Securitization - Article Archive

  • The end of the road for roadshows

    The shock of the Covid-19 coronavirus outbreak has forced some rapid thinking among capital markets participants. Almost the first impact has been on travel.

    • 27 Feb 2020
  • New Mountain Capital prepares maiden CLO deal

    New Mountain Capital is the latest manager to make a first foray into the US CLO market, readying its inaugural broadly syndicated loan deal, according to sources.

    • 27 Feb 2020
  • Aircraft ABS deal shelved as virus fears push spreads wider

    Coronavirus fears loomed over an otherwise benign SFVegas conference this week, with concerns over a pandemic trickling particularly into the aircraft segment. Sources say tangible cracks are beginning to show, with one deal shelved and spreads widening dramatically in the last week.

    • 27 Feb 2020
  • World Bank’s pandemic bond tranche nears coronavirus wipeout

    Investors looking at the World Bank’s pandemic bond are discounting the price in the expectation that its principal will be written down by the spread of the Covid-19 epidemic, writes Jasper Cox.

    • 27 Feb 2020
  • BoE ‘turbo charges’ post-Libor transition with plans for index and ramped-up haircuts

    The Bank of England turned up the heat on Libor this week with plans to publish a compounded Sonia index and averages in a move that will drive the transition to the new risk-free rate with a simpler coupon calculation methodology. It will also increase haircuts on Libor-linked collateral which is intended to accelerate the switch out of Libor FRNs maturing after 2021.

    • 27 Feb 2020
  • Crédit Agricole to offer French Habitat RMBS to investors

    Crédit Agricole is bringing a €1.156bn French RMBS from its Habitat shelf, only the third deal of the series to offer notes to investors.

    • 27 Feb 2020
  • Eurobank applies for Hercules NPL programme

    Eurobank has submitted applications for the senior tranches of a securitization backed by a €7.5bn loan portfolio to qualify for the Hellenic Asset Protection Scheme, known as ‘Hercules’, making it among the first to qualify for the programme if it is approved.

    • 27 Feb 2020
  • China ABS: BMW will not be overtaken

    BMW sold an ultra-cheap auto loan securitization in China last week, giving a clear demonstration of investor appetite for highly-rated credits despite the coronavirus epidemic. But other auto financing companies (AFCs) should be realistic about their chances of repeating this success, as liquidity is drying up quickly.

    • 27 Feb 2020
  • Renovate America opens up 2020 PACE pipeline

    Residential Property Assessed Clean Energy (PACE) finance company Renovate America filed an ABS 15-G this week, announcing plans to bring the first deal of 2020. Despite regulatory burdens that have resulted in lower ABS volumes, PACE providers are expecting a steady year, with another 144A deal slated to come as early as April, according to sources at SFVegas 2020 this week.

    • 26 Feb 2020
  • Destination: Dublin as Dutch VAT ‘earthquake’ sends CLO managers scurrying

    The CLO industry is expected to make an exodus from the Netherlands as managers with deals in the pipeline look to domicile their warehouses in Ireland. This follows a court ruling in the country, where up to a fifth of the market is located, which stings managers for a tax on management fees in a move that could shrink their income and reduce deal volumes. Tom Brown reports

    • 26 Feb 2020
  • Metro launches new strategy, plans to issue more MREL

    Metro Bank is looking to become a more profitable institution after launching a review of its strategy this week, but the lender still faces the challenge of having to raise a further £500m of debt to meet its capital needs.

    • 26 Feb 2020
  • Bank of England lays out plans to publish compounded Sonia averages and index

    The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.

    • 26 Feb 2020
  • Tech boutique offers tool to spot greenwash

    Investors who have been longing for the EU Taxonomy of Sustainable Economic Activities to tell them what is green are now realising that its arrival could make life tricky. From the end of next year, they will have to start reporting how sustainable all their portfolios are. It could prove an enormous headache. But a tiny company has developed a tool it claims can cut out a lot of the worries investors face in working out how to comply.

    • 26 Feb 2020
  • Barclays lands tightest 2020 CLO with second CIFC deal

    Barclays has achieved the tightest cost of liabilities this year for its CIFC Euro CLO II, which saw triple-A rated notes priced 2bp inside any other European CLO issued in 2020 at 90bp over three month Euribor.

    • 25 Feb 2020
  • Generali launches framework for green insurance-linked securities

    Assicurazioni Generali, the Italian insurance company, has launched a framework to show how insurance-linked securities can be structured to contribute towards investments in green assets.

    • 25 Feb 2020
  • Market still puzzling over Libor as sunset nears

    Some in the market still do not see eye to eye on Libor transition even with the cessation of the benchmark at the end of 2021 fast approaching.

    • 25 Feb 2020
  • Consumer ABS less plain vanilla as credit cycle ages

    Traditional consumer ABS asset classes, particularly auto ABS, are looking less like on-the-run, flow assets than they once did, panellists said at SFVegas 2020 on Monday. As the credit cycle stretches on, speakers cautioned the audience to keep an eye on the growing risks in deep subprime consumers and the rise of revolving auto ABS structures.

    • 25 Feb 2020
  • With Sanders gaining, wonks look to soothe market’s fears of a progressive president

    Bernie Sanders claimed victory in the Nevada Democratic primary election to emerge as the clear party frontrunner last weekend. Financial policy experts speaking on Monday at the SFVegas conference in Las Vegas addressed a crowd nervous over the prospect of a progressive left US president unsympathetic to Wall Street.

    • 25 Feb 2020
  • CLOs edge closer to digitalization after success of AMR

    Digitalisation and its impact on traditional practices was front and centre at a CLOs and leveraged loan event at the SFVegas conference on Monday, where speakers were focused on the advent of digital platforms, what is possible and what is premature.

    • 25 Feb 2020
  • SEC ratings watchdog floats reassessing rule 17g-5

    Remarks delivered by the Securities and Exchange Commission’s director of the office of credit ratings at SFVegas on Monday hinted at the possibility that the regulator could re-evaluate the effectiveness of Rule 17g-5, a post-crisis rule intended to address conflicts in the issuer pay model.

    • 25 Feb 2020
  • MUFG plans project finance, aviation CLOs

    Spurred by investors’ reach for yield and the drive to more off-the-run assets, MUFG is taking advantage of its expertise in project finance and CLO structuring, preparing a rare project finance CLO and another backed by aviation assets.

    • 25 Feb 2020
  • Post-Brexit law intended to clarify securitization could fragment market

    An amendment to the UK Securitization law is set to come into effect at the end of 2020 when the Brexit transition period ends, clearing up confusion around the definition of sponsor in a move that could see the UK and the EU regimes diverge, said Mayor Brown in a notice released Thursday.

    • 24 Feb 2020
  • Investors hope to strike oil in budding oil and gas ABS market

    Oil and gas securitizations may be a win-win solution for the difficulties faced both by energy producers in search of a diversified source of funds and by investors hungry for long term, attractive returns, said speakers at SFVegas on Sunday.

    • 24 Feb 2020
  • ESG proponents on the hunt for a common framework

    A lack of data and a broad range of frameworks for identifying environmental, social, and governance (ESG) assets are significant hurdles standing in the way of ESG becoming a more robust asset class unto itself, said speakers at SFVegas 2020 on Sunday, urging advocates to harmonize their definitions and strategies for investing.

    • 24 Feb 2020
  • Dwindling ABS yields draw thousands to SFVegas in search of new opportunities

    With spreads compressed across asset classes, SFVegas 2020 promises another huge year in attendance as over 8,000 structured finance market participants scour the desert for better returns in a low yield world.

    • 24 Feb 2020
  • BMW scores tightly priced auto ABS, drives through virus outbreak

    BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.

    • 21 Feb 2020
  • Central American bank woos UK to be new member

    The Central American Bank for Economic Integration is hoping to persuade the UK government to join it as a shareholder, holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms.

    • 20 Feb 2020
  • Golub Capital prices BSL CLO transaction

    Golub Capital this week priced its first broadly syndicated loan CLO of 2020.

    • 20 Feb 2020
  • Whole biz ABS riskier than oil and gas deals, Fitch says

    Investors hungrily eyeing two esoteric ABS subsectors — one booming, the other nascent — may want to look take a second look, as Fitch Ratings this week warns that whole business securitizations are a riskier bet than the budding oil and gas ABS sector.

    • 20 Feb 2020
  • ECB is revving the engine but the handbrake is on

    Europe’s capital markets are back in super-demand mode.

    • 20 Feb 2020
  • Sonia gets makeover as EBRD shifts new structure

    The European Bank for Reconstruction and Development this week became the first borrower to deviate from the standardised coupon calculation method for Sonia-linked floating rates. While investors backed the new structure, with the deal receiving a huge order book from a large number of accounts, there are some market participants who believe the disruption was unnecessary, writes Burhan Khadbai.

    • 20 Feb 2020
  • People moves in brief: February 20, 2020

    Natixis finds new investment banking boss — UniCredit replaces Steffens with Pabarcius in UK — Lloyds puts Paterson at risk

    • 20 Feb 2020
  • BofA to sell first Taurus CMBS backed entirely by Dutch assets

    Bank of America is roadshowing Taurus 2020-1, a Blackstone-sponsored European CMBS and the first from the Taurus shelf to be backed entirely by Dutch properties.

    • 20 Feb 2020
  • Charter Court makes quick comeback with second RMBS of 2020

    Charter Court has priced its second sterling RMBS of the year with the help of arranger Lloyds and joint lead Bank of America, making a quick return to market following a deal in January.

    • 20 Feb 2020
  • RentPath acquisition to hand victory to creditors

    A handful of CLOs are poised to benefit from CoStar Group's acquisition of troubled apartment rental listing firm RentPath, which has agreed to be acquired out of bankruptcy for $588m.

    • 19 Feb 2020
  • ABS Issuers rush to clear pipeline ahead of Vegas bash

    The ABS primary market continued to push out deals at a brisk pace this week, as the heavy load rolled over from last week. Five transactions were priced through Wednesday, including unsecured consumer loan deals from LendingPoint and Pagaya.

    • 19 Feb 2020
  • New name makes debut in conduit CMBS market

    Commercial real estate finance firm Sabal Capital Partners came to the market this week with its first conduit CMBS transaction, a debut in a market dominated by the largest US and European banks.

    • 19 Feb 2020
  • Newly launched Axa fund targets growing SRT market

    Axa Investment Managers has launched its eighth investment fund focused on investments in significant risk transfer securitizations, citing a growing market as more banks enter the sector.

    • 19 Feb 2020
  • Apollo subsidiary Redding Ridge prices new CLO

    Apollo Global Management subsidiary Redding Ridge has priced a $501.5m CLO.

    • 18 Feb 2020
  • STS is burden enough without shoehorning in ESG criteria

    With the environmental, social and governance revolution well under way, attention has turned to the securitization market after recent deals pushed the issue to the top of the agenda. There has been talk of retrofitting the ‘simple, transparent and standardised’ (STS) regulatory framework with a ‘green’ or ‘ESG’ category, but regulators should think twice before conflating both themes.

    • 18 Feb 2020
  • Charter Court brings ‘help-to-buy’ UK RMBS with ESG implications

    Fitch and Moody’s gave a preliminary rating of triple-A to the senior notes on CMF 2020-1, a prime sterling RMBS with 29.4% of loans in the pool coming from the UK government’s Help-to-Buy scheme.

    • 18 Feb 2020
  • Lloyds puts credit sales head Paterson at risk

    Lloyds Bank has put credit sales head Bob Paterson at risk, a securitization specialist who had been leading sales on the bank’s risk transfer programmes.

    • 18 Feb 2020
  • Catalonia law puts RMBS performance at risk

    Catalonia has passed a new housing law that may have an impact on RMBS deals with a high exposure to the region.

    • 17 Feb 2020
  • CLOs escape cov-lite stricture by borrowing from revolvers

    Although European CLOs have a standard limit on the proportion of covenant-lite loans they buy, the definition of ‘cov-lite’ means that almost every term loan with a revolving credit facility elsewhere in the capital structure remains eligible for purchase by these vehicles.

    • 17 Feb 2020
  • First senior NPL ABS of recent years tempts five new investors

    The first fully public syndicated sale of senior ABS backed by Italian non-performing loans in recent years has tempted five new investors to buy into the NPL asset class. Ten buyers were allocated bonds in the landmark deal, Futura 2019.

    • 14 Feb 2020
  • BMW prepares first auto loan ABS of 2020

    BMW Automotive Finance is readying a Rmb8bn ($1.15bn) dual-tranche auto loan ABS transaction. The deal, to be sold on February 20, will be the first auto ABS outing in the Chinese market since the Lunar New Year.

    • 14 Feb 2020
  • Vote Now: GlobalCapital US Securitization Awards 2020

    GlobalCapital is pleased to present the nominees for its annual US Securitization awards, recognizing outstanding achievement in structured finance markets.

    • 13 Feb 2020
  • AGL prices $600m CLO transaction

    AGL Credit Management has priced a $602.6m CLO deal, the largest transaction so far in 2020.

    • 13 Feb 2020
  • Hybrid subprime credit card lender preps ABS

    Fair Square Financial is issuing a subprime credit card ABS backed by loans originated through a bank partnership, a feature usually seen among marketplace lenders.

    • 13 Feb 2020
  • People moves in brief

    HSBC hires Lahham for MENA corporate finance — Lisanti broadens markets role at Citi — Muscatt joins BMO

    • 13 Feb 2020
  • Swissies on fire as banks max out

    BBVA and BNP Paribas raised Swiss franc bonds on Thursday, following a week of strong issuance from a rich variety of borrowers in the market.

    • 13 Feb 2020
  • Sinn Féin set to shake up Ireland’s mortgage sector

    While Sinn Féin begins its attempt to form Ireland’s new government, investors and issuers are eyeing a possible overhaul of the country’s housing sector. Securitization is in the headlights, as one of the party’s key manifesto pledges, which promised to throttle the market, is on the negotiating table.

    • 13 Feb 2020
  • Loans in Brief: February 13, 2020

    Clearstream short term refi one of 2020's biggest European loans — Nordic Aviation Capital finds $858m fortune in US private placements — Marel finds appetite for sustainability loan — Gerald Group increases dollar revolver — Austrian loan market goes clubbing

    • 13 Feb 2020
  • UK fiscal splurge cemented as ‘last Mohican’ is ousted

    The ousting of Sajid Javid as the UK's chancellor of the exchequer has been interpreted in financial markets as a power grab by prime minister Boris Johnson. Javid's removal is likely to strengthen the government’s bias towards populist economics, “rewriting the Treasury’s fiscal rules”, according to one investor.

    • 13 Feb 2020
  • Turkish regulator mulls reforms to unlock risk transfer market

    Turkey’s Bank Regulation and Supervision Agency is mulling an overhaul to its rules on risk transfer for banks, which could open a new jurisdiction for the synthetic securitization market, and raise marginal capital for the country’s banks.

    • 13 Feb 2020
  • Thiam quits Credit Suisse on fixed income high

    Credit Suisse has reported a strong end to last year for fixed income sales and trading, in chief executive Tidjane Thiam’s last week in the job.

    • 13 Feb 2020
  • GlobalCapital Syndicated Loan, Leveraged Finance and Private Debt Awards 2019: the full results

    GlobalCapital revealed the winners of its annual Syndicated Loan and Leveraged Finance Awards at its Loan Awards Dinner at London’s Sheraton Grand Hotel on Park Lane on February 11. The Awards included GC's new Private Debt Awards. The full results are below. GlobalCapital congratulates all the winners and nominees.

    • 12 Feb 2020
  • Pass-thrus, investor deals to boost online loan ABS

    Issuance of ABS backed by marketplace loans is expected to get a boost this year, supported by a higher volume of pass-through certificates and investor-sponsored deals, according to Kroll Bond Rating Agency.

    • 12 Feb 2020
  • Skipton returns to RMBS after four year break

    Skipton Building Society is bringing a prime sterling RMBS with joint arrangers JP Morgan and Lloyds. The issuer last brought a deal in 2016, pausing the programme in light of the UK government’s Term Funding Scheme (TFS).

    • 12 Feb 2020
  • No return seen in euro CLOs for Norinchukin

    Even after the Japanese financial year-end at the end of March, Norinchukin Bank is unlikely to return to the European market as an anchor investor in senior CLO tranches, according to a CLO manager with knowledge of the bank’s approach.

    • 12 Feb 2020
  • Hoist shores up capital with AT1 offer

    Hoist Finance is marketing an additional tier one, part of the debt purchaser’s journey back to capital health following a regulatory judgement that wiped 3.7 percentage points off its core equity tier one ratio. The deal follows a landmark non-performing loan securitization called Marathon, which saw CarVal Investors take risk off the Swedish firm’s balance sheet.

    • 12 Feb 2020
  • Marble Point prices latest CLO transaction

    Connecticut-based CLO manager Marble Point Credit Management has priced a $408m deal via Morgan Stanley.

    • 11 Feb 2020
  • Hewlett Packard returns with IT equipment ABS

    Hewlett Packard Enterprise is readying its second securitization backed by loans and leases secured by IT equipment. Boosted by scarcity value, sources expect the small ticket equipment to offer better value than all other equipment asset classes this year.

    • 11 Feb 2020
  • Sustainability: more stick, less carrot

    Sustainable finance players are enthusiastic about regulation, which they expect to bring clarity and order to the market. It may — though when the new EU rules are implemented they are likely to irk participants more than they expect. But what would be really effective are direct actions that bypass finance.

    • 11 Feb 2020
  • Goldman preps CMBS to finance Thai conglomerate’s UK hotel buy

    Goldman Sachs has announced a deal called Magenta CMBS to finance Thai conglomerate DTGO Corporation’s purchase of 17 regional hotels across the UK from Marathon Asset Management. The deal is the first CMBS linked to Sonia, with the commercial real estate market proving slower than consumer assets classes to switch from Libor.

    • 11 Feb 2020
  • Incapital adds four in fixed income with eye on MBS

    Fixed income brokerage firm Incapital has added four industry veterans to its distribution platform, aiming to expand into asset classes that offer clients higher returns in a low yield market. The team is particularly reinforcing its RMBS and CMBS coverage.

    • 10 Feb 2020
  • Pandemic bond slips as coronavirus spreads

    The value of the riskier tranche of the World Bank’s pandemic bond has been discounted — but not by very much — as the coronavirus outbreak infects more people outside of China and therefore comes closer to triggering a payout from the notes.

    • 10 Feb 2020
  • Standard Chartered plans to boost CLO trading operation

    Standard Chartered is looking to build out its CLO trading capabilities in EMEA, and is in the market for a CLO trader, part of the bank’s broader push into European securitized products.

    • 10 Feb 2020
  • Consolidation beginning in private debt as clouds gather

    Reports from Pitchbook and Preqin have found an increased concentration of capital in private debt funds. This is giving larger asset managers a whip hand in dealmaking, while smaller funds struggle to raise and deploy capital, and investors seek the safety of big players ahead of an expected downturn.

    • 10 Feb 2020
  • Santander scores solution for costly undrawn revolver exposures

    Santander has bought credit protection on two portfolios of undrawn revolving credit facilities, taking advantage of a regulatory decision last year to sharply boost the efficiency of the protection. The deal points the way for banks to cut the costs of providing revolvers, which are usually extended as a ‘loss leader’ for a broader banking relationship.

    • 10 Feb 2020
  • CLOs and lev loans at the center of 2020 Fed stress tests

    The Federal Reserve announced plans to stress test bank holdings of leveraged loans and CLOs during a hypothetical recession in its annual evaluation of the health of the 34 largest US banks.

    • 07 Feb 2020
  • Sunnova prices first solar securitization of 2020

    Solar finance company Sunnova priced the first solar securitization of 2020, a $313.5m dual tranche offering, on Wednesday.

    • 06 Feb 2020
  • Investors see point of sale as next frontier for marketplace loan ABS

    Marketplace loan ABS investors are looking at point of sale lending as a potential growth area, as more consumers opt for financing at the checkout counter to avoid boosting credit card balances.

    • 06 Feb 2020
  • First Eagle raises $782m for middle market direct lending

    First Eagle Alternative Credit on Thursday announced that it has raised a $782m middle market direct lending fund, its fourth such investment vehicle to date.

    • 06 Feb 2020
  • People moves in brief: February 7, 2020

    HSBC picks regional bosses ahead of expected restructuring — Mizho goes on fixed income hiring spree — Bank of America appoints head of rates trading

    • 06 Feb 2020
  • EBA plans to clear up risk transfer tests

    The European Banking Authority will be consulting on its approach to risk transfer by the end of the second quarter, with the treatment of excess spread likely to be a crucial topic for issuers and investors in the securitization market.

    • 06 Feb 2020
  • UK issuers make strategic return to dollar covered bonds

    144A dollar covered bonds issued this week by Santander UK and Nationwide Building Society signal that UK banks have made a strategic return to the asset class after an absence of about 10 years. Their return, which is driven by the need to refinance liquidity borrowed under the Bank of England's Term Funding Scheme, should improve price discovery for dollar denominated securitizations.

    • 06 Feb 2020
  • Apollo rolls four CLOs into single massive refi

    Apollo Credit Management priced a $2.14bn CLO on Wednesday, pulling together four older transactions and rolling them into a single refinancing.

    • 05 Feb 2020
  • Aircraft ABS investors demand more spread as virus fears grow

    Investors are looking for more yield on aircraft ABS paper as fear over the coronavirus intensifies globally. With Asia taking up a bigger share of global air travel than during the SARS outbreak in 2003, investors expect the coronavirus to have a bigger impact on the market.

    • 05 Feb 2020
  • Storming sterling securitization run continues

    The strong conditions in the sterling denominated securitization markets continued this week, with Close Brothers’ Orbita 2020-1 auto ABS priced on Tuesday and Cerberus’s Towd Point Mortgage Funding 2020-Auburn 14 on Wednesday. Both deals saw large oversubscription levels on the relatively limited volume of bonds available, following the precedent set by the RMBS deals that were priced in January.

    • 05 Feb 2020
  • Fitch shuffles RMBS, CLO ratings heads

    Fitch Ratings on Wednesday announced that it has appointed veterans Kevin Kendra and Derek Miller as head of US RMBS and head of US structured credit, respectively.

    • 05 Feb 2020
  • Sound Point cements rapid euro rise with third deal

    Sound Point Capital has rapidly expanded its euro CLO platform with a third deal in less than 10 months, speeding ahead of last year’s other market debutants — most of which are yet to print a second deal in euros. The credit manager has access to equity investment through a deal with Canada’s CPPIB pension fund, which may have helped its swift growth.

    • 05 Feb 2020
  • Levfin leaves qualms about coronavirus to IG wimps

    Carnage in Chinese stock markets apparently has little read-across to European speculative grade credit. Leveraged loan and high yield markets are still wide open, meaning issuers that can refinance are well advised to do so.

    • 05 Feb 2020
  • LSTA seeks to shed light on ESG in lev loans

    The Loan Syndication and Trading Association this week released a questionnaire for leveraged loan borrowers on their environmental, social and governance policies, seeking to give loan investors more insight into the importance of ESG practices among corporate borrowers.

    • 04 Feb 2020
  • ABS research veteran McElravey departs Wells Fargo

    Consumer ABS research analyst John McElravey has left Wells Fargo after 13 years with the bank, according to a company spokesperson. McElravey most recently served as the managing director and the head of consumer ABS research.

    • 04 Feb 2020
  • Man GLG scores tighter, shorter triple-A

    Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.

    • 04 Feb 2020
  • Lloyds preps second Syon risk transfer securitization

    Lloyds is working on another risk transfer deal referencing its high loan-to-value mortgage portfolio, following last year’s debut Syon Securities 2019 issue. Mortgage risk transfer deals are almost unheard of outside the US, thanks to the low risk weights usually applied to performing mortgages, making last year’s Lloyds debut a landmark in synthetic securitization.

    • 04 Feb 2020
  • Futura notes a rare chance to buy Italian NPL seniors

    Barclays and JP Morgan were this week marketing the senior notes of Futura 2019 for Guber Banca and Varde at mid-300bps over six month Euribor. The deal gives investors a rare chance to buy publicly syndicated investment grade exposure to Italian non-performing loans.

    • 04 Feb 2020
  • Mizuho makes swathe of fixed income hires

    Mizuho International has hired nine bankers for roles across emerging markets trading and sales, rates, options, securitised products and credit sales and trading. Among the hires, the bank has found a new head of MTNs and appointed a senior emerging markets trader from BNP Paribas.

    • 04 Feb 2020
  • Sound Point woos Deutsche CLO primary head

    Francis McCullough, former managing director and global head of new issue CLOs at Deutsche Bank, has joined Sound Point Capital Management as the firm's global head of CLO capital markets and structuring.

    • 03 Feb 2020
  • Sallie Mae readies new private student loan securitization

    Sallie Mae is preparing to sell a private student loan ABS deal, shortly after it announced plans to sell a portfolio of private student loans to fund a share buyback program.

    • 03 Feb 2020
  • Morgan Stanley preps direct lending securitization

    Morgan Stanley is arranging a trade receivables ABS for Gedesco, a Spanish non-bank SME factoring company, in what will be a rare publicly syndicated term offering in the asset class. Most of the deal, however, is backed by direct lending to Spanish mid-cap firms.

    • 03 Feb 2020
  • Link buys Pepper’s European servicing business, targets Greece and Spain expansion

    Link Group said it has agreed a €165m deal to acquire Pepper Group’s European loan servicing, asset management and advisory business, which will create a servicing group managing €130bn in assets.

    • 03 Feb 2020