Securitization - Article Archive

  • Sallie Mae prices new deal, but plans shift away from ABS

    Sallie Mae Bank (SMB) priced its second student loan securitization of the year on Tuesday, though the company's CFO indicated this month that its ABS market presence will shrink in the year ahead.

    • 31 Oct 2017
  • Tesla solar ABS deal receives price guidance

    Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary.

    • 31 Oct 2017
  • Europe needs to do more than just say it likes ABS

    The great and the good of the European Union were lining up last week to pat themselves on the back for passing securitization reform, including the framework for the long-awaited simple transparent securitization label, but officials should forget the self-congratulatory crowing, and work to make ABS a more attractive funding option for issuers.

    • 31 Oct 2017
  • Is anyone taking consumer credit risk seriously?

    It’s like Mark Twain said: “History doesn’t repeat itself, but it often rhymes.” So it goes with US consumer credit since the financial crisis. In an age of record low fixed income yields and trusted (though untested) models for underwriting consumer credit, the market may be wearing blinders when it comes to risks in the sector.

    • 31 Oct 2017
  • UK relaunches student loan sale, plans deal by year-end

    The UK’s Department for Education relaunched its securitization of Income Contingent Student Loans, which was shelved because of the snap UK general election in June this year.

    • 31 Oct 2017
  • Renovate trims staff, plans new ABS

    Residential Property Assessed Clean Energy (PACE) shop Renovate America announced a 100-person staff reduction, though capital markets functions remain untouched as the company plans its next ABS transaction.

    • 31 Oct 2017
  • ABS financing at 'record lows' for consumer loans, says S&P

    Consumer lenders are tapping securitization less and less, according to S&P Global Ratings, with the securitization of consumer loans at “record lows” across sectors — though rising interest rates could reinvigorate ABS backed by short dated collateral.

    • 30 Oct 2017
  • US CMBS spreads hit tightest level in three years

    US CMBS conduit spreads hit their tightest level since July 2014 on Friday, as market watchers eye heavy demand even in the face of a deluge of new paper in the fourth quarter.

    • 30 Oct 2017
  • Tesco, Unipol and Premium Credit tap ABS primary

    Tesco Bank has priced its first credit card ABS of the year, while Unipol Banca has released initial guidance on its SME ABS and Premium Credit is readying a deal backed by insurance premium finance loans.

    • 30 Oct 2017
  • Euro ABS investors should look closely at bustling China ABS market — BAML

    The securitization market in China is “on a tear”, according to Bank of America Merrill Lynch analysts, and with supply set to greatly outpace that of European ABS, investors should be looking at the Chinese market more closely.

    • 30 Oct 2017
  • Sterling ABS investors push back on spreads

    Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.

    • 27 Oct 2017
  • Goldman to push more New York office collateral on CMBS investors

    Goldman Sachs is prepping a single asset deal backed by part of a $1.2bn financing package on New York office building One Worldwide Plaza, according to sources. But while New York office collateral has formed the bedrock of SASB issuance this year, investors could soon start running up against concentration limits, according to one originator.

    • 26 Oct 2017
  • Appetite grows for riskier MPL collateral and deeper sub notes

    Marketplace loan ABS investors are showing a higher tolerance for risk, flocking to recent marketplace loan securitizations which are increasingly backed by a higher proportion of risky loans and structured with deeper capital stacks.

    • 26 Oct 2017
  • MetLife becomes latest US insurer to tap RMBS

    US insurance company MetLife is stepping into the RMBS market for the first time with a reperforming loan deal, the latest insurer to eye attractive spreads in the securitization market to finance mortgage portfolios.

    • 26 Oct 2017
  • Goldman and Pimco win hotly contested Danske book

    Goldman Sachs and Pimco have won the bidding war for a €1.8bn book of Irish tracker mortgages owned by Danske Bank, a deal which could deliver one of the largest post-crisis securitizations from the country if taken out in the public market.

    • 26 Oct 2017
  • European Parliament approves securitization framework

    The European Parliament gave final approval to new common rules for securitization in the European Union on Thursday, in addition to finalising the simple, transparent and standardised (STS) securitization framework.

    • 26 Oct 2017
  • Issuers target tightest 2017 pricing for new conduit CMBS

    Issuers have given price guidance for the $1.13bn BANK 2017-BNK8 conduit CMBS deal, targeting the tightest super senior triple-A pricing of 2017.

    • 25 Oct 2017
  • United brings EETC securitization to market

    United Airlines was selling the ‘B’ notes of an enhanced equipment trust certificate (EETC) offering to fund the purchase of 18 aircraft early this week, as investor demand for aircraft ABS continued to heat up.

    • 25 Oct 2017
  • MOCA gets strong reception despite widening at the top

    The senior class of P2P Global Investments’ MOCA 2017-1 UK marketplace loan ABS transaction was priced at the wide end of guidance, though the final spreads further down the capital stack pointed to a strong execution for the deal.

    • 25 Oct 2017
  • Covered bonds hoover up demand despite historically tight spreads

    Although covered bond spreads are close to their historic tightest levels, investors remained keen buyers this week in both in the primary and secondary markets. ABS issuers are filling up the calendar for the rest of the year, while the FIG market more generally is looking ahead to tomorrow’s European Central Bank (ECB) meeting.

    • 25 Oct 2017
  • Rabobank sells mortgages to French postal service

    Rabobank has sold a €600m book of mortgages to La Banque Postale.

    • 25 Oct 2017
  • US CMBS to slow next year after busy 2017

    The US CMBS market has surprised to the upside in 2017, with year to date issuance set to surpass full year 2016 volumes and spreads touching their tightest levels since 2014. However, the outlook for 2018 is looking less clear on the back of fewer loan maturities and a slowdown in commercial real estate transaction volume.

    • 24 Oct 2017
  • Signet outsources subprime loan portfolio to Genesis

    Jewellery retailer Signet Jewelers is outsourcing the servicing of its subprime loan portfolio to Genesis Financial Solutions, as part of a broader plan to trim its balance sheet.

    • 24 Oct 2017
  • Euro ABS issuers flood primary pipeline

    A slew of European ABS deals are moving through the pipeline this week, with Unión de Créditos Inmobiliarios (UCI), BMW Bank, P2P Global Investments, Alba Leasing and Unipol Banca offering deals to investors.

    • 24 Oct 2017
  • US leveraged lending was already loose

    The investigative arm of the US Congress has told US regulators that the leveraged lending guidelines should be open to review. But this is nothing new — borrowers have been acting as if they are open to interpretation for some time.

    • 24 Oct 2017
  • New CMBS conduit piles on office exposure

    Commercial real estate lenders have filled over half of the pool of a new conduit CMBS with office loans, a sector that is drawing increased credit concerns, while also plugging the portfolio with higher than average volume of multifamily properties, an asset type which is seen as one of the strongest.

    • 24 Oct 2017
  • Goldman hires corporate structured finance MD

    Goldman Sachs has hired a London-based managing director to expand its corporate structured finance operations.

    • 24 Oct 2017
  • European Parliament set to vote on ABS regs

    The European Parliament on Thursday is expected to give the stamp of approval to common rules for European securitization, in addition to giving final approval to the 'simple, transparent and standardised' (STS) securitization framework.

    • 24 Oct 2017
  • Subprime issuers making up bigger piece of auto ABS pie

    Subprime auto ABS deals, especially from “deep subprime” lenders, are anticipated to form a larger percentage of overall auto ABS, as issuers take advantage of cheap funding and prime auto lenders pull back.

    • 23 Oct 2017
  • SolarCity preps solar lease, PPA securitization

    SolarCity is readying its second solar ABS transaction of 2017, a $340m deal backed by residential rooftop solar leases and power purchase agreements (PPAs).

    • 23 Oct 2017
  • Yorkshire sells £300m of RMBS notes

    Yorkshire Building Society sold a prime RMBS deal on Friday, retaining £2bn of a £2.3bn tranche of senior notes and placing £300m with investors.

    • 23 Oct 2017
  • CVC boosts CLO team with new origination head

    CVC Credit Partners has hired the former head of credit structuring at Nomura as managing director and global head of CLO origination.

    • 23 Oct 2017
  • Kimi auto deal races past finish line at narrow spreads

    Santander Consumer Finance has priced the sixth transaction in its Kimi auto ABS series, ratcheting inside of the historical spread differential between Finnish and German auto paper.

    • 20 Oct 2017
  • Private placements, ABS dominate air finance discussions

    Industry pros at the Airline Economics Growth Frontiers Conference in New York this week were keen to point out the advantages of the private placement and ABS markets, citing the number of investors looking to increase allocations in both sectors.

    • 19 Oct 2017
  • Facing collateral shortage, CLO managers turn to middle market

    CLO managers are buying smaller, less liquid middle market loans to boost the spread on offer in their funds, as aggressive repricing in the broadly syndicated loan sector squeezes the arbitrage in the structures.

    • 19 Oct 2017
  • World Bank’s Kim eyes debt-for-resilience swaps

    World Bank president Jim Yong Kim has told Caribbean leaders it is time to think creatively about ways to deal with the region's debt, low growth and the vulnerabilities posed by climate change-provoked disasters. By Lucien Chauvin, Oliver West and Virginia Furness.

    • 19 Oct 2017
  • Spire builds out credit team with two hires

    CLO manager Spire Partners has added two hires to its credit team, as it looks to broaden its portfolio management capabilities.

    • 19 Oct 2017
  • Euro ABS issuers to race to market ahead of QE tapering

    The European ABS market has never been hotter, at least in the post-crisis era, and issuers are being advised to stuff the pipeline with deals to take advantage of record tight spreads and beat expected tapering of QE by the European Central Bank in 2018. Sam Kerr reports.

    • 19 Oct 2017
  • Industry weighs benefits of EETC funding

    The Enhanced Equipment Trust Certificate (EETC) sector could be a better option than bank debt for carriers looking to finance themselves in one fell swoop, said aviation experts at the Airline Economics Growth Frontiers Conference in New York.

    • 18 Oct 2017
  • Mortgage lenders rush RMBS pipeline

    RMBS issuers have flocked to the primary market this week, with five deals hitting the pipeline through Wednesday across a range of asset types, including a new structure from Freddie Mac, a second prime jumbo deal from AIG, and a rare mortgage insurance deal from Arch Capital.

    • 18 Oct 2017
  • Mosaic prices solar ABS at tight spreads

    Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for renewable energy ABS is turning into a food fight amid heavy demand and low supply.

    • 18 Oct 2017
  • EU rescues securitization market from EU-inflicted screw-up

    The European Union has fixed a regulation which would have accidentally banned securitization of many legacy assets, after an outraged response from the industry when the planned rule was published in the summer.

    • 18 Oct 2017
  • Latest Irish RMBS deal draws a crowd

    Euro ABS investors flocked to an Irish RMBS deal from Permanent TSB that was priced on Wednesday, with the bonds well oversubscribed throughout the capital stack.

    • 18 Oct 2017
  • VW sells auto lease ABS transaction

    VW Finance has priced its latest auto ABS transaction 1bp shy of post crisis tights, with both the senior and mezzanine notes attracting heavy demand.

    • 18 Oct 2017
  • Investors sing the praises of fledging RT1 market

    ASR Nederland completed the first sale of restricted tier one (RT1) capital in a major currency last week but the deal has remained very popular in the secondary market, with buyers praising the new structure’s investor-friendly qualities.

    • 18 Oct 2017
  • Renew prices second 2017 PACE ABS deal

    Property Assessed Clean Energy (PACE) finance company Renew Financial priced its second ABS transaction of the year on Tuesday.

    • 17 Oct 2017
  • First Eagle to buy middle market lender NewStar

    First Eagle Investment Management has struck a deal to acquire US middle market lender NewStar. GSO Capital Partners will buy a $2.4bn portfolio of middle market loans as part of the deal, which is expected to generate tax refunds that will form part of the consideration for the acquisition.

    • 17 Oct 2017
  • CRT market deepens as Freddie prices new STACR offering

    Freddie Mac priced a new iteration of its credit risk transfer (CRT) residential mortgage-backed securities (RMBS) product on Thursday, with investors saying that the agency CRT market is becoming the most liquid and tradeable way of accessing US housing credit.

    • 17 Oct 2017
  • Who would want to be Mark Carney?

    The Bank of England is now odds on to raise interest rates at the November meeting of the Monetary Policy Committee in November, after the Consumer Price index reported inflation exceeding 3%, but such a move could tip the UK economy over a cliff.

    • 17 Oct 2017
  • BMW lines up first UK auto ABS transaction

    BMW Bank is looking to duplicate the success of its continental European ABS programme with its first UK-backed Bavarian Sky auto ABS transaction.

    • 17 Oct 2017
  • London property price drop not enough to spook RMBS players

    Asking prices for London property fell by 2.5% annually in October, reflecting a growing belief among UK mortgage lenders and investors that the capital’s property boom is slowing, though there is little panic among RMBS market participants.

    • 17 Oct 2017
  • Prosper markets third PMIT consumer loan deal

    Online consumer lender Prosper is marketing its third multi-seller transaction from its PMIT shelf, as market sources tout heightened liquidity as an advantage of the deal format format, which has been used by more and more lenders in 2017.

    • 16 Oct 2017
  • Trouble brewing in US leveraged loans, says S&P

    The US leveraged loan market is increasingly vulnerable to external shocks, as investors pile into the market despite alarm bells ringing over the number of riskier borrowers issuing debt and the weakening of investor protections, S&P Global Ratings warned this week.

    • 16 Oct 2017
  • Latest CMBS conduit priced tight as analysts eye rally

    JP Morgan and Deutsche Bank priced the latest conduit CMBS deal at year tight levels last Friday, as analysts predict further tightening in CMBS debt after the market lagged a rally in corporate debt last month.

    • 16 Oct 2017
  • UBS’s levfin revival

    UBS’s EMEA leveraged finance business has been through the wringer, but co-head David Slade, who joined in 2015, is rebuilding it.

    • 16 Oct 2017
  • Yorkshire Building Society readies RMBS

    Yorkshire Building Society is selling its first RMBS of the year, continuing the steady surge in UK prime issuance seen since the summer.

    • 16 Oct 2017
  • Co-op Bank surprises market with Warwick deal

    The Co-operative Bank sold more than £1.7bn ($2.24bn) of UK mortgage notes in its latest Warwick transaction on Friday, surprising many in the market who had little idea that the issuer was actively marketing a new deal.

    • 16 Oct 2017
  • Call to capital markets to aid in rebuilding nations after disaster

    The World Bank is achieving success in using the capital markets to put together financial facilities to help hurricane-afflicted Caribbean countries receive swift aid to deal with the aftermath, its Treasurer Arunma Oteh tells GlobalMarkets

    • 15 Oct 2017
  • LatAm rushes to launch Cat bond as countries brace for earthquakes

    With another earthquake about to hit Latin America, finance ministers from four countries are rushing to launch a World Bank-backed catastrophe bond to ensure that money is paid quickly

    • 15 Oct 2017
  • Quick fix insurance plan offers model for vulnerable states

    An insurance plan that pays out at once when a natural disaster hits rather than months after the loss assessment offers a route for small countries to secure protection against hurricanes and earthquakes

    • 14 Oct 2017
  • New UK marketplace loan deal mandated

    P2P Global Investments has mandated Deutsche Bank to arrange a new consumer ABS transaction backed by marketplace loans originated by Zopa.

    • 13 Oct 2017
  • Belmont Green prices debut RMBS

    UK mortgage lender Belmont Green priced its debut £243.5m RMBS deal late on Thursday, with the bonds heavily bid at the mezzanine level of the capital stack.

    • 13 Oct 2017
  • Nissan’s China JV jumps on Bond Connect bandwagon

    Dongfeng-Nissan Auto Finance has tapped the Chinese asset-backed securities (ABS) market for a third time this year with a Rmb3.5bn ($531.9m) two-tranche deal. The company made its first attempt to attract foreign investors trading through Bond Connect in the October 12 deal – with mixed results.

    • 13 Oct 2017
  • Indonesia, China take securitization route to infrastructure finance

    Big questions remain around how China’s ambitious Belt and Road Initiative will be financed. But experts tell GlobalMarkets the answer, or at least part of it, may be in asset-backed securitization — with Indonesia making some headway recently and China gearing up for some action.

    • 13 Oct 2017
  • Goldman Sachs buys US fix-and-flip mortgage company

    Goldman Sachs has bought Genesis Capital, a US mortgage firm that finances residential real estate development loans, as a long period of house price increases drives loan origination in that sector prompting expectations of more securitization activity.

    • 12 Oct 2017
  • Treasury capital market reforms put ball in industry’s court

    Most of the US Treasury’s proposed reforms for the US capital markets avoid the need for congressional approval, giving the financial services industry a strong opportunity to roll back some of the perceived excesses of post crisis rule making, US sources have said.

    • 12 Oct 2017
  • Subprime auto ABS credit enhancements spark debate

    ABS industry players have expressed mixed views this year on the trend of increased credit enhancement on subprime auto deals, with some observers starting to question whether deal structures will hold up during market shocks.

    • 12 Oct 2017
  • Bella Italia: investors pile cash into the Boot

    With the struggle for the control of Catalonia dominating European markets, investors seem to be turning to Italy, of all places, as a safe haven. Jasper Cox and Sam Kerr report.

    • 12 Oct 2017
  • Bella Italia: ABS market debates Italy’s merits

    The record tight pricing of Agos Ducato’s Sunrise consumer ABS transaction this week showed that European investors are hot for Italian debt despite the country's political and economic turmoil. But sources speaking to GlobalCapital said that their foray into Italy is just the latest example of European buyers' desperate hunt for yield.

    • 12 Oct 2017
  • Portugal forges ahead with NPL plan

    A joint debt management platform formed by Portugual's largest banks is moving ahead with plans to ease the country's non-performing loan burden.

    • 12 Oct 2017
  • Socram Banque sets new record for French auto ABS

    The European ABS market notched another record this week, as French issuer Socram Banque broke through post-crisis tight spread levels for a French auto ABS transaction.

    • 12 Oct 2017
  • Mexico vs Cat bonds: 1-1

    Catastrophe bond pays out for one of two major earthquakes to hit Mexico in September

    • 12 Oct 2017
  • Kroll stands by Global Jet ABS ratings after hostile Fitch note

    Kroll Bond Rating Agency defended the ratings it assigned to private aircraft financier Global Jet Capital’s inaugural securitization, after Fitch Ratings deemed the deal non-investment grade in a note this week.

    • 11 Oct 2017
  • KKR closes risk retention fund, says rule has strengthened CMBS

    KKR closed a $1.1bn risk retention fund on Tuesday, and the firm’s co-head of real estate credit told GlobalCapital that market consolidation brought on by risk retention has strengthened credit quality in the asset class.

    • 11 Oct 2017
  • Blackstone jumps into hot CMBS market to finance two portfolios

    Blackstone is in the CMBS market this week with $1.4bn of paper across two deals, financing a pool of office properties in one of California’s media and entertainment hotspots and a group of furniture store rooms in Las Vegas and North Carolina.

    • 11 Oct 2017
  • VW Leasing mandates new auto ABS

    VW Leasing mandated banks this week for a new German auto ABS deal, as cheap funding continues to drive issuers to the market.

    • 11 Oct 2017
  • Kroll takes a shine to Dublin in post-Brexit Europe

    The outlook for financial services firms operating in Europe after Brexit remains unclear, particularly the issue of where to operate from now that London is not a guaranteed gateway to the continent. GlobalCapital caught up with Mauricio Noé, head of Kroll Bond Rating Agency’s European business about setting up shop in Dublin and why the time is ripe for the rating agency to plant its flag in the European ABS market.

    • 11 Oct 2017
  • Ex-Shawbrook duo launch specialist funding shop

    Structured finance veterans Marc Sefton and Kieran McSweeney have launched firm focusing on lending to companies in the specialty finance sector.

    • 11 Oct 2017
  • NBG steals the show with first sub-IG benchmark covered bond

    Covered bond investors had a rare opportunity to buy higher yielding debt this week with a trio of transactions offered across the credit spectrum from sub-investment grade to triple-A.

    • 11 Oct 2017
  • StanChart to expand China ABS offering

    Like most foreign banks in the Chinese securitization market, Standard Chartered has focused on doing business with foreign originators. But now it wants to compete more directly with local underwriters by entering the growing asset-backed notes (ABN) market, Wesley Yang, the bank’s head of financial markets for China, told GlobalRMB.

    • 11 Oct 2017
  • Neiman Marcus debt climbs after better earnings

    Debt investors showed some faith that luxury department store Neiman Marcus would ride out challenges in the US retail sector on Tuesday as it posted better than expected quarterly earnings, causing its debt to trade up in the secondary market.

    • 10 Oct 2017
  • LendingHome mulls new rated securitization

    Online mortgage lender LendingHome, which launched a master securitization trust last year, is exploring the option of bringing its first rated securitization, according to CEO Matt Humphrey and CFO Robert Stiles.

    • 10 Oct 2017
  • Mosaic solar ABS resurfaces in primary pipeline

    Residential rooftop solar finance company Mosaic is in the market with its second ABS offering of 2017, nearly four months after the company originally filed documents for the deal with the US Securities and Exchange Commission in June.

    • 10 Oct 2017
  • Guggenheim beefs up in US leveraged finance

    Guggenheim Securities has hired the former global head of fixed income loans at Lehman Brothers as a senior managing director in US leveraged loans and high yield.

    • 10 Oct 2017
  • Marlette Funding preps deal as industry heads for “critical quarter”

    Online lender Marlette Funding is marketing a securitization this week, as the wider marketplace lending industry gears up for an important fourth quarter.

    • 10 Oct 2017
  • Wall Street’s empire strikes back in Treasury report

    A US Treasury report on capital markets, published on Friday, struck a populist tone, saying the rise of private credit at the expense of public market sources of financing has snatched money-making opportunities away from average Americans. But it is investment banking that has most to gain from a boost to public debt markets, not individual investors.

    • 10 Oct 2017
  • Marketplace lenders should seek to be boring

    As the industry continues to mature, marketplace lenders should drop their gimmicks and sell themselves on their underwriting records.

    • 10 Oct 2017
  • Italian consumer ABS enters negative yield territory

    An Italian consumer ABS transaction was priced at a negative yield on Tuesday, as euro ABS buyers continue to deal with a tightening market with no end to the trend in sight.

    • 10 Oct 2017
  • European marketplace lenders tap private ABS market

    Panellists at LendIt Europe on Monday said that there may be more to Europe’s marketplace loan ABS market than meets the eye, with a number of platforms issuing deals under the radar.

    • 10 Oct 2017
  • Renew adds to list of banks for new PACE ABS

    Residential and commercial Property Assessed Clean Energy (PACE) firm Renew Financial has tapped Barclays and Morgan Stanley for the first time as managers for its latest residential PACE transaction, in addition to repeat bookrunner Natixis.

    • 09 Oct 2017
  • US Treasury looks to ease ABS regs, says Dodd-Frank ‘went too far’

    A capital markets report from the US Treasury said that post-crisis regulation has hindered the US securitization market, and proposes a set of regulatory tweaks largely not requiring Congressional involvement to ease the burden on market participants.

    • 09 Oct 2017
  • NewDay prices second card ABS of 2017

    NewDay Funding has priced its second credit card ABS deal of the year, NewDay Partnership Funding Trust 2017-1.

    • 09 Oct 2017
  • Permanent TSB mandates Irish prime RMBS

    Permanent TSB has mandated three banks to sell an Irish RMBS transaction, Fastnet 13, offering classes of senior and mezzanine bonds to investors.

    • 06 Oct 2017
  • Banks to bring forward bad loans as ECB brandishes provisions

    Banks are trying to digest the implications of a new move by the European Central Bank, which would set a deadline by which new non-performing loans should be fully written off. This could spark a rush to declare NPLs before the end of this year, write Owen Sanderson and Jon Hay.

    • 05 Oct 2017
  • CPS heads to market with subprime auto ABS

    Subprime auto lender Consumer Portfolio Services (CPS) is out with its fourth deal of the year, with market watchers eyeing value in the short duration triple-A bonds.

    • 05 Oct 2017
  • Tight spreads helping CMBS market muscle back in

    As the CMBS market starts to claw back some of the market share it lost after the financial crisis, bankers have said the resurgence comes down to a simple factor — pricing.

    • 05 Oct 2017
  • Football clubs eye return to funding mainstream

    Football clubs have become revenue generating machines, and with the English Premier League set to ban clubs from borrowing from non-Financial Conduct Authority regulated institutions starting next year, GlobalCapital investigates how some of the Premier League’s biggest teams fund their operations.

    • 05 Oct 2017
  • Puerto Rico munis battered as RMBS investors take stock

    Puerto Rico’s municipal debt slumped this week after comments from President Donald Trump spooked investors, but the impact on US RMBS investors will be far less immediate as service providers assess the scale of the damage on the island’s properties.

    • 05 Oct 2017
  • Negative headlines fail to dent latest SoFi deal

    SoFi priced a student loan refinancing securitization this week, with the online lender increasing the size of the deal on the back of surging demand for the bonds, indicating that investors were unfazed by a stream of headlines around allegations of misconduct at the company.

    • 05 Oct 2017
  • Euro ABS spreads show no sign of normalising as 2017 winds down

    European ABS spreads continue to break through historical tights as the market approaches the year’s end, with investors not only participating at record low yields but queuing up in droves to buy paper at what are effectively negative yields.

    • 05 Oct 2017