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GC Asia
Securitization - Article Archive
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Premium Point raising cash for rental fund
Premium Point Investments is raising capital for a private equity fund to purchase single-family rental properties from affiliate Residential Capital Management, sources familiar with the plans told GlobalCapital.
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Monroe debut CLO unfazed by slowdown and loophole talk
A crunch in US leveraged loan supply has not deterred Monroe Capital from bringing its first ever broadly-syndicated CLO, even as European regulators talk of closing a ‘loophole’ in risk retention.
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S&P fills research head void
Darrell Wheeler is joining Standard & Poor’s as head of research for global structured finance, according to a source at the agency.
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Co-Op sells mezz of debut RMBS, retains most of the senior
Co-Operative Bank has priced Warwick No. 1, a non-conforming RMBS deal that grew from an already formidable launch size of £1.19bn to £1.5bn. But though the entire capital stack was on offer, the bank’s treasury bought 65% of the deal’s class 'A' tranche.
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Card companies driving UK growth 'pushing up risk', says Moody's
New entrants into the UK’s credit card lending market are driving growth in the sector, but their pools are also riskier than those held by high street banks, according to Moody’s.
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Extreme mortality cat bond earns lively response
Axa Global Life sold a catastrophe bond back by a portfolio of insurance primarily against the risk of pandemics in France, the US and Japan for a five year period, in what was a novel transaction for the sector that was scooped up by investors.
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RBS puts Fordgate refi CMBS on hold, but will return
Royal Bank of Scotland has postponed the sale of the UK CMBS Antares 2015-1 because of market conditions.
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BMW further revs up ABS supply
BMW is planning to follow Volkswagen’s recent German auto lease deal, of which the class 'A' tranche priced at a post-crisis record tight spread, with its own ABS: Bavarian Sky Finance.
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Foursight Capital plans second auto ABS
Foursight Capital is planning its second auto ABS issuance, following a large increase in origination by the young subprime lender.
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Monroe’s first BSL CLO aims for transatlantic risk retention
Chicago-based Monroe Capital expects its first ever broadly syndicated CLO to comply with risk retention in both Europe and the US, potentially helping it price tighter.
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Strong demand for Five Oaks’ first jumbo
Five Oaks’ debut jumbo RMBS issuance was priced above par on Tuesday, according to a source close to the $267.19m deal.
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SocGen grabs debut US CLO mandate amid ABS expansion
Société Générale has bagged its first mandate to arrange a US-marketed CLO, as the French bank tries to assert itself in securitization stateside following a hiring spree.
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VCL hits post-crisis tights as undersupply, ECB take spreads in
Volkswagen’s German auto lease ABS VCL 21 has priced its top rated tranche at the tightest spread achieved, at least for the issuer, since the crisis.
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Dutch Achmea unveils swapless RMBS shelf
Holland’s Achmea is looking to launch a new shelf of prime Dutch RMBS that will avoid the use of back to back swaps, which are becoming expensive for issuers.
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Spain steps ahead on CMU with securitization shake-up
The new Spanish securitization law scraps restrictive measures and should shake up the market, in line with the European Union’s plan to promote more cross-border finance in capital markets.
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Tricon comes tighter in rental ABS debut
Tricon American Homes saw its debut rental home securitization price a lot tighter than initial price thoughts and guidance on Tuesday.
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Mitsubishi finds an Ally in subprime
Mitsubishi wants to sell more cars to lower rated borrowers and has called in regular subprime auto ABS issuer Ally Financial to help out.
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Co-Op UK NC RMBS swells
Warwick No. 1, the Co-Operative Bank’s debut non-conforming RMBS from the shelf, has grown from already formidable £1.19bn to £1.5bn on demand.
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VW looks to hit 20bp on lease ABS
Spreads are going ever tighter for one of the European market’s most regular issuers, as the class ‘A’ tranche of Volkswagen’s German auto lease ABS, VCL 21, is being guided at 20bp-22bp over one month Euribor.
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Spreads too wide for FFELP ABS, says JP Morgan
Investors are too concerned over low prepayment rates for securities backed by federally guaranteed student loans, according to JP Morgan.
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Retail investors buying majority of rental homes
Retail investors are purchasing the majority of single-family rental properties in some regions and are expected to supply the next round of single-family rental securitizations.
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CIFC latest manager to satisfy seniors with make-whole agreement
CIFC’s latest US CLO, priced by Barclays, is the latest in a string of deals to use a conciliatory make-whole structure to reduce refinance risk for senior investors.
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Tesco returns to publicly placed card ABS market
Tesco Bank, which last year sold a credit card backed ABS to investors for the first time, is back in the market for more this week.
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Volkswagen looks to narrow spreads in further
Volkswagen is looking to grind primary the primary market spread offered on its twenty first German auto lease ABS from the VCL shelf, potentially beating its last lease ABS showing in the market by 7bp.
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RMBS is back — but not as we know it
The US non-agency RMBS market is coming back in a very different way, at the hands of non-bank speciality finance companies who are launching new lending programs.
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Ares XXX voted best CLO of 2014
Ares Management and Deutsche Bank this week picked up GlobalCapital’s second US CLO of the Year award for Ares XXX, a short-duration CLO priced last May. The structure is a blueprint for meeting similar demand, they said.
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Gloves off in US CLOs as refi crunch forces concessions
As risk retention looms, equity and triple-A US CLO investors at loggerheads over the value of refinancing options are forcing managers to make unwanted concessions.
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Taurus lands ‘squairley’ with investors as all but one tranche tightens
Bank of America Merrill Lynch sold its securitization of a loan on a multi-use property called The Squaire near Frankfurt Airport, tightening pricing in from guidance on all but one tranche.
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Co-op goes for size with debut from Warwick shelf
The Co-operative Bank is looking to sell £1.19bn of bonds backed by UK non-conforming loans, many of which previously backed the Leek 20 and 21 RMBS deals.
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Liberty Aussie RMBS prices 'A1s' wide of last deal
Liberty Financial priced its A$500m ($386.25m) RMBS backed by non-conforming and prime Australian mortgages, with the ‘A1’ notes pricing 5bp wider than the issuer’s last foray into the market in November.
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Santander-linked euro bond mimics Tesco structures
Bookrunners BNP Paribas, Goldman Sachs and Santander are getting ready to roadshow a rare bond that mimics successful transactions from Tesco and Banca Monte dei Paschi di Siena.
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Lone Star plans NPL securitization, more coming
Lone Star Funds is planning a $252.85m securitization of non-performing loans, its seventh such securitization of the year.
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Tricon taps Deutsche Bank for US rental securitization
Canadian asset manager Tricon Capital Group has hired Deutsche Bank to structure its first securitization of single-family rental properties.
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TMF announces new global structured finance head
Service provider and CLO collateral administrator TMF Group has appointed a new global head of structured finance.
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SME CLOs not coming back soon, says Scope
Improving lending conditions, an increase in loan supply and investor appetite are not enough to get the moribund market for small to medium enterprise CLOs off the ground, something European policymakers have held as a top goal in revving the continent’s economic recovery.
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Aussie RMBS supply set to top €6bn with Liberty
Liberty Financial is set to bring year to date issuance of Australian RMBS to more than €6bn equivalent, announcing on Wednesday a A$500 deal backed by non-conforming and prime mortgages.
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Familiar face VW jumps in with lease ABS
Volkswagen is back in the market with a German auto lease ABS from its VCL shelf. The regular issuer was last in the market in September, when it managed to almost touch the year’s tights with a 27bp print on its top-rated tranche.
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SFR ABS sponsors eye raising rents
A group of publicly traded investor landlords said at a single family rental conference in Miami on Tuesday that they hoped to raise rents as they acquired more properties to securitize.
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FHA targets rental market with new NPL auction
The Federal Housing Administration is planning to auction a pool of non-performing loans (NPLs) tied to vacant properties soon. Hedge funds are the likely buyers, and they could sell the paper to rental property investors.
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SocGen transplants more RBS escapees for ABS
Société Générale has hired six more bankers from Royal Bank of Scotland in the US to work on its ABS and CMBS teams, led by Dan McGarvey.
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Bankers’ favourite Barr calls for support on qualified CLO legislation
Republican Congressman Andy Barr called for the support of the CLO market for new qualified CLO legislation, on Tuesday, to counter the “larger threat” of risk retention rules.
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Co-op debuts Warwick non-conforming RMBS
The Co-operative Bank is out with the first non-conforming UK RMBS deal from its Warwick shelf, which includes loans from previous retained securitizations from the Leek shelf.
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Bluestep readies return to RMBS market after two years
Barclays and BNP Paribas are roadshowing a rare non-conforming RMBS deal from Swedish issuer Bluestep Finans.
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FirstKey plans to securitize 'Express' loans
FirstKey Lending plans to bring a multi-borrower rental securitization backed by longer dated loans to smaller property operators than its first transaction in the space.
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Greystone hires RBS man for CMBS expansion
Real estate group Greystone has hired a former CMBS originator from Royal Bank of Scotland to build its presence in the central states of the US.
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Agency RMBS safe from lower G-fees, say analysts
The Federal Housing Finance Agency (FHFA) announced on Friday that it would lower the fees it charges to guarantee mortgages, but only for loans with riskier metrics.
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Rental home deals ride macro tides, market participants say
Low home ownership rates and the flight of capital to the US have pushed up yields for single-family rental securitizations, according to conference panellists.
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CMBS backed by Frankfurt airport’s Squaire takes off
Bank of America Merrill Lynch has issued initial price thoughts for a €445m CMBS backed by a multi-use property called The Squaire near Frankfurt Airport.
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ALBA RMBS and Alba ABS cross the line
The ABS pipeline was buzzing with new deals last week, with one UK non-conforming RMBS priced on Friday in the public market, as well as a tranche of an Italian lease ABS.
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GlobalCapital US Securitization Awards 2015
On June 10, GlobalCapital hosts its 2015 US Securitization Awards Dinner in New York, to celebrate the firms that have helped take the market from strength to strength over the past year.
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First Investors prices first subprime auto since 2014
First Investors’ launched its first subprime auto securitization following a revamp of its underwriting practices at the end of last year.
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Should marketplace lenders have a bad feeling about this?
When involved in a niche, whether as a journalist or a direct participant, it’s easy to overstate the importance of your little corner of the market.
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Freddie Mac prices multi-family MBS deal
Freddie Mac announced on Thursday that its first issuance of securities backed by a 10-year floating rate multifamily loan had been priced, but some observers say more is needed.
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Securitization offers discipline as online lending ‘matures’
As marketplace lending platforms partner with more large banks and institutional investors, securitization has become the funding tool of choice. But platforms must adapt to the strictures of the capital markets, say industry participants.
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Fitch threatens escape route for downgraded ABS
Structured finance and covered bond issuers hoping their deals will escape the waves of downgrades likely to hit the European banking system may have one of their routes out of the bind closed by Fitch.
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Room enough for two ‘Albas’ in this week’s securitization mart
Two completely different securitizations with confusingly similar names are set to price this week, including a UK non-conforming residential mortgage-backed securities deal from Credit Suisse’s Aggregator of Loans Back by Assets (ALBA) shelf and an Italian lease called Alba 7, being sold by Banca IMI and Société Générale.
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European CMBS mart making strides in recovery, says DBRS
The market for European CMBS, after years of muted activity, looks like it may have hit a turning point in its convalescence, according to rating agency DBRS.
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EC puts securitization on green bond agenda
Green securitizations are figuring into the European Commission’s plan to make private finance for climate-friendly investments more popular in Europe, according to a paper published by the EC’s Directorate-General for Climate Action.
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Alba 7 'A1' notes on offer
Banca IMI and SG are out with guidance for the €255.2m ‘A1’ class of Alba 7, a deal backed by Italian leases.
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Majority of ALBA UK non-conforming RMBS to be sold
Credit Suisse is looking to sell nearly all of the ALBA 2015-1 UK non-conforming residential mortgage backed securities deal sponsored by hedge fund David Kempner Capital Management.
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Renault returns to Citi
Olivier Renault has returned to Citigroup as head of financial institutions solutions EMEA, while former UBS structurer Francesco Dissera has joined StormHarbour.
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Barclays risk chief leaving for Freddie Mac
Anil Hinduja is leaving Barclays for Freddie Mac where he will serve as executive vice president and chief enterprise risk officer, Freddie announced late on Wednesday.
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Bayview launching RPL RMBS deal
Bayview Asset Management’s $151.675m securitization of re-performing loans was close to pricing as GlobalCapital went to press on Thursday.
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Santander subprime auto launched cheaper
Santander Consumer USA’s latest subprime auto ABS deal was launched on Wednesday, at higher yields than its last issuance.
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Corporate services company expands into Irish securitization
Isle of Man-based First Names Group has hired a senior member to its structured finance group as it looks to build out its Irish securitization business.
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BAML bullish on German Squaire CMBS
Bank of America Merrill Lynch announced it has launched a €445m commercial mortgage-backed securities deal backed by a loan on The Squaire at Frankfurt airport.
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Boscawen returns to ABS
Lloyds' Veryan Boscawen has returned to the ABS market following a spell in FIG DCM.
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Pricing guidance released for Dell's first ABS this year
Pricing guidance was released on Tuesday for Dell Financial Services’ first equipment ABS deal since last summer.
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Freddie markets new STACR structure
Freddie Mac is marketing its first risk transfer deal tied to actual losses in a reference pool of mortgages.
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Deutsche loses London CLO banker to Jefferies
A senior CLO structurer at Deutsche Bank in London has left the firm to join Jefferies, GlobalCapital has learned.
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Créd Ag retains over €1bn as UK corners primary
Crédit Agricole opted to retain a Dutch consumer loan ABS on Tuesday, as the European ABS pipeline this week stays as UK-centric as it has for much of 2015.
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Lending Club partners with Citi as marketplace lending ‘matures’
Lending Club, the online loan platform, is partnering with Citi and a structured credit-focused hedge fund to offer up to $150m of subsidised loans in the US.
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Key P2P investor finances Applied Data Finance
Victory Park Capital, an asset manager that has been key in the institutionalisation of the marketplace lending sector, has signed a credit facility with online consumer lender Applied Data Finance.
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Market braces for lower mortgage G-fees
The Federal Housing Finance Agency (FHFA) was expected to announce a reduction in the fees it charges to guarantee mortgages as GlobalCapital went to press.
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CommonBond snags Citi issuer for risk role
CommonBond, a marketplace lending platform that offers student loans, has hired a former issuer and credit rater to be its chief risk officer.
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ECB failing periphery with cautious ABS purchasing
The European Central Bank’s purchases appear to be helping the wrong end of the market, with analysts complaining its effects are chiefly narrowing northern European spreads.
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FirstKey prices market's second multi-borrower SFR ABS
The second single-family rental securitization backed by loans to multiple borrowers was priced late on Thursday.
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Transatlantic risk retention mismatch deepens
A recent accounting change in the US could allow third-party capital to take an even larger risk retention piece of new CLOs, just as European regulators look to clamp down on originator structures.
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Cerberus hires former syndication head Andy Frank
Cerberus Capital Management has hired former debt capital market syndication head Andy Frank as a managing director.
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Transaction managers would be a win for investors, Moody's says
Investors in RMBS would benefit from a new type of transaction party that would protect trusts from potential conflicts of interest, Moody’s said in a report on Thursday.
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Unibail’s green-straight-CB combo shows green’s keen bid
Unibail-Rodamco, the Franco-Dutch property company, attracted huge demand this week for a unique financing that combined green bonds, conventional bonds and convertible bonds — as well as two separate liability management exercises, writes Jon Hay.
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ECB did not drive NN into public RMBS
NN Group this week insisted that the European Central Bank’s ABS purchases did not drive its decision to bring its first publicly placed RMBS deal.
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Lloyds aims for ‘next level’ with new US markets chief
Following the departure of US capital markets head Samir Lalvani, Lloyds Bank has reshuffled reporting lines and promoted Wall Street veteran Andy Schaeffer. Now it aims to reach the "next level" in its stateside expansion, the firm’s regional CEO told GlobalCapital.
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US hedge fund sponsors new Alba UK RMBS
A US-based distressed debt hedge fund is thought to be the sponsor of the new Alba UK non-conforming RMBS being marketed by Credit Suisse.
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RBS on road with Fordgate refi UK CMBS
Royal Bank of Scotland is marketing a UK CMBS, Antares 2015-1, to finance the old Fordgate Commercial Securitisation 1 portfolio, bought out of liquidation by private equity firm Kennedy Wilson last year.
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DB tops ABS charts in UK-dominated Q1
Deutsche Bank grabbed 14% of European securitization origination in the first quarter, which saw non-ECB-eligible ABS sectors come to the fore.
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DB tops charts in UK-dominated first quarter
Deutsche Bank grabbed 14% of European securitization origination in the first quarter, which saw non-ECB-eligible ABS sectors come to the fore.
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Credit Suisse hires Citi salesperson for distressed job
A senior salesperson for high yield bonds, leveraged loans and distressed credit has left Citigroup to join Credit Suisse.
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Anglo Irish CRE banker joins Pepper
A former Anglo Irish Bank property investment banker has joined mortgage servicer Pepper UK to help expand its commercial real estate (CRE) servicing business.
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Deutsche: Party isn't over for REO to rental
Sponsors of single-family rental securitizations are well placed to profit from more property acquisitions despite home price appreciation, analysts at Deutsche Bank said in a research note on Wednesday.
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Online real estate platform eyes securitization after fundraising
Patch of Land, an online real estate lending platform, hopes to see the first third-party securitization of its loans within the next two quarters, its CEO told GlobalCapital.
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Anglian Water seeks £200m bond for tender
Anglian Water has made a tender offer to holders of its £350m 7% high yield bond sold in 2011, while readying a new issue to finance the repayments.
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US distressed investor is sponsor of new Alba
A US-based distressed debt hedge fund is thought to be the sponsor of the new Alba UK non-conforming RMBS.
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NN insists ECB effect didn't force it to go public with RMBS
NN Group insisted that the European Central Bank’s purchases of securitization did not drive its decision to bring its first publicly placed RMBS deal.
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PennyMac issues first NPL deal of the year
Mortgage lender PennyMac’s first non-performing loan securitization of the year was priced this week, according to a person close to the transaction.
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B2R to 'make an absolute killing' on multi-borrower deal
The subordinated classes of B2R Finance’s multi-borrower single-family rental securitization were oversubscribed, according to asset managers briefed on the new issuance, which was priced on Tuesday.
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US agencies need to stop over-leveraging the system
The Federal Housing Finance Agency's risk transfer programmes are sponsoring egregious risk taking in the name of attracting private capital to housing finance.
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Tighter refi for Alba book
Credit Suisse is marketing a new UK non-conforming deal from the Alba shelf, which is set to refinance the portfolio from Alba 2013-1 at a tighter level.
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RBS on the road with Fordgate refi
RBS is marketing a UK CMBS, Antares 2015-1, to finance the old Fordgate Commercial Securitisation 1 portfolio, bought out of liquidation by private equity firm Kennedy Wilson last year.
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Small German bank prices second auto ABS
German vehicle financier Bank11 priced a €346.4m German auto loan securitization, its second such deal, last Thursday.
