Securitization - Article Archive

  • Standard Volckerisation proves challenging

    Even after large CLO buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.

    • 31 Jul 2014
  • Standardised CLO Volckerisation methods still a way off

    Even after large CLO-buying banks banded together with the Clearing House Association to come up with standardised legal language to make legacy CLOs compliant with the Volcker rule, the language and methods used by CLO managers to Volckerise their deals still varies widely, market participants told GlobalCapital this week.

    • 31 Jul 2014
  • Republicans bleed Ocwen to aid smaller banks

    House Republicans are continuing to hammer away at Dodd-Frank and non-bank mortgage servicer Ocwen Financial as a means to help regional and community banks compete for servicing assets.

    • 31 Jul 2014
  • Citi plays games with Thrones as AA tranche 20% covered

    Citi priced Thrones 2014-1 on Thursday, despite the last book update at 1.30pm announcing the double A tranche being just 0.2 times done, and some of the others also uncovered at 0.9 times for the class A, 0.7 times on the class E, and 0.5 times on the class F. It did not give a further update on whether the deal was fully covered by investor demand, but priced the deal between 6pm and 8pm on Thursday evening.

    • 31 Jul 2014
  • BES results hit Lusitano RMBS, but peripheral softening muted

    The release of Banco Espírito Santo’s results on Thursday led to a widening in its Lusitano RMBS programme, causing modest weakness across other peripheral ABS markets.

    • 31 Jul 2014
  • Auto execs speak out to defend subprime credits

    Subprime auto executives are pushing back against a wave of negative reports that they say inaccurately draw parallels between their lending practices and those in the pre-crisis US subprime mortgage business. The response comes as at least two smaller auto financiers sell new asset-backed securities.

    • 31 Jul 2014
  • European investors chase Blackstone’s US rental unit

    European investors are deepening the market for US rental housing as Blackstone Group and Deutsche Bank go overseas in search of fresh funding.

    • 31 Jul 2014
  • CIFC, Black Diamond prep new CLOs

    CIFC, which priced its most recent CLO just last month, has hired Morgan Stanley as arranger for its next deal, which is currently being marketed.

    • 31 Jul 2014
  • Bayview sells unrated RPL after scuttled deal

    Bayview Financial is foregoing the ratings process on a securitization of once defaulted mortgages (RPL for reperforming loans) after a ratings disagreement in May scuppered an attempted transaction.

    • 31 Jul 2014
  • Pioneering commodity deal floored by Russia crisis

    BNP Paribas has decided to prepay its pioneering commodity finance securitization Lighthouse Trade Finance No. 1, as since Russia precipitated the crisis in Ukraine, it can no longer find enough commodity receivables to continue backing the deal.

    • 31 Jul 2014
  • Headline risk doesn’t faze CarFinance, ACAR

    CarFinance and American Credit Acceptance this week both sold subprime auto ABS at cheaper levels than any deal they have issued over the past two years, despite an increase in headline risk.

    • 30 Jul 2014
  • Bayview sells unrated RPL after scuppered deal

    Bayview Financial is foregoing the ratings process on a securitization of once-defaulted mortgages after a ratings disagreement in May scuppered an attempted transaction.

    • 30 Jul 2014
  • Lehman RMBS holders set to cash in

    A £44m block of Eurosail 2007 6NC A2A is up for sale on Thursday afternoon, following a restructuring process that could have made the holders as much as 40 points.

    • 30 Jul 2014
  • Thrones price thoughts match secondary

    Citi has circulated initial price thoughts on its Thrones 2014 No. 1 RMBS, the second deal it has managed to fund a Mars Capital portfolio. The senior tranche is being shown at 105bp-110b, in line with the 105bp indicated for Thrones 2013-1, and broadly in line with BAML’s Moorgate Funding 2014-1, priced in early May.

    • 30 Jul 2014
  • CIFC and Black Diamond prep new CLOs after record quarter

    CIFC Asset Management and Black Diamond Capital Management are soon to hit the US market with new CLO deals, with new issuance showing no sign of abating after the most active quarter since the inception of the market, according to data from Fitch Ratings.

    • 29 Jul 2014
  • Hatfield hopes to hold Deco 15 mandate with noteholder call

    Hatfield Philips has invited noteholders to a special update call on its strategy for servicing Deco 15 Pan Europe 6, as it tries to consolidate its hold on the servicing mandates in the CMBS. Cheyne Capital had tried to remove it from the Main loan and Plus Retail loan at the end of May.

    • 29 Jul 2014
  • Auto execs speak out to defend subprime credits

    Subprime auto executives are pushing back against a wave of negative reports that they say inaccurately draws parallels between their lending practices and those in the pre-crisis US subprime mortgage business. The fightback comes as at least two smaller auto financiers plan new asset-backed securities.

    • 28 Jul 2014
  • Blackstone’s US rental unit chases European investors

    Blackstone Group’s rental home unit Invitation Homes may be opening up its latest securitization to the European market, two months after paying US investors more than anticipated for every tranche of its last deal.

    • 28 Jul 2014
  • LCR implementation delay may help ABS

    Implementation of the liquidity coverage ratio (LCR) in Europe is set to be delayed by 10 months according to a leak last week of a draft European Commission document. The treatment of ABS in the LCR, seen by the industry as unfavourable compared to covered bonds, was not changed in the leaked draft, but the delay could provide time to hammer out the details of more equitable regulatory treatment, said bankers on Monday.

    • 28 Jul 2014
  • Deutsche and PE firms in Romanian loan grab

    Deutsche Bank and private equity firms AnaCap Financial Partners and HIG Capital have completed the acquisition of a €495m portfolio of non-performing loans backed by property and land in Romania from Volksbank Romania.

    • 28 Jul 2014
  • Westfield deal emerges to bring volume to European CMBS

    Crédit Agricole and Deutsche Bank are marketing a single tranche CMBS transaction backed by the Westfield Stratford shopping centre in East London, which will be more than twice the size of the next biggest European deal this year.

    • 28 Jul 2014
  • Avoca looks to break spread boundary with euro CLO

    Avoca Capital is looking to break through a recent 135bp over Euribor lower limit for senior European CLO notes its second euro denominated deal of the year, which some bankers see as the start of a predicted primary market tightening for the asset class.

    • 28 Jul 2014
  • UCI sees big response for 2014’s first Spanish RMBS tender

    Unión de Créditos Inmobiliarios was able to repurchase almost half of the bonds it invited investors to tender last week, with bondholders responding to some healthy premiums to secondary market prices in what was the first Spanish RMBS tender of the year.

    • 28 Jul 2014
  • VW’s China debut benefits from internationalisation

    Volkswagen Financial Services has now sold auto ABS in 11 jurisdictions having priced its long awaited renminbi debut this week, with a person close to the deal saying it priced some 50bp tighter to Chinese government bonds than a virtually identical June deal from German competitor BMW Bank.

    • 24 Jul 2014
  • ‘Hurricane Isaac ABS’ to be sold next week

    Benchmark sized deals are taking a backseat this month as smaller deals hit the market in full force, including a utility rate securitization that will help finance costs incurred by Hurricane Isaac, which hit the Louisiana coast in 2012.

    • 24 Jul 2014
  • SolarCity, Hooters, One Main price latest deals

    A spate of asset-backed securities totaling $3.85bn were sold Thursday afternoon this week, including the latest from SolarCity, a debut from Hooters Restaurant Group and a billion dollar consumer loan ABS from One Main Financial.

    • 24 Jul 2014
  • Aussie banks snap up RMBS for LCR boost

    A strong bid from Australian banks looking to bolster their stock of liquidity coverage ratio (LCR) assets has helped Members Equity Bank triple the size of its SMHL 2014-1 RMBS and price a few basis points tighter than the last comparable deal.

    • 24 Jul 2014
  • Chenavari may puncture July euro CLO lull

    Chenavari opened books on its euro denominated and Volcker compliant Toro CLO this week, while two rivals may follow soon with their own euro deals after a quiet month so far for the asset class in Europe.

    • 24 Jul 2014
  • Supply at risk as TLTROs could reduce incentives for bank SME ABS to ‘zero’

    The way borrowing allowances are calculated under the European Central Bank’s latest funding programme may put ABS at a further disadvantage to covered bonds, according to Bank of America Merrill Lynch analysts, who are concerned their recently lowered 2014 securitization supply forecast should be cut again as a result.

    • 24 Jul 2014
  • Italian SME group cuts out banks with first minibond ABS trade

    A group of eight Italian water utility companies have issued asset-backed securities backed by their own minibonds, in a novel technique that its structurers hope can be replicated to unlock funding for small and medium-sized companies throughout Europe and offer them an alternative to bank borrowing.

    • 24 Jul 2014
  • Private buyers prove thirst for SME ABS

    IKB Leasing was inundated with orders for its first public syndication of German SME ABS since the financial crisis this week, but private buyers were fighting for what was left after the European Investment Bank supported the deal from an early stage.

    • 24 Jul 2014
  • Credit Suisse scores again in second BlackRock RMBS sale

    Credit Suisse on Tuesday won two separate bids for a combined $4.4bn pool of legacy residential mortgage backed securities sold by BlackRock. The sale comes one week after BlackRock sold a record-breaking $3.7bn pool of subprime mortgage backed securities, also to Credit Suisse.

    • 24 Jul 2014
  • Blackstone preps rental deal as ARPI faces Moody's hurdle

    Blackstone Group’s Invitation Homes has added a new deal to the securitization pipeline, as Silver Bay Realty Trust Corp markets its first single family rental deal this week. American Residential Properties Inc, another potential debut issuer, may also soon have a deal in hand — if it can overcome a snag with Moody’s Investors Service.

    • 24 Jul 2014
  • United Auto returns after 14 month hiatus

    United Auto Credit sold this week a $175.6 million securitization tied to loans it makes to subprime borrowers, the issuer’s first transaction in 14 months. The deal came as analysts saw heightened activity from less established auto issuers and credit risks evolve in the sector.

    • 24 Jul 2014
  • SolarCity sells third solar ABS

    SolarCity, which last November sold the market’s first solar asset backed security, sold a third deal this week of more than twice the size of its second issuance in April and four times the size of its inaugural transaction last year.

    • 24 Jul 2014
  • Rail issuer says new rules won't impact ABS

    Incoming US safety rules that would phase out certain railway cars and impose retrofit requirements on others will not materially affect rail car lease securitizations, according to an issuer in the sector.

    • 24 Jul 2014
  • Mars mission: exit loans from UK’s housing peak

    Mars Capital is looking to price its second capital markets exit of a purchased mortgage portfolio next week after mandating Citi to sell Thrones 2014-1, a UK non-conforming RMBS transaction backed by loans originated at the peak of the country’s housing market in 2007 and 2008.

    • 24 Jul 2014
  • BES receives $834m corporate loan in repackage deal

    Banco Espirito Santo has used a Luxembourg special purpose vehicle to repackage two classes of dollar notes into a corporate loan that bears no interest but repays fixed amounts on various payment dates.

    • 24 Jul 2014
  • Mission for Mars: exit UK mortgages from housing market peak

    Mars Capital is looking to price its second capital markets exit of a purchased mortgage portfolio next week after mandating Citi to sell Thrones 2014-1, a UK non-conforming RMBS transaction backed by loans originated at the peak of the country’s housing market in 2007 and 2008.

    • 24 Jul 2014
  • New US rail standards will not impact ABS – Element

    Incoming US safety rules that would phase out certain railcars and impose retrofit requirements on others will not materially affect railcar lease securitizations, according to an issuer in the space.

    • 23 Jul 2014
  • Prytania appoints Henderson FI head as next CEO

    Henderson Global Investors will lose its head of fixed income next week to London-based asset manager The Prytania Group, which is replacing retiring chief executive Joe Cook.

    • 23 Jul 2014
  • Private investors prove thirst for SME ABS

    IKB Leasing has been inundated with orders for its first public syndication of German SME ABS since the financial crisis this week, but private buyers were fighting for what was left after the European Investment Bank supported the deal from an early stage.

    • 23 Jul 2014
  • LCR drives Australian bank bid to triple size of MEB’s RMBS

    A strong bid from Australian banks looking to bolster their stock of liquidity coverage ratio (LCR) assets has helped Members Equity Bank triple the size of its SMHL 2014-1 RMBS and price a few basis points tighter than the last comparable deal.

    • 23 Jul 2014
  • Silver Bay announces, Invitation Homes preps, ARPI slowed by Moody’s

    Blackstone Group’s Invitation Homes has added a new deal to the securitization pipeline, as Silver Bay Realty Trust Corp markets its first single family rental deal this week. American Residential Properties Inc., another potential debut issuer, may also soon have a deal in hand – if they can overcome a snag with Moody’s Investors Service.

    • 22 Jul 2014
  • SolarCity to announce third solar ABS

    SolarCity, which last November sold the market’s first-ever solar asset-backed security, is preparing to announce a third deal over twice the size of its second issuance in April and four times the size of its inaugural transaction last year.

    • 22 Jul 2014
  • Credit Suisse scores again in second BlackRock RMBS sale

    Credit Suisse on Tuesday won two separate bids for a combined $4.4bn pool of legacy residential mortgage-backed securities sold by BlackRock. The sale comes one week after BlackRock sold a record-breaking $3.7bn pool of subprime mortgage-backed securities, also to Credit Suisse.

    • 22 Jul 2014
  • Chenavari may puncture July lull with Volckerised Toro CLO

    Chenavari has opened books on its euro denominated and Volcker compliant Toro CLO, while two rivals may follow closely with their own euro deals after a quiet month so far for the asset class in Europe.

    • 22 Jul 2014
  • CRE bankers to join loan servicer

    Commercial real estate loan servicing firm Hatfield Philips has plundered two commercial real estate professionals from banks to head up its newly launched debt advisory team and its marketing team.

    • 22 Jul 2014
  • Italian SMEs cut out banks with first minibond ABS

    A group of eight Italian water utility companies have issued asset-backed securities backed by their own minibonds, in a novel technique that its structurers hope can be replicated to unlock funding for small and medium-sized companies throughout Europe and offer them an alternative to bank borrowing.

    • 22 Jul 2014
  • Annual issuer United Auto returns after 14 month hiatus

    United Auto Credit plans to sell this week a $175.6 million securitization tied to loans it makes to subprime borrowers, the issuer’s first transaction in 14 months. The deal comes as analysts see heightened activity from less established auto issuers and credit risks evolve in the sector.

    • 21 Jul 2014
  • VW prices flat to BMW with debut Chinese auto ABS

    Volkswagen Financial Services has now sold auto ABS in 11 jurisdictions, having priced its long awaited renminbi debut on Monday in line with a virtually identical June deal from German competitor BMW Bank.

    • 21 Jul 2014
  • Supply at risk as TLTRO to reduce incentives for SME ABS to ‘zero’

    The way borrowing allowances are calculated under the European Central Bank’s latest flagship cheap funding programme may put ABS at a further disadvantage to covered bonds, according to analysts at Bank of America Merrill Lynch, who are concerned their recently lowered 2014 supply forecast for securitization in Europe should be cut again as a result.

    • 21 Jul 2014
  • MEB heads for size increase on strong IOIs

    Australia’s Members Equity Bank is likely to increase the size of its first RMBS transaction of 2014 this week, and has asked offshore buyers to finalise their orders by the close of play on Tuesday so pricing can be brought forward to Wednesday.

    • 21 Jul 2014
  • Citigroup’s One Main to sell $1.2bn subprime loan deal

    Citigroup’s One Main Financial is expected to sell next week a $1.2bn subprime consumer loan ABS, which would be over twice the size of its debut deal earlier this year. At least three other asset-backed securities are also lining up to be sold next week.

    • 18 Jul 2014
  • Fledgling CLO shop looking to expand

    A young North Carolina CLO manager is looking to expand its small team with three new hires in the next couple of months, according to a person at the firm.

    • 18 Jul 2014
  • US interest extends as Barclays sizes credit card ABS return to meet demand

    Barclays decided to honour all investor orders for bonds in the return of its Gracechurch credit card ABS programme this week, meaning it has now priced the largest UK credit card trade so far in what has been a more promising year for supply from the country’s lenders.

    • 17 Jul 2014
  • IKB marketing first SME ABS since crisis

    IKB Leasing will meet investors in Europe this week ahead of its second lease and hire purchase securitization backed by loans to German SMEs. The amount of senior bonds available will be reduced by European Investment Bank involvement but the deal will still offer some decent sized mezzanine tranches.

    • 17 Jul 2014
  • Portuguese RMBS spikes amid BES mess

    Senior Portuguese RMBS bonds have found buyers at a level some 30bp wider in spread terms than they were before investors lost faith in the health of Banco Espírito Santo last week, while some offered Spanish RMBS have struggled to find suitable homes, traders told GlobalCapital this week.

    • 17 Jul 2014
  • Premium collapses on Fannie’s latest risk-sharing deal

    Fannie Mae has issued a second round of price guidance after seeing weaker than expected demand for the senior notes in this week’s $2.1bn risk-sharing issuance with private investors.

    • 17 Jul 2014
  • BlackRock preps $4.4bn auction after mega subprime sale

    BlackRock will manage next Tuesday a $4.38 billion sale of Alt-A residential mortgage-backed securities in a second and even bigger sale than the record $3.7bn subprime RMBS sale it managed for UBS AG this week.

    • 17 Jul 2014
  • Hooters supported by 'robust' structure

    The Hooters Girls are on the road with orders to sell, but this time they’re not marketing a "delightfully tacky yet unrefined" chicken wing special.

    • 17 Jul 2014
  • Members Equity Bank to make late start to 2014

    Members Equity Bank will next week make its first 2014 appearance in the Australian dollar RMBS market, later than in any of the last five years, as it becomes less reliant on securitization. It has mandated banks for a four tranche deal.

    • 17 Jul 2014
  • 3i and Babson return to Europe but rigid prices threaten success

    3i Debt Management and Babson Capital Europe loaded themselves into an already crowded European CLO pipeline this week, fuelling optimism among CLO bankers who are eyeing 2014 issuance of over €12bn. But as primary market prices on senior bonds remain stubbornly around the 135bp mark, concerns remain over the effect of a strengthened loan market on overall returns.

    • 17 Jul 2014
  • US interest continues as Barclays sizes Gracechurch to demand

    Barclays decided to accept all investor orders for bonds in the return of its Gracechurch credit card ABS programme this week, pricing the largest UK credit card trade so far in what has been a more promising year for supply.

    • 17 Jul 2014
  • Members Equity Bank to bring first RMBS of 2014

    Members Equity Bank will next week make its first 2014 appearance in the Australian dollar RMBS market, later than in any of the last five years as it becomes less reliant on securitization, after mandating banks for a four tranche deal.

    • 17 Jul 2014
  • UK housing association to sell retained bonds

    Affordable housing lender Longhurst Group will hold an investor call next week for a sale of previously retained bonds, using the release of its full year results on Thursday to drum up interest in the deal.

    • 17 Jul 2014
  • Aircraft issuers take flight to unsecured debt

    Ryanair and Qantas are among the airlines and lessors ramping up their issuances of unsecured debt, which could push them away from the asset-backed market.

    • 16 Jul 2014
  • Fannie widens guidance

    Fannie Mae has reissued a second round of price guidance after seeing weaker than expected interest for the senior notes in this week’s $2.1bn risk sharing issuance with private investors.

    • 16 Jul 2014
  • Bulging US pipeline dashes hopes for quiet July

    ABS issuers are holding Wall Street hostage, with plans of July trips to the Shore dashed by a rash of new ABS sales filtering into the pre-August pipeline.

    • 16 Jul 2014
  • Smaller CLO managers face tiering threat amid leverage 'excesses'

    Smaller and younger US CLO managers without a proven track record could see their paper being indiscriminately sold off if volatility hits the leveraged loan market, participants have told GlobalCapital.

    • 16 Jul 2014
  • BlackRock preps $4.4bn auction after mega subprime sale

    BlackRock will next Tuesday manage a $4.38 billion sale of Alt-A residential mortgage backed securities in a second and even bigger sale than the record $3.7bn subprime RMBS sale it managed for UBS AG this week.

    • 16 Jul 2014
  • Airliners take flight to unsecured debt

    Ryanair and Qantas are among the airlines and lessors ramping up their issuance of unsecured debt, potentially pushing them away from the asset backed market.

    • 16 Jul 2014
  • Private buyers have capacity to support reduced ABS retention

    Data from the Association for Financial Markets in Europe on Wednesday showed European ABS issuers placed even fewer bonds with private investors in the second quarter than they did for the same period in 2013, a source of growing frustration to buyers scratching around the market for paper as the summer lull begins to take hold.

    • 16 Jul 2014
  • Portuguese RMBS set wider, Spain dragged in

    Senior Portuguese RMBS bonds have found buyers at a level some 30bp wider in spread terms than they were before investors lost faith in the health of Banco Espírito Santo last week, while some offered Spanish RMBS have struggled to find suitable homes, traders told GlobalCapital on Wednesday.

    • 16 Jul 2014
  • Demand not the problem for euro CMBS

    Goldman Sachs’s Moda CMBS became the latest European commercial property backed transaction to draw a heavy oversubscription this week, but CMBS structurers’ optimism is being tempered by the difficulty of finding appropriate assets for a more homogenised post-crisis market.

    • 15 Jul 2014
  • Smaller CLO managers face tiering threat as leverage concerns increase

    Smaller and less established US CLO managers without a proven track record could see their paper being indiscriminately sold off if volatility hits the underlying leveraged loan market, participants have told GlobalCapital.

    • 15 Jul 2014
  • Fannie M2s widen as fourth deal hits screens

    The riskiest portion of Fannie Mae’s $2.05bn risk-sharing RMBS is on target to sell on Wednesday at a wider spread than previous deals, which could be due to waning novelty in the sector.

    • 15 Jul 2014
  • CIFC loses one but middle-market project continues

    CIFC is forging ahead with its new middle-market CLO platform, despite losing a managing director to a specialist middle-market lender.

    • 15 Jul 2014
  • Vesteda makes unsecured debut for €300m

    Vesteda, the Dutch residential property company, followed in the wake of Deutsche Annington on Tuesday by issuing its first unsecured bond, as it shifts to an unsecured capital structure and pays back a large securitization.

    • 15 Jul 2014
  • Barclays to sell first credit card ABS in two years

    Barclays will sell the first securitization of credit cards from its Gracechurch programme since June 2012 by the end of this week, in the latest sign that the UK ABS supply freeze may be thawing with the impending absence of cheap funding from the Bank of England.

    • 15 Jul 2014
  • MTF finds offshore support for kiwi dollar auto trade

    Motor Trade Finances has increased the size of its New Zealand dollar auto ABS by a third after a “broad mix” of domestic and foreign investors participated in the rare sale.

    • 15 Jul 2014
  • Postal Savings Bank to return China to RMBS

    Postal Savings Bank of China is preparing to sell the first mortgage-backed security in the country since 2007 this month, as its domestic securitization market takes another step towards rebirth after a false start in the years before the financial crisis.

    • 15 Jul 2014
  • Hooters deal supported by 'robust' structure

    The Hooters Girls are on the road with orders to sell, but this time they’re not marketing a 'delightfully tacky yet unrefined' chicken wing special.

    • 14 Jul 2014
  • Babson drawn back to European CLOs but arbitrage threat persists

    Babson Capital has joined an extensive pipeline of prospective European CLO 2.0 issuers, looking to print its second post-crisis euro transaction. Bankers are looking forward to robust supply for the second half of the year, but concerns remain over the effect of a strong loan market on overall returns.

    • 14 Jul 2014
  • IKB to market first post-crisis SME ABS

    IKB Leasing will meet investors in Europe this week ahead of its second lease and hire purchase securitization backed by loans to German SMEs. The amount of senior bonds available is curtailed by European Investment Bank involvement but the deal offers some decent sized mezzanine tranches.

    • 14 Jul 2014
  • Fannie Mae prepares largest risk-sharing deal to date

    US housing giant Fannie Mae will soon announce its fourth and largest residential mortgage risk-sharing deal, two months after the chief US housing regulator ordered the agencies to triple their issuances into the private market.

    • 11 Jul 2014
  • Finra exempts smaller firms from TBA margin rules

    The US Financial Industry Regulatory Authority voted on Thursday to impose margin requirements on transactions of mortgage-backed securities, but included key exemptions that will make it easier for smaller firms to comply.

    • 11 Jul 2014
  • AH4R elbows into competition for most-distressed assets

    American Homes 4 Rent, which this month jump-started talk of consolidation among smaller North American investor-landlords, is entering a broader competitive market to acquire an even more distressed kind of residential asset than it originally sought.

    • 11 Jul 2014
  • RBS exodus continues as Cantor nabs two

    Cantor Fitzgerald has hired two bankers from Royal Bank of Scotland’s US office in Stamford, Connecticut, as the UK-based lender implements deep cuts to its North American asset-backed securities business.

    • 11 Jul 2014
  • Dismissed RBS trader finds home at Nomura

    Nomura has hired an ex-Royal Bank of Scotland CDO trader to work on its London CLO trading desk, a year after he lost a lawsuit contending that he was unfairly fired from RBS.

    • 10 Jul 2014
  • Motor Trade Finances offers rare auto ABS

    Auto finance network Motor Trade Finances has unveiled a New Zealand dollar auto ABS transaction, offering investors a rare chance to buy a securitization denominated in the currency.

    • 10 Jul 2014
  • Big and wide or small and tight? A choice in CLOs

    CLO managers in the US face a choice between pricing huge deals like Credit Suisse Asset Management’s $1.036bn Madison Park XIV CLO, or keeping their transactions smaller in order to achieve tighter pricing, said bankers.

    • 10 Jul 2014
  • US CLO managers eye Europe as Chenavari brings crossover

    At least three more US CLO managers are considering launching debut European CLO 2.0 transactions, GlobalCapital understands. The move further increases the potential pool of European issuers, which has already exceeded expectations this year and comes as Chenavari launches a rare deal complying with both US and European regulations.

    • 10 Jul 2014
  • LMA tells central banks to unshackle CLOs

    The Loan Market Association has called on the European Central Bank and Bank of England to consider the regulation of collateralised loan obligations in isolation, saying that encouraging more CLO managers into the market is vital for loan market liquidity and European corporate financing.

    • 10 Jul 2014
  • UK issuers lock in post-Draghi rally but Paragon investor count halved

    UK non-prime RMBS issuers Precise Mortgages and Paragon Mortgages realised an impressive tightening of higher beta paper with their latest deals this week, with the latter shrugging off a slowing in demand compared to its previous effort this year.

    • 10 Jul 2014
  • SoFi's second securitization courts controversy on execution and ratings

    It took only 40 minutes for more than 30 institutional investors to take down $250m in bonds backed by student debt offered by SoFi, the US peer-to-peer lending startup. And it took only two months for Standard & Poor's to go from saying peer-to-peer securitizations were not ready to be assigned public ratings to agreeing to rate one, writes Matt Scully.

    • 10 Jul 2014
  • Volckerisation incentives increase in US CLO market

    As Volckerisation of existing CLOs gains traction — with ratings agency Fitch suggesting that amending deals to make them Volcker-compliant will not result in downgrades and could actually improve their liquidity — large triple-A buyers like JP Morgan are reportedly being very selective about which managers they work with on new deals.

    • 10 Jul 2014
  • Redwood paves path for non-QM as Fenway plans debut

    Redwood Trust was this week the first issuer to test investors’ risk appetite for high-quality mortgages that fall outside the US government’s new lending guidelines, but at least two more firms may securitize other forms of non-QM by end of the year, including Fenway Summer.

    • 10 Jul 2014
  • Pepper has to educate to refi US notes

    Pepper Australia is appealing to US money funds to refinance an RMBS it issued last year but an apparent lack of familiarity with the foreign asset class is forcing syndicators to spend extra time educating prospective buyers.

    • 10 Jul 2014
  • Columbus keeps Aussie RMBS ticking with acquired ANZ loans

    Non-bank mortgage lender Columbus Capital is preparing to sell its first Australian RMBS of the year, which will be the second securitization of the Origin loan portfolio it acquired from Australia and New Zealand Banking Group (ANZ) in 2012.

    • 10 Jul 2014