CMBS platform, bringing the total outstanding debt secured by the UK shopping centre to £825.9m.

    • 26 Feb 2014
  • The Canadians are coming in covered

    Canada stepped into the covered bond market on Wednesday, as FIG finally clicked into gear after a slow start to the week. Covered bonds and senior unsecured had just one deal apiece over Monday and Tuesday but new mandates offered some promise of supply on Wednesday morning.

    • 26 Feb 2014
  • Carlyle prices second Euro CLO of 2014

    CELF Advisors and Credit Suisse priced Carlyle Global Euro CLO 2014-1 on Monday, with another CLO set to follow quickly, as 3i Debt Managment is due to price its Harvest VIII CLO this week. Pricing of the Carlyle deal was considered tighter than the US as it complies with risk retention regulations and can therefore attract a wider audience.

    • 25 Feb 2014
  • Sequoia down: Redwood puts high hopes in conforming market

    Redwood Trust is turning away from the slow private-label business and is putting its eggs in the agency loan basket with goals of acquiring $1bn in conforming loans per month, executives reported this week.

    • 25 Feb 2014
  • 3i Debt Management enjoys bumper Harvest, ICG next

    RBS has priced 3i Debt Management’s Harvest CLO VIII, taking this week’s European CLO supply to close to €800m. Intermediate Capital Group’s St Paul’s CLO IV is also expected to price by the end of the week as momentum builds despite lingering regulatory concerns.

    • 25 Feb 2014
  • European CLO recovery hampered by Volcker uncertainty

    The European market for collateralised loan obligations could see €8bn-€12bn of new supply in 2014, according to experts at an industry conference in London on Tuesday. But while the buyer base is broadening and demand is increasing, regulation — in particular the Volcker Rule in the US — is continuing to put a dampener on market sentiment.

    • 25 Feb 2014
  • New railcar safety standards has ABS impact, says Moody’s

    An uptick in railcar accidents involving flammable materials has prompted the US Department of Transportation to review safety standards for trains carrying hazardous materials, a development that will directly impact rail issuers and investors.

    • 25 Feb 2014
  • European CLO recovery hampered by Volcker uncertainty

    The European market for collateralised loan obligations could see €8bn-€12bn of new supply in 2014, according to experts at an industry conference in London on Tuesday. But while the buyer base is broadening and demand is increasing, regulation – in particular the Volcker Rule in the US – is continuing to put a dampener on market sentiment.

    • 25 Feb 2014
  • Carlyle prices second CLO of 2014 as a third lines up

    CELF Advisors and Credit Suisse priced Carlyle Global Euro CLO 2014-1 on Monday, with another CLO set to follow quickly, as 3i is due to price its Harvest VIII CLO this week. Pricing of the Carlyle deal was considered tighter than the US as it complies with risk retention regulations and can therefore attract a wider audience.

    • 25 Feb 2014
  • Tussle in D.C. as legislators press regulators over Volcker CLO language

    Regulators are coming under new pressure from lawmakers to quickly address the Volcker Rule’s treatment of collateralised loan obligations. A threat of new legislation shows that lawmakers believe regulators are dragging their heels to protect banks from having to divest from CLOs, according to a senior aide on Capitol Hill.

    • 24 Feb 2014
  • BNP cuts continue with managing director

    BNP Paribas has been said to cut around 30 employees from its New York front office, including its MBS desk, with a managing director, a head bond trader and the team’s head of interest rate sales among the casualties.

    • 24 Feb 2014
  • China’s regulators must clarify rules to realise ABS market potential

    Reports by credit rating agencies indicate 2014 could be a strong year for the Chinese securitisation market, but regulators need to allay concerns over data and rules quickly.

    • 24 Feb 2014
  • Ulterior Motives Questioned As Kitchen Sink Hits Ocwen

    A Consumer Financial Protection Bureau deputy and a leading House Democrat are the latest policymakers to scrutinize the mortgage servicing industry in what has been a month of bad news for non-bank servicers including Ocwen Financial. The wide range of criticism has some onlookers questioning some critics’ motives.

    • 21 Feb 2014
  • Banco Comercial Português — BCP

    • 21 Feb 2014
  • Unibail’s green bond sets high structural standard

    Unibail-Rodamco, the French-Dutch property company, sold its first green bond on Wednesday, using a highly developed and comprehensive framework to monitor the use of proceeds, which will set a new reference point for future issuers. Jon Hay reports.

    • 21 Feb 2014
  • Allianz buys Scottish motorway bond, Mersey bridge on way

    Crédit Agricole and HSBC have placed what is believed to be the first unwrapped bond to finance a new UK road since the demise of the monoline insurers in the financial crisis.

    • 21 Feb 2014
  • GMAC lines up UK E-Carat ABS after German success

    GMAC UK will begin roadshowing a new UK auto loan securitization, E-Carat 3, from next week, following shortly after the group’s German entity priced an auto ABS that took its curve closer to German rivals.

    • 21 Feb 2014
  • Intu taps Trafford Centre CMBS platform for another £110m

    Intu Properties, the shopping centres group that grew out of Capital Shopping Centres, is planning to issue £110m of bonds secured by the Trafford Centre near Manchester.

    • 21 Feb 2014
  • Unibail bond’s detail flaunts green leadership

    Unibail-Rodamco’s green bond, according to one of the leads, can be bracketed with that of Electricité de France, in taking a broad environmental, social and governance approach, rather than a more narrowly green or climate-focused one.

    • 21 Feb 2014
  • China’s banks face property exposure risks: CLSA

    The Hong Kong-headquartered brokerage believes the banking sector is inefficient and poorly allocates credit, and would be vulnerable to a potential fall in property valuations.

    • 20 Feb 2014
  • MTN Tables

    • 20 Feb 2014
  • Pipeline Update: Supply Gets Colorful With Esoterics

    New securitization issuance this week included the first aircraft, equipment and container asset-backed securities deals of the year, and demand was strong with pricing coming in tight of guidance across the board.

    • 20 Feb 2014
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, February 20, 2014.

    • 20 Feb 2014
  • Obvion Satisfies Long Dated Demand With Private Storm RMBS

    Obvion has priced its first Storm residential mortgage-backed securities of the year, privately placing EUR1 billion ($1.37 billion) of senior notes with investors looking for longer dated exposure.

    • 20 Feb 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, February 20, 2014. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 20 Feb 2014
  • International bonds league tables

    Dealogic league tables of bond transactions, February 19, 2014. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 20 Feb 2014
  • All Bonds league tables

    Dealogic league tables of bond transactions, February 19, 2014. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 20 Feb 2014
  • Obvion satisfies long dated demand with private Storm RMBS

    Obvion has priced its first Storm RMBS of the year, privately placing €1bn of senior notes with investors looking for longer dated exposure.

    • 20 Feb 2014
  • Intu Taps Trafford Centre CMBS Platform For Another £110M

    Intu Properties, the shopping centers group that grew out of Capital Shopping Centres, is planning to issue £110 million ($183.13) of bonds secured by the Trafford Centre near Manchester.

    • 20 Feb 2014
  • B&A Bank adds to Aussie momentum with Torrens

    The Australian RMBS primary market has hit its stride, with Bendigo and Adelaide Bank bringing a A$500m Torrens RMBS, making it three deals out of Australia in as many weeks.

    • 20 Feb 2014
  • Arianna ABS to be sold in secondary market bid list

    A large clip of Italian consumer loan ABS bonds will hit the secondary market through a bid list on Friday as accounts seek to take advantage of strong interest in Italian paper.

    • 20 Feb 2014
  • Obvion satisfies long dated demand with private Storm RMBS

    Obvion has priced its first Storm RMBS of the year, privately placing €1bn of senior notes with investors looking for longer dated exposure.

    • 20 Feb 2014
  • GMAC UK lines up E-Carat UK auto ABS

    GMAC UK will begin roadshowing a new UK auto loan securitization, E-Carat 3, from next week, following shortly after the group’s German entity priced an auto ABS that took its curve closer to German rivals.

    • 19 Feb 2014
  • Dwell Finance Targets Smaller Rental Investors Than Blackstone, Cerberus Peers

    Joint venture Dwell Finance is joining the ranks of institutional lenders originating middle market loans to home rental investors, but it plans to offer loans much smaller than other similar lenders, such as those owned by Blackstone, Cerberus, and Colony Capital.

    • 19 Feb 2014
  • Unibail’s green bond: how it was structured

    Unibail’s green bond, according to one of the leads, can be bracketed with that of Electricité de France, in taking a broad environmental, social and governance approach, rather than a more narrowly green or climate-focused one.

    • 19 Feb 2014
  • Unibail’s green bond ticks all the boxes, wins big book

    Unibail-Rodamco, the French-Dutch property company, sold its first green bond today, using a highly developed and comprehensive framework to certify the use of proceeds.

    • 19 Feb 2014
  • Invitation Homes Vacancy Rate Exceeds Issuer’s Expectations—Morningstar

    New performance data on Blackstone’s inaugural home rental securitization shows higher vacancy and delinquency rates than underwriters accounted for, but the levels are still line with, or below, what rating agencies estimated.

    • 19 Feb 2014
  • Intu taps Trafford Centre CMBS platform for another £110m

    Intu Properties, the shopping centres group that grew out of Capital Shopping Centres, is planning to issue £110m of bonds secured by the Trafford Centre near Manchester.

    • 19 Feb 2014
  • GMAC UK lines up E-Carat UK auto ABS

    GMAC UK will begin roadshowing a new UK auto loan securitization, E-Carat 3, from next week, following shortly after the group’s German entity priced an auto ABS that took its curve closer to German rivals.

    • 19 Feb 2014
  • Euro CLO managers Make Light Of Ramp Up Concerns, Says S&P

    European CLO managers that brought new deals in 2013 shrugged off concerns about sourcing collateral and were in many cases able to ramp up CLO portfolios ahead of schedule, according to Standard & Poor’s.

    • 18 Feb 2014
  • Obvion Starts 2014 Issuance With Private Storm RMBS

    Dutch mortgage provider Obvion has decided to kick off this year’s issuance from its Storm RMBS platform with a private placement that is due to be priced on Wednesday.

    • 18 Feb 2014
  • Mortgage and Student Loan Debt Grew Fastest In Six Years—NY Fed

    Consumer borrowing in the U.S. grew last quarter at a pace not seen since 2007, with mortgage debt increasing 1.9% and student loans reaching $1.08 trillion nationwide, according to a quarterly report from the Federal Reserve Bank of New York.

    • 18 Feb 2014
  • Unibail calls investors for debut green bond

    Unibail-Rodamco, the French property company, held a conference call with investors this afternoon to prepare for the issuance of its first green bond.

    • 18 Feb 2014
  • Obvion starts 2014 issuance with private Storm RMBS

    Dutch mortgage provider Obvion has decided to kick off this year’s issuance from its Storm RMBS platform with a private placement that is due to be priced on Wednesday.

    • 18 Feb 2014
  • Pipeline: ABC’s Of ABS To Include Aircraft, Container, Equipment

    New ABS issuance this week includes the first deals of the year for container, equipment and aircraft asset-backed securities. A prime auto deal also hit the market on Tuesday morning.

    • 18 Feb 2014
  • Arianna Italian consumer ABS to be offered in secondary market

    A large clip of Italian consumer loan ABS bonds will hit the secondary market through a bid list on Friday as accounts seek to take advantage of strong interest in Italian paper.

    • 18 Feb 2014
  • Codere defaults on second bond, rejects bondholder plan

    Codere, the troubled Spanish gambling company, has rejected bondholder plans for a restructuring of the company. Codere had previously failed to make coupon payments on both its bonds.

    • 18 Feb 2014
  • Allianz buys Scottish motorway bond – Mersey bridge on the way

    Crédit Agricole and HSBC have placed what is believed to be the first unwrapped bond to finance a new UK road since the demise of the monoline insurers in the financial crisis.

    • 17 Feb 2014
  • Euro CLO managers make light of ramp up concerns, says S&P

    European CLO managers that brought new deals in 2013 shrugged off concerns about sourcing collateral and were in many cases able to ramp up CLO portfolios ahead of schedule, according to Standard & Poor’s.

    • 17 Feb 2014
  • CBA goes for size in Medallion RMBS

    Commonwealth Bank of Australia more than tripled the size of its latest Medallion RMBS to meet investor demand, raising A$2.51bn of funding through the securitization.

    • 17 Feb 2014
  • Solar Industry Lobbies For Tax Credits As Securitization Growth Proves Slow

    The solar industry’s race to issue the first asset-backed bonds may be over, but challenges slowing broader issuer participation have the industry racing to secure additional forms of capital, including the expansion of important tax credits that are granted through Congress. An expansion could reduce the urgency to finance growth through securitization, but also create more assets for investment in the long term.

    • 14 Feb 2014
  • Aircraft Investors Worry About Legacy Underperformance As New Issuance Markets

    Goldman Sachs has structured two new aircraft securitizations in what would be a rare pair of deals to appear in debt markets. That’s getting investors excited about new supply, but they’re also expressing concerns over legacy aircraft deals, which are underperforming the rest of the asset-backed market.

    • 14 Feb 2014
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, February 13, 2014. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 14 Feb 2014
  • MTNs: Barclays up two spots to take lead

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

    • 14 Feb 2014
  • All Bonds league tables

    Dealogic league tables of bond transactions, February 12, 2014. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 14 Feb 2014
  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, February 13, 2014.

    • 14 Feb 2014
  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, February 13, 2014.

    • 14 Feb 2014
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated February 13, 2014. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 14 Feb 2014
  • Monthly issuance volumes 2013-2014

    Asian currency issuance volumes from the past 3 months.

    • 14 Feb 2014
  • International bonds league tables

    Dealogic league tables of bond transactions, February 12, 2014. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 14 Feb 2014
  • All Asian local currency bonds league tables

    Dealogic league tables of Asian local currency bond transactions, dated February 12, 2014. Including All Asian (ex Japan) currency bonds, all offshore renminbi bonds, Hong Kong dollar, Korean won, Chinese renminbi, Indian rupee, Taiwanese dollar, Indonesian rupiah, Singapore dollar, Thai baht and Malaysian ringgit.

    • 14 Feb 2014
  • Svenska Handelsbanken

    • 14 Feb 2014
  • ANZ New Zealand

    • 14 Feb 2014
  • Asian currency bonds, February 5-12 2014

    • 14 Feb 2014
  • UBI Banca

    • 14 Feb 2014
  • Raiffeisen Bank International

    • 14 Feb 2014
  • Macquarie

    • 14 Feb 2014
  • SEB AB

    • 14 Feb 2014
  • African Bank

    • 14 Feb 2014
  • Nordea Bank AB

    • 14 Feb 2014
  • JPMorgan Chase & Co

    • 14 Feb 2014
  • Achmea Hypotheekbank NV

    • 14 Feb 2014
  • Study finds auto ABS liquidity is on par with German covereds

    A study commissioned by the European securitization industry has found that non-mortgage backed ABS, such as auto loan securitizations, have better liquidity than covered bonds when liquidity is measured mainly by bid-ask spreads rather than trading turnover.

    • 14 Feb 2014
  • Notting Hill sells rare 40yr housing association bond

    Notting Hill Housing Trust sold its longest public bond on Thursday — a £250m 40 year senior secured bond.

    • 14 Feb 2014
  • VW gears up for inaugural Chinese ABS

    Volkswagen has mandated HSBC as financial adviser and China International Capital Corporation as lead underwriter on Driver China One, its inaugural securitization of Chinese auto loans.

    • 14 Feb 2014
  • New Issues 1341

    • 14 Feb 2014
  • PCS welcomes EBA as permanent observer

    The Prime Collateralised Securities Association, the pan-European body tasked with designating which securitizations abide by market best practice, has gained its first European regulator as a permanent observer.

    • 14 Feb 2014
  • Italian banks target capital relief trades

    There is growing interest among the largest Italian banks to follow UniCredit’s lead and use synthetic securitizations on certain pools of loans to free up capital, according to bankers.

    • 14 Feb 2014
  • Banca IMI’s Alba Leasing ABS raises hopes for more Italian supply

    Banca IMI has sold a previously retained tranche of Italian lease ABS bonds into the market, taking advantage of improved confidence in peripheral Europe and demand for short-dated Italian ABS.

    • 14 Feb 2014