Securitization - Article Archive

  • Bayview markets yieldy RPL with long-dated notes

    Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.

    • 30 Apr 2014
  • US RMBS market stares into the abyss as GSE stalls

    The biggest obstacle holding back new issuance in private-label RMBS, aside from regulation, is a lack of standard investor protections, said a group of high-profile market participants on Tuesday. The comments came as US senators delayed consideration of the latest proposal to reform the government-sponsored enterprises that dominate the US housing market.

    • 30 Apr 2014
  • Esoteric deals make up for subdued ABS

    Benchmark ABS issuers took another breather this week, but a handful of esoteric and off-the-run deals filled the gap. Fannie Mae, meanwhile, laid out details for its latest risk-sharing issuance.

    • 30 Apr 2014
  • Off-the-run ABS sell quickly as benchmark issuers take breather

    Three off-the-run asset backed securities sold under price guidance this week, including a $134m tax lien ABS, a $175m small business loan deal and a $277.5m triple net lease issuance, bringing esoteric and non-benchmark issuance to around $8.5bn — half of what those sectors produced over the same period last year.

    • 30 Apr 2014
  • GDF Suez joins green bond march

    GDF Suez, the French power and gas group, has become the latest private sector company to announce plans to issue its first green bond. The euro benchmark deal will be roadshowed from May 6 to 9 and probably issued the following week.

    • 30 Apr 2014
  • Bayview entices with yieldy RPL, but investors cite call risk

    Bayview Financial will have four times more ‘skin in the game’ in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, even as the US non-agency RMBS market suffers from low issuance volumes.

    • 30 Apr 2014
  • Deutsche hires CEEMEA structured credit head

    A special situations trader has returned to Deutsche Bank in London to co-head CEEMEA structured credit, after a four year stint at UBS.

    • 30 Apr 2014
  • Ex-Chinese regulator joins Mayer Brown in New York

    Mayer Brown has hired an ex-Chinese securities regulator as a partner in its banking and finance practice in New York.

    • 30 Apr 2014
  • BAML promotes for head of CRE structured finance

    Bank of America Merrill Lynch has switched Matthias Baltes to cover commercial real estate. Baltes, a managing director in the bank’s European securitisation group, has been appointed head of commercial real estate structured finance at the US bank.

    • 30 Apr 2014
  • Generali builds wind break with first Italian cat bond

    Assicurazioni Generali has closed its first ever catastrophe bond to protect itself against European windstorm losses, becoming the first Italian sponsor to enter the insurance-linked securities market in the process.

    • 30 Apr 2014
  • Tikehau adds CLO expert to credit team

    Tikehau Group is looking to expand its credit business across Europe with the hire of the former head of Blackstone GSO’s CLO business.

    • 30 Apr 2014
  • Tesco troubles threaten its CMBS

    Moody’s has placed nearly £4bn of CMBS credit-tenant-linked notes issued by Tesco plc on review for downgrade. The rating agency placed the UK supermarket group’s senior unsecured rating on review for downgrade earlier this week as rivals continue to eat into its market share and profits.

    • 30 Apr 2014
  • Credit card outstandings hit post-crisis high as Discover prices

    Credit card ABS outstandings hit a post-crisis high in the first quarter, as Discover found enough demand for its three year card securitization to increase the deal’s final size. As liquidity improves in the sector, more large bank issuers are set to become repeat issuers this year.

    • 29 Apr 2014
  • CLO market must pull together to meet Volcker challenge

    The CLO market is ready for more supply and ripe for innovation, but that optimism is tempered by threats of a liquidity crunch in non-Volcker-compliant triple-A paper. The market is hoping for a deal on legacy CLOs to stop a trading freeze, but if that doesn't happen, it needs to wake up to two uncomfortable truths.

    • 29 Apr 2014
  • Rejuvenated Italian RMBS shows timely stability

    ABS syndicates trying to speed up the revival of Italian RMBS issuance since Veneto Banca’s breakthrough transaction this month have received a boost after Moody’s said its main performance indicators for the sector showed signs of stabilising.

    • 29 Apr 2014
  • Australia wants 20% skin-in-the-game as securitization funding grows

    The Australian Prudential Regulation Authority has included a 20% risk retention requirement on subordinated securitization notes in new proposals for a simplified prudential framework, as it responds to Australian borrowers placing a greater emphasis on using the product for funding purposes in the years since the financial crisis.

    • 29 Apr 2014
  • Short end interest spurs new CLOs, Volcker liquidity crunch looms

    As corporate treasuries and money managers show more interest in refinanced deals, CLO managers are looking to take advantage by selling new deals with short reinvestment and non-call periods. Increased short-end interest could be positive for bank investors hoping to be refinanced out of non-Volcker compliant deals, but as a liquidity crunch looms, all investors in those deals are at risk, say analysts.

    • 28 Apr 2014
  • Lively RMBS makes up for subdued ABS pipeline

    Two big residential mortgage deals are piquing investors' attention this week, as the ABS pipeline continues to be subdued with only a handful of transactions scheduled to hit the market.

    • 28 Apr 2014
  • Bayview whets appetites with long-dated RPL deal

    Bayview Financial, which issued eight deals last year, is preparing to sell an unusually long-dated securitization of re-performing residential loans, the market's first issuance with that kind of collateral since July 2013. The deal comes as market participants anticipate a surge in RPL and non-performing loan securitizations later this year.

    • 28 Apr 2014
  • Investors see senior value as Euro CLO credit quality improves

    With the primary European CLO market showing few signs of slowing down in the second quarter, some investors have told GlobalCapital that primary prices on senior tranches have not mirrored secondary movements and offer value.

    • 28 Apr 2014
  • ING still dormant after €9bn SME securitization

    Dutch bank ING has fully retained a second large transaction from its SME Lion programme. The borrower is a rare sight in the public primary markets these days and sources close to the bank said it had no plans to sell SME securitizations externally.

    • 28 Apr 2014
  • Russian RMBS presses on with rest of DCM in decline

    RMBS continues to buck a sharp downward trend in Russian debt issuance this year, with Credit Bank of Moscow prepping its debut transaction.

    • 24 Apr 2014
  • Bankers back Spanish RMBS return despite default rise

    Some ABS bankers are adamant that a new Spanish prime RMBS transaction would be received with as much enthusiasm as Italy’s recent comeback, despite an increase in mortgage loan defaults.

    • 24 Apr 2014
  • PruFin’s Dryden XXVI voted best US CLO of 2013

    Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.

    • 24 Apr 2014
  • Confusion around CLO Volcker compliance as accounting threat looms

    Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings — but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.

    • 24 Apr 2014
  • Barclays, FHFA reach $280m settlement

    Barclays Bank agreed on Thursday to settle claims against the bank alleging violations involving private label mortgage-backed securities purchased by Fannie Mae and Freddie Mac leading up to the crisis.

    • 24 Apr 2014
  • Kroll hires colourful ex-banker to lead research

    Former investment banker and Carrington Holdings vet Chris Whalen has landed another gig after joining Weiss Residential Research as an advisor last month. This time, he’s popped up at Kroll Bond Ratings Agency.

    • 24 Apr 2014
  • PruFin’s Dryden XXVI voted best US CLO of 2013

    Ahead of its Securitization Milestones Dinner in New York on May 28, GlobalCapital presented Prudential Investment Management and Morgan Stanley with awards at IMN’s New York CLO conference on Tuesday, after market participants voted their Dryden XXVI deal the best US CLO of 2013.

    • 24 Apr 2014
  • ‘Conservative’ Aussies may be missing European RMBS investors

    Some European ABS bankers feel a risk-averse approach from Australian RMBS issuers is shutting foreign investors out of deals, even as Pepper Australia placed the largest Australian non-conforming RMBS since the crisis into the US market this week amid a spate of supply from Aussie names.

    • 24 Apr 2014
  • Mizuho hires veteran of UBS CDO losses

    Mizuho Securities USA has hired Jim Stehli as a managing director to run its collateralized loan obligations team in New York. The hire surprised some market participants who recalled Stehli's time at UBS, where his department recorded a huge loss on CDOs during the financial crisis.

    • 24 Apr 2014
  • Confusion around CLO Volcker compliance as accounting threat looms

    Bank CLO investors are searching for standardised contractual language to make existing deals comply with the Volcker rule, as hopes for a regulatory or legislative fix to ease the regulation’s impact begin to fade. Investors may soon be forced to recognise accounting impairments on their holdings, but some managers are yet to grasp the urgency of the task at hand, an investor told GlobalCapital.

    • 24 Apr 2014
  • Cov-lite caps on rise in burgeoning Euro CLOs

    Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, with issuance expected to surpass half of last year’s total within weeks.

    • 24 Apr 2014
  • Propel sells rare tax lien ABS

    Kroll Bond Rating Agency released a presale on Thursday for the first tax lien ABS to hit the market since last April. The rare offer type may bring investors out of the woodworks, after much clamouring for esoteric and off-the-run ABS.

    • 24 Apr 2014
  • Rental REITs wait for NPL floodgates to open

    Real estate investment trusts will soon be competing to buy non-performing residential loans, which are expected to fuel the growth of single family rental portfolios and subsequent securitizations.

    • 24 Apr 2014
  • Thames Water seeks investor consent for Tideway Tunnel

    Thames Water this week launched a very large and complex consent solicitation on £5.788bn of its bonds, to prepare the way for the construction of the Thames Tideway Tunnel.

    • 24 Apr 2014
  • Spread pick-up to help UniCredit's UK RMBS

    UniCredit is set to sell a £208.5m securitization of first lien UK non-conforming residential mortgage loans acquired by its UK subsidiary Redstone Mortgages. Bankers away from the deal told GlobalCapital it was well suited to investors’ current interests.

    • 24 Apr 2014
  • Bishopsfield Capital hires Fox to expand infra debt offering

    Bishopsfield Capital Partners, the London financial advisory and investments boutique founded by two ex-ABN Amro bankers, has hired Glenn Fox as it builds up its infrastructure finance practice.

    • 24 Apr 2014
  • CLO industry laments ‘worse than we thought’ impact of Fed’s Volcker extension

    CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker Rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.

    • 24 Apr 2014
  • ‘Conservative’ Aussies may be missing broader RMBS investor base

    Despite a well received US dollar deal from Pepper Australia and a spate of supply from other Aussie RMBS names in recent days, some European ABS bankers feel a conservative approach from many issuers is shutting foreign investors out of deals.

    • 24 Apr 2014
  • FHA’s Carol Galante chimes in on investor landlord activity

    The head of the US Federal Housing Administration, Commissioner Carol Galante, on Tuesday became the highest-ranking policymaker, and the first administration official, to chime in on investor activity in the home rental market.

    • 24 Apr 2014
  • VW leads quiet ABS week, but other markets spring to life

    Volkswagen Financial Services led this week’s subdued ABS pipeline on the heels of a long holiday weekend. There was fresh energy in other securitization markets, however, as a handful of new CMBS deals began marketing after a hiatus in new issuance.

    • 24 Apr 2014
  • Pair of new rental deals to hit market within weeks

    Two firms, American Homes 4 Rent and American Residential Properties Inc, will issue debut home rental securitizations in a matter of weeks, after months of anticipation from at least one of the issuers.

    • 24 Apr 2014
  • Non-con spread pick-up to help UniCredit sell UK RMBS

    UniCredit is set to sell a £208.5m securitization of first lien UK non-conforming residential mortgage loans acquired by its UK subsidiary Redstone Mortgages. Bankers away from the deal told GlobalCapital it was well suited to investors’ current interests.

    • 24 Apr 2014
  • McKillip, Ferland, Bartlett promoted as RBS investment bank takes shape

    Further layers of management in Royal Bank of Scotland’s corporate and institutional bank are being decided, with promotions for Bob McKillip, Pierre Ferland, Richard Bartlett and Jan de Ruiter.

    • 24 Apr 2014
  • Bankers back Spanish RMBS return despite default increase

    Some ABS bankers are adamant that a new Spanish prime RMBS transaction would be received with as much enthusiasm as Italy’s recent comeback, despite an increase in mortgage loan defaults.

    • 24 Apr 2014
  • CLO industry laments ‘worse than we thought’ impact of Fed’s Volcker extension

    CLO industry participants are losing hope for a regulatory or legislative fix to ease the Volcker rule’s impact on banks investors, especially after the Federal Reserve confirmed that its two year extension for banks to make their deals compliant would not apply if those securities change hands.

    • 23 Apr 2014
  • VW leads quiet ABS week, but other markets spring to life

    Volkswagen Financial Services is leading this week’s subdued ABS pipeline, on the heels of a long holiday weekend. There was fresh energy in other securitization markets, however, as a handful of new CMBS deals began marketing after a hiatus in new issuance.

    • 23 Apr 2014
  • Yield migration helps Pepper place largest Aussie non-con since crisis

    Pepper Australia has completed its first sale of non-conforming RMBS bonds into the US market and the largest Australian non-conforming RMBS deal since the crisis, pulling buyers across from its prime platform in a further sign of strong yield appetite from ABS investors.

    • 23 Apr 2014
  • FHA’s Carol Galante chimes in on investor landlord activity

    The head of the Federal Housing Administration, Commissioner Carol Galante, became on Tuesday the highest-ranking policymaker, and the first administration official, to chime in on investor activity in the home rental market.

    • 22 Apr 2014
  • Pair of new rental deals will hit markets within weeks

    Two firms, American Homes 4 Rent and American Residential Properties Inc, will issue debut home rental securitizations in a matter of weeks, after months of anticipation from at least one of the issuers.

    • 22 Apr 2014
  • Cov-lite caps gaining prominence as Euro CLOs expand

    Restrictions on covenant-lite loan buckets have become commonplace in European CLOs this year amid a trend of increasing deal sizes, just as some market participants have begun to fret about riskier asset selection.

    • 22 Apr 2014
  • Russian RMBS presses on amid DCM depression

    RMBS continues to buck a sharp downward trend in Russian debt issuance this year, with Credit Bank of Moscow prepping its debut transaction and the state-backed Agency for Housing Mortgage Lending (AHML) also set to sell bonds this week.

    • 22 Apr 2014
  • VW taps bookrunners for $1bn VALET 2014-1

    Volkswagen Financial Services on Monday mandated underwriters for its first US prime auto loan issuance of the year. The deal will bring total prime auto loan volume to around $15bn this year, up $3bn from the same period in 2013.

    • 21 Apr 2014
  • CIT Group exits student loans as Nelnet muscles for growth

    CIT Group, a commercial bank, will exit the student loan business by selling its remaining portfolio of $3.6bn in federal loans to Nelnet, a dominant issuer of student loan ABS. The deal comes as supply from a federal loan program winds down and investors look to whole loan transfers to help boost new ABS volumes.

    • 17 Apr 2014
  • Risk profiles stand out in Q1 auto tiering—Wells

    Fast-paced growth and higher net losses in the subprime auto space stoked investor concerns last year, prompting more credit tiering among the issuers. A Wells Fargo report evaluates where investors showed the most demand in the first quarter this year compared to 2013.

    • 17 Apr 2014
  • CFF remains coy on cap structure of debut prime RMBS

    Crédit Foncier de France is set to sell the first securitization of French home loans since before the financial crisis, after officially mandating leads for its long-awaited prime RMBS debut. But the issuer refused to be drawn on intense speculation that it will look to place the full capital stack with investors.

    • 17 Apr 2014
  • VW lands biggest auto ABS since ‘07 after puzzling price pointers

    Volkswagen Bank printed the largest auto loan securitization since the onset of the financial crisis this week, despite its leads leaving rival syndicate teams nonplussed by deciding to go to one decimal place with initial price thoughts on the senior notes.

    • 16 Apr 2014
  • Investors warn on ratings race for new rental loan deals

    Morningstar Credit Ratings is forging ahead to rate conduit-style securitizations of home rental loans, an offshoot of the single-borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors openly lamenting the post-crisis rating process, which they believe remains flawed.

    • 16 Apr 2014
  • Aussies pick up European slack in RMBS supply surge

    European investors were given a way out of an RMBS supply shortage on their own continent this week as three Australian issuers sought to capitalise on an ever-growing bid for their paper from foreign investors.

    • 16 Apr 2014
  • Investors warn on ratings race for new rental loan deals

    Morningstar Credit Ratings is forging ahead to rate conduit style securitizations of home rental loans, an offshoot of the single borrower deals from Blackstone Group and Colony Capital. Credit graders’ eagerness to rate an inaugural transaction, however, has some fixed income investors lamenting the post-crisis ratings process, which they believe remains flawed.

    • 16 Apr 2014
  • Kubota, Mitsubishi lead ABS pipeline

    Kubota Credit Corp and Mitsubishi Motors Credit brought new deals into this week’s asset backed securities pipeline, with weekly trading volume decelerated for the Passover and Easter holidays.

    • 16 Apr 2014
  • B2R Finance chalks up rental loans for multi-borrower securitization

    Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m.

    • 16 Apr 2014
  • Milan airport unrated debut flies on infra bid

    SEA, the Italian company that operates Milan’s Linate and Malpensa airports, issued its first bond on Monday, a €300m unrated issue. The deal showed the strength of demand for airport bonds, of which there have been three within a week.

    • 16 Apr 2014
  • AA’s juicy spread ensures fat book for £250m WBS return

    The Automobile Association, the UK car breakdown assistance and insurance provider, issued on Friday April 11 its sixth bond since it inaugurated its whole business securitization last June, and found a very strong response from UK investors that love the extra spread it offers.

    • 16 Apr 2014
  • Banco BPI purchases 30% of investors’ Douro offers

    Banco BPI had a good response from investors to its tender offer for 10 bonds from its Douro RMBS platform, with the Portuguese bank deciding to buy back 30% of the bonds tendered at prices close to or just above minimum prices.

    • 16 Apr 2014
  • Yorkshire backs UK mid-tier for RMBS growth

    Yorkshire Building Society and its fellow mid-tier lenders can look forward to a more active future in RMBS, its treasury team told GlobalCapital this week after fully retaining the issuer’s fourth mortgage securitization.

    • 16 Apr 2014
  • Underwriting standards weaker than pre-crisis, say Euro CLO managers

    European CLO managers and investors believe underwriting standards in Europe’s leveraged loan market are weaker now than before the 2008 financial crisis, but that with limited primary activity in the leveraged buyout market cov-lite loans are still not a “major issue” in Europe.

    • 16 Apr 2014
  • Yorkshire backs RMBS prominence for UK mid-tier after retained deal

    Yorkshire Building Society and its fellow mid-tier lenders can look forward to a more active future in RMBS, its treasury team told GlobalCapital this week after fully retaining the issuer’s fourth mortgage securitization.

    • 16 Apr 2014
  • Kubota, Mitsubishi lead ABS pipeline

    Kubota Credit Corp and Mitsubishi Motors Credit are bringing new deals into this week’s asset backed securities pipeline, with weekly trading volume decelerated for the Passover and Easter holidays.

    • 15 Apr 2014
  • Tricky CLO amendments could put extra pressure on equity buyers

    CLO managers may be more inclined to amend existing deals to make them comply with the Volcker Rule now that the US Federal Reserve has given bank investors an extra two years to make sure their CLO holdings conform. But that doesn’t make it any easier to do in practice, CLO market participants have told GlobalCapital. And the potential changes could put too much pressure on equity investors.

    • 15 Apr 2014
  • VW’s half-point pricing pointers befuddle rivals but investors respond

    Volkswagen took the unusual step of going to one decimal place with initial price thoughts for its Driver Twelve auto ABS on Monday. While rival bankers were left confused by the strategy, investors seemed undeterred with both tranches well covered by Tuesday morning.

    • 15 Apr 2014
  • Banco BPI purchases 30% of investors’ Douro offers

    Banco BPI had a good response from investors to its tender offer for 10 bonds from its Douro RMBS platform, with the Portuguese bank deciding to buy back 30% of the bonds tendered at prices close to or just above minimum prices.

    • 15 Apr 2014
  • Tricky CLO amendments could put extra pressure on equity buyers

    CLO managers may be more inclined to amend existing deals to make them Volcker-compliant now that the Federal Reserve has given bank investors an extra two years to make sure their CLO holdings conform. But that doesn’t make it any easier to do in practice, and the potential changes could put too much pressure on equity investors, CLO market participants told GlobalCapital on Monday.

    • 14 Apr 2014
  • B2R Finance chalks up rental loans for multi-borrower securitization

    Blackstone Group’s buy-to-rent mortgage unit, B2R Finance, which closed its first residential loan in February, intends to source enough supply for a first-of-its-kind securitization of around $300m in size.

    • 14 Apr 2014
  • Aussie RMBS picks up European slack in pre-Easter supply surge

    European investors could be offered a way out of a supply shortage in European RMBS this week with two issuers having mandated for new deals, following a swift transaction from Liberty Financial on Monday.

    • 14 Apr 2014
  • Fitch sees expansion for Chinese leasing ABS after rule change

    Changes to rules governing financial leasing companies in China should limit the risk of originator/servicer defaults and make the issuance of leasing ABS deals possible in the country, according to analysts at Fitch Ratings.

    • 14 Apr 2014
  • Skipton finds £500m of demand on UK RMBS return

    Skipton Building Society has sold the biggest sterling-denominated tranche of UK prime RMBS bonds of the year so far, pulling in a 1.25 times subscribed book for its first deal since 2012.

    • 11 Apr 2014
  • Moody’s: No arbitrage effect on CLOs

    The declining arbitrage levels in the European broadly syndicated loan CLO market are not leading managers to change their approach to asset selection, Moody’s analysts told GlobalCapital this week.

    • 10 Apr 2014
  • Taking the FMIC: hidden GSE reform provision opens door to rental mart

    Three words may have scored US rental investors a secret success in the Senate’s latest housing reform proposal. The Crapo-Johnson bill, which aims to replace Fannie Mae and Freddie Mac with the Federal Mortgage Insurance Corporation (FMIC), may herald federal involvement in the nascent and controversial home rental securitization market.

    • 10 Apr 2014
  • ‘Regulatory incrementalism’ could derail CLO grandfathering effort

    The Fed risks derailing the lobbying momentum for grandfathering of existing deals with its decision to give banks two more years to make sure their CLO investments conform with the Volcker Rule’s ban on deals that include bond collateral, sources told GlobalCapital this week.

    • 10 Apr 2014
  • Veneto demand fuels syndicate pitches for more periphery ABS

    Veneto Banca gathered a three times subscribed book for the first public Italian RMBS deal in three years this week, strengthening ABS syndicates’ appeals to other periphery borrowers to take advantage of invester yield appetite and return to the primary markets.

    • 10 Apr 2014
  • Banks innovate as US leverage ratio set to double

    The eight largest US banks are about to face tough new restrictions that may affect their holdings of on- and off-balance sheet securitizations, barely a day after regulators delivered other bad news regarding CLOs under the Volcker Rule.

    • 10 Apr 2014
  • Mitsubishi to sell first auto ABS since 2012

    Mitsubishi Motors Credit of America is roadshowing its first auto loan ABS since 2012, as the auto sector continues to pump out deals. Elsewhere, non-traditional and equipment ABS transactions are adding diversity to the pipeline, with deals from Kubota Credit Corp and Element Rail Leasing.

    • 10 Apr 2014
  • Manchester Airport in £360m hit comeback

    Manchester Airport Group made a surprisingly swift return to the bond market on Wednesday, after its £450m debut in early February, but sterling investors were far from put out. On the contrary, they leapt on the deal.

    • 10 Apr 2014
  • Iberdrola green bond needs no roadshow or new issue pick-up

    Iberdrola on Tuesday became the second electricity company to launch a green bond, with a €750m issue that was four times oversubscribed.

    • 10 Apr 2014
  • Mitsubishi to sell first auto ABS since 2012

    Mitsubishi Motors Credit of America is roadshowing its first auto loan ABS since 2012, as the auto sector continues to pump out deals. Elsewhere, non-traditional and equipment ABS is adding diversity to the pipeline, with deals from Kubota Credit Corp and Element Rail Leasing.

    • 10 Apr 2014
  • SG prepares for project bond boom with Robinson hire

    Société Générale has hired Stewart Robinson from RBC Capital Markets to be European head of project bonds on its syndicate desk in London.

    • 10 Apr 2014
  • ECB’s Mersch backs central bank criteria for ‘high quality’ securitizations

    European Central Bank Executive Board member Yves Mersch has advocated using central bank ABS eligibility criteria as a starting point for defining ‘high quality’ securitizations, and called on the ECB and Bank of England to issue a joint statement to address the “inappropriate” regulatory treatment of the asset class.

    • 10 Apr 2014
  • Securitization fight goes global as banks pressure Basel

    Some of Europe's biggest banks are stepping up protests at the Basel securitization framework's treatment of the product, saying that even lowered risk-weightings endanger the asset class and do not reflect historical performance. Their comments echo those of top European policymakers throwing their weight behind ABS.

    • 10 Apr 2014
  • Santander taps yield-hungry US with bumper auto ABS

    Santander Consumer UK has priced its Motor 2014 auto ABS with a US dollar tranche some $300m bigger than either of its previous 144a format efforts, showing the benefit to European issuers of tapping into a deep and yield-hungry US investor base.

    • 10 Apr 2014
  • Santander taps into yield-hungry Yankee market with Motor ABS

    Santander Consumer UK has priced its Motor 2014 auto ABS with a US dollar tranche some $300m bigger than either of its previous 144a format efforts, showing the benefit to European issuers of tapping into a deep and yield-hungry US investor base.

    • 10 Apr 2014
  • Debt warning in Australia even as subprime arrears fall to record low

    Australian subprime mortgage loan arrears have fallen below 5% for the first time, according to a ratings agency report, just as the country’s household debt hits a record high and commentators issue warnings about a property bubble.

    • 10 Apr 2014
  • Deutsche may compete with the rental lenders it finances

    Deutsche Bank is understood to be in discussions to write large loans directly to mid-sized home rental investor landlords, in a move that could complicate relationships with its institutional clients that are actively lending to the same borrowers.

    • 09 Apr 2014
  • Lehman’s ‘ghost’ recalled in latest margin debate

    The world’s biggest bond traders and asset managers, such as Bill Gross’s PIMCO, are attacking the industry’s internal regulator over a margining proposal on forward trades of mortgage backed securities. The debate is leading some to claim regulatory overkill — but others point to the collapse of Lehman Brothers as reason enough for stronger safeguards.

    • 09 Apr 2014
  • Volcker CLO relief effort losing momentum amid ‘regulatory incrementalism’

    The Fed’s decision to give banks two more years to make sure their CLO investments conform with the Volcker rule’s ban on deals that include bond collateral falls short of the full grandfathering regime the industry was hoping for — and risks derailing the positive momentum the market chose to believe was driving efforts to soften the impact of the rule, sources have told GlobalCapital.

    • 09 Apr 2014
  • Manchester Airport zooms back for second blowout at £360m

    Manchester Airport Group made a surprisingly swift return to the bond market today, after its £450m debut in early February, but sterling investors were far from put out. On the contrary, they leapt on the deal.

    • 09 Apr 2014
  • SG strengthens project bond syndicate with Robinson hire

    Société Générale has hired Stewart Robinson from RBC Capital Markets to be European head of project bonds on its syndicate desk in London.

    • 09 Apr 2014
  • Hidden GSE reform provision opens door for ‘housing serving renters’

    Rental investors may have scored a secret success in Washington thanks to three words in the Senate’s latest housing reform proposal. The Crapo-Johnson bill, which aims to wind down Fannie Mae and Freddie Mac and replace them with a new Federal Mortgage Insurance Corporation (FMIC), contains language that could open the door to government involvement in the nascent and controversial home rental securitization market.

    • 09 Apr 2014
  • Veneto demand is fuel for syndicates in Italian push

    The books on Veneto Banca’s Claris 2014 RMBS were already over 1.5 times subscribed at initial price thoughts on Wednesday, giving encouragement to syndicate teams trying to persuade Italian issuers that the market is ripe for them to issue.

    • 09 Apr 2014
  • Securitization fight goes global as banks pile pressure on Basel

    Europe's biggest banks are stepping up their protests against how the Basel securitization framework treats the product, saying that even lowered risk-weightings endanger the asset class and do not reflect historical performance — a stark contrast to encouraging comments from top European policymakers.

    • 09 Apr 2014