Securitization - Article Archive

  • FHFA vs FHA: Here we go again…

    The US’s Federal Housing Finance Agency and the Federal Housing Administration are locked in yet another round of fisticuffs, with market share as the prize. If the private label RMBS market is to return, the government needs to stop hitting itself.

    • 29 Jan 2015
  • DVB marketing global aircraft ABS deal

    DVB Bank’s London Branch is marketing its first securitization, a $667m ABS backed by 20 aircraft leases to 13 airlines in 12 countries. The deal is the latest in a string of aircraft ABS issuance that is expected to jumpstart secondary trading in the esoteric asset class.

    • 29 Jan 2015
  • Risk retention breeds ‘ghost’ structures for new CLOs

    Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.

    • 29 Jan 2015
  • Sweden homes are overvalued ‘by up to 30%’

    The two decade long bull market in Swedish property has left it 20%-30% overvalued, according to research from Scope Ratings, which believes exposure to domestic real estate presents a key risk to the Swedish banks it rates.

    • 29 Jan 2015
  • Tawreeq launches ‘world first’ with trade receivables platform for SMEs

    Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

    • 29 Jan 2015
  • No quick Ginkgo return from Créd Ag

    Crédit Agricole Consumer Finance ensured a familiar start to the year for French ABS this week after deciding to retain all €750m ($848.41m) of notes in its latest consumer loan-backed transaction, Ginkgo Personal Loans 2015-1.

    • 29 Jan 2015
  • BAML follows with Italian CMBS as QE gives reason for optimism

    Bank of America Merrill Lynch priced its private equity sponsored Taurus CMBS this week, the second transaction backed by Italian assets already this year. Bankers expect that tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

    • 29 Jan 2015
  • Pair lead quest for €20bn year in euro CLOs

    US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help redress that and push issuance towards €20bn in 2015.

    • 29 Jan 2015
  • IMF sings ABS market tune in call for non-bank buyers

    The International Monetary Fund published a staff discussion paper this week, recognising the regulatory hurdles in the way of developing a bigger base of non-bank institutional investors in European ABS. Despite the heavyweight backing, bankers remain downbeat as the only authorities that matter, the Basel Committee and the EU’s framers of Solvency II, still stand in the way of a market revival.

    • 29 Jan 2015
  • Macquarie toasts Australia with RMBS

    Macquarie Securitization Limited celebrated Australia Day on Monday by launching a roadshow for what may be the first Australian RMBS to be priced in 2015, well over a month since the last supply from the country.

    • 29 Jan 2015
  • Floorplan ABS issuers bringing larger deals at higher yields

    Floorplan ABS issuers have targeted volume over pricing in recent deals, but spreads should tighten later on this year making it more difficult to increase new transactions, market participants said.

    • 29 Jan 2015
  • BlackRock deal opens P2P path for both issuers and investors

    BlackRock’s $344.85m securitization of unsecured consumer loans originated through peer-to-peer lending platform Prosper is the first deal of its type to secure a public rating. Passing that hurdle means that large institutional investors can get exposure to the lucrative asset class, and could also help smaller platforms use securitization to compete with the sector’s leading names.

    • 29 Jan 2015
  • US pair to kick off European CLOs’ quest for €20bn year

    US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help solve that problem and help drive issuance towards €20bn in 2015.

    • 29 Jan 2015
  • New Angel Oak platform to bolster non-QM market

    Angel Oak Mortgage Solutions is launching an online platform to underwrite non-QM (qualified mortgage) loans which are expected to serve as collateral for new securitizations.

    • 28 Jan 2015
  • OneMain upsizes consumer loan ABS

    Citigroup subsidiary OneMain Financial launched its first consumer loan securitization of the year on Wednesday, upsizing the deal from to $1.229bn from its initial target of $737.5m.

    • 28 Jan 2015
  • First STACR first-loss piece oversubscribed

    Freddie Mac’s first risk-sharing transaction to offer part of its first loss piece to investors was oversubscribed across all tranches, a person close to the deal told GlobalCapital. The $880m deal, priced on Wednesday, is Freddie’s first STACR issuance of the year.

    • 28 Jan 2015
  • RMBS and ABS head takes over CLOs after Deutsche trading exodus

    Deutsche Bank’s head of non-agency RMBS and consumer ABS trading has taken over CLO trading after the departure of Richard Rizzo last week. People familiar with the situation at the bank, which just priced its first US CLO of the year, say it is still fully committed to the business, but some investors are sceptical.

    • 28 Jan 2015
  • No quick comeback for Créd Ag as it retains Ginkgo deal

    Crédit Agricole Consumer Finance has got French ABS supply off to a familiar start in 2015 after deciding to retain all €750m of notes in its latest consumer loan-backed transaction, Ginkgo Personal Loans 2015-1.

    • 28 Jan 2015
  • Swedish property ‘up to 30% overvalued’

    The two decade long bull market in Swedish property has left it 20%-30% overvalued, according to research from Scope Ratings, which believes exposure to domestic real estate presents a key risk to the Swedish banks it rates.

    • 28 Jan 2015
  • Citi sub marketing ABS amid its own sale

    Citigroup subsidiary OneMain Financial is marketing its first securitization of the year, a $737.5m deal backed by nonprime and subprime consumer loans.

    • 27 Jan 2015
  • FHFA's Watt battles House over "race to the bottom"

    Federal Housing Finance Agency director Melvin Watt fought off criticism of the agency’s move to loosen underwriting standards at Fannie Mae and Freddie Mac during a hearing in front of the House Financial Services Committee on Tuesday.

    • 27 Jan 2015
  • Tawreeq provides Shariah platform for SME financing

    Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

    • 27 Jan 2015
  • SocGen takes 11 from RBS for new CMBS platform

    Société Générale is taking advantage of Royal Bank of Scotland’s retreat from US securitization to launch a new CMBS platform, its first in the US since the financial crisis.

    • 27 Jan 2015
  • RMBS newcomer Charter Court launches bank

    Charter Court Financial Services limited, which priced the third securitization under its Precise Mortgage Funding programme in November, has gained approval from the UK regulator to set up a retail savings bank, a move which the firm described as “only positive” for its RMBS programme.

    • 27 Jan 2015
  • CMBS bankers wait for QE boost as second Italian deal nears

    Bank of America Merrill Lynch has issued price guidance on its private equity sponsored Taurus CMBS, which will be the second transaction backed by Italian assets already this year. Bankers expect tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

    • 27 Jan 2015
  • RMBS holders take another swing at Ocwen

    Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.

    • 26 Jan 2015
  • Early amortization possible for Ocwen-backed notes

    Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday.

    • 26 Jan 2015
  • Strong oversub for SoFi’s latest ABS

    San Francisco marketplace lender SoFi sold its fourth and largest yet securitization of student loan refinancings on Friday, pulling in almost $900m of orders and pricing around 3bp inside where its last deal was trading on the secondary market, according to a person at the firm.

    • 26 Jan 2015
  • More ABS reaches investors in 2014 - just

    New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes.

    • 26 Jan 2015
  • Australia’s day in securitization as Macquarie lines up RMBS

    Macquarie Securitisation Limited celebrated Australia Day by launching a roadshow for what may be the first Australian RMBS to price in 2015, well over a month since the last supply from the country.

    • 26 Jan 2015
  • Originators ‘improve’ Greek RMBS performance

    Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.

    • 23 Jan 2015
  • CMBS steps out as Banca IMI and Cairn price fashionable deal

    Banca IMI and Cairn Capital priced and issued the first European CMBS transaction of the year this week, with the deal being used to refinance a luxury fashion complex in Milan.

    • 23 Jan 2015
  • Institutional investors wolf down Dunkin' Donuts securitization

    Strong demand from institutional investors allowed Dunkin’ Brands to upsize its whole business securitization by $200m to $2.6bn on Thursday, making it one of the largest such deals in recent memory.

    • 22 Jan 2015
  • Deutsche discounts Progress SFR ABS amid heavy supply

    Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.

    • 22 Jan 2015
  • Spanish supply hopes grow as SME CLO spreads tighten to viable levels

    Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

    • 22 Jan 2015
  • Gatehouse markets Shariah compliant CMBS

    Shariah compliant lender Gatehouse Bank this week began a roadshow for its first commercial rental backed security (CRBS). The bank created the new Shariah compliant structure to break into the recovering European CMBS market, and the collateral features on the new product could eventually allow tighter pricing than conventional CMBS, a senior Gatehouse banker told GlobalCapital.

    • 22 Jan 2015
  • Buyers jump on first fresh ABS to drive down VW’s auto level

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

    • 22 Jan 2015
  • New housing drive to boost Indian RMBS

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    • 22 Jan 2015
  • Top players lose share in CLOs, but not for long

    The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.

    • 22 Jan 2015
  • Pace effect unclear as ABS is loaded into ECB bazooka

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    • 22 Jan 2015
  • Lloyds continues US push with another London transfer

    UK-headquartered Lloyds Bank has transferred yet another senior banker to its New York outpost, as it attempts to win market share in carefully-selected parts of the US capital markets such as corporate debt and securitization. The new addition will focus on North American institutional investor coverage for the bank’s financial institutions team.

    • 22 Jan 2015
  • ABS wrapped into Draghi’s bazooka but pace effect unclear

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    • 22 Jan 2015
  • The SEC banned who from rating what?

    The Securities & Exchange Commission’s decision to suspend Standard & Poor's from rating conduit fusion CMBS deals for one year may seem dramatic, but will have little effect on issuers and investors. Market participants have already adapted to life without the ratings agency, which has seen its market share drop by a factor of 10 since 2007.

    • 22 Jan 2015
  • Dutch RMBS spreads hit fresh lows but tightened lending rules to slow recovery

    Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.

    • 22 Jan 2015
  • Esoteric ABS surge continues

    A trend of more esoteric ABS issuance continued this week with three deals marketing, one backed by timeshares, another by shipping containers and the third by railcar equipment.

    • 21 Jan 2015
  • Another shot for MBS investors in trustee lawsuits

    Lawsuits against MBS trustees over bad mortgages originated before the financial crisis might still have a chance of being considered, after a petition filed in a US federal appellate court on Tuesday.

    • 21 Jan 2015
  • Largest SoFi ABS yet gets upgrade despite lower FICOs

    DBRS has awarded West Coast marketplace lender SoFi a small ratings upgrade for its fourth and largest yet securitization of student loan refinancings, despite noting slightly weaker collateral backing the deal.

    • 21 Jan 2015
  • TCW hires two for credit research and trading

    Los Angeles asset management firm TCW Group has hired two new senior vice presidents, with extensive experience in US credit markets and collateralised loan obligations.

    • 21 Jan 2015
  • StormHarbour reveals third deal for Energias de Portugal

    StormHarbour arranged an electricity tariff deficit sale for Energias de Portugal just before Christmas, the third such transaction it has structured for the energy company but also the smallest.

    • 21 Jan 2015
  • New measures to boost tiny Indian RMBS market

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    • 21 Jan 2015
  • VW pushing 3x as investors climb on fresh bonds

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for its market opening auto loan-backed transaction.

    • 21 Jan 2015
  • Auto performance down but pipeline still strong

    Regular auto ABS issuers are not expected to encounter much difficulty launching new deals in the prime or subprime space, despite declining performance, as Credit Acceptance Corp leads a pack of auto lenders marketing new deals this week.

    • 20 Jan 2015
  • Cadwalader names securitization expert as managing partner

    Law firm Cadwalader, Wickersham & Taft has named Patrick Quinn, an expert on the securitization market, as managing partner.

    • 20 Jan 2015
  • Progress pricing similar to Invitation Homes, but less leverage

    Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.

    • 20 Jan 2015
  • VW testing tighter with ECB to come

    Volkswagen Bank is ready to set a tight benchmark for the rest of the European ABS market to follow on Wednesday after tightening guidance on its Driver Thirteen German auto ABS to a minimum spread of 25bp on Tuesday.

    • 20 Jan 2015
  • Spanish supply hopes grow as SME CLO spreads tighten

    Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

    • 20 Jan 2015
  • Gatehouse preps Shariah compliant structure for CMBS breakthrough

    Shariah compliant lender Gatehouse Bank kicked off a roadshow on Monday for its first commercial rental backed security (CRBS). The bank created the new Shariah compliant structure in order to break into the recovering European CMBS market, and the collateral features on the new product could eventually allow tighter pricing than conventional CMBS, a senior Gatehouse banker told GlobalCapital.

    • 19 Jan 2015
  • UK group sells motorway services CMBS

    Extra MSA Group, which owns a portfolio of 18 motorway service areas (MSAs) in the UK, has securitised half of them in a private £220m commercial mortgage-backed bond just before Christmas.

    • 19 Jan 2015
  • Two out of three is bad for Tesco CMBS

    Standard & Poor’s became the second ‘big three’ ratings agency to cut UK supermarket group Tesco to junk status last week, and its commercial mortgage-backed debt is suffering the consequences.

    • 19 Jan 2015
  • DLJ Mortgage Capital to bring jumbo RMBS

    DLJ Mortgage Capital is partnering with Credit Suisse to bring an RMBS issuance backed by 525 jumbo mortgages totaling $381.6m in principal.

    • 15 Jan 2015
  • Raters stop short of Ocwen RMBS downgrades

    Ratings agencies are monitoring the possibility of a mortgage servicing right (MSR) fire sale in California closely, but they have stopped short of downgrading structured products tied to the beleaguered servicer.

    • 15 Jan 2015
  • Investors urged to jump in to euro ABS as tightening trend starts to re-emerge

    While some ABS market participants remain extremely unimpressed by the pace of European Central Bank purchases so far, many are now expecting the scheme to gather pace as the process becomes more streamlined and are urging any investors not positioned for a another rally to become so.

    • 15 Jan 2015
  • ‘Reeling’ CLO market searches for first pricing

    The US CLO market was still yet to see its first deal pricing of 2015 on Thursday, with a confluence of regulatory and market-driven factors putting serious pressure on demand. But that isn’t stopping some banks from taking an aggressive stance on new issuance.

    • 15 Jan 2015
  • EU work on HQS ‘not done’ after October phase-in call

    Delegated acts that contain Europe’s first regulatory action designed to promote high quality securitizations will begin to take effect in October, after the European Parliament and Council gave their backing to the rules.

    • 15 Jan 2015
  • CLOs rue oil exposure

    Of the 68 US loan borrowers that have suffered price drops of more than 5 percentage points in the past 30 days, some 35 are in the oil and gas industry or related sectors, compared to just five two months ago, Morgan Stanley analysts wrote on Wednesday.

    • 15 Jan 2015
  • Fitch has vote of confidence for mortgages

    The outlooks for European residential mortgage markets have either improved or stayed the same compared with a year ago, said Fitch in a report this week. But the ratings agency also warned that the housing recovery in Europe’s periphery is “fragile and uneven”.

    • 15 Jan 2015
  • German group slams ECB and claims purchases are ‘subsidy programme’

    Stiftung Familienunternehmen, an organisation representing family-owned companies in Germany and Europe, has criticised the European Central Bank’s asset backed securities purchase programme, saying it oversteps the bounds of the central bank’s mandate and is designed to help banks in the continent’s weaker economies.

    • 15 Jan 2015
  • Autos to open year for Europe but issuers wary ahead of ECB

    Auto ABS will provide two of the first clutch of European ABS deals of 2015 after mandates this week from Volkswagen Bank and Santander Consumer UK. But bankers say the pipeline remains patchy for this month as issuers see no need to hurry ahead of an anticipated launch of sovereign bond buying from the European Central Bank next week.

    • 15 Jan 2015
  • HSBC becomes first foreign bank to print Chinese ABS

    HSBC has completed the first issuance of asset backed securities by a foreign bank in China, at a time when the government is trying to foster more issuance from domestic banks.

    • 15 Jan 2015
  • Bay area PM approaching new ABS fund launch

    A San Francisco Bay area portfolio manager is readying his firm’s first dedicated securitized asset fund, focusing on esoteric ABS, as well as RMBS and CMBS and some CLOs.

    • 15 Jan 2015
  • Spire to unveil new euro CLO platform

    Spire Partners has hired a European investment bank to arrange its inaugural European collateralised loan obligations (CLO) transaction, as fellow US managers consider their own debuts.

    • 15 Jan 2015
  • Upgrades loom as UK non-conforming story improves

    The performance of UK non-conforming residential mortgage-backed securities market improved in the three months ending November 2014, according to Moody's, which has a positive view on the country’s housing market and is eyeing upgrades to 17 trades.

    • 15 Jan 2015
  • Santander to double down in Vegas

    Santander Consumer UK has lined up a series of meetings with investors at ABS Vegas in February, to discuss what would be the fourth dual sterling and dollar offering of auto ABS from its Motor programme in as many years.

    • 15 Jan 2015
  • Bubble talks not expected to burst AmeriCredit's new deal

    GM Financial’s subprime auto ABS issuance by AmeriCredit Financial Services was priced at 50bp over swaps on Wednesday. Demand for the notes should be high, in spite of the latest round of subprime auto bubble predictions, market participants reckon.

    • 14 Jan 2015
  • Invitation Homes opens big year for SFR ABS

    Invitation Homes is marketing the first single family rental (SFR) securitization of 2015, a $540.854m deal backed by a single first-lien, interest-only loan.

    • 14 Jan 2015
  • CLO moves: Gulf Stream CLO manager leaves Apollo

    A portfolio manager mainly focused on CLOs acquired from Gulf Stream in 2011 has left Apollo Global Management, GlobalCapital understands. Separately, Apollo is marketing its first US CLO of 2015, ALM 12, with Morgan Stanley as arranger.

    • 14 Jan 2015
  • Two Harbors comes but jumbo RMBS still small-time

    Jumbo RMBS issuance in the US is trending upward as Two Harbors markets its first deal of the year, but market participants say a lot more volume is needed before a secondary market can develop in the sector.

    • 14 Jan 2015
  • New TIG fund targets esoteric ABS

    US hedge fund TIG Advisors has launched a new fund to target illiquid securitized products that do not quite fit into its Securitized Asset Fund, with a focus on esoteric asset classes like aircraft ABS and peer-to-peer loan securitizations.

    • 14 Jan 2015
  • Debt capital markets chiefs forecast the year ahead

    GlobalCapital’s Toby Fildes interviewed the heads of debt capital markets at 18 of the top 25 investment banks, on their expectations for 2015. Here is what they think.

    • 14 Jan 2015
  • VW preps ABS market opener as supply lines up for February

    Volkswagen Bank has named leads for what will likely be the first European ABS print of 2015 next week. Bankers anticipate seeing only one or two more deals in January but they are preparing for a busy February and March.

    • 14 Jan 2015
  • HSBC first foreign bank to print Chinese ABS

    HSBC has completed the first issuance of asset-backed securities by a foreign bank in China, at a time when the government is trying to foster more issuance from domestic banks.

    • 14 Jan 2015
  • Ford increases ABS issuance as oil plunges lower

    Ford launched its first auto ABS deal of the year on Tuesday. The issuance was a lot larger than expected and priced on the tighter side of guidance, amid a boost in car sales prompted by the slide in oil prices.

    • 13 Jan 2015
  • Ocwen-exposed RMBS holders can't catch a break

    Performance shocks could be on the way for agency RMBS and servicer advance securitizations exposed to Ocwen Financial, following an investigation in California which could result in the offloading of Ocwen’s entire California servicing portfolio.

    • 13 Jan 2015
  • US Ex-Im Bank hires OPIC structured head

    The Export-Import Bank of the United States has hired the Overseas Private Investment Corporation’s former vice president of structured finance to oversee its structured finance transactions, according to a statement from the Ex-Im Bank.

    • 13 Jan 2015
  • German group slams ECB motives on ABS

    Stiftung für Familienunternehmen, an organisation representing family owned companies in Germany and Europe, has criticised the European Central Bank’s asset backed securities purchase programme, saying it oversteps the bounds of the central bank’s mandate and is designed to help banks in the continent’s weaker economies.

    • 13 Jan 2015
  • Towd Point to bring second rated RPL RMBS since crisis

    Towd Point Mortgage Trust is marketing the second rated re-performing loan (RPL) RMBS transaction since the financial crisis, as yields have declined in the sector and new issuers have sought ratings to sweeten the deal for investors.

    • 12 Jan 2015
  • FHFA fee cut expected to hit RMBS investors

    The Federal Housing Finance Agency (FHFA) is believed to be considering a reduction in its conventional mortgage guarantee fees in a bid to win back business from the Federal Housing Administration (FHA).

    • 12 Jan 2015
  • C-PACE pioneer leaves Connecticut Green Bank

    Jessica Bailey, who helped spearhead Connecticut’s property assessed clean energy (PACE) financing programme for commercial buildings, resulting in the first ever securitization of commercial PACE collateral, is leaving the Connecticut Green Bank after almost three years.

    • 12 Jan 2015
  • JPM picks up Prudential mandate as CLOs lurch into life

    Prudential Investment Management has begun marketing its first Dryden CLO of 2015 with JP Morgan, as new US issuance struggles out of the starting blocks amid cautious trading sentiment. Elsewhere, Cutwater Investor Services has begun ramping a new CLO, with Royal Bank of Canada as arranger.

    • 12 Jan 2015
  • Issuers and investors sit on hands as QE decision looms

    The secondary market for European ABS picked up towards the tail end of last week but the primary market remained devoid of activity on Monday, as bankers digested another day of European Central Bank policy prediction and a reported plan by the Italian government to guarantee mezzanine ABS.

    • 12 Jan 2015
  • EU backs ‘high quality securitization’ rules for October

    Delegated acts that contain Europe’s first regulatory action designed to promote high quality securitizations will begin to take effect in October, after the European Parliament and Council gave their backing to the rules.

    • 12 Jan 2015
  • Awards: Overall bond deals of the year

    GlobalCapital’S DEAL OF THE YEAR awards are voted for by leading participants in the international bond markets. First, investment banks were asked to nominate their best lead managements in each category. From that shortlist, market participants voted for the outstanding transactions, without voting for their own deals. GlobalCapital’s awards for the best banks, chosen by borrowers, and the most impressive borrowers, voted by banks, will be chosen in a separate poll and announced at the GlobalCapital Bond Dinner in May.

    • 09 Jan 2015
  • Securitization: Fixing the private label RMBS market

    Issuers, investors and policymakers set their sights on jumpstarting the private-label securities market last year, but their efforts were fruitless, aside from the launch of a few jumbo deals. 2015’s pipeline is looks stronger though, and investors are better placed to trust issuers than they have been in years. Ryan Bolger reports.

    • 09 Jan 2015
  • Themes for 2015: Securitization – paying its debt to society

    ABS has been on trial since 2007, when abusers of the technique conspired to set the global economy back a decade or more. Regulators now hold the keys to securitization, and it is they who will ultimately decide whether the asset class has served its time, writes Tom Porter.

    • 09 Jan 2015
  • Securitization: Down, but not out: CLOs seek to overcome Dodd-Frank hoodoo

    The US CLO market boomed in 2014, overcoming Volcker ule jitters at the start of the year to break issuance records in the last quarter. But risk retention regulation could force smaller managers out of the market. Will Caiger-Smith reports.

    • 09 Jan 2015
  • Securitization: All bets are off as ECB takes hold of ABS

    Securitization made serious advances in Europe last year, even if the numbers do not show it. Supply has broadened and the product has been embraced by the continent’s higher powers. But looking ahead there is no escaping the long shadow of the European Central Bank, which, for good or ill, is going to shape the entire market for the next 12 months and beyond. Tom Porter reports.

    • 09 Jan 2015
  • Mercedes leads faster and larger auto issuance

    Auto ABS issuance is coming in larger volumes and at a faster pace than expected, with a deal by Mercedes-Benz leading a pack of issuers targeting investors with fresh pockets at the start of the new year.

    • 08 Jan 2015
  • Mariner brings debut CLO after Orix hires

    Mariner Investment Group kicked off US collateralized loan obligation issuance for 2015 on Thursday with its debut deal, a $502m transaction completed after hiring 13 members of its strategic partner Orix’s corporate credit team in November.

    • 08 Jan 2015
  • Synthetic CDOs back as hedgies drive full cap sales

    Synthetic collateralised debt obligations, one of the financial products synonymous with the global crisis, are set to accelerate their recent tentative comeback. Real money investors are joining hedge funds in chasing the controversial instruments’ double-digit yields, write Will Caiger-Smith and Beth Shah.

    • 08 Jan 2015
  • FHA plan to grab biz from Fannie and Freddie

    The Federal Housing Administration’s plan to lower annual mortgage insurance premiums is expected to steer business to Ginnie Mae and away from Fannie Mae and Freddie Mac, but performance should be stronger for notes backed by conventional mortgages.

    • 08 Jan 2015