Securitization - Article Archive

  • Ashurst boost structured product teams with new partner hires

    Law firm Ashurst has announced several new hires and internal promotions, in an indication of their commitment to strengthening their CLO and structured product practices.

    • 30 Oct 2015
  • Talk of regulation dominates NY marketplace event

    With marketplace lending on track to surpass $15bn of new loan originations this year, industry experts at IMN’s inaugural Investor’s Conference on Marketplace Lending in New York debated the ways in which new regulation could be a make or break issue for the nascent industry.

    • 29 Oct 2015
  • Belfius storms back to RMBS market with €800m deal

    Belfius Bank returned to the public securitization market in style on Thursday, pricing an €800m RMBS deal that has impressed analysts with its size, spread and coverage.

    • 29 Oct 2015
  • Goldman’s SumitG unlocks new funding tool others may mimic

    Goldman Sachs and Sumitomo Mitsui Trust raised $500m of five year funding this week using a novel triple recourse special purpose vehicle called SumitG.

    • 29 Oct 2015
  • VW ‘very satisfied’ despite spread tripling

    Volkswagen landed an €800m German auto lease deal on Thursday, but it had to pay more than three times the spread on its last issue from the programme. Given the continuing emissions scandal headwinds facing the company, it seems this is a price they are willing to pay in order to achieve sizeable funding.

    • 29 Oct 2015
  • European ABS pipeline heats up with French auto and UK RMBS mandates

    The pace of European ABS issuance is picking up, with Socram Banque preparing a French auto deal and Paragon returning to the UK RMBS market with a new buy-to-let offering.

    • 29 Oct 2015
  • Akbank extends tenors with $335m securitization

    Akbank has signed $335m of loans through its securitization programme, in tenors of up to 12 years.

    • 29 Oct 2015
  • BoCom to become China’s second credit card ABS issuer

    China’s growing securitization market is set for another boost with Bank of Communications (BoCom) poised to become the country’s second issuer of credit card ABS.

    • 29 Oct 2015
  • CMBS buyers pay up for fully rated MSBAM deal

    Spreads on the latest conduit CMBS offering from Morgan Stanley and Bank of America Merrill Lynch tightened considerably from guidance, as investors paid up for full ratings on all of the deal’s publicly offered classes.

    • 28 Oct 2015
  • Brazos prices FFELP deal, new challenges loom

    Brazos Education Funding priced BEF 2015-1 on Tuesday, a $115.3m FFELP student loan ABS, with the $110.6m senior tranche of the deal selling at a coupon of 100bp over monthly Libor and a discount margin of 125bp.

    • 28 Oct 2015
  • VW goes for size despite weight of risk sentiment

    Initial price thoughts for Volkswagen’s latest auto lease deal VCL 22 show the auto manufacturer will have to pay up to retain investor demand. Given the continuing emissions scandal headwinds facing the company, it seems it is a price they are willing to pay in order to achieve sizeable funding.

    • 28 Oct 2015
  • SMBC Aviation Capital on the runway with ABS

    SMBC Aviation Capital is in the early stages of marketing Orbit 2015-1, bringing movement to the aircraft ABS space after a quiet few months.

    • 27 Oct 2015
  • Nordax Swedish consumer ABS goes international

    Nordax Bank is in the market with a rare Swedish ABS offering, the latest from its established consumer loan programme, as the bank looks to tap international demand for the Skr1.765bn (€188m) deal.

    • 27 Oct 2015
  • TSB begins roadshow for debut UK prime RMBS deal

    Investor presentations began on Tuesday for Duncan 2015-1, a maiden UK prime RMBS offering from TSB Bank.

    • 27 Oct 2015
  • ICE buys Interactive Data as PE firms cash in profits

    IntercontinentalExchange has agreed to buy Interactive Data Corporation, the financial market analytics provider, from its private equity owners in a deal worth $5.2bn.

    • 26 Oct 2015
  • Online lenders eye new markets

    From boats to home mortgages, the marketplace lending sector is showing signs of expanding beyond plain vanilla consumer debt and into more niche sectors, as the roster of players looking to fill the bank finance void grows larger and more competitive.

    • 26 Oct 2015
  • Belfius goes for innovation with Penates structure

    Lead arrangers have completed the roadshow process for the first Belgian RMBS deal since the financial crisis. The structure uses a new interest rate mitigation tool.

    • 26 Oct 2015
  • First Colony multiborrower SFR prices wide

    Colony American Finance has priced its first multiborrower single family rental securitization, widening all but the senior tranche from initial guidance.

    • 23 Oct 2015
  • TSB hits pipeline with debut UK prime RMBS

    TSB Bank is in the market with its first UK prime RMBS offering, a securitization of legacy assets inherited from Lloyds Bank.

    • 23 Oct 2015
  • Resi solar shop raises $300m, plots ABS

    Sunnova has raised $300 million in debt and equity financing ahead of a planned asset backed securitization.

    • 22 Oct 2015
  • Scandal-hit VW turns to ABS

    Corporate turmoil at Volkswagen has not deterred the world's second largest car maker from continuing its ABS programme. The company is roadshowing a new German car lease transaction, in a sign that it is confident in securitization as a funding tool, writes David Bell.

    • 22 Oct 2015
  • Curry warns on auto lending as pipeline thins

    The auto ABS pipeline thinned out this week after two weeks of heavy issuance. Meanwhile, comptroller of the currency Thomas Curry put auto lending practices in the spotlight.

    • 22 Oct 2015
  • Santander prices rare Finnish auto ABS

    Santander Consumer Finance priced a rare €339m Finnish auto ABS deal on Friday, with deal watchers telling GlobalCapital that the offering was well oversubscribed, demonstrating continued demand for European auto ABS.

    • 22 Oct 2015
  • BNPP rejigs Asia debt teams in line with Europe

    BNP Paribas has reorganised its syndicate and origination teams in Asia to be more aligned with the structure of its European units. The changes are part of a wider restructuring of its corporate and investment bank that has been under way since late last year following the appointment of Yann Gerardin as global head of CIB.

    • 22 Oct 2015
  • Moody’s finds its way back to lower rated CMBS

    Issuers of three deals this week have tapped Moody’s to rate a part of the CMBS capital stack that the agency has been absent from for months.

    • 21 Oct 2015
  • Uncertainty builds around US VW transactions

    Analysts at Moody’s anticipate that residual value and loan repayment risk will rise for Volkswagen cars in the US as lawsuits continue to pile up against the German auto maker.

    • 21 Oct 2015
  • ING looks to fintech to drive SME lending

    ING announced on Wednesday a new strategic partnership with online lending platform Kabbage, highlighting the potential origination role that new fintech companies are playing for larger institutions that have backed away from small and medium enterprise lending.

    • 21 Oct 2015
  • Correlation trading head resurfaces at Orchard Asset Management

    The former head of bespoke correlation trading at a European bank has resurfaced at Orchard Asset Management in London.

    • 21 Oct 2015
  • Funding Circle eyes SME lending with Zencap buy

    Marketplace lender Funding Circle has acquired German lending platform Zencap in a deal that will expand the online lender's footprint into Germany, Spain and the Netherlands.

    • 20 Oct 2015
  • Law firm hires crisis-era RMBS heavyweight

    Former US Department of Justice official Geoffrey Graber joined Cohen Milstein Sellers & Toll’s DC office last week as a partner in their consumer protection and product safety group.

    • 20 Oct 2015
  • Blackstone buy puts an end to Stuy Town saga

    CMBS observers were greeted on Tuesday morning with the news that one of the longest running commercial real estate sagas was finally coming to an end, as Blackstone Group stepped in with the winning bid for the troubled Stuyvesant Town Peter Cooper village complex in Manhattan.

    • 20 Oct 2015
  • Volkswagen plots auto ABS return with German lease deal

    Corporate turmoil at Volkswagen has not deterred the group from continuing its auto ABS programme, with a new German auto lease transaction from their established VCL programme joining the ABS pipeline.

    • 20 Oct 2015
  • Panelists grapple with challenge of securitizing tax equity-backed solar

    Developers, lawyers and senior rating agency analysts discussed challenges tax equity structures pose to solar securitizations at Infocast’s Solar Capital Markets summit last week in New York.

    • 19 Oct 2015
  • Blackstone steps into marketplace lending

    The online lending market is garnering increased interest from heavyweight financial institutions, with Blackstone Group the latest firm to throw its hat in the ring.

    • 19 Oct 2015
  • Crédit Ag goes local for €8.6bn securitization

    Moody’s has assigned a provisional Aaa rating to €8.6bn of class ‘A’ notes to be issued by FCT Crédit Agricole Habitat 2015, a vehicle for home loans originated by 39 regional French banks belonging to Crédit Agricole.

    • 19 Oct 2015
  • US auto ABS issuance continues to build in October

    The primary US auto ABS market is on track to meet the industry's lofty issuance projections this month as three more transactions joined the October pipeline this week, bringing the total deal volume for the asset class to $88bn year to date.

    • 15 Oct 2015
  • BoS lands triple currency UK prime master trust

    Bank of Scotland this week issued a £900m equivalent triple currency denominated deal in a successful return to the UK RMBS market for the issuer after a four year absence. The deal sent a positive message to the market that there is demand for UK RMBS assets, at the right price.

    • 15 Oct 2015
  • Belfius preps first post-crisis Belgian RMBS

    Belfius Bank is preparing to launch the first Belgian RMBS deal since 2006. The launch is set to coincide with the National Bank of Belgium taking up a role as one of the asset managers executing Eurosystem purchases, a move which might help the deal.

    • 15 Oct 2015
  • Asian securitization market prepares for China take-off

    Members of the Asian structured finance community came together this week to attend a conference hosted by the Asia Securities Industry & Financial Markets (Asifma). Unsurprisingly, most of the talk hovered around China and the huge potential of its ABS market.

    • 15 Oct 2015
  • BoC Aviation soars with Asia’s first aircraft ABS

    BoC Aviation has notched up a new landmark for Asia by becoming the first issuer from the region to sell an aircraft leasing ABS. Market observers are buoyed by the landmark transaction and hope it will spur similar deals from Asia and particularly China, writes Rev Hui.

    • 15 Oct 2015
  • There’s plenty to cheer in China ABS

    China’s securitization market has disappointed this year with volumes so far failing to reach even half the Rmb500bn ($79.2bn) quota. But what the numbers don’t show is the amount of progress that has been made to develop the market — progress that will ensure a bright future for the asset class.

    • 15 Oct 2015
  • CMBS benchmark spreads remain under pressure

    Benchmark CMBS continued to hover at their widest levels since 2013 this week. The latest conduit deal was priced on Wednesday at 125bp over swaps for the super senior class.

    • 14 Oct 2015
  • Oudéa: STS could 'disappear' some ABS asset classes

    Société Générale boss, Frédéric Oudéa HAS expressed scepticism on a recently introduced regulatory proposal for simple, transparent and standardised securitizations — a development that was otherwise broadly supported in the market.

    • 14 Oct 2015
  • Sibos: Risk measurement is the biggest hazard to China ABS

    The ability to accurately measure and rate risk is the key obstacle to the development of asset backed securities in China. This is because flawed measurements, produce flawed valuations, which in term infect the macro-economic environment, argues Ann Rutledge, founding principal of Credit Spectrum.

    • 14 Oct 2015
  • New VW lawsuit raises more questions for US auto ABS

    A lawsuit filed this week in California may widen the effect of the Volkswagen emissions scandal for US auto ABS. Car owners filed a class action lawsuit against the German firm, demanding an immediate buyback of tainted vehicles.

    • 13 Oct 2015
  • S&P downgrades VW unit amid finance concerns

    The financing arm of Volkswagen has been downgraded by Standard & Poor’s in a move that equalises its ratings with those of the parent company. Concerns over the impact of the emissions scandal on the company’s auto ABS programme continue to worry investors.

    • 13 Oct 2015
  • JPM to ABS investors – don’t sweat $40 oil

    ABS investors have little to worry about from the impact of long-term oil prices flattening out at just above $40 a barrel, said JP Morgan this week.

    • 12 Oct 2015
  • Senior bondholders win Gemini UK CMBS case

    A legal decision was reached last week in a dispute between bondholders in the Gemini UK CMBS deal, with senior noteholders set to benefit from the outcome. But the legal headache is set to continue.

    • 12 Oct 2015
  • Bank of Scotland set to reopen UK RMBS market

    After a lack of new issuance last week, books have opened on Bank of Scotland’s first UK RMBS deal in four years, with initial price thoughts for the triple currency deal reflecting recent comparables.

    • 12 Oct 2015
  • Citi, Prosper bring new marketplace loan ABS

    The new issue market for marketplace loan ABS is set to reopen after a quiet period with Prosper and Citi set to launch a second deal three months after bringing their maiden transaction from the CHAI shelf.

    • 08 Oct 2015
  • Goldman to bury Figsco fiasco with SumitG

    Goldman Sachs and Sumitomo Mitsui Trust Bank are set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.

    • 08 Oct 2015
  • Busiest nine months for ABS since credit crisis, says JP Morgan

    Despite the post-summer lull, in the year to date European and Australian ABS markets have seen the highest issuance volumes in the first three-quarters of the year compared to any post-crisis period, according to a report issued by JP Morgan on Thursday. Supply expectations are also high for the remainder of the year, but some bankers are sceptical of whether this further bout of supply will materialise.

    • 08 Oct 2015
  • Goldman’s SumitG deal will be RMBS-backed at first

    SumitG, a triple recourse programme sponsored and guaranteed by Goldman Sachs Group and Sumitomo Mitsui Trust Bank, will be backed at first entirely by senior tranches of European and Japanese RMBS. Over half of the collateral will be rated triple A, and none of the bonds are below A minus.

    • 08 Oct 2015
  • S&P places 22 European RMBS tranches on CreditWatch negative

    Standard & Poor’s placed a raft of European RMBS deals on CreditWatch negative on Tuesday, after three UK and German banks failed to take remedial action following the implementation of rating actions in June this year.

    • 08 Oct 2015
  • Bank of Scotland returns with UK prime master trust

    Bank of Scotland is planning to make its return to the public UK RMBS market after four years away, with a deal denominated in three currencies.

    • 07 Oct 2015
  • TIG, Amherst to raise capital capital for single family rental investments

    Hedge fund TIG Advisors is looking to raise $75m from investors in a joint venture with Amherst Securities to acquire a portfolio of single family rental properties.

    • 07 Oct 2015
  • Beware a glut of regulation and 'perverse incentives' warns LMA

    "Too much, too fast," said the Loan Market Association (LMA) regarding the barrage of regulation facing the loan market, in its latest guide to regulation.

    • 07 Oct 2015
  • China lays out disclosure regime for consumer loan ABS

    The budding Chinese securitization market has taken another step forward with the National Association of Financial Market Institutional Investors (Nafmii) rolling out the first disclosure framework for consumer loan ABS.

    • 07 Oct 2015
  • Auto issuers rush to market to kick off fourth quarter

    Eight new auto ABS deals filled the October pipeline this week, including one from BBVA Compass, the first from the bank since 2007.

    • 06 Oct 2015
  • Capital markets still elude most SMEs

    Non-traditional funding tools, such as marketplace lending and SME bonds, are increasingly being used as alternative financing methods by mid-caps and SMEs, according to research from Moody’s published on Tuesday.

    • 06 Oct 2015
  • Goldman Sachs takes investors to the summit

    Goldman Sachs and Sumitomo Mitsui Trust will commence a global marketing exercise to show investors a novel guaranteed secured obligation called SumitG from October 12. The programme offers important differences compared to Figsco, an earlier structure offered by Goldman Sachs that was never issued.

    • 06 Oct 2015
  • Marketplace lenders respond to Treasury RFI

    Marketplace lenders are calling for the development of a comprehensive regulatory framework from the federal government as the asset class grows and garners increased interest from institutional investors.

    • 05 Oct 2015
  • MSBAM prices as CMBS pipeline swells in October

    Issuers this week are in the market with approximately $4bn in conduit, single borrower and CRE CLO CMBS offerings, as investors eye the month ahead with some caution after a difficult September.

    • 05 Oct 2015
  • NN Bank prices Dutch RMBS

    NN Bank kicked off the final quarter of the year with its fourth issuance from the Hypenn Dutch RMBS programme late last Thursday. Pricing reflected the general widening of spreads seen in the market since its last issuance.

    • 05 Oct 2015
  • Paragon looks to SME market with Five Arrows acquisition

    British challenger bank Paragon has acquired SME asset finance business Five Arrows Leasing in a £117m deal as it looks to diversify its income stream and tap the growth potential of the SME sector.

    • 05 Oct 2015
  • CW sale to mop up big swath of specially serviced CMBS loans

    CW Capital Asset Management is in the market with a $2.1bn portfolio of distressed assets, that, once offloaded, will significantly shrink the balance of its specially serviced loan book.

    • 01 Oct 2015
  • New EC plan marks ‘thawing’ for securitization

    The changes to securitization regulations this week by the European Commission have been well received, but analysts say there is still a way to go.

    • 01 Oct 2015
  • Is marketplace lending ‘the perfect fit’ for securitization?

    The crowd at Euromoney Seminar’s conference on marketplace lending and peer-to-peer securitization on Wednesday was split with regards to the viability of European securitization of peer-to-peer loans.

    • 01 Oct 2015