Securitization - Article Archive

  • CIT to sell first aircraft ABS since 2008

    Commercial bank CIT Group is tapping into securitization markets with its first aircraft ABS since 2008, at a time when investors are searching for higher-yielding supply and new issuance for aircraft deals is trailing analysts’ expectations.

    • 30 Jun 2014
  • Analysts warn on softer spreads, as Deutsche tees up Tralee III

    As Deutsche Bank continues preparing new CLOs for Par-Four Investment Management and Crescent Capital, the US CLO market seems impervious to the summer slowdown that is taking hold in other securitized products. But increased issuance this year could come at the cost of softer spreads in the higher reaches of the capital stack unless the investor base deepens, said analysts.

    • 30 Jun 2014
  • Schmolz + Bickenbach refis loan, extends ABS programme

    German-Swiss steel firm Schmolz + Bickenbach has signed a €450m refinancing loan and extended its €300m asset-backed securities programme until April 2019.

    • 30 Jun 2014
  • Paragon continues coaxing with buy-to-let RMBS

    Paragon Mortgages has mandated banks for its second buy-to-let RMBS sale of the year, intending to call the Paragon 16 deal it priced in 2011 as it continues to tempt investors back to its credit after not calling a number of deals at the height of the financial crisis.

    • 30 Jun 2014
  • Macquarie may double A$500m Puma RMBS as book grows

    Macquarie is likely to increase the size of its second Puma RMBS transaction of the year this week and bring its pricing forward, after investors pushed books to over A$1bn on Monday.

    • 30 Jun 2014
  • RBS cuts extend to ABS

    Two senior ABS bankers have left Royal Bank of Scotland's US headquarters in Connecticut, one month after the bank announced a strategic “repositioning” that may affect as many as 400 of its US staff.

    • 27 Jun 2014
  • Citi said to land mandates for project finance CLOs

    Spurred on by investors’ hunger for higher-yielding securities, Wall Street’s largest banks are taking advantage of a boom in energy and infrastructure financing to come up with rare hybrid securities based on collateralised loan obligations.

    • 26 Jun 2014
  • Bayview markets new NPL deal after fumbled RPL in May

    Bayview Financial has hit the US market with a $213m securitization of non-performing residential mortgages, one month after pulling a re-performing loan securitization following a public spat between two ratings agencies.

    • 26 Jun 2014
  • Bank of England rejects risk floor in mortgage market clampdown

    The Bank of England is proposing changes to its regulatory regime to put a hard 15% limit on new mortgages at more than 4.5 times loan to income, in an effort to clamp down on what it sees as an increasingly overleveraged UK housing market, and limit the downside macro risks if it falls apart.

    • 26 Jun 2014
  • Citi reopens February credit card ABS

    Citi on Thursday closed a reopened credit card ABS deal from late February, helping issuance from the sector to push past $25bn so far this year.

    • 26 Jun 2014
  • Citi and Deutsche said to structure project finance CLOs

    Spurred on by investors’ hunger for higher-yielding securities, Wall Street’s largest banks are taking advantage of a boom in energy and infrastructure financing to come up with rare hybrid securities based on collateralised loan obligations.

    • 26 Jun 2014
  • Vicenza might consider placing Berica mezz in follow-on

    Banca Popolare di Vicenza could follow its successful sale of €835.4m of senior notes on Monday with a secondary sale of the mezzanine tranche, said Paolo Altichieri, head of global markets at the firm.

    • 26 Jun 2014
  • Taurus shows CMBS exit works for toughest properties

    Bank of America Merrill Lynch priced Taurus UK CMBS 2014-1 on Wednesday, demonstrating through a book in which every tranche was more than three times covered that investors were willing to overlook the secondary quality of the portfolio in exchange for a chance to pick up some yield.

    • 26 Jun 2014
  • NewOak hires CRE securitization veteran

    NewOak Advisors has hired a former commercial real estate and structured credit analyst at Standard & Poor’s as a managing director in its Credit Services group. The new hire will help NewOak build up its collateral validation, servicer oversight and other credit management functions.

    • 26 Jun 2014
  • S&P picks on R&Ws as JPM prices RMBS

    As JP Morgan priced a $303m jumbo non-agency RMBS this week, investors kept quiet on the subject of representations and warranties, an issue that caused debate the last time the bank printed a jumbo deal. Standard & Poor's highlighted the topic in a pre-sale report for the new transaction.

    • 26 Jun 2014
  • Hera sells first Italian green bond at tiny NIP

    Hera, the multi-utility based in Bologna, brought the green bond concept to Italy on Thursday, raising €500m with the first environmentally themed bond in the country.

    • 26 Jun 2014
  • Be more selective in US subprime autos, says Fitch

    Only a select few subprime auto ABS issuers warrant triple-A ratings on their securitizations, analysts at Fitch Ratings wrote this week, cautioning investors to establish “key differentiators” between names as new entrants join the market.

    • 26 Jun 2014
  • Q&A: Joe Moroney, Apollo Global Management

    Earlier this month, Apollo Global Management — which picked up the Best CLO Manager award at GlobalCapital’s Securitization Milestones Awards last week — priced the largest CLO since the financial crisis. Joe Moroney, senior portfolio manager at Apollo in New York, caught up with GlobalCapital to discuss the issues affecting the market and explain why spreads will not tighten without regulatory resolutions.

    • 26 Jun 2014
  • IMI opens books on fixed rate Monviso

    Sole lead and arranger Banca IMI has opened books on Monviso 2014, a consumer lease ABS from Banca Sella subsidiary Consel.

    • 26 Jun 2014
  • ESMA drags private securitization into rating agency rules

    Final rating agency rules from the European Securities and Markets Authority (ESMA) could draw in bilateral, private or non-tradeable structured finance instruments, as well as the public rated securitizations that the rules are aimed at.

    • 26 Jun 2014
  • JPM RMBS priced as jumbo originations roll steady

    JP Morgan’s $303m jumbo non-agency RMBS was priced on Wednesday afternoon, bringing total prime residential mortgage bond issuance to around $2.5bn for the year.

    • 25 Jun 2014
  • ‘Key differentiators’ needed amid influx of new subprime auto lenders

    Only a select few subprime auto ABS issuers warrant triple-A ratings on their securitizations, analysts at Fitch Ratings wrote this week, cautioning investors to establish “key differentiators” between names as new entrants join the market.

    • 25 Jun 2014
  • Goldman’s triple recourse Figsco rekindles pre-crisis bank innovation

    The product innovation absent from capital markets since the credit crisis re-emerged this week through a novel triple recourse structure from Goldman Sachs that other banks are likely to adopt too, according to market participants.

    • 25 Jun 2014
  • Taurus priced as Deutsche starts Gondola bookbuild

    Bank of America Merrill Lynch priced Taurus UK CMBS 2014-1 on Wednesday, as Deutsche Bank sent out IPTs on Deco 2014 Gondola, the first European multi-loan CMBS since the crisis.

    • 25 Jun 2014
  • Bayview markets new NPL deal following May fumble

    Bayview Financial has hit the US market with a $213m securitization of non-performing residential mortgages, one month after pulling a re-performing loan securitization following a public spat between two ratings agencies.

    • 24 Jun 2014
  • [UPDATE] New AmEx deal adds to strong credit card volumes

    American Express, which reported a 6.1% growth in US credit card lending since May last year, has launched a $1bn credit card ABS that will bring total issuance in the asset class to over $24bn since January.

    • 24 Jun 2014
  • Raiffeisen Russia hires VTB securitization pair

    Raiffeisen Bank has hired a team of two from VTB to develop its Russian domestic market securitization business, ahead of a new securitization law which will take effect from July 1.

    • 24 Jun 2014
  • Canary Wharf bondholders face £170m fight

    Bondholders in Canary Wharf’s securitization financing are facing a fight over whether they will get an extra £170m payout following the sale of 10 Upper Bank Street, Clifford Chance’s London headquarters.

    • 24 Jun 2014
  • Lloyds to pioneer first SRI bond from a UK bank

    Lloyds is set to become the first UK bank to sell an environmental, social and governance (ESG) bond. The money will be used to fund new lending to socially responsible causes.

    • 24 Jun 2014
  • S&P highlights R&W framework as JPM releases whispers on jumbo RMBS

    JP Morgan released price whispers for its latest jumbo RMBS deal on Monday, but investors kept quiet on the subject of representations and warranties, an issue that caused debate the last time JP Morgan brought a jumbo deal. Standard & Poor's highlighted the topic in a pre-sale report for the new transaction.

    • 23 Jun 2014
  • Q&A: Joe Moroney, senior portfolio manager, Apollo Global Management

    Earlier this month, Apollo Global Management — which picked up the Best CLO Manager award at GlobalCapital’s Securitization Milestones Awards last week — priced the largest CLO since the financial crisis. GlobalCapital caught up with Joe Moroney, senior portfolio manager at Apollo in New York, to discuss the issues currently affecting the CLO market.

    • 23 Jun 2014
  • BAML sets out stall for liquidation finance CMBS Taurus

    Bank of America Merrill Lynch has set out initial pricing thoughts on Taurus CMBS UK 2014-1, the capital markets exit for the financing on Apollo’s purchase and liquidation of a distressed UK retail portfolio.

    • 23 Jun 2014
  • Berica comes at tight end despite pricing delay

    Berica ABS 3, the new RMBS from Banco Popolare di Vicenza (BPVi), priced at the tight end of guidance on the back of a €1.9bn book, despite delays in the marketing process and the large volume of Berica paper outstanding in the market.

    • 23 Jun 2014
  • Goldman bulldozes fixed income boundaries with triple recourse bond

    Goldman Sachs is selling a bond backed by other bonds, but fusing it with covered bond technology in a product that aims to put distance between it and the tainted collateralised debt obligations of the pre-crisis era.

    • 23 Jun 2014
  • Financing the deleveraging of Ireland’s banks

    Pre-crisis, Irish securitization was all about financing bank expansion. RMBS notes were a way for international investors to fund Ireland’s extraordinary property bubble, mediated by the bank originators that today are largely in state hands. Post-crisis, the same technology has worked in reverse. Today, securitization is largely being used to finance not the expansion of the banks, but their deleveraging, writes Owen Sanderson.

    • 22 Jun 2014
  • Analysts warn investors on pre-crisis style CLO leverage

    Market analysts are warning investors to exercise caution as leverage continues to drive the booming market for collateralized loan obligations, which have surpassed last year’s deal flow volume by almost 40%.

    • 20 Jun 2014
  • SCB set for quick fire Polish auto debut

    Santander Consumer Bank Poland will issue its debut auto ABS transaction in Polish złoty next week after mandating banks for a short marketing process.

    • 20 Jun 2014
  • Santander retains €1.5bn of high LTV RMBS as senior casts shadow

    Banco Santander has done nothing to improve hopes of a meaningful revival of primary RMBS supply from Spain any time soon by opting to retain a large securitization of prime mortgages under its Fondo de Titulización de Activos programme.

    • 20 Jun 2014
  • Consumer ABS boosted by granular Agos Ducato book

    Italian consumer ABS issuers were given further encouragement to return to the primary market this week as Agos Ducato drew 36 investors into the book for the country’s first new public benchmark deal of that type since the financial crisis.

    • 19 Jun 2014
  • CBM debut shows ABS's worth amid Russian volatility

    Credit Bank of Moscow became the latest debutant in the Russian RMBS market this week, placing its deal with private investors and demonstrating the product’s value to the country’s banks in volatile markets.

    • 19 Jun 2014
  • Guggenheim shows full house with hires across fixed income

    Guggenheim Securities has plucked away three veteran origination experts from rival firms in its bid to grow its fixed income business, which is expanding on multiple fronts, including esoteric ABS, leveraged loans and emerging markets.

    • 19 Jun 2014
  • Subprime Progreso Financiero sells second personal loan ABS

    Instalment lender Progreso Financiero has returned to the capital markets with a $100m ABS that draws from the $1bn in loans it has now made to borrowers. The firm's growth highlights the encroachment of non-banks into subprime and small dollar lending and may facilitate new rounds of securitization as investors look to non-traditional ABS for a pick-up in yield.

    • 19 Jun 2014
  • OCC releases Volcker FAQ for examiners

    The already intense pressure on US regional banks to make their CLO holdings comply with the Volcker rule ratcheted a notch this week as the Office of the Comptroller of the Currency released a set of guidelines for bank examiners enforcing the Volcker rule.

    • 19 Jun 2014
  • The ECB should leave legacy ABS alone

    Everyone knows that central banking is as much about posturing as taking action. With that in mind, European Central Bank president, Mario Draghi must be pleased that peripheral European ABS paper has tightened by about 20bp since his announcement two weeks ago that his employer would look into outright purchases of “simple and transparent” ABS.

    • 19 Jun 2014
  • OCC releases Volcker FAQ for examiners

    The already intense pressure on US regional banks to make their CLO holdings comply with the Volcker rule ratcheted a notch this week as the Office of the Comptroller of the Currency released a set of guidelines for bank examiners enforcing the Volcker rule.

    • 19 Jun 2014
  • BoE’s Haldane: Help shadow banks to finance SMEs

    The Bank of England’s Andy Haldane has called for a UK credit register to be established to improve SME funding conditions in Britain. This will open the market to trade credit companies, insurance companies and pension funds, as well as improving the attractiveness of the securitization market.

    • 19 Jun 2014
  • Pharma fund sells rare drug royalty ABS

    A private equity firm with investments in over 40 royalty streams from drug and life science companies has returned to the capital markets with a type of deal not seen in the US in two years.

    • 19 Jun 2014
  • FlexiGroup to kick off busy Aussie dollar summer as euros fade

    Consumer lender Flexigroup is ready to kick off what could be a busy summer for Australian ABS issuers in their domestic currency, as bankers’ hopes of seeing more euro issuance are hit by an unfavourable shift in basis swaps.

    • 19 Jun 2014
  • Colony preps second rental home deal

    Colony American Homes, one of the US's largest institutional investors in single-family properties, is marketing its second sale of bonds backed by rental payments, as spreads on the firm’s first issuance widen in secondary trading.

    • 19 Jun 2014
  • Hera to bring first Italian green bond

    Hera, the multi-utility based in Bologna, is planning to launch the first green bond from an Italian issuer.

    • 19 Jun 2014
  • GlobalCapital’s Securitization Milestones Dinner - Winners

    On Wednesday June 18, US securitization industry participants congregated at the Broad Street Ballroom in New York for GlobalCapital’s Securitization Milestones Dinner, the first awards ceremony the publication has held since the financial crisis.

    • 19 Jun 2014
  • BMW eyes big role in Chinese ABS as Ping An Bank seeks retail investors

    Ping An Bank is set to issue the first asset backed security to be listed on the Shanghai Stock Exchange as the quest for a broader investor base in Chinese ABS intensifies. BMW has told GlobalCapital it hopes to be a big part of that growth after printing the first renminbi auto ABS from a European car maker last week.

    • 19 Jun 2014
  • A solution to ABS rating caps — do it yourselves

    Now even the European Central Bank is having a go at the poor ratings agencies for having the wrong opinions on ABS ratings. More investors should be taking the decision into their own hands, but to do so they need greater transparency.

    • 19 Jun 2014
  • 'Ridiculous' rating caps top of ABS agenda

    After European Central Bank board member Yves Mersch shone the spotlight on sovereign rating caps in ABS last week, Delta Lloyd’s Hendrik Jan Luikinga has told GlobalCapital of his frustration with the practice, as well as other challenges the market faces in growing its investor base.

    • 19 Jun 2014
  • Berica pushed back to wait for big tickets

    Banca Popolare di Vicenza has delayed the pricing of its new Berica RMBS until Monday after some investors that indicated they could submit large indications of interest asked for more time to work on bids.

    • 19 Jun 2014
  • Commerzbank hires securitization pro after long hiatus

    Commerzbank has hired Patrizia Canziani, a senior ABS origination banker, in a sign that it may be prepared to recommit to the business after a long period with a tiny primary securitization operation.

    • 19 Jun 2014
  • Munich Re aims tighter again with 10th cat bond

    Munich Re could potentially shave another 75bp off the price of its cover for US hurricane and Australian cyclone risk next week, after putting out price guidance for the tenth catastrophe bond from its Queen Street platform.

    • 19 Jun 2014
  • Berica pushed back as big tickets ask for more time

    Banca Popolare di Vicenza has delayed the pricing of its new Berica RMBS until Monday after some investors that indicated they could submit large indications of interest asked for more time to work on their bids.

    • 19 Jun 2014
  • Consel targets smoother execution for second consumer ABS

    Banca Sella’s subsidiary consumer lender Consel will sell its second consumer ABS next month, and bankers are expecting the recent surge in both supply and demand in Italian ABS to ensure Monviso 2014 is less challenging to place than its predecessor.

    • 19 Jun 2014
  • BMW demand exceeds expectations without international ratings

    BMW has told GlobalCapital it hopes to be a big part of China’s nascent ABS market after printing the first renminbi auto ABS from a European car maker last week. Demand for the deal exceeded expectations despite BMW’s decision not to emulate German competitor Volkswagen by obtaining international ratings.

    • 19 Jun 2014
  • GlobalCapital’s 2014 Securitization Milestones Dinner

    Tonight, US securitization industry participants will congregate at the Broad Street Ballroom in New York for GlobalCapital’s Securitization Milestones Dinner, the first awards ceremony the publication has held since the financial crisis.

    • 18 Jun 2014
  • ECB’s ABS plan branded too little too late by securitization markets

    US securitization professionals say the European Central Bank may be missing the mark by focusing too narrowly on “high quality” ABS, and are drawing parallels to the US Treasury’s debt financing that stabilized distressed assets right after the crisis. The question that market participants are now asking is whether such a programme may be too late for Europe — while debate is also raging within the ECB as to whether its proposed actions are appropriate.

    • 18 Jun 2014
  • [UPDATE] Subprime lender Progreso closes second personal loan ABS

    Hispanic instalment lender Progreso Financiero has returned to the capital markets with a $100m ABS that draws from the $1bn in loans it has now made to borrowers. The firm's growth highlights the encroachment of non-banks into subprime and small-dollar lending and may facilitate new rounds of securitization as investors look to non-traditional ABS for a pick-up in yield.

    • 18 Jun 2014
  • Double digit spread no problem for Agos Ducato’s consumer ABS

    Agos Ducato has met with another strong response for an Italian ABS transaction this week, despite bankers expecting its comeback Sunrise 2014 deal to be priced inside an initial headline spread of 100bp on Wednesday.

    • 18 Jun 2014
  • CBM debut shows securitization’s worth amid Russian volatility

    Credit Bank of Moscow became the latest debutant in the Russian RMBS market this week, placing its deal with private investors and demonstrating the product’s value to the country’s banks in volatile markets.

    • 18 Jun 2014
  • Citigroup, Winwater RMBS and SFR deals liven up summer pipeline

    New deals in rare asset classes and legacy paper are keeping the summer slowdown at bay this week as jumbo RMBS from Citigroup, WinWater, a new single-family rental transaction, and a handful of esoteric ABS deals fill into the US pipeline.

    • 17 Jun 2014
  • Altisource REIT steps towards NPL securitization

    Real estate investment trust Altisource Residential is ramping up its credit facilities in a bid to securitize a pool of non-performing loans, which could be packaged and sold this year.

    • 17 Jun 2014
  • A solution to ABS rating caps — do it yourselves

    Now even the European Central Bank is having a go at the poor ratings agencies for having the wrong opinions on ABS ratings. More investors should be taking the decision into their own hands, but to do so they need greater transparency.

    • 17 Jun 2014
  • Colony markets new rental home bonds as subs widen out

    Colony American Homes, one of the US's largest institutional investors in single-family properties, is marketing its second sale of bonds backed by rental payments, as spreads on the firm’s first issuance widen in secondary trading.

    • 17 Jun 2014
  • Macquarie sticks to Aussie dollars for RMBS as euro hopes fade

    Macquarie has chosen to issue its forthcoming second Puma RMBS transaction of the year purely in Australian dollars, and ABS bankers fear more Australian issuers will follow suit as printing in euros becomes more expensive again.

    • 17 Jun 2014
  • 'Ridiculous' sovereign caps pushed to top of Europe’s ABS agenda

    After European Central Bank board member Yves Mersch shone the spotlight on sovereign rating caps in ABS last week, Delta Lloyd’s Hendrik Jan Luikinga has told GlobalCapital of his frustration with the practice, as well as other challenges the market faces in growing its investor base.

    • 17 Jun 2014
  • Banks revise MBS outlooks as ARMs ‘siphon’ fixed supply

    At least two large US banks are reducing their forecasts for mortgage-backed securities volumes in 2014 by more than $100bn, as adjustable-rate mortgages climb towards their pre-crisis peak.

    • 16 Jun 2014
  • Pharma fund to sell rare bonds backed by drug royalties

    A private equity firm with investments in over 40 royalty streams from drug and life science companies is about to enter the capital markets with a type of deal not seen in the US in two years.

    • 16 Jun 2014
  • FlexiGroup markets “no interest ever” ABS as busy summer begins

    Consumer lender FlexiGroup is set to issue off its interest-free loan backed consumer ABS platform for the first time this year, ahead of what syndicate bankers expect to be a busy few months for Australian issuers as their investor base expands and alternative currencies become available.

    • 16 Jun 2014
  • Chinese ABS looks to stock exchange to broaden investor base

    Ping An Bank is set to issue the first asset backed security to be traded on the Shanghai Stock Exchange, as China’s nascent securitization market looks to pull in new investors to help move risk away from the banking system.

    • 16 Jun 2014
  • Sometimes I feel like I’m in Barceloan-a…

    Football might not be coming home this year (although it depends who you ask, and in the spirit of our new name, GlobalCapital should probably sit on the fence in that debate) but securitization definitely did. Barcelona became the capital of Collateralunya once again this week — and some of the city’s residents received an unexpected windfall in time for the World Cup.

    • 13 Jun 2014
  • ECB plan not enough without mezz buyers

    The European Central Bank may give investors in senior tranches of ABS an important guarantee of liquidity with any impending outright purchases, but bankers on the SME financing panel at Global ABS said the market must find investors to buy further down the capital stack to help undercapitalised banks lend.

    • 12 Jun 2014
  • Vornado’s green bond breaks price taboo

    Vornado Realty, the New York-based office developer, has become the second US company to launch a themed green bond — and proved that such deals can be priced tighter than an issuer’s ordinary debt, writes Jon Hay.

    • 12 Jun 2014
  • BoE empowered to burst UK housing bubble

    George Osborne announced on Thursday that the Bank of England will gain powers to curb risky mortgage lending as the government aims to head off a house price bubble. His statement, at his annual Mansion House speech, follows a decision by Lloyds Bank two and a half weeks ago to cap the size of its largest mortgages.

    • 12 Jun 2014
  • P2P ABS 'perfectly aligned' with ECB goals

    Sachin Patel, Funding Circle's head of UK institutional sales, tells GlobalCapital why peer-to-peer securitization could help the European Central Bank and why his firm needs as many lawyers as tech developers.

    • 12 Jun 2014
  • Auto spreads have room to tighten

    Already tight spreads on senior and mezzanine auto ABS tranches have plenty of room to squeeze tighter, said European auto investors at IMN’s Global ABS conference on Wednesday.

    • 12 Jun 2014
  • Special servicers squabble

    A war of words between CMBS special servicers Mount Street and its larger rival, Hatfield Philips International, broke out this week, in a fight that illustrates just how challenging it is for CMBS investors to exercise their rights.

    • 12 Jun 2014
  • First multi-loan CMBS since crisis defies margin concerns

    Deutsche Bank has begun marketing the first public multi-loan CMBS transaction since 2007 as spreads in the asset class hit post-crisis tights. More European CMBS is in the pipeline but some bankers warn a revival could be curtailed by an aggressive loan market.

    • 12 Jun 2014
  • Mersch wants more holistic effort on ABS revival

    European Central Bank executive board member Yves Mersch has called for a “more holistic and co-ordinated” approach to the regulatory treatment of asset backed securities, but stressed that his institution’s support of the asset class was purely in pursuit of its goal of price stability.

    • 12 Jun 2014
  • ABS impatient for recognition by regulators

    Global ABS was in part supposed to be a celebration of securitization’s recent popularity with Europe’s principle rulemakers, but bankers are still sceptical about how far a relaxation of capital charges can go.

    • 12 Jun 2014
  • Vicenza RMBS set to extend Italian run

    Banca Popolare di Vicenza has mandated banks for a long awaited brand new RMBS deal from its Berica platform, looking to extend a good recent run of public issuance from Italy into the summer as investors continue to push down spreads in periphery Europe.

    • 12 Jun 2014
  • CLO 'fear factor' to lift this year, say ABS heads

    Bankers and investors at IMN's Global ABS conference, which returned to what bankers call its spiritual home in Barcelona on Tuesday, are hopeful that collateralised loan obligations (CLOs) — one letter removed from the infamous CDO — will overcome its "fear factor" this year and inspire unprecedented levels of demand.

    • 12 Jun 2014
  • Mersch? Meh! ABS revival is on, say market participants

    Bankers and investors think the European Central Bank has doled out a de facto endorsement for a securitization revival in Europe, even if that is exactly the belief that ECB board member, Yves Mersch set out to dispel on Wednesday.

    • 12 Jun 2014
  • Lloyds takes precautions on UK home mortgages as bubble talk simmers

    Lloyds Bank is reacting to a surge in UK house prices by placing caps on the size of its largest mortgages, a top bank executive said on Thursday, one day after Christine Lagarde, head of the International Monetary Fund, called on the Bank of England to follow through with such measures.

    • 12 Jun 2014
  • Q&A: Funding Circle says P2P securitization perfect for ECB goals

    Sachin Patel, Funding Circle's head of UK institutional sales, tells GlobalCapital why P2P securitization could help the European Central Bank and why his firm needs as many lawyers as tech developers.

    • 12 Jun 2014
  • Market sees ECB evolution as ‘endorsement’ of ABS revival

    Bankers and investors think the European Central Bank is doling out a de facto endorsement for a securitization revival in Europe, even if that is exactly the belief that Yves Mersch set out to dispel on Wednesday.

    • 11 Jun 2014
  • Q&A: Mayer Brown's Jason Kravitt calls for better regulatory coordination

    Regulators are being asked to lighten up on securitization, but for many of them, the product remains too opaque. Who’s winning the regulatory tug of war, and why can't global regulators rise above local politics? GlobalCapital caught up with Jason Kravitt, founder of Mayer Brown’s securitization practice, to find out.

    • 11 Jun 2014
  • Q&A: Richard Hopkin says ABS must deliver

    Richard Hopkin, managing director at the Association for Financial Markets in Europe, caught up with GlobalCapital to talk about ABS market optimism, the work still to be done and why on earth he couldn't see a taxi strike coming.

    • 11 Jun 2014
  • How low can it go? Spreads have room to run, say auto buyers

    Already tight spreads on senior and mezzanine auto ABS tranches have plenty of room to squeeze tighter, said European auto investors at IMN’s Global ABS conference on Wednesday.

    • 11 Jun 2014
  • Mersch wants more holistic effort on ABS revival

    European Central Bank executive board member Yves Mersch has called for a “more holistic and co-ordinated” approach to the regulatory treatment of asset backed securities, but stressed that his institution’s support of the asset class was purely in pursuit of its goal of price stability.

    • 11 Jun 2014
  • Mitaty to replace Ahern as SocGen's securitization head

    Société Générale CIB has promoted Laurent Mitaty to global head of securitization and distribution solutions, following Jim Ahern's departure to Moody's.

    • 11 Jun 2014
  • ABS impatient for recognition from regulators

    Global ABS was in part supposed to be a celebration of securitization’s recent popularity with Europe’s principle rulemakers, but bankers are still sceptical about how far a relaxation of capital charges can go.

    • 11 Jun 2014
  • Vornado shows again that green bonds can price through curve

    Vornado Realty, the New York-based office developer, has become the second US property company to issue a green bond.

    • 10 Jun 2014
  • Q&A: Ben Bates, CEO of EuroABS, chats transparency and the ECB

    After the European Central Bank and the Bank of England’s joint paper called for more transparency in securitization, and the ECB last week said that it will look into making outright purchases of “simple and transparent” ABS, data provision is a big topic at this year’s Global ABS conference. GlobalCapital caught up with Ben Bates, CEO of EuroABS, to discuss transparency.

    • 10 Jun 2014
  • ABS must find mezz investors to unlock SME lending

    The European Central Bank is set to give ABS investors an important guarantee of liquidity with its impending outright purchases, but bankers on the SME financing panel at Global ABS said the market must find investors to buy further down the capital stack to help undercapitalised banks lend.

    • 10 Jun 2014