Securitization - Article Archive

  • Obvion to test ever lower limits for Dutch RMBS as Achmea goes private

    Rabobank’s Obvion has mandated banks for its first public STORM RMBS transaction of 2014, just as poor supply is helping Dutch prime RMBS spreads challenge those of the UK at the tight end of the European market.

    • 29 May 2014
  • CLO pipeline marches on amid ‘robust’ triple-A demand

    The pipeline of new CLO issuance continues to swell, shrugging off some of the summer malaise afflicting other parts of the capital markets. Although only one broadly syndicated loan CLO was priced this week, some seven deals were marketing as of Thursday afternoon, with triple-A demand described as “robust”.

    • 29 May 2014
  • Resimac, Firstmac tap US despite retention fears

    Australian non-bank mortgage lenders Resimac and Firstmac were again showing faith in the appeal of Australian RMBS to foreign buyers this week as they headed to the US to sell part of their latest transactions, despite uncertainty over the potential effect of US risk-retention rules.

    • 29 May 2014
  • Italian ABS looks upon another Sunrise as its public revival spreads

    Investor thirst for Italian asset-backed paper is proving hard to quench at the moment, with bankers seeing more accounts gaining mandates to invest in Italian transactions and issuers spreading a recent revival in public ABS issuance from the country to two more asset classes.

    • 29 May 2014
  • OCC said to veto waiving manager removal rights as CLO Volckerisation method

    The Officer of the Comptroller of the Currency, one of the US federal agencies tasked with implementing the Volcker rule, has reportedly said it will not accept bank investors waiving their right to remove and replace CLO managers as a way of making legacy CLO transactions Volcker-compliant.

    • 29 May 2014
  • Nordax to sell more juniors in consumer ABS

    Scandinavian consumer lender Nordax Finans is set to sell notes down to triple-B in its second Norwegian krone securitization, offering twice as many tranches as its first three years ago and at a fraction of the spreads.

    • 29 May 2014
  • Punch bondholders stake claim for equity swap deal

    Investors holding more than one-third of Punch Taverns’ whole business securitizations this week proposed a debt-for-equity swap in the latest bid to restructure the debts of the stricken UK pub group.

    • 29 May 2014
  • Global bond losses improve with US housing

    Improvements in the US housing market that have been better than expected have helped push loss rates lower on mortgage bonds issued prior to the financial crisis, but they still contribute to over half of losses in structured bonds worldwide, according to Fitch Ratings.

    • 29 May 2014
  • Ford plants growing seeds in China

    Western style securitization is still in the early days of development in China, but Ford Motor Credit is leading international car makers' efforts to deepen their ties with the world’s largest automotive market, following a government initiative to decrease reliance on bank financing.

    • 29 May 2014
  • Equipment ABS lines up for week ahead

    Memorial Day kicked off the first week of summer slowdown in US securitization, with no new asset backed securities in the immediate pipeline. At least two deals are confirmed to be on the books for next week, however, and rumours of a big auto deal have some investors talking.

    • 29 May 2014
  • Rail issuer Element shoots for new air, rail ABS

    Element Financial Corp, an equipment financing company that last month sold its first securitization of railcar receivables, is boosting its presence in the capital markets and building up a team of aviation and rail financing specialists under the direction of new hire, CIT veteran David McKerroll.

    • 29 May 2014
  • Italy sees another Sunrise as Agos Ducato returns

    ABS investors are going to be served with yet more public Italian paper before long, with Italian consumer finance company Agos Ducato prepping the first new public consumer ABS transaction from the country since before the financial crisis.

    • 29 May 2014
  • Santander keeps up UK momentum with Fosse return

    Santander UK is ready to build on an active couple of months for UK RMBS issuers after mandating banks for the first transaction from its Fosse programme since 2012.

    • 29 May 2014
  • Achmea offers little help to dwindling Dutch supply

    Achmea Hypotheekbank has taken a route all too familiar for Dutch originators in recent times by pre-placing its latest securitization of prime Dutch mortgages within its own business group.

    • 29 May 2014
  • Banca Sella preps first public RMBS since ‘05

    Banca Sella will sell its first public securitization of Italian residential mortgages in almost a decade next week, but ABS bankers feel it will still not be enough to quench investors’ thirst for Italian paper, despite a recent increase in issuance from the country.

    • 29 May 2014
  • OCC said to veto waiving removal rights as CLO Volckerisation method

    The Officer of the Comptroller of the Currency (OCC), one of the US federal agencies tasked with implementing the Volcker rule, has reportedly said it will not accept bank investors waiving their right to remove and replace collateralised loan obligation (CLO) managers as a way of making legacy CLO transactions Volcker-compliant.

    • 28 May 2014
  • RBS to cut US CLOs, agency RMBS threatened

    Cuts to Royal Bank of Scotland’s US non-agency mortgage business may extend to its collateralised loan obligation syndicate and distressed debt businesses, and may also lead to a “rationalisation” of its agency RMBS trading desks, GlobalCapital understands.

    • 28 May 2014
  • Rail issuer Element shoots for new aviation, rail ABS

    Element Financial Corp, an equipment financing company that last month sold its first securitization of railcar receivables, is boosting its presence in the capital markets and building up a team of aviation and rail financing specialists under the direction of new hire, CIT veteran David McKerroll.

    • 28 May 2014
  • Prudential hires Blackrock portfolio manager for new position

    Pramerica Fixed Income, part of Prudential Financial Inc, has hired John Vibert, formerly a mortgage credit portfolio manager and lead non-agency RMBS trader for Blackrock, as co-head of its structured products team in the United States.

    • 28 May 2014
  • Ford plants seed with China ABS

    Western-style securitization is still in the early days of development in China, but Ford Motor Credit is leading international car-makers strengthening their ties with the world’s largest automotive market, which has fast-tracked a government initiative to break away from bank funding.

    • 28 May 2014
  • Obvion to test ever-lower limits for Dutch RMBS

    Rabobank’s Obvion has mandated banks for its first public STORM RMBS transaction of 2014, just as improving performance and technical factors help Dutch prime RMBS spreads challenge those of the UK at the tight end of the European market.

    • 28 May 2014
  • Italian ABS looking back to its BEST

    More European investors are gaining mandates to invest in Italian ABS transactions, allowing Italian investors to barely register in the allocation for FGA Capital’s first A-BEST auto ABS transaction in two years.

    • 28 May 2014
  • Veneto Banca pulls trigger on more RMBS amid excellent conditions

    Veneto Banca has wasted no time in getting more paper from its Claris RMBS platform on the market, looking to take advantage of overflow demand from its breakthrough deal in April.

    • 28 May 2014
  • Santander kicks up a Fosse for UK RMBS

    Santander UK is ready to build on an active couple of months for UK RMBS issuers after mandating banks for only the second master trust issue of the year — in the shape of its first Fosse programme transaction since 2012.

    • 27 May 2014
  • Onex prices whopping US CLO as discounting trend spreads

    Onex Capital Partners priced its largest ever CLO last Friday, a $1bn deal which was structured to comply with European risk retention rules. The deal is only the third post-crisis US CLO to breach the $1bn mark, and comes as many managers are finding enough demand to upsize their deal, with all but the largest players offering discounts.

    • 27 May 2014
  • Global bond loss rates improve amid US housing recovery

    Improvements in the US housing market have helped push down loss rates on mortgage bonds issued prior to the financial crisis. But those bonds still contribute to over half of losses in structured bonds worldwide, according to Fitch Ratings.

    • 27 May 2014
  • Equipment ABS lines up for week ahead

    Memorial Day kicked off the first week of summer slowdown in US securitization, with no new asset-backed securities on the near-term issuance calendar. At least two deals, including an equipment ABS, are confirmed to be on the books for next week, however, and rumours of a big auto deal have some investors talking.

    • 27 May 2014
  • Risk retention threatens as Firstmac taps US demand for Aussie RMBS

    Firstmac is again showing faith in the appeal of Australian RMBS to foreign buyers by mandating leads for a part-US dollar transaction, following two sterling-denominated issues last year. The deal comes despite uncertainty over how US risk retention rules could affect Australian issuance in US dollars.

    • 27 May 2014
  • Nordax to sell more juniors in latest consumer ABS

    Sweden-based consumer lender Nordax Finans is set to sell notes down to triple-B in its second Norwegian krone securitization, offering twice as many tranches as its first three years ago and at a fraction of the spreads.

    • 27 May 2014
  • Punch bondholders gain traction with equity swap plan

    Investors holding over a third of Punch Taverns’ whole business securitizations have proposed a debt-for-equity swap in the latest bid to restructure the debts of the stricken UK pub group.

    • 27 May 2014
  • Steady US issuance priced ahead of holiday calm

    New deals in securitized markets came in steady this week with around $4.5bn of issuance, including the largest deals so far in both the risk-sharing and single family rental markets.

    • 23 May 2014
  • Housing associations don’t need UK guarantee

    It’s a classic moral panic for the UK broadsheet newspapers. ‘Government housing policy fails’ scream the headlines. ‘Paltry take-up for social housing aid’.

    • 22 May 2014
  • Lloyds sets up funding for floated TSB with prime RMBS

    Lloyds Bank has used a securitization of prime UK residential mortgages to provide its TSB spin-off with funding ahead of its anticipated initial public offering this summer.

    • 22 May 2014
  • Fiat tempted into auto ABS by Italian bid

    FGA Capital, the joint venture between Italian carmaker Fiat and Crédit Agricole, is set to print the first public auto ABS backed by Italian collateral in over a year. Bankers also expect more RMBS from the country as strong bids for periphery ABS start to tempt more issuers.

    • 22 May 2014
  • Investors get taste for Chestnut with EFG’s millionaire RMBS

    ABS investors have been getting in on London’s luxury property boom this week, snapping up a guaranteed RMBS transaction from Swiss private bank EFG International backed by multi-million pound homes in the capital.

    • 22 May 2014
  • LSE gets first CLO since crisis as smaller deals arrive

    Fair Oaks Income Fund has acquired GLI Finance’s last two CLO investments, as it builds an initial portfolio ahead of the first CLO fund flotation in London since the financial crisis.

    • 22 May 2014
  • Ford closes on Germans after hitting tight end with latest Globaldrive

    Ford Credit Europe Bank has shifted its auto ABS curve a little closer to the European market’s top dogs, printing its Globaldrive 2014-1 transaction just 3bp back of Volkswagen paper on Wednesday.

    • 22 May 2014
  • Outlook brightens for UK ABS as feel-good factor hits Europe

    European borrowers are being emboldened by a strong bid from investors for almost all kinds of ABS, and the UK market is looking like the main beneficiary as Tesco plots its first public credit card deal and another growing lender returns to RMBS.

    • 22 May 2014
  • Mitsubishi UFJ, Lending Club said to hatch P2P plan

    The stars are aligning for Mitsubishi UFJ’s US structuring unit to directly funnel peer-to-peer loans into securitizations without the fragmented sourcing process that has slowed others participants’ ability to quickly pool supply for new deals.

    • 22 May 2014
  • Billion dollar Blackstone deal priced wider than guidance

    Every offered tranche in Blackstone’s $1bn single family rental securitization, the largest deal to date of its kind, was sold this week at the wide end of guidance. Some analysts say the market may have got ahead of itself after seeing American Homes 4 Rent drive spreads to the lowest level for the asset class last week.

    • 22 May 2014
  • Banks pile into CLO business as US issuance swells

    New challengers are entering the CLO arranging market, as deal sizes swell and analysts rewrite their issuance forecasts. Lesser known arrangers like Mitsubishi UFJ are looking to expand their presence, and US managers are broadening their appeal by structuring deals to comply with European regulations. But some market participants are calling for caution as pre-crisis trends re-emerge.

    • 22 May 2014
  • Lloyds sends securitization pro to US

    Lloyds is moving another senior banker over to New York to head its US ABS business. The move is the latest in a series of hires and transfers as the London-based bank tries to expand its presence in the US capital markets.

    • 22 May 2014
  • Banks pile into CLO business as US issuance swells

    New challengers are entering the CLO arranging market, as deal sizes swell and analysts rewrite their issuance forecasts. Lesser known arrangers like Mitsubishi UFJ are looking to expand their presence, and US managers are broadening their appeal by structuring deals to comply with European regulations. But some market participants are calling for caution as pre-crisis trends re-emerge.

    • 22 May 2014
  • Mitsubishi UFJ, Lending Club said to hatch P2P plan

    The stars are aligning for Mitsubishi UFJ’s US structuring unit to directly funnel peer-to-peer loans into securitizations without the fragmented sourcing process that has slowed other participants’ ability to quickly pool supply for new deals.

    • 22 May 2014
  • Natixis moves 90 fixed income pros and structured credit leadership to London

    Natixis has promoted Kevin Alexander to head its US fixed income business, meaning London-based Emmanuel Lefort steps up to Alexander’s old job running the French firm’s structured credit franchise.

    • 22 May 2014
  • HA bond uses UK wrap, but this will be rare

    The Housing Finance Corp, a company that raises finance for smaller UK housing associations, on Thursday issued the first bond guaranteed by the UK government under a new scheme to support affordable housing.

    • 22 May 2014
  • US CLO managers submit to European risk retention

    US CLO managers are starting to structure their deals to comply with European risk retention rules, as European CLO investors turn away from their own backyard to focus on the booming US market, which they see as offering better value.

    • 22 May 2014
  • Ford closes on Germans after hitting tight end with latest Globaldrive

    Ford Credit Europe Bank has shifted its auto ABS curve a little closer to the European market’s top dogs, printing its Globaldrive 2014-1 transaction just 3bp back of Volkswagen paper on Wednesday.

    • 22 May 2014
  • Nordax asks Deutsche to plot Scandi consumer ABS return

    Scandinavian lender Nordax Finans has mandated Deutsche Bank to sound out investors for its fourth securitization of consumer loans, which if given the go-ahead will be denominated in Norwegian kroner.

    • 22 May 2014
  • Lloyds sets up funding for floated TSB with prime RMBS

    Lloyds Bank has used a securitization of prime UK residential mortgages to provide its TSB spin-off with funding ahead of its anticipated initial public offering this summer.

    • 22 May 2014
  • Next test for UK builders as Principality plots new RMBS

    ABS bankers are intrigued to see what premium investors will demand for the latest UK building society RMBS next week, after Principality Building Society mandated for the second transaction from its Friary platform.

    • 22 May 2014
  • Ranieri preps new bad loan securitization

    The so called 'father of mortgage bonds' Lewis Ranieri's Selene Investment Partners has begun marketing a new securitization of non-performing mortgages, the sixth such deal this year to whet investors' appetite for a flood of bad loans that could be unleashed in June.

    • 21 May 2014
  • New York's Lawsky says he bats for investors, will expand servicer probe

    New York State's celebrity financial services regulator is expanding his department's investigation into non-bank mortgage servicers, giving no indication that the sale of mortgage servicing rights he halted in January would be allowed to proceed any time soon.

    • 21 May 2014
  • Tight Exeter print highlights plight of auto ABS investors

    Exeter Finance Corp is selling investors subprime auto loan debt at one of the Blackstone-owned firm's cheapest levels ever, as investors question how much tighter, already low, yields could grind across the the market.

    • 21 May 2014
  • Carlyle shows faith in fledgling MUFJ for CLO

    Asset management giant Carlyle Group has handed sole reins on a new Volcker-compliant collateralised loan obligation to one of Wall Street’s youngest structured products firms, Mitsubishi UFJ Securities.

    • 21 May 2014
  • P2P has mortgage bankers kicking with anger

    Mortgage lenders who feel besieged by regulators and tight credit conditions are lashing out at the online peer-to-peer lending platforms that the securitization market has talked up over the past year.

    • 21 May 2014
  • [UPDATE] US CLO managers submit to Europe’s risk retention rules

    Two new US CLOs are being structured to comply with European risk retention rules. The deals come as European CLO investors turn away from their own backyard to focus on the booming US market, which they see as offering better value.

    • 21 May 2014
  • PCS welcomes new members after hitting label landmark

    The Prime Collateralised Securities (“PCS”) initiative has added a regulator, an asset manager and a law firm to its ranks, coinciding with the award of its 50th label to a retained transaction issued last week by Nationale-Nederlanden Bank.

    • 21 May 2014
  • CRE head joins Lloyds’ US expansion

    Lloyds is moving another senior banker over to New York, this time to head up its US ABS business. The move is the latest in a series of hires and transfers as the London-based bank tries to expand its presence in the US securitization market.

    • 21 May 2014
  • Fillip for UK ABS as Tesco mandates first public credit card deal

    Tesco Personal Finance has fuelled hopes of a more active primary market for UK ABS by opting to publicly sell its third credit card securitization, a year after retaining a £1.75bn transaction to access the Funding for Lending Scheme.

    • 21 May 2014
  • Exeter breaks own subprime auto pricing record

    Exeter Finance Corp is selling investors subprime auto loan debt at one of the Blackstone-owned firm's cheapest levels ever, as investors question how much tighter already low yields could grind across the the market.

    • 20 May 2014
  • Ranieri markets new bad loan deal as others lick lips for HUD

    Lewis Ranieri's Selene Investment Partners has begun marketing a new securitization of non-performing mortgages, the sixth such deal this year to whet investors' appetite for a flood of bad loans that could be unleashed in June.

    • 20 May 2014
  • New York's Lawsky says he bats for investors, will expand investigation into servicers

    New York State's celebrity financial services regulator is expanding his department's investigation into non-bank mortgage servicers, giving no indication that the sale of mortgage servicing rights he halted in January would be allowed to proceed any time soon.

    • 20 May 2014
  • Relative rarity helps Ford pull in auto ABS buyers

    Ford Credit Europe Bank is on track for a Wednesday pricing of its latest Globaldrive auto ABS after closing books on the subordinated tranche on Tuesday, having already found solid demand for the senior notes.

    • 20 May 2014
  • More UK RMBS imminent as Chestnut progresses well

    With EFG International’s guaranteed Chestnut deal already finding solid demand, bankers are expecting more UK RMBS supply to hit the market within a fortnight.

    • 20 May 2014
  • Banks fail to display expected demand for Ginnies

    US Bancorp was most active last quarter picking up assumed ‘high-quality liquid assets’ for the Federal Reserve’s proposed liquidity rules, but overall demand for implicitly-guaranteed Ginnie Mae securities was not as pronounced as expected.

    • 19 May 2014
  • Oaktree plants Arbour CLO amid weaker secondary trading

    Oaktree Capital Management priced its euro-denominated Arbour CLO late on Friday, at the end of a week that saw investors selling bonds further down the capital structure on the secondary market.

    • 19 May 2014
  • Fiat next to target Italian appetite with auto ABS return

    FGA Capital, the joint venture between Italian carmaker Fiat and Crédit Agricole, began a roadshow on Monday for the first public auto ABS backed by Italian collateral since 2012, as investors' appetite for periphery ABS starts to tempt more issuers.

    • 19 May 2014
  • Fair Oaks grabs last of GLI’s CLO investments ahead of float

    CLO investor Fair Oaks Income Fund has acquired the last two remaining CLO holdings from GLI Finance, as it builds an initial portfolio ahead of a listing on the London Stock Exchange’s Specialist Fund Market next month.

    • 19 May 2014
  • Macquarie keeps sizing options open for SMART ABS

    Macquarie Leasing has released the capital structure of its latest SMART auto ABS transaction after finishing the Australian leg of its roadshow, as it looks to sell the shelf’s first euro-denominated paper since 2008.

    • 19 May 2014
  • Natixis appoints new heads of structured credit, fixed income

    Natixis has promoted three senior bankers in New York and London in its fixed income and global structured credit and solutions teams.

    • 19 May 2014
  • Exeter inches higher in credit with a new ABS

    Subprime auto finance company Exeter Finance Corp will announce next week its second auto ABS of the year, a $500m EART 2014-2. It will include, on average, higher-credit collateral than its previous five transactions.

    • 16 May 2014
  • Rhetoric jars as ABS loses more regs ground

    Recent pro-securitization rhetoric from European policymakers rung hollow in bankers’ ears this week as a new regulatory document revealed that, while a broader range of ABS can count towards banks' liquidity coverage ratios, RMBS will still suffer punitive treatment — even as covered bonds received a boost.

    • 15 May 2014
  • Macquarie rediscovers euro vision for auto ABS

    Macquarie Leasing is set to issue euro denominated auto ABS for the first time since before the 2008 financial crisis, encouraged by a more favourable basis swap and investor requests for paper.

    • 15 May 2014
  • Foncier fancy bodes well for future French capital harvest

    Crédit Foncier de France offered plenty of encouragement to other French lenders considering selling full capital stack RMBS transactions this week, as it witnessed a scramble for the senior notes of CFHL-1 2014 that allowed pricing just a handful of basis points back of UK RMBS.

    • 15 May 2014
  • Ford could nudge closer to German auto ABS rivals with latest Globaldrive trade

    Ford Credit Europe Bank may have the chance to print closer to rival auto ABS programmes from Germany next week after hitting the road with its latest Globaldrive transaction.

    • 15 May 2014
  • Growth easy as ABC for Chinese ABS

    Agricultural Bank of China has completed its first securitization of assets into the interbank market, as the Chinese government continues to promote an expansion of the asset class.

    • 15 May 2014
  • Lloyds loses structured chief as Plehn joins GE

    Lloyds Bank’s top securitization banker Robert Plehn is leaving the bank to join GE Capital, as the division is rearranged into FIG and corporate teams, and capital solutions comes into the structured finance fold.

    • 15 May 2014
  • Carlyle shows faith in Mitsubishi, the Street’s newest CLO shop

    Asset manager giant Carlyle Group is handing sole reins on a new Volcker-compliant collateralized loan obligation to one of Wall Street’s youngest structured products firms, Mitsubishi UFJ Securities.

    • 15 May 2014
  • GDF’s €2.5bn shows green bonds' growth

    GDF Suez issued by far the largest green bond on Monday, a €2.5bn deal that smashed the €1.4bn record set by Electricité de France in November. Demand totalled €7.5bn.

    • 15 May 2014
  • Regency Centers wins price advantage with $250m green bond

    Regency Centers, a shopping centre developer, this week became the first non-bank company in the US to issue a specially labelled green bond. It was the first green bond where the company appeared to gain a convincing pricing advantage, relative to issuing a normal bond. That is a breakthrough, as until now many market participants have denied that this could, or even should, happen.

    • 15 May 2014
  • Wave of short dated CLOs unlikely to materialise

    Despite increased interest in shorter non-call and reinvestment periods in the broadly syndicated CLO market, a wave of short dated deals is unlikely to materialise anytime soon, market participants told GlobalCapital on Thursday. But investors will still have a chance to take on shorter paper, with plenty of CLO 2.0 deals available for refinancing.

    • 15 May 2014
  • Wave of short-dated CLOs unlikely to materialise

    Despite increased interest in shorter non-call and reinvestment periods in the broadly-syndicated CLO market, a wave of short-dated deals is unlikely to materialise anytime soon, market participants told GlobalCapital on Thursday. But investors will still get a chance to take on shorter paper, with plenty of CLO 2.0 deals available for refinancing.

    • 15 May 2014
  • Credit Suisse vet joins Hazelwood in Mitsubishi’s US push

    A veteran broker at Credit Suisse in New York has left the bank after 23 years to join Mitsubishi UFJ's US office as it jumpstarts a new ABS and CLO platform.

    • 15 May 2014
  • UK government guarantees first HA bond, but most issuers shrug

    The Housing Finance Corp, a company that raises finance for smaller UK housing associations, is expected to become the first borrower to use a new government guarantee for social housing on a bond issue.

    • 15 May 2014
  • JPM and Wells rush to regional banks’ aid with standardised Volcker language

    US Regional banks under pressure to make their CLO holdings comply with the Volcker Rule by waiving their right to remove the CLO manager may have been saved in the nick of time. A group of large bank investors in CLOs is understood to be preparing a set of standardised supplementary indentures to make legacy deals Volcker-compliant.

    • 15 May 2014
  • CFF books bode well for French capital harvest

    Crédit Foncier de France has seen a scramble for the publicly offered tranches of its CFHL-1 2014 RMBS, enabling its lead managers to tighten guidance. The deal's success is encouraging for other French issuers looking to bring full capital stack sales.

    • 15 May 2014
  • Scope grabs former Fitch man to head structured finance

    Challenger ratings agency Scope Ratings has snapped up another Fitch alumnus to beef up its senior management, installing the new hire as head of its newly-created asset based finance team.

    • 15 May 2014
  • House price recovery can’t halt rise of Irish arrears

    High concentrations of buy-to-let loans are weighing on the performance of Irish RMBS transactions, with the number of loans in arrears hitting a new high in the first quarter.

    • 15 May 2014
  • Declining cigarette sales, rising e-cigs hit ABS performance

    Declining sales of cigarettes in the US have led to the largest annual decline in cigarette shipping volume since that data was first recorded in 1999, according to the National Association of Attorneys General. The 4.9% drop in 2013 will directly impact tobacco settlement securitizations.

    • 14 May 2014
  • Porsche sells first auto loan deal since 2011

    Porsche Financial Services sold on Wednesday a $488.3m securitization, the firm’s first auto loan deal issued since June 2011. Navient Corp is also adding to this week’s pipeline with a new student loan ABS, announced after the US Department of Justice reported a $97m joint settlement with Sallie Mae and Navient.

    • 14 May 2014
  • Annual subprime auto issuer markets months ahead of schedule

    Annual issuer Westlake Financial Services, a privately-owned subprime auto lender, may soon issue a new asset backed security, which would come five months ahead of when the firm usually taps capital markets.

    • 14 May 2014
  • AH4R CEO discounts Blackstone deal leak

    David Singelyn, CEO of American Homes 4 Rent, has questioned the validity of rumours that Blackstone's Invitation Homes may issue a $1bn securitization tied to rental properties. His comments came in the same week American Homes 4 Rent launched its debut single-family rental securitization tighter than price guidance in every offered tranche.

    • 14 May 2014
  • Watt searches for GSE risk-share template

    The chief housing regulator that oversees Fannie Mae and Freddie Mac is not yet convinced it has nailed down the appropriate model to transfer risk to private investors, and it may further test the market with new types of deals to ensure the GSEs are charging enough to guarantee the bonds they are selling.

    • 14 May 2014
  • Fannie to sell largest risk-sharing deal after Watt’s order to triple issuance

    Fannie Mae is immediately responding to a new mandate from chief US housing regulator Mel Watt by more than doubling the size of its next residential mortgage risk-sharing deal, which may be sold to investors as early as next week.

    • 14 May 2014
  • Porsche sells first auto loan deal since 2011

    Porsche Financial Services sold on Wednesday a $488.3m securitization, the firm’s first auto loan deal issued since June 2011. Navient Corp is also adding to this week’s pipeline with a new student loan ABS, announced after the US Department of Justice reported a $97m joint settlement with Sallie Mae and Navient.

    • 14 May 2014
  • JPM and Wells rush to regional banks’ aid with standardised Volcker language

    Regional banks under pressure to make their CLO holdings comply with the Volcker rule by waiving their right to remove the CLO manager may have been saved in the nick of time. A group of large bank investors in CLOs is understood to be preparing a set of standardised supplementary indentures to make legacy deals Volcker-compliant.

    • 14 May 2014
  • Fannie to sell largest risk-sharing deal after Watt’s order to triple issuance

    Fannie Mae is immediately responding to a new mandate from chief US housing regulator Mel Watt by more than doubling the size of its next residential mortgage risk-sharing deal, which may be sold to investors as early as next week, GlobalCapital has learned.

    • 14 May 2014
  • Top London securitization banker joins GE Capital

    GE Capital International has hired a well-known London securitization banker as its new capital markets leader, covering all strategic capital markets activities for GE Capital businesses across Europe and the Asia Pacific region.

    • 14 May 2014
  • Broader ABS inclusion in LCR ‘nowhere near enough’ as CBs triumph again

    Recent pro-securitization rhetoric from European policymakers rung hollow on Wednesday as a new regulatory document revealed that, while a broader range of ABS can count towards banks' liquidity coverage ratios, RMBS will still suffer punitive treatment — even as covered bonds received a boost.

    • 14 May 2014