Securitization - Article Archive

  • Asiamoney Australia Awards 2014: the brightest and the best

    Asiamoney is pleased to announce the winners of the 2014 Australia Awards. After suggestions by bankers from global and domestic institutions, we weighed the most impressive deals and banks in the market last year. The decisions were not always easy, but we hope to have picked a series of winners that truly highlight the breadth of potential in Australia's capital market. It was a good year for the overall market; it was a great year for the winners below.

    • 27 Feb 2015
  • Flagship subprime auto ABS to benefit from merger

    Flagship Credit Acceptance, which merged with another US subprime ABS issuer, CarFinance, earlier this year, is marketing its first subprime auto ABS of 2015.

    • 26 Feb 2015
  • Cerberus & Five Ten: the first multi-borrower rental deal?

    Two new suppliers of single family rental ABS could be coming to market if Cerberus Capital Management acquires Five Ten Capital.

    • 26 Feb 2015
  • RBS takes axe to ABS book in investment bank retreat

    The dismantling of Royal Bank of Scotland’s global investment bank has had a heavy impact on its securitization activity, with its long positions in the sector falling 34% last year.

    • 26 Feb 2015
  • New look Apollo RMBS takes Aussie RMBS past A4$bn with more on way

    Investors showed their liking for newly introduced features in the structure of Suncorp Bank’s latest Apollo RMBS this week, while two more issuers are set to keep a recent surge of Australian deals running.

    • 26 Feb 2015
  • RMBS demand solid but Italian housing market heading lower on weak buying

    Italian RMBS may be on investors’ wish lists but the country’s housing market is still struggling to show similar strength, with Fitch predicting that low demand will depress prices further this year.

    • 26 Feb 2015
  • US investors want more ABS from Santander

    Santander Consumer UK showed a clear bias towards cheaper sterling funding in pricing its dual tranche auto ABS last week, but GlobalCapital understands US investors are pushing the issuer for more dollar paper.

    • 26 Feb 2015
  • ECB yield squeeze drives large bid for UK non-con RMBS deal

    Renewed appetite for UK non-conforming RMBS drove Charter Court’s Precise 2015-1 to multiple subscription levels this week, and Kensington Mortgages is now lining up to help ABS investors take refuge from ECB-tightened spreads elsewhere in Europe.

    • 26 Feb 2015
  • Race to the bottom: docs suffer amid CLO demand surge

    From Tokyo to Toronto to Tel Aviv, new buyers across the globe are piling into the senior tranches of US CLOs — and more experienced triple-A investors aren’t happy about it.

    • 26 Feb 2015
  • VW goes global with auto trade in third currency

    Volkswagen Financial Services has added Australian dollars to its growing list of currencies for auto ABS prints already this year, after printing its second securitization of Australian auto loan receivables.

    • 26 Feb 2015
  • Loans, news in brief — February 26, 2015

    Foncia — Springer Science — Survitec — Eiffage — British Land — Sanitec

    • 26 Feb 2015
  • RBS sheds 34% of securitization exposure

    The dismantling of Royal Bank of Scotland’s global investment bank has had a heavy impact on its securitization activity, with its long positions in the sector falling 34% last year.

    • 26 Feb 2015
  • Resimac joins rush of RMBS as Suncorp tops A$1bn

    Suncorp Bank increased the size of its Apollo 2015-1 RMBS to A$1.25bn by pricing, and there is plenty more Australian RMBS on the way with Resimac adding its itself to the pipeline on Thursday.

    • 26 Feb 2015
  • Fix securitization before printing SME backed bonds

    European authorities want banks to provide credit to small and medium sized enterprises through SME backed covered bonds. But they don’t need the funding; they need capital. They need securitization.

    • 26 Feb 2015
  • Barclays gets its big CLO break with new US mandate

    Barclays has bagged a mandate for one of New York’s largest CLO managers, its first deal for a top-tier stateside CLO issuer since entering the market in 2012.

    • 25 Feb 2015
  • Investors primed for new SFR ABS structure

    American Homes 4 Rent’s first single-family rental securitization of the year was priced at 140bp over swaps on Thursday.

    • 25 Feb 2015
  • Wider spread for Caliber's fourth NPL deal of year

    Caliber Home Loans priced its fourth RMBS backed by non-performing loans of the year on Wednesday. The unrated deal was fully subscribed, according to someone familiar with the transaction.

    • 25 Feb 2015
  • Precise mid-tier flies as investors jump on non-con RMBS

    Renewed appetite for UK non-conforming RMBS has driven Precise 2015-1 to multiple subscription levels, though guidance on the top stack of notes has been set at the wide end of initial price thoughts.

    • 25 Feb 2015
  • Trio hit starved senior bid in FIG

    A lack of supply allowed a trio of issuers to hit the senior market at aggressive levels this week, drawing large books at skinny spreads compared to earlier this year.

    • 25 Feb 2015
  • VW to print auto ABS in third currency this year

    Volkswagen Financial Services has set out to add Australian dollars to its growing list of currencies for auto ABS prints already this year, after issuing guidance on its second securitization of Australian auto loan receivables.

    • 25 Feb 2015
  • AH4R launches rental ABS with new structure

    American Homes 4 Rent is drawing on a CMBS tactic in a first of its kind single-family rental (SFR) securitization which addresses refinance risk.

    • 24 Feb 2015
  • BAML reshuffles NY structured credit with new co-heads

    Bank of America Merrill Lynch has appointed two new co-heads for its global structured products and credit financing team in New York, which includes its CLO business.

    • 24 Feb 2015
  • Delinquencies up but auto ABS still full throttle

    Despite rising delinquencies the US auto ABS pipeline continues unabated, and analysts are not significantly revising their performance expectations.

    • 24 Feb 2015
  • Two crucial ways P2P lenders aren’t like banks

    Financial innovation deserves scepticism, especially unregulated investments offering retail investors supposed juicy returns. But while P2P lending merits scrutiny, it is both less useful, and less dangerous, than banking.

    • 24 Feb 2015
  • RMBS demand solid but Italian house prices heading lower

    Italian RMBS may be on investors’ wish lists but the country’s housing market is still struggling to show similar strength, with Fitch predicting low demand will depress prices further this year.

    • 24 Feb 2015
  • New-look Apollo RMBS covered in line with Puma

    Investors have shown their liking for newly introduced features in the structure of Suncorp Bank’s latest Apollo RMBS, with all five tranches covered by orders on Tuesday.

    • 24 Feb 2015
  • S&P ratings error puts RMBS on negative watch

    Standard & Poor’s announced late on Friday that it placed the ratings for 338 classes of legacy RMBS on credit watch negative due to an analytical error.

    • 23 Feb 2015
  • CS takes BAML head ABS trader in NY

    Credit Suisse has hired Bank of America Merrill Lynch’s head of ABS trading in New York, having recently reaffirmed its commitment to the business.

    • 23 Feb 2015
  • Ocwen and Nationstar keep quiet on MSR pricing

    Ocwen Financial announced an agreement to sell a $9.8bn portfolio of mortgage servicing rights to Nationstar Mortgage on Monday, but a lack of detail means the impact of the deal is unclear.

    • 23 Feb 2015
  • HLSS escapes Ocwen handcuffs

    Home Loan Servicing Solutions has found a potential escape from its dependence on loans serviced by Ocwen Financial, but RMBS and ABS investors might not be so lucky.

    • 23 Feb 2015
  • BAML raids JPM for ABS syndicate

    Bank of America Merrill Lynch has hired a dedicated head of ABS syndicate for EMEA, ending the bank's post-crisis arrangement of syndicating ABS issues through its trading desk.

    • 23 Feb 2015
  • Sanitec repays debt and loses rating after Geberit takeover

    Finnish bathroom tiles maker Sanitec has prepaid and cancelled a €275m loan as part of its acquisition by rival Geberit.

    • 23 Feb 2015
  • US investors demand more from Santander with sterling funding favoured

    Santander Consumer UK showed a clear bias towards cheaper sterling funding in pricing its dual tranche auto ABS last week, but GlobalCapital understands US investors are pushing the issuer for more dollar paper.

    • 23 Feb 2015
  • CBA doubles up on Medallion return

    Commonwealth Bank of Australia doubled the size of its latest RMBS placing before pricing on Friday, though the A$2bn deal still fell well short of its last effort.

    • 23 Feb 2015
  • Timely pick-up in Spanish mortgage performance

    Moody’s has revealed an improved performance in mortgage pools backing Spanish RMBS transactions in the fourth quarter, just as Spanish securitizations are predicted to resume.

    • 23 Feb 2015
  • George Ellison tapped as Altisource CEO

    Former RMBS fraud defendant George Ellison is replacing Ashish Pandey as CEO of Ocwen Financial affiliate Altisource Asset Management Corporation (AAMC), according to an announcement.

    • 20 Feb 2015
  • S&P error could mean "between 300 and 400" RMBS downgrades

    Standard & Poor’s left markets guessing about its legacy RMBS ratings following its announcement Thursday night that a departure from its methodology could result in widespread downgrades.

    • 19 Feb 2015
  • Coming soon: a new structure for non-agency RMBS

    RMBS issuers are considering a new type of deal structure which appoints a transaction manager with a fiduciary obligation to investors, GlobalCapital understands.

    • 19 Feb 2015
  • Property P2P lender imitates banking model with retail secured bond issue

    Wellesley has moved its peer-to-peer lending model closer to traditional banking, structuring a secured bond to allow retail investors to fund part of its loan book.

    • 19 Feb 2015
  • Crisis to creation for Spain as Banque PSA prints auto ABS

    Banque PSA this week sold the first broadly syndicated Spanish securitization since the financial crisis, which could lead other borrowers back into ABS.

    • 19 Feb 2015
  • Venn to ramp up Dutch RMBS prints amid strengthening mortgage market

    UK-based asset manager and lender Venn Partners is to set up a new residential mortgage platform and servicing business in the Netherlands, with plans to originate €500m annually and print at least one RMBS transaction a year from its fledgling Cartesian shelf.

    • 19 Feb 2015
  • Investors revel in ECB’s impact on ABS market

    Despite investor anger over the European Central Bank’s entry into the European ABS market as a buyer in November, and widespread disappointment over its pace of intervention, they are now enjoying what some claim are the best opportunities in years.

    • 19 Feb 2015
  • Has the Commission got what it takes to transform Europe’s capital markets?

    The European Commission has published its proposals for Capital Markets Union aimed at changing rules for capital raising.

    • 19 Feb 2015
  • Investors revel in ECB effect despite meagre totals

    Despite investor anger over the European Central Bank’s entry into the European ABS market as a buyer in November, and more widespread disappointment over the pace of its purchases, they are now enjoying what some claim are the best opportunities they have seen in years.

    • 19 Feb 2015
  • Ex-Lloyds boss joins P2P pioneer

    Eric Daniels, the former chief executive of Lloyds, has joined Wellesley Finance as non-executive chairman.

    • 19 Feb 2015
  • ‘High quality’ just a smokescreen for investors

    There was muted celebration in the European ABS market this week as yet another rule making body began to row back from the punitive regulatory treatment imposed on the industry in the wake of the financial crisis.

    • 19 Feb 2015
  • Subprime auto deals 'snapped right up'

    Investors were quick to purchase small subprime auto ABS issues by DriveTime and CarFinance that were priced on Wednesday.

    • 18 Feb 2015
  • Navient and Nelnet chase hungry student loan buyers

    Low issuance of securitizations of federally guaranteed student loans has left investors hungry, an appetite that could be sated by private student loan providers such as Sofi.

    • 18 Feb 2015
  • Banque PSA closes on 60bp for Spanish auto resale

    A swift oversubscription has allowed Banque PSA Finance to tighten the coupon range on its remarketing of senior notes in the retained Auto ABS 2012-3, which is the first broadly syndicated ABS supply from Spain since the crisis.

    • 18 Feb 2015
  • EU takes aim at retention and ratings for ‘high quality’ ABS

    The European ABS industry is inching closer to the new comprehensive approach to regulation it has been craving since the financial crisis, after the European Commission on Wednesday launched a consultation on securitization that appears heavily informed by market participants’ long held concerns.

    • 18 Feb 2015
  • Commission publishes Capital Markets Union plan

    The European Commission has published its Green Paper on Capital Markets Union, alongside consultations on securitization and prospectus regulations.

    • 18 Feb 2015
  • Eurozone scrap fails to floor AT1 market

    The failure of Monday’s Eurogroup meeting to reach agreement with Greece did nothing to derail FIG markets, though supply has been limited compared to recent weeks.

    • 18 Feb 2015
  • Springleaf back to market with consumer ABS

    Springleaf Finance Corporation priced its first securitization of the year on Wednesday, following recent efforts by the company to lower its debt burden.

    • 17 Feb 2015
  • Ginnie RMBS safe from FHA refinancings, so far

    Ginnie Mae RMBS investors' returns could soon be hit by accelerated payments from a large upswing in FHA refinancings.

    • 17 Feb 2015
  • What happens in ABS shouldn’t stay in ABS

    The omerta code works fine for a weekend in Sin City, but not for one of the US’s most important funding products. The securitization market must adapt to the spirit, not just the letter, of new transparency requirements — it is quickly running out of excuses not to do so.

    • 17 Feb 2015
  • P2P lender imitates bank with secured bond issue

    Wellesley has moved its peer-to-peer lending model closer to traditional banking, structuring a secured bond to allow retail investors to fund part of its loan book.

    • 17 Feb 2015
  • NewDay to kick off 2015 for UK credit card ABS

    UK credit and store card provider NewDay will hit the road next week to market its second securitization of credit card debt from the portfolio it acquired from Santander UK last year.

    • 17 Feb 2015
  • Stark contrast in conditions for CBA in Australian RMBS

    CBA is demonstrating how conditions have changed in Australian RMBS since August by marketing the single tranche of senior notes 10bp wide of its last deal.

    • 17 Feb 2015
  • Four tranches to be Precise

    Charter Court Financial Services will offer investors four tranches of notes down to a triple-B rating, in the latest UK non-conforming RMBS transaction from its “near prime” Precise Mortgage Funding shelf.

    • 16 Feb 2015
  • Venn to ramp up Cartesian issuance amid resurgent Dutch mortgage market

    UK-based asset manager and lender Venn Partners is to set up a new residential mortgage platform and servicing business in the Netherlands, with plans to originate €500m annually and print at least one RMBS transaction a year from its fledgling Cartesian shelf.

    • 16 Feb 2015
  • Auto execs say oil prices won't impact performance

    Bankers working on auto ABS issuance and investors in the asset class have tended to view low fuel prices as a positive for performance of subprime deals, but finance heads at two of the largest sponsors said that the impact of gas prices on performance could be overstated.

    • 12 Feb 2015
  • Santander leads auto ABS pipeline amid strong sentiment

    New issuance stalled at the start of this week with syndicates and investors away from their desks at the annual ABS Vegas conference which concluded on Wednesday. It did not take long for issuers to get back to work with three new auto ABS deals in the pipeline.

    • 12 Feb 2015
  • Precise picks Lloyds for year’s first non-conform trade

    Precise Mortgages has mandated Lloyds as sole arranger on its first UK RMBS of the year, with Bank of America Merrill and JP Morgan joining the ticket as joint bookrunners. Meetings ahead of the deal, Precise 2015-1, will begin on Tuesday.

    • 12 Feb 2015
  • 'We're not all Darth Vader', bankers tell ABS conference

    So-called shadow banking products like asset-backed securities, asset-backed commercial paper and repurchase agreements do not require greater regulation to mitigate systemic risk, market participants argued during a roundtable discussion at ABS Vegas on Wednesday.

    • 11 Feb 2015
  • Solar stretches wings as ABS offers solution for Japanese energy

    The securitization market could offer a financing solution for the energy market in Japan, where the government is pushing rooftop solar panel facilities as an alternative to nuclear power following the closure of nearly all the country’s nuclear plants in the aftermath of the 2011 tsunami and earthquake and the ensuing Fukishima accident.

    • 11 Feb 2015
  • Bankers worry HQS could threaten global status of securitization

    While efforts to define certain ABS transactions as ‘high quality’ or ‘qualifying’ securitizations as a potential step to affording them relaxed capital treatment have been broadly well received in Europe, bankers are concerned the move could fragment the global ABS market further.

    • 11 Feb 2015
  • UK non-conforming flies as yield hunt hits new ground

    The European ABS market has performed well this year but has largely been confined to plain vanilla senior tranches eligible for central bank purchases. This week the hunt for yield encroached on new territory with buyers swooping in on UK mezzanine non-conforming RMBS.

    • 11 Feb 2015
  • Multi-borrower SFR ABS battles complexities

    Market participants are expecting the first string of multi-borrower single-family rental (SFR) securitizations to be issued this year, with even more to follow in 2016 — although they had expected the first deal to be issued by the end of last year.

    • 11 Feb 2015
  • CLOs to shrug off energy exposures, triple-As to tighten

    The confidence gleaned from a record year of US collateralized loan obligation (CLO) issuance in 2014 has clearly been carried into 2015. Some market participants at ABS Vegas predict the asset class will shrug off concerns over energy sector exposures and attract more equity buyers.

    • 11 Feb 2015
  • Goldman markets Dryden inside Spire deal

    Goldman Sachs is marketing senior notes in Pramerica’s Dryden 35 Euro CLO at 130bp, tighter than the 135bp level pegged for Deutsche for price thoughts on Spire Partner’s Aurium CLO I, but in line with Carlyle’s market-opening trade last week.

    • 10 Feb 2015
  • Nationwide’s Silverstone will feature all three major currencies

    Nationwide’s new UK RMBS, Silverstone 2015-1, will feature tranches in euros, dollars and sterling, and will aim for a £1bn equivalent size. This is the largest spread of currencies of any UK master trust deal since the Funding for Lending scheme was announced in 2012.

    • 10 Feb 2015
  • Barney Frank Q&A: System safer but risks remain

    Former congressman Barney Frank sat down with GlobalCapital after his keynote speech at ABS Vegas on Monday to discuss the implementation of the financial regulation overhaul he co-sponsored. While the market is safer as a result of the Dodd-Frank Act, Frank said there were some shortfalls in the law and its implementation.

    • 10 Feb 2015
  • Investors will drag the ABS market screaming into the Facebook era

    Eight years after the financial crisis, disclosure remains a contentious issue for the ABS community, with new transparency rules in the US and Europe raising costs for issuers even as they improve information for investors. But with the advent of new technology, issuers are running out of excuses.

    • 10 Feb 2015
  • Rebranding ABS for real economy

    Securitization has long been a critical tool in funding the US real economy, and now Europe’s financial authorities are arguing the ABS market has a direct positive impact on small businesses and consumers as they look to revive activity in the asset class. A panel of industry experts was given the task of proving it in Las Vegas on Monday.

    • 09 Feb 2015
  • Books open on debut Spire CLO

    Books are open on Spire Partners’ debut European CLO, with initial price thoughts 5bp wider than where Carlyle priced its market-opening Carlyle Global Markets Strategies Europe 2015-1 deal last week.

    • 09 Feb 2015
  • ABS market descends on Vegas with 6,500 expected

    The Aria Hotel and Resort in Las Vegas was taken over by securitization market professionals on Sunday February 8, as record numbers flocked to the Structured Finance Industry Group and IMN's second annual ABS Vegas conference.

    • 09 Feb 2015
  • Deflated balls: veterans recall the hard old days of the RMBS market

    “I recall that the remedy for a breach of warranty was that the issuer had to buy back the loan, pay a 10% premium, and make a sacrifice — preferably a white bullock — to the Egyptian god of the sun, Amun Ra,” said George Miller, CEO of Auspex LLC and long-time securitization industry voice.

    • 09 Feb 2015
  • Used car sales defy CFPB probe

    Used car sales are believed to be at the centre of the US Department of Justice’s ongoing probes into subprime auto lending and securitization practices. But if Ally Financial’s plans are any indication, the DoJ has not done much to deter firms from making such loans.

    • 09 Feb 2015
  • More liquidity penalties for securitization on the way

    Yet another Basel III liquidity requirement is expected to discourage US banks from holding asset backed securities. The new requirement, called the net stable funding ratio (NSFR), was adopted by the Basel Commission early last year but has yet not been implemented in the US.

    • 09 Feb 2015
  • Investors worried over esoteric ABS pricing

    Marketplace lending platforms are expected to account for a larger share of the esoteric ABS market as issuance picks up, but some market participants are worried that a lack of support in the secondary market has already left some transactions mispriced.

    • 09 Feb 2015
  • Now or never for consumer ABS as rate hikes loom

    Crashing energy prices, investors' thirst for yield and expected rate hikes point to a hot year for consumer ABS, suggested researchers at a panel on Monday at ABS Vegas 2015.

    • 09 Feb 2015
  • Risk retention exemption riles Barney Frank

    Dodd-Frank Act architect Barney Frank prescribed risk retention for RMBS as the best way to prevent origination and securitization of excessively risky mortgages during a keynote address at ABS Vegas on Monday. That would be an improvement over the rule based approach to Dodd-Frank that financial regulators have implemented, said the former head of the House Financial Services Committee.

    • 09 Feb 2015
  • UK big boys hit the strip with auto and RMBS transactions

    Two of the UK’s biggest loan originators, Nationwide Building Society and Santander, will begin meeting buyers at the ABS Vegas conference on Monday. Santander has become a regular in the US market in recent years, but this represents investors’ first opportunity to buy dollar-denominated paper from Nationwide since 2012.

    • 08 Feb 2015
  • Securitization spicing up returns for restaurant chains

    It can be tough for a highly leveraged company to refinance its debt at cheaper terms without hurting investors somewhere else in the capital structure. But companies — particularly restaurant chains, of late — have an answer that should serve up a tasty return.

    • 08 Feb 2015
  • Ocwen warns RMBS trustees

    Ocwen warned RMBS trustees on Thursday that forced transfers of its mortgage servicing rights would result in accelerated recoveries and would not be in the best interest of RMBS trusts. Market participants expect the beleaguered mega-servicer to hold on to most of its private-label MSRs, though.

    • 05 Feb 2015
  • Cantor snags two MBS trading heads from BAML

    Cantor Fitzgerald has hired two MBS trading heads from Bank of America Merrill Lynch, the firm announced on Thursday. The new hires, Brendan Donnelly and Mohil Gupta, join Cantor as managing directors in MBS sales and trading.

    • 05 Feb 2015
  • CUA next in pipe as Macquarie opens Australia for RMBS business in 2015

    Credit Union Australia began sounding out investors for its third RMBS transaction in as many years this week. But the lender will be entering a market that has widened over the winter months, with Macquarie set to price its market opening Puma trade more than 10% wider than its predecessor.

    • 05 Feb 2015
  • Carlyle pips Spire to tightening CLO market

    Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.

    • 05 Feb 2015
  • Autos show off increasing role in Europe ABS

    The auto ABS market has further cemented its status as one of the shining lights of European ABS, with a new Fitch report suggesting 2014 was a landmark year for the asset class in terms of both volume and performance.

    • 05 Feb 2015
  • Resurrected Lehman deal plays well to yield hunt pack in RMBS

    Bank of America Merrill Lynch and Deutsche Bank are set to price four tranches of non-conforming UK RMBS notes from the restructured Lehman Brothers Eurosail-UK 2007-4BL transaction on Friday, which bankers said would appeal to a shallow but yield hungry sterling buyer base.

    • 05 Feb 2015
  • Buyers flock to BlackRock P2P landmark with 5x oversub

    Investors showed their enthusiasm for the burgeoning marketplace lending sector this week, placing over $1.7bn of orders for BlackRock’s groundbreaking securitization of consumer debt originated through online platform Prosper. As the peer lending model becomes more popular, traditional consumer lenders are poised to adopt it — if the platforms they want to emulate don’t acquire them first.

    • 05 Feb 2015
  • Spain is back in ABS as Banque PSA remarkets

    Banque PSA has announced a remarketing of senior notes in its retained Auto ABS 2012-3, in what will be the first broadly syndicated Spanish auto ABS since the crisis. The deal is due to end its revolving period in March and begin amortising. Crédit Agricole CIB and Santander GBM are lead managers for the €668m deal, which will go on the road next week for pricing the week after.

    • 05 Feb 2015
  • Heathrow follows public euro bond with £115m linker PP

    Heathrow Airport placed a £115m 21 year index-linked note with Macquarie Infrastructure Debt Investment Solutions on Wednesday, immediately after its €750m 15 year public bond deal on Tuesday.

    • 05 Feb 2015
  • BAML shrugs off price hit with 1.5x for Taurus CMBS

    A difference of opinion on payment protection meant Bank of America Merrill Lynch priced three of the four tranches of its Taurus trade wide of guidance last week. But the demand on show in the first public European CMBS of the year was enough to suggest 2015 issuance could beat the mark set in 2014.

    • 05 Feb 2015
  • ABSPP flirts with damp squib territory

    If January activity was anything to go by, the European Central Bank hasn’t exactly lit a fire under European ABS issuance with its private sector purchase programme.

    • 05 Feb 2015
  • Goldman's Millette not retiring, said to eye insurance investing role

    Michael Millette, head of structured finance at Goldman Sachs, is leaving the investment bank at the end of February. However, the 49 year old industry veteran is not officially retiring from the structured finance industry, according to an individual familiar with his departure.

    • 05 Feb 2015
  • Market left guessing on demand for BlackRock and Prosper ABS

    Asset management giant BlackRock priced the first ever rated securitization of consumer loans acquired from a peer-to-peer lending platform on Wednesday. The hotly anticipated deal has created some serious buzz, but the issuer and lead managers Citi and Credit Suisse were tight-lipped on how much demand they found for the notes.

    • 04 Feb 2015
  • Pitfalls at the bottom of SFR ABS, opportunities at the top

    Multiple areas of risks and comparatively tight spreads could discourage investors from lower tranches in single-family rental securitizations, despite new opportunities in the senior tranches of the deals.

    • 04 Feb 2015
  • Element Financial brings in more dough, but it's a little pricier

    Element Financial’s auto fleet lease ABS was upsized by $350m on Wednesday — the latest in a trend of recent ABS issuance — as sponsors post additional collateral to take advantage of attractive financing. The sponsor is set to raise more, but at wider pricing, in this new issuance than it did with a similar deal last year.

    • 04 Feb 2015
  • Carlyle wins the race to busy CLO market as Spire preps Aurium

    Carlyle has won the race to print the first European collateralised loan obligation (CLO) transaction of the year, pricing its latest deal on Tuesday. Both primary and secondary CLO markets in Europe are busy, according to bankers, who are seeing investor resources being redirected to the higher yielding asset class.

    • 04 Feb 2015