Securitization - Article Archive

  • JPM RMBS deal prone to payment shock, say market participants

    JP Morgan Mortgage Trust’s planned $483.56m jumbo RMBS issue is backed entirely by adjustable rate mortgages. The deal has raised concerns over the potential for payment shock to cause defaults in the loans.

    • 30 Sep 2014
  • MBS issuers are limiting their Reg AB II liabilities

    Loan level disclosure requirements under the recently finalised Reg AB II rules have encouraged more indemnification provisions to be standardised, meaning MBS issuers will be less prone to standoffs with originators over representations and warranties.

    • 30 Sep 2014
  • Don't be afraid of accountability: Make bank complaints public

    The Consumer Financial Protection Bureau wants to make written complaints public on its online consumer complaints database. Unsurprisingly, the Mortgage Bankers Association objects. But when online customer reviews have empowered consumers in other sectors, why should the banking industry get special treatment?

    • 30 Sep 2014
  • Big week for CMBS as Westfield relaunch follows Tulip pricing

    Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.

    • 30 Sep 2014
  • Irish property recovery buoys RBS

    Recovering Irish residential property prices will yield Royal Bank of Scotland’s Ulster Bank division £300m of net impairment provision releases in the third quarter of 2014, the UK banking group said in a trading performance update to the market on Tuesday.

    • 30 Sep 2014
  • Turbo takes PCS through €100bn

    FirstRand Bank’s Turbo Finance 5 UK auto ABS priced this month has become the 67th transaction to acquire the Prime Collateralised Securities label, taking the quality initiative beyond €100bn of labelled securitizations since its launch in 2012.

    • 30 Sep 2014
  • Marriott timeshare guidance comes amid declining yields

    Pricing guidance for Marriott Ownership Resort’s $240m timeshare ABS was announced between 95bp and 100bp over interpolated swaps on Monday. Yields for new timeshare deals have declined as ABS markets have picked up, meaning some buyers are no longer interested in the sector.

    • 29 Sep 2014
  • PineBridge hires structured credit expert

    PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.

    • 29 Sep 2014
  • Aegon looks to repeat Storm success as Dutch spreads squeezed

    Dutch insurer and mortgage lender Aegon will looking to emulate the success of compatriot Obvion in the RMBS market next week after mandating banks for a roadshow. Obvion set a post-crisis record tight with its latest Storm RMBS last week as investors pile in to European ABS in anticipation of buying from the ECB, which could be launched as early as next week.

    • 29 Sep 2014
  • Analysts at odds over size of the ECB’s wallet

    Europe’s ABS research teams have given a neat indication of the uncertainty that still surrounds the potential effect of the European Central Bank’s ABS purchase programme ahead of the central bank’s policy meeting this week, releasing a wide range of size predictions even as investors bid up prices to post-crisis records.

    • 29 Sep 2014
  • Securitization and the real economy: will the ECB’s plan succeed?

    With the European Central Bank due to provide more details for its ABS purchase programme this week, GlobalCapital invited market participants to discuss with the ECB how it is hoping the purchases will benefit the market and the real economy, how they should be implemented and what may be left behind when the ECB exits as a buyer.

    • 26 Sep 2014
  • MBS down despite home sales boom

    The Commerce Department announced on Wednesday that new home sales hit a six year high in August, but the increase is not thought to have had a material impact on MBS issuance, which continues to drag.

    • 25 Sep 2014
  • CircleBack and Jefferies deal heats up banks vs P2P debate

    Fledgling US peer-to-peer lender CircleBack Lending has teamed up with Jefferies, under a $500m agreement that will see the investment bank acquire and securitize CircleBack’s loans for sale to institutional investors. The deal signals the start of CircleBack’s expansion and raises questions about banks’ future involvement in the nascent peer-to-peer market.

    • 25 Sep 2014
  • ABS stalwarts go big and tight as ECB effect drives up the bid

    Two of the most regular issuers in the European securitization market proved the European Central Bank’s ABS purchases were no simple compression trade this week, printing large trades that reset the tight end of the market.

    • 25 Sep 2014
  • AIF securitizations rise amid regs, low rates

    Scope Ratings will publish a report next week that will show insurance investors are turning to alternative investment fund securitizations to escape low yields and regulatory constraints. The trend could intensify further in the next few months as the European Central Bank pushes down yields in traditional ABS products with its purchase programme.

    • 25 Sep 2014
  • RCI Banque and Créd Ag to lift French ABS off the floor

    Renault’s financing arm RCI Banque and Crédit Agricole’s consumer finance division will be roadshowing new deals next week, to the delight of French flow ABS buyers that have had just €927m of RMBS to go at so far this year.

    • 25 Sep 2014
  • ECB under German fire as ABS details emerge

    No sooner had European Central Bank president Mario Draghi outlined more details of the ECB’s proposed ABS purchases this week, limiting senior bond purchases to those eligible for repo, than German finance minister Wolfgang Schäuble was making doubly clear his country’s opposition to the plan.

    • 25 Sep 2014
  • Abengoa prices HY green bond wide, driven by HY investors

    Abengoa issued €500m-equivalent of five year green bonds on Wednesday, pricing them wider than expected, with a lead banker blaming a weak market.

    • 25 Sep 2014
  • Good performance but wider spreads for NPLs, RPLs

    Issuance of ABS backed by non-performing (NPL) and re-performing (RPL) loan collateral has literally increased exponentially since 2011, but spreads could widen to the point that it makes more sense to keep delinquent loans in a warehouse facility.

    • 25 Sep 2014
  • Aire Valley restructuring prompts review

    UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible Moody’s upgrade for the bonds, since it will strip out poor quality loans making up around 50% of the pool.

    • 25 Sep 2014
  • CLO flow unabated with no ECB tailwind

    European CLOs are coming thick and fast, with deals pricing this week from GSO Capital, Carlyle and Alcentra, plus rumoured mandates from ICG and Avoca.

    • 25 Sep 2014
  • Kensington up for review on PE acquisition

    Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.

    • 25 Sep 2014
  • Books up, spreads down for Obvion’s Storm

    Both tranches of Obvion’s Storm 2014-III Dutch RMBS transaction were set to be priced well inside initial guidance on Thursday, showing it is not just the wider end of the ABS market benefitting from the European Central Bank’s backing.

    • 25 Sep 2014
  • Exclusive: Scope sees AIF securitizations on rise amid low rates

    Scope Ratings will publish a report next week that shows insurance investors are turning to alternative investment fund securitizations to escape low yields and regulatory constraints. The trend could intensify further in the next few months as the European Central Bank pushes down yields in traditional ABS products with its purchase programme.

    • 25 Sep 2014
  • Morningstar says ratings shopping 'alive and well', joins ABS market

    Morningstar Credit Ratings is set to join the ABS rating market after publishing its methodologies this week, but it remains to be seen whether more competition among agencies will improve the rating system.

    • 24 Sep 2014
  • Fannie operations head to step down

    The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.

    • 24 Sep 2014
  • JPM continues to buck jumbo mortgage trend

    JP Morgan intends to issue a new non-agency jumbo RMBS deal, according to a Kroll Bond Rating Agency presale released on Tuesday. Despite this being JP Morgan's third such deal this year, banks are generally opting to keep jumbo non-agency mortgages on their books, however.

    • 24 Sep 2014
  • CLO flow unabated but no ECB tailwind

    European CLOs are coming thick and fast, with deals pricing this week from GSO Capital, Carlyle, and Alcentra, plus rumoured mandates from ICG and Avoca.

    • 24 Sep 2014
  • RCI mandates for new French ABS

    Renault financing arm RCI Banque has mandated for another trade from its Cars Alliance shelf. The new deal features a €600m class A and a €44m class B, and is backed by 146,520 French auto loans.

    • 24 Sep 2014
  • Bank bid takes Storm tighter

    Five year notes in Obvion’s Storm 2014-III Dutch RMBS could be priced at 35bp tomorrow, after lead managers Rabobank and Citi issued guidance of 25bp-30bp on the class A1 notes and 35bp-40bp on the class A2 notes, from initial price thoughts which were 5bp wider.

    • 24 Sep 2014
  • FIG kicks into gear, but obstacles to issuance remain

    A previously sleepy FIG market awoke with a start on Wednesday morning, with ASR Nederland, Credit Suisse and Westpac New Zealand all mandating for new issues. While a burst of supply on Wednesday is an encouraging sign, syndicate bankers have cautioned against expecting a sustained rush of supply, with the upcoming asset quality review and releases of third quarter results likely to constrain further issuance.

    • 24 Sep 2014
  • We are responsible for stopping next bubble, say investors

    The asset-backed securities investor community is responsible for preventing a new bubble in the sector by holding issuers to higher underwriting standards, a group of buyers told an audience on the final day of the ABS East conference in Miami.

    • 23 Sep 2014
  • Jefferies and CircleBack announce $500m P2P securitization agreement

    US peer-to-peer lender CircleBack Lending has announced a $500m securitization facility with Jefferies. The agreement, believed to be the largest deal in the peer-to-peer market to date, could help foster broader capital markets interest in the nascent asset class.

    • 23 Sep 2014
  • Aire Valley restructure prompts upgrade review

    UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible upgrade for the bonds from Moody’s, since it will strip out poor quality loans making up around 50% of the pool.

    • 23 Sep 2014
  • ABS stalwarts circulate price thoughts

    ABS market stalwarts Obvion and Volkswagen Financial, the most regular issuers in the European market, both have updates out for new deals this week.

    • 23 Sep 2014
  • Draghi outlines further details of ABS programme

    The European Central Bank chairman Mario Draghi explained further details of the ECB’s proposed ABS purchase programme, during remarks to the European Parliament’s Economic and Monetary Affairs Committee.

    • 23 Sep 2014
  • Regs to drive down volumes and underwriting standards, say issuers

    Incoming regulations will penalise smaller issuers and pull down volumes, intensifying a search for yield from investors that is already leading to weaker underwriting practices, a trio of US asset backed securities issuers told an audience at ABS East in Miami on Monday.

    • 23 Sep 2014
  • Colony among originators looking at multi-borrower SFR ABS

    Originators including Colony American Finance are looking to structure the first multi-borrower single-family rental securitizations, but ratings agencies have voiced concern over a lack of data on renters and property managers.

    • 22 Sep 2014
  • Regulation not hurting ABS liquidity – yet

    Liquidity in many parts of the US asset-backed securities market are better now than they were pre-crisis thanks to cash-rich investors becoming more comfortable with more complex products. But there are fears that incoming regulations could force issuers into the private markets and disrupt prices in secondary trading.

    • 22 Sep 2014
  • Treasury plans standard PLS model

    The US Treasury is partnering with ratings agencies to design the parameters of a benchmark private label RMBS issuance in the hope of resurrecting the moribund PLS market.

    • 22 Sep 2014
  • FSOC wants ‘consistent’ servicer oversight, says gov won’t bail out non-banks

    The deputy assistant secretary of the Treasury Department’s Financial Stability Oversight Council (FSOC), called for more ‘consistent’ regulatory oversight of the mortgage servicing industry during his keynote address at the ABS East conference in Miami on Monday.

    • 22 Sep 2014
  • Italian SME ABS performance softens

    The delinquency levels of Italian SME and lease ABS increased in July, according to a report from Moody's published the same week UniCredit reopened the market for Italian SME transactions with the help of three European credit agencies.

    • 22 Sep 2014
  • Asset managers snatch all Banif mezz, and most of senior

    Asset managers from the UK and mainland Europe took a huge proportion of Banco Internacional do Funchal’s (Banif) recent dual tranche SME CLO, snapping up all the mezzanine and leaving bank treasury accounts scrapping for what was left of the senior bonds.

    • 22 Sep 2014
  • ABS issuers to test banker nerves on primary market as Créd Ag mandates

    Crédit Agricole has decided to roadshow its latest consumer ABS right up until two days before more details are due on European Central Bank ABS purchases. At least four more trades may be announced before the end of September, testing bankers’ nerves over a relatively dry spell in the primary market until uncertainty lifts.

    • 22 Sep 2014
  • Obvion mandates year’s third Storm

    Obvion has mandated Citi and Rabobank for the third Storm RMBS of the year, Storm 2014-III.

    • 22 Sep 2014
  • Enterprise Inns to cut froth on loans and issue bonds

    UK pub group Enterprise Inns plans to shake up its debt structure by refinancing loans at a tighter margin and issuing a new bond.

    • 22 Sep 2014
  • UBS loses credit structuring head

    UBS has lost a long-serving senior official from its credit structuring business.

    • 22 Sep 2014
  • SEC zones in on MBS trustees for enforcement actions

    The Securities & Exchange Commission is looking into the viability of enforcement action against trustees, as other targets of litigation related to the 2008 mortgage-backed securities crisis dry up.

    • 22 Sep 2014
  • Kensington under review after private equity sale

    Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, ;pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.

    • 22 Sep 2014
  • Irish RMBS breaks back into top rating tier

    A Fastnet shelf transaction backed by loans originated by Permanent TSB has become one of the first Irish RMBS to benefit from Fitch Ratings’ decision to move the cap on the asset class’s rating back to triple-A.

    • 22 Sep 2014
  • Lawsky stopping special servicers from doing a ‘better job’ with mortgages

    New York financial regulator Ben Lawsky is stopping special servicers from doing a ‘much better job’ with problem mortgages originated before the crisis, said a panellist at the ABS East conference in Miami on Sunday.

    • 21 Sep 2014
  • Moody’s Analytics adds ABS to expanding structured finance portal

    Moody’s Analytics is expanding its structured finance portal, a loan-level data analytics platform initially focused just on collateralised loan obligations, to include certain forms of ABS.

    • 21 Sep 2014
  • Correction to conference agenda: Track C, 4.45pm

    IMN would like to inform delegates of the ABS East conference in Miami of an error on the printed agendas for Sunday's sessions.

    • 21 Sep 2014
  • Green covered bonds will be big

    Münchener Hypothekenbank’s €300m ESG Pfandbrief will be remembered as one of the most important milestones in the development of the socially responsible investment (SRI) bond market.

    • 18 Sep 2014
  • Fed holds community banks hostage in TruPS CDOs

    Small US banks, along with insurers that issued trust preferred securities that were subsequently bundled into murky collateralised debt obligations before the crisis, are stuck between a rock and a hard place. Having deferred coupon payments for as long as they can, they’re under pressure from CDO holders to cough up — but even though they want to, the Fed won’t let them.

    • 18 Sep 2014
  • Oversight proposal could increase costs for auto lenders

    Non-bank auto lenders are expected to see the costs business spike in response to federal oversight proposed by the Consumer Financial Protection Bureau (CFPB). The rule could dampen non-bank auto ABS markets as a result.

    • 18 Sep 2014
  • Euro CLO senior spreads creeping tighter

    The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.

    • 18 Sep 2014
  • CFPB sharpens knives for subprime auto hunt

    The Consumer Financial Protection Bureau (CFPB) proposed federal oversight of non-bank auto finance companies on Wednesday. The rule, expected to be finalised with only minor tweaks, opens the floodgates for enforcement actions and private litigation against auto lenders and ABS issuers.

    • 18 Sep 2014
  • Banif’s Portuguese SME trade flies but ECB effect still hidden

    ABS bankers believe the success of Banco Internacional do Funchal’s (Banif) dual tranche SME CLO this week is not indicative of a fresh bid for periphery names in anticipation of the European Central Bank’s ABS purchase programme, but rather confirmation that there is already a great degree of comfort with higher risk ABS among investors.

    • 18 Sep 2014
  • FirstRand knocks quarter off spreads as VW returns

    FirstRand Bank shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal this week, demonstrating an already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.

    • 18 Sep 2014
  • ECB purchases may help draw ABS regulation

    ECB executive board member Yves Mersch has said the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.

    • 18 Sep 2014
  • House price risk to Spain RMBS, SME ABS

    A gradually improving Spanish economy will not stop the house price decline continuing over at least the next year, according to Moody’s, which increases the potential severity of defaults within RMBS and SME ABS pools.

    • 18 Sep 2014
  • UniCredit ups SME ABS with agency help

    A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.

    • 18 Sep 2014
  • ECB boost unclear in Banif’s popular Atlantes SME ABS

    ABS bankers believe the success of Banco Internacional do Funchal’s (Banif) dual tranche SME CLO this week is not indicative of a fresh bid for periphery names in anticipation of the European Central Bank’s ABS purchase programme, but rather confirmation that there is already a great degree of comfort with higher risk ABS among investors.

    • 18 Sep 2014
  • Cheers! Punch bondholders finally vote yes

    The value of the distressed Punch whole business securitizations is set to rally after both shareholders and bondholders voted in favour of the latest in a series of restructuring efforts.

    • 18 Sep 2014
  • Regearing lowers Dignity Finance ratings

    UK funeral service provider Dignity is to extend the maturities of some secured notes through an exchange that will leave the newly issued tranches with a lower rating from Fitch.

    • 18 Sep 2014
  • CLO relief bill awaits shot at Senate

    The House of Representatives has shown strong support for a bill from Kentucky Republican Andy Barr, aimed at protecting the CLO market by extending the deadline for banks to comply with the Volcker rule. The Senate is its next challenge, but market participants are sceptical about the bill’s chances.

    • 17 Sep 2014
  • Progress set to exploit bullish SFR demand

    Pricing guidance for Progress Residential’s first single-family rental (SFR) securitization was released on Tuesday amidst growing criticism of the new asset class, but secondary market trading levels in the first SFR suggest investors are still bullish on the product.

    • 17 Sep 2014
  • Slew of auto and credit card deals set to hit markets

    Steady supply of auto and credit card backed ABS is expected to continue as new issues in the sectors were priced this week. Pricing guidance was released for a number of other issues expect to hit markets soon, including the latest single-family rental securitization.

    • 17 Sep 2014
  • Euro CLO spreads creeping tighter despite new run of supply

    The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.

    • 17 Sep 2014
  • ABS purchases could shape future regulation, says ECB’s Mersch

    ECB executive board member Yves Mersch has said that the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.

    • 17 Sep 2014
  • Rental securitizations: the next ratings blunder?

    The nascent market for single-family rental (SFR) securitizations has given investors nearly $5bn of issuance so far, and yet another new issuer, Progress Residential, brought its first deal this month. Many of these real-estate owned (REO) properties were bundled into triple-A products in the run-up to the 2008 financial crisis — and investors could be left holding the bag again if history repeats itself.

    • 17 Sep 2014
  • Non-bank servicer boom to disrupt RMBS

    Investors in non-agency mortgage bond securitizations could see payments on their notes disrupted due to servicer turnover, according to a Fitch Ratings report released on Tuesday.

    • 16 Sep 2014
  • Credit Acceptance brings subprime deal as CFPB flexes muscles

    Fitch Ratings cautioned investors in securitizations backed by subprime auto loans on Tuesday, just as the agency's competitors assigned preliminary triple-A ratings to yet another subprime deal and the Consumer Financial Protection Bureau (CFPB) turned up the heat on the sector.

    • 16 Sep 2014
  • Calfornia clean energy groups prep new ABS

    Two California-based clean energy financing companies affiliated with the Property Assessed Clean Energy (PACE) programme are preparing asset back securities to be issued before the end of the year, one securitizing unsecured residential energy financing loans and the other backed by PACE assessments.

    • 16 Sep 2014
  • FirstRand knocks quarter off senior auto ABS spreads

    FirstRand Bank has shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal, demonstrating the already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.

    • 16 Sep 2014
  • CLO lawyer returns to Cadwalader in London

    A top securitization lawyer has rejoined Cadwalader, Wickersham & Taft to expand the firm’s structured finance practice in London.

    • 16 Sep 2014
  • House prices present risk to Spanish RMBS, SME ABS

    A gradually improving Spanish economy will not stop the house price decline continuing over at least the next year, according to Moody’s, which increases the potential severity of defaults within RMBS and SME ABS pools.

    • 16 Sep 2014
  • Grant Thornton hires director for securitization valuation

    Grant Thornton has hired a former DTCC securitization valuation specialist for its forensic and valuation services practices in New York.

    • 15 Sep 2014
  • Springleaf $2.62bn ABS follows servicing divestment

    Springleaf Finance, along with New Residential Investment Corp. and Blackstone Tactical Opportunities Advisors, intends to issue $2.62bn worth of personal loan ABS from a joint venture entity called SpringCastle. The issue comes just a month after Springleaf announced plans to unwind its mortgage servicing operations.

    • 15 Sep 2014
  • Private student loan providers readying securtization platforms

    With government-backed student loan collateral diminishing, decreasing ABS issuance in the sector could be boosted as private lenders such as Citizens Bank look to consolidate loans into securitization-ready pools.

    • 15 Sep 2014
  • Take two for CLO Volcker relief bill

    A bill that would exempt certain collateralised loan obligations from the Volcker rule is up for consideration in the House of Representatives today. If it gets through Congress, it could ease fractious negotiations between bank investors in triple-A notes, CLO managers and holders of other tranches over whether or not to Volckerise legacy transactions.

    • 15 Sep 2014
  • Volkswagen set for swift return to busy auto market

    Volkswagen has gained provisional ratings for its second auto lease securitization of the year, just days after printing a large sterling auto ABS. The deal extends a busy post-summer period for a European auto ABS market whose investors are already casting their eyes over FirstRand Bank’s latest offering this week.

    • 15 Sep 2014
  • UniCredit steps up SME ABS with agency help

    A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.

    • 15 Sep 2014
  • Market correction for latest agency risk-sharing RMBS

    Freddie Mac's seventh risk-sharing RMBS, which priced on Wednesday, is expected to settle in a more stable market than earlier issues under the program, which widened drastically last month.

    • 11 Sep 2014
  • New York CLO manager moves to Volckerise deal

    One of the largest CLO managers in the US has sent out a proposal to make a legacy deal from 2012 complaint with the Volcker rule, according to people familiar with the situation.

    • 11 Sep 2014
  • Risk retention could halt CLO issuance 'overnight' but benefit investors

    Upcoming risk-retention rules for securitization in the US could lead CLO issuance, which hit almost $80bn this week, to grind to a halt almost overnight, according to several market participants who took part in a roundtable organised by GlobalCapital this week.

    • 11 Sep 2014
  • P2P lenders amass for securitization pitch

    Lending.com, a peer-to-peer lender that launched earlier this year, expects the first securitization of its single-family property rehab loans to hit markets in eight months. The company is one of many peer-to-peer lenders flocking to the ABS East Conference later this month to plan issuance in the high-yielding asset class.

    • 11 Sep 2014
  • GM drives inside VW as sterling goes Turbo

    GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.

    • 11 Sep 2014
  • No more size anxiety about the ECB

    Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.

    • 11 Sep 2014
  • The ECB must buy mezz

    The European Central Bank has finally put its money where its mouth has been for some time on reviving European securitization. But if it doesn’t help banks shift the riskiest tranches off their books, it will have changed absolutely nothing.

    • 11 Sep 2014
  • The ECB effect: Banif SME deal to test new bid for periphery ABS

    Portuguese lender Banco Internacional do Funchal (Banif) has launched a securitization of Portuguese SME loans that will include a sale of triple-B rated debt, in an immediate test of whether the European Central Bank has managed to stimulate a new wave of appetite for periphery ABS with last week’s promise to buy up bonds.

    • 11 Sep 2014
  • ECB lack of detail clouds pipeline in European ABS

    A strong September pipeline of European ABS transactions could face delays as issuers wait for more detail from the European Central Bank on its impending asset purchases, though those that do decide to pull the trigger should have no problem with execution, bankers said this week.

    • 11 Sep 2014
  • Covered investors could shift to ABS on ECB backing

    Covered bond investors that have long shunned the European ABS market may be among the first buyside participants to be drawn back into securitization as yields in their market are squeezed even tighter by the European Central Bank’s impending purchases, bankers told GlobalCapital this week.

    • 11 Sep 2014
  • ECB could swell ABS fee wallet

    The ECB’s ABS purchase programme could mean a huge stream of new fee income for investment banks with strong securitization divisions in Europe, writes Owen Sanderson

    • 11 Sep 2014
  • ECB purchases put Italian RMBS resales on hold

    Some Italian mortgage originators preparing to re-market retained RMBS transactions in the next few months have put their plans on hold, waiting to see if they can trim costs by selling them to the European Central Bank rather than on the open market.

    • 11 Sep 2014
  • GMAC drives sterling auto ABS inside VW

    GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.

    • 11 Sep 2014
  • Italian RMBS re-sales put on hold by ECB

    Some Italian mortgage originators issuers preparing to re-market previously retained RMBS transactions in the next few months have put their plans temporarily on hold, preferring to wait and see if they can trim costs by selling them to the European Central Bank rather than the open market.

    • 11 Sep 2014
  • RBC hires from RBS for agency MBS

    Royal Bank of Canada has added to its growing securitization team, hiring a CLO trader from Royal Bank of Scotland’s shrinking securitization team.

    • 10 Sep 2014
  • Santander and GM auto ABS rolls on amid investigation

    Auto ABS originators priced a slew of deals this week, as the industry continued to grapple with negative sentiment amid a regulatory probe into lending standards.

    • 10 Sep 2014