Securitization - Article Archive

  • Credit Suisse prices Sunrun outside guidance

    Sunrun’s inaugural solar securitization was priced late Tuesday, at levels wider than the pricing guidance released earlier in the day.

    • 30 Jun 2015
  • Nomura hits brakes on single-family rental deal

    Nomura Securities is delaying Velocity Commercial Capital’s securitization of small commercial loans and single family rental properties, a source close to the deal confirmed.

    • 30 Jun 2015
  • ABS's potential powerful future ally in Europe

    More than half a year into the European Central Bank’s Asset-Backed Securities Purchase Programme, there are some in the market who are dubious about the impact the initiative can have on the European ABS market.

    • 30 Jun 2015
  • StanChart sells synthetic CLO despite regulator’s criticism

    Standard Chartered Bank has used synthetic securitization to protect a $3bn pool of trade receivables, despite recent critical comments from the Bank of England’s David Rule about this method of risk transfer.

    • 30 Jun 2015
  • Natixis names US trading bosses

    Natixis announced on Monday that it had appointed a new head of global markets Americas and hired a new head of fixed income Americas from UBS.

    • 30 Jun 2015
  • Capital One, Safe-Guard execs bring subprime auto ABS

    Former executives of credit card lender Capital One and Safe-Guard Products International, an auto finance and insurance company, have priced their first subprime auto securitization.

    • 29 Jun 2015
  • US securitization markets wait out Greek threat

    US ABS and RMBS markets were stalled on Monday as the potential for a Greek default left syndicates and secondary traders waiting for a move in sovereign bond spreads.

    • 29 Jun 2015
  • Oppenheimer hires LatAm structured vet for DCM and syndicate

    Capital markets boutique Oppenheimer & Co has hired an ex Bear Stearns and JP Morgan fixed income and structured finance specialist as its new head of debt capital markets and syndication.

    • 29 Jun 2015
  • Babson seeks €400m with CLO as spreads widen

    Babson Capital is marketing its third European CLO after strong issuance in the first half of the year, even though spreads are widening.

    • 29 Jun 2015
  • UK lenders invited, but RMBS party closed for now

    In what might have been one of the busiest weeks in the public ABS market in recent memory, there is a queue of UK lenders lining up to issue. But as yet, no deals are forthcoming.

    • 29 Jun 2015
  • ABS rears up in face of Greek crisis, eventually

    The ABS market cannot take any more. Having soldiered through months of Greece induced volatility, issuers seem to have given up on printing despite a full pipeline of deals.

    • 29 Jun 2015
  • China ABS looks to go global with CNH offerings

    China ABS has been developing at a fast pace since the government reopened the market in 2012. With foreign investors buying auto loan ABS from international car manufacturers, bankers wonder if they could issue offshore renminbi ABS to attract an even broader investor base.

    • 29 Jun 2015
  • Tough week causes resistance in periphery primary spreads

    It was a difficult week for periphery ABS, with two lenders getting deals done, but at spreads that suggest Greece’s difficulties are taking their toll on the market.

    • 26 Jun 2015
  • EBA backs capital cut for qualifying ABS

    Bank investors in securitizations may be granted a significant reprieve from the severe risk weighting floors assigned to securitizations under current European Union proposals.

    • 26 Jun 2015
  • Sunrun IPO won’t impact ratings for new deal

    Sunrun filed for an initial public offering on Thursday as Credit Suisse was marketing the solar panel financier's inaugural securitization.

    • 25 Jun 2015
  • Redwood calls out ratings agencies for 'upside down' logic

    Redwood Trust has included new investor protections in its last two deals, but the non-agency RMBS sponsor says it might have to change course if rating agencies don’t allow it better execution.

    • 25 Jun 2015
  • VW places conduit auto ABS

    VW placed a conduit German auto ABS via Commerzbank this week.

    • 25 Jun 2015
  • German RMBS is back, UK BTL RMBS pipe builds

    The RMBS machine was up and running this week, with two UK buy-to-let transactions announced and one issuer offering the full stack of a German RMBS — the first in years in the asset class.

    • 25 Jun 2015
  • Banif not seeing the benefit of ABSPP spread compression

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last transaction.

    • 25 Jun 2015
  • Greek RMBS delinquencies, defaults tick up

    Ninety-plus day delinquencies backing Greek RMBS surged more than a point between April 2014 and April 2015, according to Moody’s.

    • 25 Jun 2015
  • Banif books builds as banks widen guidance

    Portuguese bank Banif’s third post-crisis SME ABS is offering a wider spread than leads had initially targeted, but the top tranche was nearly subscribed a day ahead of pricing.

    • 25 Jun 2015
  • Green bonds: not exactly SRI, nor yet ESG

    Green bonds, SRI, ESG — they’re all pretty much the same, right? Wrong.

    • 25 Jun 2015
  • MountainView snags talent from Barclays and KPMG

    Asset valuation company MountainView IPS has hired a senior banker from Barclays and an analyst from KPMG to join its structured products team.

    • 24 Jun 2015
  • Freddie’s second actual loss risk transfer deal well oversubscribed

    The most senior notes of Freddie Mac’s second structured agency credit risk transfer issuance were well oversubscribed before it priced on Wednesday.

    • 24 Jun 2015
  • Eaglewood taps UK financing to buy more loans from Lending Club

    Eaglewood Capital Management will continue to purchase loans from US peer-to-peer (P2P) lending platform Lending Club following a shift of Eaglewood's management from the US to the UK, a source involved in talks on the company’s new corporate structure has told GlobalCapital.

    • 24 Jun 2015
  • Banif spreads not benefitting from ABSPP

    Portuguese lender Banif is in the market with its second post-crisis Portuguese small and medium enterprise ABS, less than a year after its last SME ABS transaction.

    • 24 Jun 2015
  • UK BTL RMBS pipeline gets busy

    Arrangers are building a healthy buy-to-let RMBS pipeline, with two deals announced on Tuesday and Wednesday.

    • 24 Jun 2015
  • Single-family rental hybrid coming soon

    Velocity Commercial Capital is planning a deal backed mostly by loans it has made to retail investors in single-family rental properties, its second such securitization since the financial crisis.

    • 23 Jun 2015
  • Fed liftoff would mean little for credit risk, Moody’s says

    Rising interest rates in the US could mean higher credit risk for outstanding CMBS but other types of legacy assets would be mostly unaffected, according to Moody’s Investors Service.

    • 23 Jun 2015
  • Agos Ducato launches into a week of uncertainty

    Calming words coming from some of Greece’s creditors on Monday allowed ABS deal flow to resume. Agos Ducato took the opportunity to issue initial price thoughts on its Italian consumer ABS as a result.

    • 23 Jun 2015
  • First full stack German RMBS in years on the way

    Macquarie’s corporate asset finance division has announced it is looking to sell a full capital stack of RMBS backed by German mortgages - an extremely rare asset class that has piqued investor interest since rumours about it surfaced at Global ABS in Barcelona.

    • 23 Jun 2015
  • Fed statements throwing consumer ABS off course

    The Federal Reserve’s policy statements on interest rates and resulting interest rate volatilities could be throwing securitization timetables and secondary trading out of whack.

    • 22 Jun 2015
  • New Residential raising cash as servicer scrutiny continues

    New Residential Investment Corp, a real estate investment trust that has focused on buying and servicing distressed residential mortgage assets, is about to tap the capital markets for the second time this month.

    • 22 Jun 2015
  • VW joins pipeline, but primary hesitates on Greece, rates

    Even the normally volatility-resistant European ABS market is holding its breath as reports over the last week show Greece could be spiralling toward an exit from the euro and maybe even the European Union.

    • 22 Jun 2015
  • TEB readies export receivables ABS shelf

    Turk Ekonomi Bankasi announced on Friday that it plans to set up a securitization programme, in the latest instance of Turkey’s growing presence in the global capital markets.

    • 22 Jun 2015
  • CFPB loan reporting rule delay might not be long

    A delay for the Consumer Financial Protection Bureau’s new due diligence disclosure requirements came as a relief for RMBS bankers, but the CFPB could require compliance in only two weeks time, rather than in October as proposed.

    • 18 Jun 2015
  • Secs on the beach: the Global ABS 2015 debrief

    Catalunya is famed for being the most independently-minded of Spain’s regions, but separatism was the last thing on the minds of Global ABS delegates this year. Securitization is becoming part of Europe once again, and GlobalCapital — reporting from our very own Special Purpose Vehicle — has all the gossip from the conference’s most positive outing in recent memory.

    • 18 Jun 2015
  • Peer to peer lender planning UK student loan ABS

    A new online marketplace lending platform in the UK is planning to securitize student loans next year as peer to peer lenders look increasingly to the capital markets for financing.

    • 18 Jun 2015
  • Deutsche hires CLO structurer

    Deutsche Bank has hired a CLO structurer to fill the seat vacated by Peter Melichar's move to Jefferies

    • 18 Jun 2015
  • BoE backs single label scheme for ABS

    David Rule, the Bank of England’s executive director of prudential policy, used his keynote address at the Global ABS 2015 conference in Barcelona on Wednesday to call for the construction of a sustainable securitization market in Europe, rather than measures to revive it in the short term.

    • 18 Jun 2015
  • Senior regulators: quality label drive will strengthen market long-term

    The label schemes for high quality securitization are supposed to attract new investors to the market and strengthen it in the long term, according to two senior policymakers speaking at the Global ABS conference in Barcelona.

    • 17 Jun 2015
  • CLO managers pine for sterling assets as euro loan pool stays thin

    Managers of European CLOs don’t foresee a near term solution to a long-standing problem — an extremely thin pool of assets.

    • 17 Jun 2015
  • Investors raise eyebrows at Redwood RMBS

    A planned US jumbo RMBS issuance by Redwood Trust has some investors sitting on the sidelines — and not because the transaction is backed by the highest portion yet of mortgages with litigation and regulatory risk.

    • 17 Jun 2015
  • European CMBS spreads tipped to tighten as recent CRE buys refied

    The refinancing of a recent European commercial real estate purchase showed that CMBS spreads could tighten enough to support more issuance in the dwindling — yet performing — market.

    • 17 Jun 2015
  • Monster mortgage sales to drive UK mart

    The sale of more than £26bn in mortgage portfolios could drive the UK RMBS business for the rest of the year — but the anticipated supply is already weighing on UK non-conforming spreads.

    • 17 Jun 2015
  • Panellists take it easy on ABSPP

    Since the rally that happened after the European Central Bank said it would start buying ABS — which subsided before the central bank actually started buying — market participants have been unsure whether the ABS Purchase Programme is having the desired effect of increasing the flow of credit.

    • 17 Jun 2015
  • ECB says HQS rules must match up

    The eurosystem should prioritise harmonising regulatory frameworks for securitizations to meet standards of high quality, said the European Central Bank’s head of risk strategy in a keynote address at Global ABS on Wednesday.

    • 17 Jun 2015
  • Barcelona attendance to push 3,500, regulation still focus

    Around 2,500 securitization market professionals from Europe and the rest of the world had descended on Barcelona’s international convention centre by the end of Tuesday — but while numbers are up on last year, the agenda remains firmly focused on regulation.

    • 17 Jun 2015
  • Orlandi to join Goldman

    Enrico Orlandi, an ABS structurer, is headed to Goldman Sachs, GlobalCapital understands.

    • 17 Jun 2015
  • Citi and Renew plan more energy efficiency ABS

    Citigroup and Renew Financial plan to partner on more securitizations of energy efficiency loans following their market opening deal, which closed earlier this month.

    • 16 Jun 2015
  • AFME: Hang together, or we'll all hang separately

    Industry practitioners from all parts of the market need to unify in order to protect its regeneration from onerous regulations, said AFME members at Global ABS in Barcelona.

    • 16 Jun 2015
  • ABS investors plead for regulatory harmony

    Investors on one of the first panels of Global ABS kicked off the conference with a plea for regulatory harmony, particularly on the due diligence and reporting requirements that are fragmenting the market.

    • 16 Jun 2015
  • Investors finally taking advantage of new data tools

    Investors are just beginning to analyze the individual loans backing their deals, a year and a half after the information became more available through the European DataWarehouse initiative.

    • 16 Jun 2015
  • New debt CIO for Blackstone

    Global property giant Blackstone has hired Deutsche Bank’s former global head of commercial real estate as the new chief investment officer for its real estate debt business.

    • 16 Jun 2015
  • Securitization is still running on spot

    More than five years of intense lobbying later, and the securitization market still has the same set of complaints. Maybe next year things will be better.

    • 16 Jun 2015
  • Demica closing in on new origination team

    Receivables reporting firm Demica is hiring several senior bankers in Europe and the US as it reboots itself as a arranger of comprehensive securitization solutions to small and middle sized companies.

    • 16 Jun 2015
  • Array of new deals, but "cracks showing"

    Several ABS are being marketed this week in Barcelona, where delegates are meeting for IMN and AFME's Global ABS securitization conference — but the market is showing signs of stress.

    • 16 Jun 2015
  • Freddie to pay more for second actual loss STACR

    Freddie Mac announced its second risk transfer issuance tied to actual losses on Monday. Investors say the agency will have to offer higher yields this time around.

    • 15 Jun 2015
  • ABS issuers go to market in Barcelona

    Several ABS are being marketed this week in Barcelona, where delegates are meeting for IMN’s Global ABS annual securitization conference.

    • 15 Jun 2015
  • Scope requests comment on new counterparty methodology

    Scope Ratings has proposed a new methodology for analysing the credit risk of counterparties to structured finance transactions.

    • 15 Jun 2015
  • Global ABS, Barcelona: the official daily news service

    GlobalCapital is proud to be the official media partner at IMN's Global ABS conference in Barcelona this week. Look out for daily conference news online and in our dedicated ABS Daily papers — and come and check out the GC camper van...

    • 15 Jun 2015
  • Moody's ratings head moves to DBRS

    Detlef Scholz is leaving Moody’s Investors Service to head DBRS’s ratings business in Europe, the Middle East and Africa, DBRS announced Monday morning.

    • 15 Jun 2015
  • Foreclosure aficionado buys NPLs from Freddie Mac

    A special purpose vehicle controlled by a company that recently entered the single-family rental market has acquired a portfolio of deeply delinquent mortgages in Florida from Freddie Mac.

    • 12 Jun 2015
  • Tikehau takes a 'first step' with its debut CLO, says co-founder

    Tikehau Capital Europe has priced its debut CLO, the €354.7m Tikehau CLO BV, with the senior notes wide of the 130bp over Euribor level where the market has been settling for much of the second quarter.

    • 12 Jun 2015
  • B2R Finance planning new-look SFR ABS

    B2R finance is planning to launch more single family rental securitizations this year, some of which could look different to its past deals.

    • 11 Jun 2015
  • Mizuho hires new head of US securitization

    Mizuho has hired a new head of securitization in New York, adding to the new faces in the firm’s US banking and capital markets arms.

    • 11 Jun 2015
  • MBA calls out CFPB's 'pattern' of vagueness

    Mortgage lenders and securitizers could be hit with lawsuits due to what they call yet another confusing CFPB rule, and they say the US regulator is stopping short of providing meaningful guidance.

    • 11 Jun 2015
  • Invitation Homes launches largest SFR ABS yet

    Invitation Homes is launching the largest single family rental securitization yet, as the asset class continues to swell despite some market participants' reservations.

    • 11 Jun 2015
  • First multi-jurisdicational CMBS prices wide

    The first post-crisis multijurisdictional CMBS deal from Europe, and JP Morgan’s post-crisis return to sole lead management of CMBS, was priced this week. But it was largely wide of the levels the bank had hoped for.

    • 11 Jun 2015
  • Mint CMBS prices wide of JP Morgan’s mark

    Europe’s first post-crisis multi-jurisdictional CMBS was wrapped up this week, but both the sterling and euro denominated top classes were priced wide of the guidance given by lead manager JP Morgan.

    • 11 Jun 2015
  • Tikehau prices debut CLO with triple-A notes at 140bp

    Tikehau Capital Europe has priced its debut CLO, the €354.7m Tikehau CLO BV. The senior notes were priced wide of the 130bp over Euribor level where the market has been settling for much of the second quarter.

    • 11 Jun 2015
  • Persistent macro concerns start to take hold on ABS market

    The ABS market, usually well insulated against the kinds of negative headlines that hinder other capital markets, this week began to see some spread widening from the persistence of macroeconomic concerns.

    • 11 Jun 2015
  • Apollo, Axa owned fund offers up single loan Italian CMBS

    Apollo and Axa, via a joint venture, are looking to sell the entire capital stack of an Italian CMBS backed by 25 retail and entertainment properties.

    • 11 Jun 2015
  • Five days until collateral due diligence rule change

    Due diligence firms are preparing for new disclosure requirements that will require securitizers to submit their research findings to the Securities and Exchange Commission beginning June 15.

    • 10 Jun 2015
  • 2015 US Securitization Awards: the winners

    On Wednesday June 10, GlobalCapital held its annual US Securitization Awards in New York, recognising the best banks, issuers, investors, law firms and deals in the market, as chosen by their clients and peers. Click through to see the list of winners.

    • 10 Jun 2015
  • Investors blind on for-profit student loan ABS exposures

    Investors in securities backed by government guaranteed student loans have been left in the dark about their exposures to fraudulent for-profit universities.

    • 10 Jun 2015
  • Fried Frank duo hop to WFW

    Law firm Watson Farlye & Williams have picked up two Fried, Frank, Harris, Shriver & Jacobson lawyers to create a debt securities and structured finance practice.

    • 10 Jun 2015
  • CommonBond brings debut ABS as student loan tensions rise

    Less than a week after SoFi priced its fifth ABS issuance, marketplace lender CommonBond has entered the same asset class with a $105m securitization — even as US regulators hone in on traditional operators.

    • 10 Jun 2015
  • Fitch shoots down Moody's over China ABS rating

    It only took a few deals, but a spat has already blown up between international ratings agencies when it comes to Chinese auto ABS. On Wednesday Fitch issued a strongly worded opinion on why it thinks the latest SAIC-GMAC Automotive Finance deal did not deserve the rating it has received from a competitor.

    • 10 Jun 2015
  • SunPower mandates for debut solar ABS

    SunPower is planning its first residential solar ABS deal, which is slated to be launched in the first quarter of 2016.

    • 09 Jun 2015
  • Santander resecuritizing subprime for cheaper cash

    Santander Consumer USA is marketing a resecuritization of equity from earlier deals that should result in cheaper and more efficient financing for the subprime lender.

    • 09 Jun 2015
  • Wells picks up BNP Paribas RMBS analyst

    Wells Fargo Securities has snagged BNP Paribas’ lead RMBS strategist to serve as a director and senior RMBS research analyst in the US.

    • 09 Jun 2015
  • Freddie Mac fills chief economist vacancy

    Freddie Mac has filled the void left by former vice president and chief economist Frank Nothaft, who left for a head economist job with property data provider CoreLogic in January.

    • 09 Jun 2015
  • Senior ABS tranches safe from high losses, says Moody’s

    Having got through the crisis is good shape, senior tranches of European ABS and RMBS are highly unlikely to experience high losses in the future, Moody’s said on Tuesday.

    • 09 Jun 2015
  • Natixis CLO trading head shows up at fund

    The head of European CLO and ABS trading at Natixis in France has moved to an ABS fund as portfolio manager.

    • 09 Jun 2015
  • G7 zero carbon pledge is a watershed for markets and the planet

    A post-oil world is no longer a hippy fantasy. By 2100, G7 leaders have declared, the global economy should no longer be cooking on gas. Policy and markets now face profound change.

    • 09 Jun 2015
  • HSBC eyes securitization to aid with huge cut in assets

    HSBC will use securitization as part of its plan to cut risk-weighted assets in its investment bank, said its global banking & markets chief executive Samir Assaf on Tuesday morning.

    • 09 Jun 2015
  • Pace pioneer sells long delayed unsecured energy loan ABS

    A California loan aggregator that helped to pioneer the residential Pace securitization market is selling its first securitization of unsecured home energy efficiency loans after a long delay.

    • 08 Jun 2015
  • Toyota leads auto charge with green ABS

    Toyota is stealing the limelight amid congested US auto ABS pipeline this week, with its second deal of the year, backed by loans leases for energy-efficient vehicles.

    • 08 Jun 2015
  • JP Morgan targets quick pricing for Mint

    The first post-crisis multi-jurisdictional CMBS deal out of Europe is likely to be priced this week, ahead of the upcoming Global ABS conference in Barcelona.

    • 08 Jun 2015
  • Tikehau brings its first CLO with Anderson at helm

    Tikehau is marketing its first CLO, a €354.2m deal, and will price it either on Wednesday or Thursday, as the French asset manager hopes Debra Anderson's credentials will boost its CLO business.

    • 08 Jun 2015
  • Invictus Capital names structured credit expert as investment chief

    Washington DC-based Invictus Capital Partners has hired structured credit expert Carl Bell as managing director and co-head of investments.

    • 04 Jun 2015
  • Navient names new group presidents

    Loan manager Navient has promoted John Kane to the new position of group president for asset recovery and business services and Jeff Whorley Jr. for the new position of group president for asset management and servicing.

    • 04 Jun 2015
  • Clayton Holdings hires senior business development MD

    Real estate service provider Clayton Holdings has named Suzanne Singer as senior managing director of business development in the US, according to a press release.

    • 04 Jun 2015
  • SoFi prices fifth ABS in line with guidance

    Online student loan and mortgage lender SoFi priced its fifth and largest yet ABS in line with guidance on Thursday, with strong demand for its first triple-B tranche.

    • 04 Jun 2015
  • RPM Mortgage disputes statements on CFPB settlement

    RPM Mortgage, a speciality lender with plans to securitize non-qualified mortgages, has disputed statements made by the Consumer Financial Protection Bureau regarding a settlement over allegedly illegal mortgages.

    • 04 Jun 2015
  • BlackRock loan relationship intact, says Prosper CEO

    The CEO of US marketplace lending platform Prosper has refuted reports that BlackRock, which in February securitized $344m of loans originated through the San Francisco firm, was unwinding its purchase agreement with the company.

    • 04 Jun 2015
  • Two property green bond standards unveiled, by CBI and GRESB

    The fast-developing nature of the green bond market was highlighted on Wednesday, as two separate organisations independently released standards for green bonds from property companies.

    • 04 Jun 2015
  • Portfolio managers target NPL RMBS as home prices rise

    Market participants are expecting another year of steady home price appreciation, which should bode well for investors in securitizations of non-performing loans.

    • 04 Jun 2015
  • Penarth returns with same price result

    Lloyds Bank this week issued Penarth 2015-2, a credit card receivable that was priced at exactly the same level as its earlier deal in March. Meanwhile ING Bank priced Orange Lion RMBS, its first securitization in two years.

    • 04 Jun 2015