Securitization - Article Archive

  • European DataWarehouse hires Moody’s exec for COO role

    European DataWarehouse (ED) has named a former senior director at Moody’s Analytics as its new chief operating officer and deputy chief executive officer.

    • 23 Dec 2015
  • Commercial ABS issuance volume may see slowdown in 2016 – S&P

    A declining number of new entrants to the commercial ABS space and a slew of corporate acquisitions could have a dampening effect on new issuance in 2016, according to a Standard & Poor’s report released December 21.

    • 23 Dec 2015
  • First rated P2P ABS from Jefferies enters pipeline

    The quiet new issue ABS calendar is seeing movement going into the last two weeks of the year with MarketPlace Loan Trust 2015-OD4, a $143.646m marketplace loan ABS deal issued by Jefferies and backed by small business loans originated primarily by OnDeck.

    • 22 Dec 2015
  • Macquarie planning new Aussie RMBS deal for early 2016

    Macquarie Securitisation Limited has mandated Macquarie Bank to arrange a new Australian RMBS deal from its Puma shelf, which could hit the market early in 2016.

    • 22 Dec 2015
  • Annual CMBS confab to focus on three key issues

    CMBS investors next month will flock to Miami for the annual CREFC meeting, where they will look to get a read on three key issues that face the market in 2016 – implementation of risk retention, secondary market liquidity and new issuance volume.

    • 21 Dec 2015
  • EBA gives hope for synthetic securitizations

    The European Banking Authority on Friday recommended that capital requirements for senior portions of synthetic securitizations referencing loans to small and medium enterprises be loosened.

    • 21 Dec 2015
  • Raiffeisen boosts CET1 ratio with €1bn synthetic securitization

    The Czech arm of Raiffeisen Bank International (RBI) has closed a €1bn synthetic securitization deal, the bank's third of the year.

    • 21 Dec 2015
  • RAIT CRE CLO priced to draw drab year to close for asset class

    Issuers on Thursday priced RAIT 2015-FL5, a $347.4m commercial real estate (CRE) CLO, selling the senior class of bonds at 210bp over one month Libor.

    • 17 Dec 2015
  • Juicy spreads in UK RMBS bringing back US investors

    Bucking the subdued state of the wider European ABS market, demand for UK RMBS is thriving on the back of improved clarity on supply levels and the relative value on offer in the asset class.

    • 17 Dec 2015
  • HSBC $5bn synthetic CLO ramps up restructure

    HSBC has closed its first synthetic securitization since the crisis, and in doing so has slashed the balance sheet its corporate lending book consumed, writes Owen Sanderson.

    • 17 Dec 2015
  • Riverton sells, while a Newark office runs into trouble

    Riverton apartments, an affordable housing complex in Manhattan, was sold for $205m this week, dispelling uncertainty around the property’s CMBS loan, which has been in special servicing since 2008.

    • 16 Dec 2015
  • BBVA analysts say ABS purchase programme was doomed from the start

    A BBVA report released on Tuesday said the European Central Bank’s attempt to boost the region's securitization market with the asset-backed securities purchase programme (ABSPP) was flawed from the beginning.

    • 16 Dec 2015
  • CMBS ends 2015 not with a bang but a whimper

    The CMBS market has wrapped up the year over 40bp wide of where it began, as issuers on Tuesday priced the super senior triple-A class of the final conduit of 2015 at 140bp over swaps.

    • 15 Dec 2015
  • Maturity extensions fail to stop FFELP widening

    Navient’s move to extend legal final maturities on six of its Federal Family Education Program (FFELP) ABS trusts on December 7 failed to stop spreads from widening, write analysts at Wells Fargo.

    • 15 Dec 2015
  • Principia to offer OIS discounting impact analysis

    Principia Partners has made impact assessments for overnight index swaps (OIS) discounting available through its derivatives valuation service, pasVal.

    • 15 Dec 2015
  • Moody’s cautious on Spanish banks’ SME lending drive

    Competition among yield hungry Spanish banks lending to small and medium enterprises may be getting too hot too fast.

    • 15 Dec 2015
  • SolarCity brings first loan backed ABS offering

    SolarCity, the largest residential solar developer in the US, is marketing a $185m securitization, the first backed by loans made to homeowners to finance solar panel installation.

    • 14 Dec 2015
  • VW auto ABS ploughs on with R$1bn Brazilian deal

    Volkswagen Financial Services (VWFS) has priced a R$1.09bn Brazilian auto ABS transaction, its third deal from its Driver Brasil shelf.

    • 14 Dec 2015
  • Latest Citi, Prosper P2P deal prices tight

    Prosper and Citi’s third issuance, Citi Held for Asset Issuance 2015-PM 3, priced tight on December 11 as investors shrugged off concerns over a loan made through Prosper to the perpetrators of the San Bernardino mass shooting.

    • 14 Dec 2015
  • Cut us some slack, say ABS investors to regulators

    Regulatory proposals in the European securitization market are hoped to encourage confidence in the ABS product, but change needs to happen fast if the market is to retain its dwindling investor base, said market participants last week.

    • 14 Dec 2015
  • Regulations should be reviewed soon

    Regulators and politicians thought after the crisis that lenders should stick to making loans that match their liabilities — banks to the short term, insurance companies to long term lending. The opposite is happening. If regulators want to achieve their aims, they need to review the rules now.

    • 10 Dec 2015
  • Castlelake offering prices tight despite cloudy skies in aircraft ABS

    Castlelake Aircraft Securitization Trust 2015-1,a $713.2m aircraft ABS offering, priced tight on Thursday despite shadows cast by an illiquid market and the termination of a previous aircraft deal last month.

    • 10 Dec 2015
  • UK RMBS demand swells Kensington deal to £1.5bn

    Pent up demand for UK RMBS, driven by the bid process for the sale of UK Asset Resolution’s portfolio of Granite securitizations, helped Kensington Mortgage Company upsize its non-conforming UK RMBS deal to £1.5bn on Wednesday.

    • 10 Dec 2015
  • Virgin Atlantic brings first ever landing slot ABS deal

    Virgin Atlantic has stepped into the capital markets for the first time, with a £220m senior secured note backed by the airline’s take-off and landing slot portfolio at London Heathrow airport – the first transaction of its kind in Europe.

    • 10 Dec 2015
  • Kensington lands £1.5bn UK RMBS deal

    Leads Citi and Bank of America Merrill Lynch have priced the Trinity Square 2015-1 UK non-conforming RMBS deal for Kensington Mortgage Company, landing £1.5bn after the offering was initially sized at £1bn.

    • 09 Dec 2015
  • KfW plans SME boost with €1bn securitization investment in 2016

    German agency KfW said in a capital markets press briefing on Wednesday that it intends to invest €1bn in European securitization transactions in 2016, half of which would be allocated to SME ABS in Germany and Europe.

    • 09 Dec 2015
  • Ford drives by with cheaper China auto ABS

    Ford Auto Finance (China) executed its second auto ABS of the year this week, raising Rmb2.99bn ($467m) with Fuyuan 2015-2 Retail Auto Mortgage Securitization. The amount raised was similar to its last outing in February, but Ford was able to cut its funding costs by an impressive 140bp.

    • 09 Dec 2015
  • Wells deal pauses CMBS widening trend

    Joint lead managers priced the $860.6m WFCM 2015-P2 conduit CMBS on Tuesday, offering investors a reprieve from the near constant widening that has taken place in the space over the past two months.

    • 08 Dec 2015
  • P2P platform debuts resi mortgage product

    Income&, a San Francisco-based marketplace investing platform, is launching a product for investors looking for exposure to high quality mortgage credit beyond what is currently offered by the government sponsored enterprises.

    • 08 Dec 2015
  • Institutional investment to drive European marketplace lending, says Moody’s

    Moody’s Investors Service expects further institutional investment to drive growth in the European marketplace lending sector next year, which could spur securitization, though a sluggish European macro environment could pose problems for the growing industry.

    • 08 Dec 2015
  • Corporate services provider Elian acquires rival

    Corporate services provider Elian has completed the acquisition of SFM Europe, a structured finance administrator with more than €1tr of assets under administration. The deal will expand Elian’s European footprint in corporate services and structured finance.

    • 08 Dec 2015
  • Uptick seen in CMBS loans dropped before securitization

    Fitch warned this week of an uptick in CMBS loans being dropped from deals ahead of securitization, a trend that the agency said points to a lack of originator due diligence.

    • 07 Dec 2015
  • Navient extends some FFELP ABS maturites

    Student loan ABS continues to generate a buzz in the market, as student loan issuer Navient announced on Monday the extension of the maturity dates of six of its Federal Family Education Program (FFELP) ABS trusts, issued in 2014.

    • 07 Dec 2015
  • Kensington targets market window with £1.5bn Trinity Square RMBS

    Kensington Mortgage Company is defying the traditionally quiet December ABS market with a £1.5bn UK non-conforming RMBS deal set to price this week, as the market prepares for a liquidity boost following the expected redemption of outstanding Granite notes.

    • 07 Dec 2015
  • Guidance issued for Citi, Prosper marketplace loan ABS

    Guidance is out on CHAI 2015-PM3, a $264.73m marketplace loan ABS deal from Citi backed by loans originated through Prosper.

    • 04 Dec 2015
  • Volkswagen plans Q1 bond market return after new €20bn backstop

    Volkswagen, the scandal-hit German car company, is intending to return to the unsecured bond market in the first quarter of 2016, once it has updated its MTN programme, the company's financing chief has told GlobalCapital.

    • 04 Dec 2015
  • SFR consolidation continues with AH4R, ARP merger

    Consolidation of the single family rental (SFR) market continues apace, with American Homes 4 Rent (AH4R) announcing on Thursday that it will acquire smaller competitor American Residential Properties (ARP).

    • 03 Dec 2015
  • Question marks remain on STS application

    The fragmented nature of the European ABS market could complicate the application of the European Commission’s proposals for simple, transparent and standardised (STS) securitizations, according to panel members at the Euromoney Capital Markets Union forum on Thursday.

    • 03 Dec 2015
  • Green bond market must be a broad church

    As the green bond market grows, participants are debating how to define it. Should deals have to offer additionality — proof that the projects would not have happened otherwise? Should pure play green companies be allowed to issue — and should oil companies? Sean Kidney and Manuel Adamini of the Climate Bonds Initiative and Bas Wetzelaer of Dutch investor Actiam argue that the market should embrace a wide range of issuer and deal types, as long as the activities financed genuinely help the climate.

    • 03 Dec 2015
  • European SMEs still hooked on loans

    Tackling the knowledge gap in financing options for Europe’s small and medium-sized enterprises (SMEs) can help them overcome reliance on bank funding and increase participation in the region’s capital markets, said speakers at an Association of Financial Markets in Europe (AFME) conference in London.

    • 03 Dec 2015
  • Updated: Moody’s to tailor-make rating methodology for Chinese RMBS

    Moody’s launched a public consultation this week as it seeks feedback over its proposed rating methodology for Chinese residential mortgage-backed securities (RMBS).

    • 03 Dec 2015
  • Online SFR marketplace launches loan brokerage

    HomeUnion, an online marketplace specialising in offering single family rental investment opportunities, has launched a mortgage brokerage for investors looking to finance acquisitions of residential rental properties.

    • 02 Dec 2015
  • Flat issuance but improved performance in 2016 ABS, say analysts

    The European ABS market is enjoying an improving regulatory outlook and strong credit performance but some analysts still said this week that they don't see much reason for an increase in issuance levels in 2016.

    • 02 Dec 2015
  • Fitch warning, Navient deal leads SLABS

    The post-Thanksgiving student loan ABS (SLABS) market kicked off with a private offering from Navient this week, while uncertainty builds in the market for government backed SLABS as Fitch Ratings started to place bonds on negative ratings watch.

    • 01 Dec 2015
  • Year end push begins as uncertainty mounts for CMBS

    Issuers of CMBS offered a host of deals to investors this week to kick off the final push to year end, as market participants grow increasingly uneasy over conditions going into 2016.

    • 01 Dec 2015
  • TPG Real Estate acquires TriGránit platform

    TPG Real Estate, the property arm of investment firm TPG, announced today that it has completed the acquisition of central European real estate platform TriGránit, as the investment firm looks to benefit from positive macro trends in European real estate.

    • 01 Dec 2015
  • Ford sets sights on last lap for China auto ABS in 2015

    Ford Auto Finance (China) is preparing for what is set to be the last auto ABS from China this year with the Rmb2.99bn ($469m) Fuyuan 2015-2 Retail Auto Mortgage Securitization due to go live on December 7.

    • 01 Dec 2015