Securitization Article Archive


  • LSEG spurns HKEX's £32bn takeover bid

    London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.

    • 13 Sep 2019
  • Capital markets divided as ECB wheels out big guns once more

    There was a mixed bag of views across the capital markets after the European Central Bank unleashed a new comprehensive stimulus package on Thursday, comprising restarting net bond buying, a rate cut and a tiered deposit rate system for banks.

    • 12 Sep 2019
  • HKEX overture fails to move LSE and Refinitiv stakeholders

    Several participants familiar with the London Stock Exchange Group's (LSEG) bid to buy Refinitiv are unimpressed by Hong Kong Exchanges and Clearing's (HKEX) £31.6bn bid for the LSEG itself and believe it unlikely to tempt shareholders. Silas Brown and Karoliina Liimatainen report.

    • 12 Sep 2019
  • Renovate America stirs sleeping PACE market

    Property Assessed Clean Energy (PACE) issuer Renovate America is breathing life back into an otherwise quiet market with a deal backed by residential PACE liens. Instead of tapping the securitization market, PACE providers are choosing to go down alternative routes, such as pursuing private transactions or arranging forward flow agreements, sources say.

    • 12 Sep 2019
  • PGIM, CVC refi CLOs as negative rates persist

    The CLO refinancing wave has rolled through to the end of summer, with PGIM and CVC both refinancing deals from 2016 and 2017 respectively, as European markets continue to contend with negative rates.

    • 12 Sep 2019
  • Spreads tighten for pair of UK RMBS deals

    Pepper Group subsidiary Optimum Credit has priced its Castell 2019-1 deal tight of guidance, while Yorkshire Building Society’s Brass No 8 RMBS was also priced, with senior notes tightening by about 5bp from initial price thoughts.

    • 12 Sep 2019
  • Battersea Power Station secures term loans for third development phase

    Battersea Power Station, the former power station on the banks of the Thames in London, has got £600m of additional term loans for the third phase of its redevelopment.

    • 12 Sep 2019
  • BMW returns for second auto lease ABN

    BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

    • 12 Sep 2019
  • Disaster clean-up franchise brings inaugural ABS

    Servpro, a property restoration and disaster clean-up business, is preparing its debut whole business securitization, adding to the long list of first time issuers that have tapped the ABS market in 2019 to take advantage of cheap financing.

    • 11 Sep 2019
  • Leeds Building Society turns to RMBS market after four year absence

    Leeds Building Society has mandated Barclays, Citigroup and Lloyds to arrange Albion No 4, a prime UK residential mortgage securitization, set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory framework. The deal comes as two more sterling RMBS deals are heading to be priced on Wednesday afternoon.

    • 11 Sep 2019
  • Hong Kong exchange gatecrashes LSE-Refinitiv party

    Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.

    • 11 Sep 2019
  • CLO manager THL rolls out ESG framework

    Credit investment manager THL Credit announced on Tuesday that it has begun using an environmental, social and governance (ESG) framework in its bank loan, high yield and CLO strategies.

    • 10 Sep 2019
  • Green price ratchet bonds will soon be everywhere

    The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.

    • 10 Sep 2019
  • The perils of investing in used cars

    Moody’s has downgraded Ford Motor Credit Company from investment grade to a junk rating. It is not the only auto manufacturer to run suffer a prang, however, and as more securitization issuers move into the autos sector, UK market participants need to be wary of history repeating.

    • 10 Sep 2019
  • Rare oil and gas securitization enters pipeline

    Raisa Energy, an oil and gas exploration and production company, is preparing an inaugural securitization, with Guggenheim Securities leading the deal.

    • 10 Sep 2019
  • Sterling ABS market digs in for wave of new supply

    Investors are eyeing a rush of sterling ABS and RMBS deals looking to push ahead through the Brexit window after the UK Parliament was suspended for five weeks beginning on Monday, with buysiders confident that spreads will withstand the rush of new supply.

    • 10 Sep 2019
  • Dombrovskis keeps CMU brief under Leyen

    Valdis Dombrovskis is set to retain his role as the European Commissioner in charge of financial stability, financial services and capital markets union, after president-elect Ursula von der Leyen announced her new leadership team on Tuesday.

    • 10 Sep 2019
  • Ford European auto ABS nears pricing as investors digest Moody's downgrade

    Moody's has downgraded the senior unsecured rating of Ford Motor Credit Company from to Ba1 from Baa3 just as the company looks to price an auto ABS deal via its European finance arm, FCE Bank.

    • 10 Sep 2019
  • ABS primary pipeline gushes as fall kicks off

    Deal flow is picking up in the second week of September with at least $8.74bn being marketed to investors, including auto ABS offerings from seven repeat issuers across the credit spectrum.

    • 09 Sep 2019
  • Middle market debt manager hires CLO PM

    Alternative asset manager and middle market private equity firm MidOcean Partners has added a portfolio manager to its CLO business in New York.

    • 09 Sep 2019
  • European auto ABS market revs up with E-Carat 10 deal

    Opel Bank, a subsidiary of French automaker Groupe PSA, is mandating BNP Paribas as arranger for its E-Carat 10 auto deal, alongside UniCredit Bank AG as joint lead manager for the class ‘A’ notes.

    • 09 Sep 2019
  • Banco Sabadell marketing €1bn consumer ABS

    Banco Sabadell has mandated Deutsche Bank for a €1bn Spanish consumer loan ABS, set to offer three tranches with a floating rate coupon priced over three month Euribor.

    • 09 Sep 2019
  • CBAM Partners hires Levilain to help euro loans launch

    CBAM Partners said it has hired Axa Investment Management’s loans and private debt co-head Jean-Philippe Levilain to help launch its European business.

    • 09 Sep 2019
  • Fleet Mortgages gets funding from OWS after re-entering market

    Buy-to-let mortgage lender Fleet Mortgages has agreed a funding line with asset manager One William Street after returning to the market in April, getting about £400m.

    • 09 Sep 2019
  • Investors cool on aircraft ABS as sector feels late cycle pressures

    Once highly prized for the attractive yields on offer, investors say they are backing away from aircraft ABS as heightened competition and one-off deals with weak collateral shine a light on late cycle behaviour in the asset class.

    • 05 Sep 2019
  • BAML prices CMBS at wide range of guidance

    Bank of America Merrill Lynch priced Taurus 2019-2 at 120bp over Libor, with senior notes landing towards the wide range of initial price thoughts released on Tuesday.

    • 05 Sep 2019
  • People moves in brief: September 5, 2019

    Moelis hires JPM Dutch chief, JPM finds replacement — Nachmann replaces retiring Chavez at Goldman — PRI founding exec moves from UBS to Credit Suisse

    • 05 Sep 2019
  • GreensLedge hires Barings pair for structured credit roles

    GreensLedge Asset Management announced on Wednesday that it has hired two investment professionals from Barings to lead the firm’s structured credit investment business.

    • 04 Sep 2019
  • CFPB flags rise in subprime credit card debt

    Consumers with lower credit scores have become a larger share of the credit card market as their debt piles up faster than in the prime borrower cohort, the Consumer Financial Protection Bureau said in a report this week.

    • 04 Sep 2019
  • ICG to reset St Paul's CLO II via Goldman

    Goldman Sachs is arranging the reset for Intermediate Capital Managers’ €436.2m St Paul’s CLO II, taking the reins from Lloyds, which arranged the original deal in 2013.

    • 04 Sep 2019
  • Angelo Gordon snares PGIM credit specialist to head up European performing credit research

    Angelo, Gordon & Co has hired Michiel von Saher as a managing director based in London. He joins from PGIM Fixed Income and expands the firm’s performing credit team to 13, including four in the UK.

    • 04 Sep 2019
  • EU auto ABS surge continues with GlobalDrive

    FCE bank, Ford’s European finance unit, is preparing to issue GlobalDrive Auto Receivables UK 2019-A, a short-dated auto ABS with Lloyds and BNP Paribas arranging alongside NatWest and Santander as joint lead managers.

    • 04 Sep 2019
  • Market awaits release of Trump admin’s GSE reform plan

    In an otherwise slow week for the securitization market after the Labor Day holiday, observers are bracing themselves for a potentially market-moving development for the mortgage sector — the Trump administration’s release of its government-sponsored enterprise reform plan.

    • 03 Sep 2019
  • Issuers line up auto, esoteric deals for post-Labor Day deal pipeline

    Five ABS issuers are getting ready to fill up the post-Labor day weekend pipeline, according to documents filed with the Securities and Exchange Commission last Friday. The mix includes three auto ABS transactions and two esoteric offerings.

    • 03 Sep 2019
  • Santander considers switch to Sonia for Holmes deals

    Santander has announced that it is considering transitioning some Libor-linked notes issued by its Holmes Master Issuer programme to the Sonia benchmark.

    • 03 Sep 2019
  • Yorkshire Building Society brings prime STS RMBS

    Yorkshire Building Society has mandated Bank of America Merrill Lynch and Lloyds, alongside joint lead managers Citi and BNP Paribas, for its upcoming Brass No.8, a UK prime RMBS deal offering two triple-A rated sterling tranches and a senior dollar tranche.

    • 03 Sep 2019
  • BNPP out with full cap stack STS auto securitization

    BNP Paribas has announced a public securitization of French auto loans, AutoNoria 2019, set to offer a full capital stack from senior to junior notes. The transaction is expected to comply with the simple, transparent and standardised’ (STS) regulatory framework.

    • 03 Sep 2019
  • Cairn takes Oceanwood CEO as new boss

    Cairn Capital has hired Nicolas Chalmers as its chief executive, marking the “next phase” in its development.

    • 03 Sep 2019
  • Landmark Galapagos restructuring to set ‘forum shopping’ precedent

    Companies could be stopped from picking their favourite jurisdiction for restructurings, if a crucial ruling over the fate of troubled heat exchanger firm Galapagos SA goes in favour of a group of high yield bondholders.

    • 02 Sep 2019
  • Pepper brings second UK RMBS via Citi and NatWest

    Pepper Group has mandated Citi and NatWest Markets as to arrange Castell 2019-1, a full capital stack UK RMBS transaction backed by second lien mortgages.

    • 02 Sep 2019
  • KKR-backed Oodle Car Finance brings debut auto ABS

    Citi is arranging the debut securitization for UK auto fintech Oodle Car Finance, backed by hire purchase loans made to purchase used cars.

    • 02 Sep 2019