Securitization - Article Archive

  • Angelo Gordon likely buyer of Freddie NPLs

    A special purpose vehicle believed to be controlled by hedge fund Angelo Gordon & Co, a recent sponsor of RPL RMBS, has purchased $1.08bn in NPLs from Freddie Mac.

    • 31 Mar 2015
  • Clayton buys real estate valuation firms

    Securitization service provider Clayton has bought two Utah companies that will add to its capabilities in assessing loan performance and valuing real estate assets.

    • 31 Mar 2015
  • Investors pile in at bottom of Invitation Homes deal

    The bottom tranches of Invitation Homes’ latest single-family rental securitization were seven times oversubscribed on Tuesday. Meanwhile, investors set their sights on the market’s first multi-borrower deals.

    • 31 Mar 2015
  • Investors sell SDART following disclosure

    Santander Consumer Holdings USA announced in regulatory filings on Monday that US regulators were still investigating the company, and secondary market sell-offs followed.

    • 31 Mar 2015
  • Natixis to wait for first credit card ABS print

    A first securitization of credit card receivables from French consumer lender Natixis Financement will be next week’s business.

    • 31 Mar 2015
  • It’s grim up north, says Moody’s

    The UK’s much maligned north-south divide extends to the mortgage market, Moody’s has shown with a report that suggests northerners are twice as likely to become “mortgage prisoners” than borrowers in other regions.

    • 31 Mar 2015
  • FirstKey follows B2R with multi-borrower deal

    Cerberus Capital's FirstKey Lending is marketing a single-family rental securitization backed by loans to multiple borrowers, following a similar move by Blackstone's B2R Finance on Friday.

    • 30 Mar 2015
  • S&P error junks 30 bonds — so far

    Standard & Poor’s has downgraded most of the securities it had reconsidered following a ratings error which impacted the agency’s default assumptions for 338 legacy, non-agency RMBS ratings.

    • 30 Mar 2015
  • Wells gets new ABS co-heads as Caperton ascends

    Wells Fargo has appointed new co-heads of its asset-backed finance and securitization team following Julie Caperton’s promotion to head of corporate development.

    • 30 Mar 2015
  • Euro CLOs ‘better value’ than Greek RMBS

    Despite Greek RMBS spreads widening to discount margins of up to 725bp as investors sweat over the country’s euro denominated future, there is better value in other products, according to JP Morgan analysts.

    • 30 Mar 2015
  • Investors reveal size demands as NN Bank joins dwindling Dutch RMBS

    ING-owned Nationale-Nederlanden Bank has printed its first broadly syndicated Dutch RMBS, with investors showing demand for nearly four times the size of its two year offering.

    • 30 Mar 2015
  • B2R brings market's first multi-borrower rental deal

    Blackstone’s B2R Finance is planning the first ever multi-borrower single-family rental securitization, the company announced on Friday.

    • 27 Mar 2015
  • Two more execs leave Starwood Waypoint

    Starwood Waypoint announced the resignations of two top executives last night. The announcement followed the resignation of the company’s chief accounting officer in December.

    • 26 Mar 2015
  • Refi time in CLOs as loan market slows

    Supply of new issue CLOs was steady this week but is still threatened by low loan supply and tightening loan spreads. Refinancings offer arrangers some hope, though.

    • 26 Mar 2015
  • Eurozone left in UK’s dust as Lloyds tops £1bn

    Securitizations backed by eurozone assets are beginning to pepper the primary market, but bankers are struggling to escape the irony of the European Central Bank’s intervention apparently stimulating more issuance in sterling than euros.

    • 26 Mar 2015
  • Alpha Trains marks first German WBS with triple print

    Alpha Trains has sold €350m of public senior secured bonds, a €250m senior private placement and a €125m junior private placement as part of its whole company securitization.

    • 26 Mar 2015
  • Jumbo RMBS issuers dipping toes in non-QM

    Mortgage aggregators are bringing jumbo mortgage securitizations that venture outside of the qualified mortgage box — ever so slightly.

    • 26 Mar 2015
  • Speed needed in AXA’s old CLO grab

    While the recent SOTUS exemption on non-Volcker-compliant CLOs is driving liquidity in legacy CLOs as a triple-A alternative with high carry, some investors are looking at even older paper.

    • 26 Mar 2015
  • Private RMBS steps up as government sells risk

    The US government may have failed to reduce its stake in the RMBS market, even seven years after buying out Fannie and Freddie, but the private market is finally starting to do more in the product.

    • 26 Mar 2015
  • French join platform lending revolution

    Marketplace lending in continental Europe, while lagging far behind the US and the UK, has taken a step forward as SME platform Lendix announced a tranche of institutional money committed to SME lending

    • 26 Mar 2015
  • Lloyds’ Penarth tops £1bn after size increase

    Lloyds Bank increased both the dollar and sterling portions of its Penarth 2015-1 credit card ABS on Thursday morning, taking the total size above £1bn.

    • 26 Mar 2015
  • Volkswagen retains first Private Driver of 2015

    Despite being able to command some of the tightest spreads in the European ABS market in recent years, Volkswagen Bank has opted to fully retain its latest securitization of German auto loans.

    • 26 Mar 2015
  • Jumbo RMBS issuers dipping toes in non-QM

    Mortgage aggregators are bringing jumbo mortgage securitizations that venture outside of the qualified mortgage box — ever so slightly.

    • 25 Mar 2015
  • Settlements could be driving non-agency RMBS liquidations

    Liquidations in non-agency RMBS are outpacing other asset classes as month end approaches, perhaps driven by litigation, according to market sources.

    • 25 Mar 2015
  • Orchard offers Karrot as P2P investors seek scale

    Orchard Platform is giving institutional investors access to a new consumer loan product from one of the US’s fastest-growing marketplace lenders.

    • 25 Mar 2015
  • Mediobanca hits wide end on Quarzo

    Mediobanca was set to price its first securitization in nearly four years at the wide end of guidance on Wednesday afternoon, after having the single tranche offering covered early morning.

    • 25 Mar 2015
  • Vontobel sets sights on full takeover of TwentyFour

    Swiss private bank Vontobel is set to acquire a 60% stake in TwentyFour Asset Management, with plans to ultimately fully acquire the UK based fixed income boutique.

    • 25 Mar 2015
  • Capital One doubles down in credit card ABS

    Capital One upsized its first credit card ABS issuance of the year, more than doubling the $500m in issuance the sponsor originally planned.

    • 24 Mar 2015
  • Freddie STACR deal heads big day for GSEs

    Freddie Mac’s second STACR issuance from its higher LTV HQ series was priced on Tuesday. Elsewhere, Fannie Mae listed its risk sharing deals abroad.

    • 24 Mar 2015
  • Hedge funds driving NPL RMBS issuance

    Hedge funds are driving issuance of securitizations backed by non-performing loans, and money managers are hungry for the paper.

    • 24 Mar 2015
  • Ally Bank names new president

    Ally Bank, the online direct banking unit of auto ABS sponsor Ally Financial, has appointed a new president to replace Barbara Yastine.

    • 24 Mar 2015
  • Deutsche launches Harp CMBS

    Deutsche Bank has issued initial price thoughts on Deco-2015 Harp, which will be the first Irish CMBS priced since the financial crisis.

    • 24 Mar 2015
  • Dutch see ‘record high’ property turnover

    Dutch houses changed hands at a record rate in December as tighter lending rules and a reduction in the maximum mortgage size eligible for government guarantee begin to bite.

    • 24 Mar 2015
  • BPE structures unsecured SME loan CDO

    Banco Popular Espanol has structured a two tranche €3bn securitization of unsecured Spanish SME loans, as public ABS supply from Spain remains elusive.

    • 24 Mar 2015
  • Wells planning $274m NPL first

    Wells Fargo Securities is marketing a $274m securitization of non-performing loans held by an affiliate of the bank, according to deal documents.

    • 23 Mar 2015
  • Ocwen bites back, says investors just want foreclosures

    Ocwen Financial has publicly challenged RMBS investors' arguments that collateral should be transferred to other servicers that might be more likely to foreclose on borrowers.

    • 23 Mar 2015
  • Alpha Trains completes first German whole business securitization

    Alpha Trains has sold €350m of public senior secured bonds, a €250m senior private placement and a €125m junior private placement as part of its whole company securitization.

    • 23 Mar 2015
  • Winston & Strawn hires four in New York

    Law firm Winston & Strawn is expanding its leveraged finance practice in New York, with growth in structured finance part of its strategy.

    • 23 Mar 2015
  • Eurozone ABS struggles to dent UK dominance

    Eurozone ABS deals are beginning to hit the primary market with greater frequency, but bankers are struggling to escape the irony of the European Central Bank’s intervention stimulating more issuance in sterling than euros.

    • 23 Mar 2015
  • Basel ‘cannot justify’ mortgage risk weights

    The UK’s Council of Mortgage Lenders has said the Basel Committee on Banking Supervision has presented “no evidence” to justify the higher risk weightings proposed for mortgages.

    • 23 Mar 2015
  • Is UK sale right for tax payers?

    Getting assets out of the public sector has an obvious appeal. But it’s not always a great trade.

    • 19 Mar 2015
  • Freddie Mac brings risk-sharing deal with higher LTVs

    Freddie Mac is marketing its second risk-sharing issuance of the year, which is backed by loans with lower down payments than its last one.

    • 19 Mar 2015
  • When RMBS are safer than covered bonds

    Covered bonds and RMBS share important similarities, as both the European Central Bank and Bank of England acknowledged last year in a discussion paper. As the two asset classes evolve, the vastly different regulatory regimes applied to each should become more difficult to justify.

    • 19 Mar 2015
  • BAML adds to chorus of concern on buyer base

    Bank of America Merrill Lynch analysts are concerned that European investors could shy away from poor volumes in their own region in favour of the US market.

    • 19 Mar 2015
  • Irish CMBS leads building European pipeline

    Scepticism over the European Central Bank’s ability to stimulate meaningful eurozone ABS issuance is alive and well, but there have been further signs this week that increased risk appetite is broadening the scope of supply hitting the primary market.

    • 19 Mar 2015
  • EDP trims third off TDR spread in face of BTPs

    Energias de Portugal (EDP) printed its third tariff deficit receivables (TDR) securitization some 100bp inside its second on Wednesday, though the deal was only slightly oversubscribed.

    • 19 Mar 2015
  • Brits Abroad: UK lenders seek investors as trio hit foreign currency market

    Lloyds Bank will be the next UK lender to leverage foreign demand for its assets, after compatriots Santander UK and Paragon found favour in both dollars and euros this week.

    • 19 Mar 2015
  • ASF’s Deutsch raising cash for new hedge fund

    Tom Deutsch, the controversial executive director of the American Securitization Forum, is understood to be working with a partner to raise money for a new securitization focused hedge fund.

    • 19 Mar 2015
  • UK to close book on Lehman era with £13bn mortgage sale

    The UK government wants to leverage surging demand for exposure to the country to offload some £13bn of mortgages it acquired from Northern Rock after the collapse of Lehman Brothers, writes Tom Porter.

    • 19 Mar 2015
  • The big CLO-down? Loan scarcity puts brakes on dealflow

    Despite a glut of new CLO issues this week, a slowdown in US leveraged loan supply has led to a drop in the creation of new asset warehouses this year, according to market participants.

    • 19 Mar 2015
  • Buyer calls 'end of the cycle' for subprime auto

    Increased delinquencies in subprime auto ABS are beginning to bite, with one asset manager that bought a large slice of Prestige Financial’s last issue turning down the firm's latest deal.

    • 19 Mar 2015
  • BNY Mellon hires from Citi for new trustee position

    BNY Mellon’s corporate trust business has hired Citi’s former global head of issuer services to fill a new role covering corporate and insurance clients.

    • 19 Mar 2015
  • Brits abroad: Lloyds’ Penarth next in dollars

    Lloyds Bank will be the next UK lender to leverage US demand for its assets after mandating leads for a dollar denominated credit card securitization.

    • 19 Mar 2015
  • EDP trims third off TDR spread in face of BTPs

    Energias de Portugal (EDP) printed its third tariff deficit receivables (TDR) securitization some 100bp inside its second on Wednesday, though the deal was only slightly oversubscribed.

    • 19 Mar 2015
  • Savills targets SEB real estate business

    Real estate investment manager Cordea Savills is lining up an acquisition of SEB Asset Management, which will see it cooperate with the Swedish banking group to provide services to its clients.

    • 19 Mar 2015
  • Large resecuritization BWIC moving RMBS markets

    A large all-or-nothing bid list for a legacy, non-agency RMBS resecuritization is set to trade this Friday and has been moving markets, traders have told GlobalCapital.

    • 18 Mar 2015
  • Quicker settlements in sight as loan trustee ditches fax machines

    Participants in the leveraged loan and CLO markets could begin to see an improvement in “woeful” settlement times as new technology replaces inefficient and outdated processes.

    • 18 Mar 2015
  • Ford prime auto deal solves for Fed uncertainty

    Ford Motor Credit has added a new component to its auto ABS platform to attract investors otherwise concerned over rising interest rates.

    • 18 Mar 2015
  • Bankers welcome deeper pipeline led by Irish CMBS

    Scepticism over the European Central Bank’s ability to stimulate meaningful Eurozone ABS issuance is alive and well, but there have been further signs this week that increased risk appetite is broadening the scope of supply hitting the primary market.

    • 18 Mar 2015
  • Ex-ING syndicate man joins Belgian central bank

    Régis Lanove, formerly of ING's syndicate desk, has joined the National Bank of Belgium.

    • 18 Mar 2015
  • Barclays FIG syndicate veteran switches to treasury

    An experienced FIG and ABS syndicate official at Barclays is moving to the bank's treasury team as head of long term unsecured funding and capital issuance.

    • 18 Mar 2015
  • Auto ABS to launch off back of Fed statements

    New auto ABS issuance is expected to price after the Federal Open Market Committee’s statement tomorrow.

    • 17 Mar 2015
  • Blue Elephant P2P ABS prices close to BlackRock

    New York fund Blue Elephant Capital Management has managed to price an unrated $71m securitization of consumer loans originated through Prosper close to where BlackRock printed its rated deal in February.

    • 17 Mar 2015
  • Five Oaks readies its own jumbo RMBS platform

    Five Oaks Investment Corp is on pace to acquire enough jumbo mortgages to launch its own securitization platform by the second quarter, the company announced on Monday.

    • 17 Mar 2015
  • BNP Paribas merges HY and levfin in wider syndicate rejig

    BNP Paribas has restructured reporting lines on its syndicate desk, including giving one person responsibility for loans, high yield bonds and leveraged finance.

    • 17 Mar 2015
  • Paragon euros fly in on 3.3x subscription

    Paragon Mortgages is looking to leverage good demand for the senior notes of its Paragon 22 buy-to-let RMBS, with leads testing 10bp inside initial guidance on the euro portion.

    • 17 Mar 2015
  • ABS spreads lag as ECB pulls QE trigger

    ABS traders are braced for another round of European ABS spread compression as the European Central Bank ramps up its sovereign bond purchases, but prices have been stubborn so far.

    • 17 Mar 2015
  • Santander targets £1bn of Fosse RMBS

    Santander UK has set a £1bn maximum size on its three tranche, dual currency Fosse UK master trust RMBS, after pulling in demand equivalent to over £1.6bn.

    • 17 Mar 2015
  • Voya hires Citi for 2012 CLO refi

    Voya Alternative Asset Management, which rebranded from ING US Investment Management in 2014, is refinancing two CLOs it issued in 2012.

    • 16 Mar 2015
  • Servicers still afoul of CFPB transfer rules

    Many mortgage servicing rights transfers have not complied with rules finalised by the Consumer Financial Protection Bureau two years ago, according to a staffer at the agency.

    • 16 Mar 2015
  • MSR industry calls time on overzealous regulation

    Regulators should loosen their scrutiny of special mortgage servicing companies, like Ocwen Financial and Nationstar mortgage, to avoid a capacity crunch in the sector, said industry heads on Monday.

    • 16 Mar 2015
  • Santander adds two year to Fosse RMBS in dollar delivery

    Santander UK left ABS Vegas last month in little doubt about the level of demand for more dollar denominated securitizations, and has duly obliged with its latest UK prime RMBS.

    • 16 Mar 2015
  • Paragon euros preferred as price stickiness persists

    Investors have shown a slight preference for the euro portion of Paragon’s latest buy-to-let RMBS, while guidance on the sterling portion is 5bp wide of its last deal.

    • 16 Mar 2015
  • Yield search leads AXA to vintage US CLOs

    AXA Investment Managers has responded to investor yield hunger by raising an expected $250m fund to invest short term at the mezzanine level in 1.0 era US CLOs.

    • 16 Mar 2015
  • Resimac sneaks non-con into huge week of Aussie RMBS

    Resimac printed a A$375m Australian non-conforming RMBS on Friday, punctuating a A$4bn plus week dominated by prime deals in the Aussie market.

    • 16 Mar 2015
  • Autostrada Brescia issues first bond under new Italian project law

    Autostrada Brescia Verona Vicenza Padova has issued the first public bond to benefit from a recent Italian project bond law, a €600m five year secured transaction.

    • 13 Mar 2015
  • Prestige hires first compliance officer ahead of new subprime deal

    Prestige Financial Services hired its first compliance officer ahead of a $400m subprime auto securitization the company is planning.

    • 12 Mar 2015
  • Moody’s Analytics moves compliance to the cloud

    Moody’s Analytics has added a new tool to its web-based Structured Finance Portal to help financial institutions assess the potential accounting and regulatory treatment of securitization investments.

    • 12 Mar 2015
  • Bluestone unveils seven trancher as esoteric ABS appeal

    Australia-based Bluestone Group has begun marketing its debut buy-to-let UK RMBS, as demand for deals out of reach of the European Central Bank supports more esoteric products.

    • 12 Mar 2015
  • Barclays fears investor drain on ECB’s watch

    Barclays has calculated the European Central Bank’s intervention will shrink the investor-placed Eurozone ABS market by some €35bn this year alone, forcing buyers to look elsewhere.

    • 12 Mar 2015
  • Volcker exemption ushers CLO buyers in from the cold

    US regulators have given sentiment in the European CLO market a boost by clarifying that non-US banks can own and trade CLOs that do not comply with the Volcker rule.

    • 12 Mar 2015
  • Aussie quartet sell A$4bn in a week as major banks return and prices firm up

    The return of two Australian major banks to securitization this week helped put more than A$4bn equivalent of new RMBS and auto ABS bonds on the market.

    • 12 Mar 2015
  • Italy ABS back as Mediobanca eyes consumer

    Mediobanca will be the next periphery issuer to step out of a post-crisis pattern of privately sold and retained transactions, as tightened spreads and the ECB’s presence give lenders more confidence in primary market demand.

    • 12 Mar 2015
  • Buyers unfazed by Obvion tightening as they buy €1.9bn in ‘ruined market’

    European ABS is now the very definition of an issuer’s market, according to some ABS bankers, who watched investors snap up nearly €2bn of Obvion RMBS on Thursday despite the lender pricing five year notes where it was pricing two years barely six months ago.

    • 12 Mar 2015
  • Wyndham timeshare deal too tight for real money

    Wyndham Consumer Finance's latest timeshare ABS issuance is expected to launch too tightly for long money investors who used to be big buyers of esoteric products.

    • 12 Mar 2015
  • Aussie quartet sell A$4bn in a week as prices firm up

    The return of two of the Australian major banks to securitization this week helped put over A$4bn equivalent of new RMBS and auto ABS bonds on the market.

    • 12 Mar 2015
  • 3i and CS take home GC’s euro CLO award

    At IMN’s London CLO conference on Monday, GlobalCapital presented 3i and Credit Suisse with the Euro CLO of the Year 2014 Award for 3i’s Harvest IX CLO. The deal received the most votes from market participants out of a shortlist of five.

    • 12 Mar 2015
  • Buyers undeterred by Obvion tightening

    Investors had taken the order book for Obvion’s single tranche Dutch RMBS to well over €2bn on Thursday, despite the lender pricing five year notes where it was pricing two years barely six months ago.

    • 12 Mar 2015
  • Subprime auto ABS tighter, but losses up

    Subprime auto ABS spreads have tightened since the start of the year even as performance has declined and transaction sponsors have reached further down the credit stack for new issuance.

    • 11 Mar 2015
  • More NPLs on the way for rental deals

    Market participants expect Freddie Mac to come to market more frequently with non-performing loans, with the government sponsored enterprise’s next NPL sale expected to come as soon as April.

    • 11 Mar 2015
  • Obvion coming ‘super tight’ in Dutch fives

    Rabobank and Société Générale have guided investors to high 20bp area for Obvion’s single five year tranche of Dutch RMBS in Storm 2015-1, the latest benchmark for a market entering new territory at the tight end.

    • 11 Mar 2015
  • Bluestone stretches stack on first Celeste RMBS

    Australia based Bluestone is looking to sell up to seven tranches of notes in its securitization of buy-to-let mortgages acquired in its takeover of Basinghall Finance.

    • 11 Mar 2015
  • Moody’s Analytics moves regulatory compliance to the cloud

    Moody’s Analytics has added a new tool to its web-based Structured Finance Portal to help financial institutions assess the potential accounting and regulatory treatment of securitization investments.

    • 10 Mar 2015
  • The CLO market can grow up without losing its teeth

    It’s easy to make short term arguments that standardising CLO documentation and improving execution transparency hurts managers, or investors, or banks. But it doesn’t have to.

    • 10 Mar 2015
  • CLO diversity covenants become ‘best practice’

    Recently priced European CLOs have had greater portfolio diversity written into their structures thanks to additional covenants, according to Fitch.

    • 10 Mar 2015
  • Barclays blames ECB for buyers deserting ABS

    Barclays has calculated the European Central Bank’s intervention will shrink the investor-placed Eurozone ABS market by some €35bn this year alone, forcing buyers to look elsewhere.

    • 10 Mar 2015
  • Stonegate pushes new online MBS platform with new CTO

    Stonegate Mortgage has hired a new chief technology officer, who will push the development of a new online platform to facilitate investment in mortgages and mortgage-backed securities.

    • 09 Mar 2015
  • Santander targets deep subprime with return of Drive

    Santander Consumer USA, which is under regulatory scrutiny for its subprime auto securitization operations, is bringing the first ABS issuance from its Drive platform since 2006.

    • 09 Mar 2015
  • Private becoming public for periphery ABS

    Renewed appetite for securitizations from Europe’s periphery has brought another issuer out of the post-crisis pattern of privately sold and retained transactions.

    • 09 Mar 2015
  • UK extends supply lead as Bluestone roadshows debut

    Australia based Bluestone Group has begun marketing its debut UK RMBS, as demand for deals non-eligible for European Central Bank purchase supports the non-prime market.

    • 09 Mar 2015