Securitization - Article Archive

  • ABS trading stabilises as difficult Q1 comes to a close

    Trading of structured products in the secondary market levelled off this week to volumes seen before the coronavirus crisis, as traders closed the books on a difficult first quarter.

    • 31 Mar 2020
  • Garrison sells three CLO management contracts to Anchorage

    Garrison Investment Group has sold three broadly syndicated loan CLO management contracts to Anchorage Capital Group, according to sources familiar with the matter.

    • 31 Mar 2020
  • Marketplace lenders see delinquencies, loan demand spike

    Delinquencies in the fastest growing segment of the consumer debt market are increasing at a heightened pace, with another wave of missed payments on marketplace loans expected on the first of the month. Amid the rise in delinquent loans, lenders are saying that they are seeing a jump in loan applications as more consumers seek a lifeline to stave off the effects of the pandemic.

    • 31 Mar 2020
  • Non-call risk intensifies as specialist lenders seek funding

    Investors are increasingly focused on non-call risk in European securitizations, with specialist lenders in the firing line. Investors say roadshow conversations led them to believe that non-call risk would not be a feature of the post-2008 ABS market.

    • 31 Mar 2020
  • JP Morgan CIO anchors UK RMBS at pre-virus coupon

    JP Morgan’s chief investment office is likely to be the main anchor buyer in the £1.29bn senior tranche of a new UK RMBS, the second slug of a portfolio sold by the UK government’s bad bank last year. The deal, officially priced on Tuesday, was executed at levels determined before the coronavirus panic blew out spreads for UK mortgage bonds.

    • 31 Mar 2020
  • Online lenders see silver lining in small business relief plans

    Marketplace lenders have largely been left out of recent rescue plans brought by the government, including the Coronavirus Care and Help (CARES) Act. However, over the weekend, it has been confirmed that online lenders will be eligible to participate in the small business loan program, enabling fintechs to take part in distributing relief funds alongside banks, their direct competitors.

    • 30 Mar 2020
  • S&P adds 15 deals to list of at-risk CLOs

    S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.

    • 30 Mar 2020
  • ABS secondary disappointed with lost ECB appetite

    The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.

    • 30 Mar 2020
  • Why senior CLO paper is so cheap

    European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed.

    • 27 Mar 2020
  • Banks intensify margin calls for CLO warehouses

    Banks have started sending CLO managers notice to post more collateral against open warehouses after prices of the underlying leveraged loans dropped steeply to an average of about 76 cents this week, according to market sources.

    • 26 Mar 2020
  • RMBS servicers to “work for free” under virus rescue bill

    The $2tr coronavirus relief bill passed by the US Senate on Wednesday has mortgage servicers worrying that they are set to bear the brunt of the cost of the 90 days of mortgage forbearance set out in the legislation.

    • 26 Mar 2020
  • Virus crash grips private label mortgage markets

    The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.

    • 26 Mar 2020
  • People moves in brief

    Amine leaves Credit Suisse — CIFC picks new research head

    • 26 Mar 2020
  • CMBS double loan default bodes ill for UK shopping centres

    A loan backing a post-crisis UK CMBS has suffered its second event of default (EOD) in 12 months, after being cured once. The Maroon Properties backing the deal saw a valuation decrease of £17.1m, triggering a loan to value covenant breach on Wednesday.

    • 26 Mar 2020
  • Fitch, S&P downgrade commercial ABS outlook

    S&P Global Ratings and Fitch Ratings adjusted their views on the most at-risk commercial ABS asset classes, namely aircraft and whole business securitizations, as the Covid-19 crisis puts even the largest and most well-established issuers to the test.

    • 25 Mar 2020
  • Post-coronavirus comeback expected after most Q2 ABS to be retained

    The Bank of England’s Term Funding Scheme for small and medium-sized enterprises (TFSME) is encouraging retained issuance in European ABS planned for the second quarter, but publicly syndicated deals are expected to rebound once the Covid-19 crisis subides.

    • 25 Mar 2020
  • Ex-IBCM head Amine leaves Credit Suisse

    James 'Jim' Amine has left Credit Suisse, which has folded his private credit opportunities business into a different unit.

    • 25 Mar 2020
  • CLO managers expect virus crisis to spur wave of consolidation

    CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers.

    • 24 Mar 2020
  • ABS cheers TALF 2.0 but bemoans limited scope

    The Federal Reserve continued its roll-out of initiatives to support the economy through the Covid-19 crisis this week, including the revival of the term asset-backed loan facility (TALF). However, market participants say the program is incomplete as long as it omits certain asset classes, specifically private label CMBS, and worry that some sectors will buckle without the support of the central bank.

    • 24 Mar 2020
  • UK lockdown could spring cash traps on £1bn of CMBS

    Around £1bn worth of CMBS deals could be subject to cash traps, withholding payments to certain parties in the transaction, in coming months with the UK in lockdown to stop the spread of coronavirus.

    • 24 Mar 2020
  • RMBS uncertainty builds as mortgage relief plans diverge

    With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.

    • 24 Mar 2020
  • World Bank pandemic bond still weeks away from trigger

    The pandemic bond issued by the World Bank still has one more hurdle to clear before triggering and releasing funds for use by countries struggling with the coronavirus. But it will still take a couple of weeks at least to reach that point.

    • 24 Mar 2020
  • Intrum tumbles as Muddy Waters takes aim

    Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.

    • 24 Mar 2020
  • S&P puts 15 energy-heavy CLOs on negative watch

    S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.

    • 23 Mar 2020
  • Credit specialist CIFC names new head of research

    Alternative credit specialist CIFC has hired David Walker as head of research.

    • 23 Mar 2020
  • Warehouse terms offer hard choice for ABS issuers

    Warehouse terms are looking increasingly challenging for European securitization issuers as the Covid-19 shocks continue, with some less-established issuers feeling pressure to come to market while spreads are pushed wider and warehouse extensions become less economical.

    • 23 Mar 2020
  • Mercedes-Benz uses rare revolver for auto ABS

    Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.

    • 20 Mar 2020
  • Bankers get the orders to steer clear of aircraft ABS

    Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline.

    • 19 Mar 2020
  • CLO pros under stress, but holding out for loan recoveries

    CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.

    • 19 Mar 2020
  • European securitization looks to US bank treasuries for second rescue

    After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

    • 19 Mar 2020
  • SRT market struggles with marks as SMEs, corps face crisis

    The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.

    • 19 Mar 2020
  • JP Morgan funds £200m UK bridging finance securitization

    J.P Morgan has invested in a private securitization of up to £200m, backed by bridging loans originated by Glenhawk, a UK-based challenger lender.

    • 19 Mar 2020
  • CP experts welcome aid but want reassurance

    Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.

    • 19 Mar 2020
  • Triple-A CLO paper eligible for Fed's PDCF

    The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.

    • 18 Mar 2020
  • Government-guaranteed ABS prices amid market freeze

    The Small Business Administration (SBA) priced a government-guaranteed small business loan securitization this week in an otherwise frozen primary market. The role of government agencies such as the SBA is expected to be crucial in mitigating Covid-19’s impact as many other issuers find themselves paralysed in the face of volatility.

    • 18 Mar 2020
  • Citi traders step up to push Oodle deal through tough markets

    Used car lender Oodle Car Finance opted to place its second-ever securitization with Citi's trading desk, locking in a bond exit which can be dribbled out to market, rather than extend its warehouse line.

    • 18 Mar 2020
  • CLO market scrambles for solutions to feared wave of defaults

    An expected wave of defaults in corporate credit is driving stress in the CLO space, spurring some in the market to begin internal discussions to make their pitch to the government for greater protections.

    • 17 Mar 2020
  • CMBS has big exposure to airline, oil and gas industries

    The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.

    • 17 Mar 2020
  • SFA looks to soothe members' corporate market anxieties

    Stress in the commercial paper market was the main point of discussion in a member-wide conference call on Monday held by the Structured Finance Association, as members tried to get a read on market dynamics that are changing on a daily basis.

    • 17 Mar 2020
  • IBL Banca retains Italian consumer loan ABS

    IBL Banca will fully retain its latest consumer loan securitization, the eighth issuance from the Marzio Finance series.

    • 17 Mar 2020
  • AIB retains prime Irish RMBS

    Allied Irish Bank (AIB) has fully retained a prime Irish RMBS deal arranged by Bank of America backed by a €4.02bn static loan pool.

    • 17 Mar 2020
  • Floored market clamors for measures beyond second rate cut

    The Federal Reserve cut rates for a second time this month on Sunday by 100bp, bringing the target range to near zero. Despite the central bank taking swift action to halt the market decline caused by Covid-19, sources are expecting a painful recession if fiscal policies are not implemented to blunt the impact to the most vulnerable parts of the economy.

    • 16 Mar 2020
  • CLO trading volume dips, while investors ask for more protections

    The high volume of bids wanted in competition (BWIC) registered last week in CLOs dropped on Monday as credit instability increased and investors asked for greater protections as Libor craters.

    • 16 Mar 2020
  • Investors 'caught in the headlights' as ABS and CLO lurch wider

    Last week European securitization markets saw a heavy supply of BWICs (bids-wanted-in-competion), with over €487m of CLO bonds on offer. But few of the bid lists are finding clearing levels, with 64% did-not-trade in CLOs last week.

    • 16 Mar 2020
  • NewDay delay marks first post-crisis ABS non-call

    Point of sale lender NewDay, owned by Cinven and CVC, has become the first post-crisis European securitization issuer to miss a call, announcing on Monday that it would be delaying the call of NewDay Partnership Funding 2015-1 from April this year to the following year, as markets deteriorated beyond a level where a refinancing trade would make sense.

    • 16 Mar 2020
  • Could CLOs see another ‘greatest generation’?

    Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same?

    • 16 Mar 2020
  • Citi pays steep price to push out principal deal on day of disaster

    Citi was the sole issuer with a primary deal on either side of the Atlantic amid Thursday’s markets bloodbath, as its EMEA securitization team cleared an RMBS backed by UK buy-to-let loans — not for a client, but for Citi as principal. The US bank may have taken a hit of at least £7m to its planned P&L for the issue, but successfully sold £294m notional of bonds to investors on the worst markets day since 1987.

    • 13 Mar 2020
  • Beijing Hyundai, VW ride on strong liquidity for ABS deals

    Beijing Hyundai and Volkswagen took advantage of the flush liquidity in China’s ABS market to print tight deals on Thursday, adding to the flurry of onshore auto loan ABS issuance this week.

    • 13 Mar 2020
  • EU green standard could stop transition bonds

    Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.

    • 13 Mar 2020
  • Solidarity vital as Italian state, banks and companies face intensifying crisis

    The outlook for Italy continues to worsen, as both the coronavirus pandemic and financial markets rout deepened on Thursday. But essential services are functioning, in society and markets, and Italians are helping each other through the crisis, including with funding difficulties. By Jon Hay and Lewis McLellan

    • 12 Mar 2020
  • Figure issues first HELOC ABS on blockchain

    Figure issued a $149m private securitization backed by loans originated, serviced and sold on blockchain on Wednesday. The unexpected takeaway, sources say, is that at a time when remote working is quickly becoming the norm, investors are likely to reconsider the value of technologies like blockchain as operations move online or away from central locations.

    • 12 Mar 2020
  • New CLO issuance grinds to a halt as instability intensifies

    Financial market tumult and global instability as a result of the coronavirus pandemic are hitting CLO primary issuance, while activity in the secondary market is accelerating as investors hunt for opportunities amid the chaos.

    • 12 Mar 2020
  • RMBS in the spotlight as more UK banks offer mortgage relief

    Lloyds is among several lenders to announce that it will join NatWest, TSB and Nationwide in allowing borrowers affected by the coronavirus to take payment holidays on their mortgages, but that has raised legal questions for RMBS deals if borrowers require deferrals beyond the three month relief period.

    • 12 Mar 2020
  • Euro ABS pipeline dries up as market looks for landing point

    Following the pricing of a French RMBS deal midweek, the rest of the European securitization industry is holding its breath after a volatile week in capital markets.

    • 12 Mar 2020
  • CLOs to sidestep oil chaos as exposures dwindle

    The 30% drop in the price of crude oil as Saudi Arabia kicked off a price war this week is causing anxiety in the CLO market and a flashback to the oil plunge of 2016, though data shows that the sector is far less exposed than during past crises.

    • 11 Mar 2020
  • Small business issuers should brace for disruption, sources say

    Small business ABS lenders should reconsider bringing deals to market and expect to see disruption of cashflows to outstanding deals, with Covid-19 now declared a worldwide pandemic.

    • 11 Mar 2020
  • CLO market escapes hard stop as CSAM finds new level

    Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.

    • 11 Mar 2020
  • Bank of England's triple whammy offers limited reassurance

    The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus.

    • 11 Mar 2020
  • EU Parliament struggles to wrap up NPL trading directive

    Members of the European Parliament have still not found the right balance between cleaning banks’ balance sheets and ensuring appropriate control of debt servicers and protection of retail borrowers, causing a delay to plans to reform non-performing loan sales.

    • 11 Mar 2020
  • NSF agrees to £200m securitization facility with Ares

    Non-Standard Finance (NSF) has announced a six-year £200m securitization facility with Ares Management Corporation providing credit funds.

    • 11 Mar 2020
  • CIFD braves European market with lone RMBS

    Credit Immobilier de France Development (CIFD) is only consumer issuer out in the European securitization primary market, facing volatile market conditions in a week beset by equities swings and talks of a virus-led global recession.

    • 11 Mar 2020
  • SAIC-GMAC, Geely show onshore ABS liquidity strength

    SAIC-GMAC Automotive Finance and Genius Auto Finance printed auto loan ABS deals on Monday and Tuesday. Both were sealed near the tight end of their price guidance ranges.

    • 11 Mar 2020
  • Radius buy a bid to ‘change the narrative’ on fintechs

    LendingClub’s acquisition of Radius Bank last month is still going through a long process of regulatory approvals, but — given the green light from regulators —sources say the move could shift the narrative around fintechs and prove its potential to hesitant investors.

    • 10 Mar 2020
  • CLO market keeps 2020 hopes up despite market whiplash

    The volatility in the market caused by the fallout from the Covid-19 coronavirus is having the effect of putting CLO players on the defensive, but market participants are still not predicting a drop in new issuance volume despite declines in broader markets.

    • 10 Mar 2020
  • High yield companies could lean harder on receivables securitization as markets tighten

    High yield companies facing a debt market crunch could turn to private trade receivables securitization to deliver a lower cost source of funds, with this market likely to see a boost in activity during the second half of the year.

    • 10 Mar 2020
  • Too little, too late for NPL reform

    Last year was the first since the crisis that European markets ducked under NPL ratios of 3%. It would have been a cause for celebration, if not for the coronavirus outbreak marauding the continent, ready to bring a new generation of non-performing assets to bank balance sheets.

    • 10 Mar 2020
  • CLOs avoid Dutch VAT charges, grace period mulled

    Dutch tax authorities will not apply a VAT tax on CLO management fees with retroactive effect and are considering a grace period for CLOs, issuers learned on Tuesday.

    • 10 Mar 2020
  • Italian, UK banks freeze mortgage payments to stabilise virus fallout

    Italy has announced a freeze on mortgage payments following the implementation of a nationwide lockdown to deal with the spread of the Covid-19 coronavirus, with RBS offering similar mortgage relief to those affected by the outbreak in the UK.

    • 10 Mar 2020
  • EU Taxonomy a mix of soft and strong, clear and vague

    The European Union’s Taxonomy of Sustainable Economic Activities, the latest draft of which was released on Monday, has been hailed by promoters as the opening of a new chapter in responsible investing. But the document is complex and much will depend on how market participants use it.

    • 10 Mar 2020
  • 'Everything on hold' as ABS grapples with market plunge

    The ABS market is scrambling to figure out how to make sense of widespread volatility that rocked equities on Monday, while adjusting to new routines as virus fears spur an unprecedented test of the industry's ability to work remotely.

    • 09 Mar 2020
  • Volatility gives GSO opening to price 'print and sprint' CLO

    Blackstone’s GSO took advantage of a long bout of volatility caused by the fallout from Covid-19 headlines to price a $500m “print and sprint” CLO at the end of last week, accelerating the formation of the deal and navigating volatility to buy loans cheaply and bundle them into bonds.

    • 09 Mar 2020
  • Euro ABS weathers equity rout as bankers see strong primary flows

    ABS issuers and syndicate bankers are seeing little drop in demand for new deals despite the wider shocks to equity markets driven by COVID-19 fears and a selloff in oil, with issuers pricing six deals last week to place €2.25bn of bonds with investors.

    • 09 Mar 2020
  • Virus fight demands ECB triple threat

    The European Central Bank is widely expected to ramp up its efforts to prop up the eurozone economy on Thursday. It could spear the effects of an oil price shock and the spread of the coronavirus outbreak with a trident of bank lending, rate cuts and QE.

    • 09 Mar 2020
  • EU Taxonomy and Green Bond Standard: sneak peek

    The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.

    • 06 Mar 2020
  • Taxonomy coming on Monday

    Sustainable finance specialists are waiting eagerly to see the precise details of the European Union's Taxonomy of Sustainable Economic Activities, the next draft of which will be revealed on Monday.

    • 06 Mar 2020
  • UniCredit changes global head of syndicate

    UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.

    • 06 Mar 2020
  • BNPP appoints new head of transportation finance

    BNP Paribas has hired Ankush Chowdhury as the head of transportation finance in the Americas, a newly created position focused on driving the bank's strategy for aircraft, shipping and other transportation asset classes.

    • 05 Mar 2020
  • Hedge funds and US banks spy gold in distressed Schuldscheine

    With the Schuldschein having grown into one of Europe’s foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates.

    • 05 Mar 2020
  • Fed used "most powerful tool" too soon by cutting rates, investors say

    The Federal Reserve cut interest rates two weeks before its regularly scheduled meeting in an attempt to boost confidence of markets severely impacted by Covid-19 fears. However, market participants worry that the bank is spending its ammunition too quickly to remedy a complicated issue that requires a medical solution, not a monetary one.

    • 05 Mar 2020
  • Irish CLOs not safe from Dutch-style VAT change, deal docs reveal

    Recently marketed CLO documents circulated to investors have included language to suggest that the European Union could require Ireland to bring its VAT tax laws in line with the rest of the EU, raising fears that CLOs domiciled in the country could suffer a similar fate to Netherlands-based transactions.

    • 05 Mar 2020
  • People moves in brief

    Aberdeen Standard's Milligan to quit — Daiwa's Hultgren leaves over Frankfurt relocation — MUFG picks Domann

    • 05 Mar 2020
  • SocGen, CreditAg complete African microfinance solar securitization

    NEoT Offgrid Africa (NOA) has completed a microfinance securitization of sub-Saharan African solar trade receivables with arrangers with Société Générale and Credit Agricole to help fund renewable electricity across the Ivory Coast.

    • 05 Mar 2020
  • Levfin lurches wider but powers on

    The leveraged loan market has taken a leg wider as coronavirus fears sweep the capital markets. But the primary markets are sucking up the larger discounts and fatter margins and forging ahead, with Polynt-Reichold, Genesis Care, and Inspired Education pressing on and printing deals this week.

    • 05 Mar 2020
  • Pollen Street and investment trust board go to war over planned sale

    Pollen Street Capital and the board of an investment trust it advises are locked in a fight over the potential sale of the investment trust to Waterfall Asset Management, with the board describing Pollen Street’s data room as “of no meaningful use whatsoever and a complete waste of time”.

    • 05 Mar 2020
  • Gedesco guidance revised as ABS market conditions deteriorate

    Lead bank Morgan Stanley issued revised price thoughts for Gedesco Trade Receivables 2020-1 on Thursday, offering investors a wider spread on the bonds as conditions in the ABS market show signs of deteriorating.

    • 05 Mar 2020
  • Volkswagen revs up for China ABS

    Volkswagen Finance (China), wholly owned by Volkswagen Financial Services AG, will come to the onshore securitization market for a Rmb5.97bn ($860m) transaction on March 12.

    • 05 Mar 2020
  • Overall Securitization Deal of the Year – Silverstone 2019-1

    Nationwide’s Silverstone 2019-1 RMBS deal looked like a potential deal-of-the-year almost as soon as it was priced in April last year — not because the collateral was complex, the originator was unknown, or because the deal structure was especially devious, but because of what it meant for the largest part of the European securitization market, UK RMBS.

    • 05 Mar 2020
  • Overall Securitization Bank of the Year – Barclays

    Barclays isn’t the only bank to have made a strategic call to get back and get relevant in the new world of European securitization, but the progress it has made is astonishing, and that’s why the bank is GlobalCapital’s 2019 overall bank of the year for European securitization.

    • 05 Mar 2020
  • The GlobalCapital European Securitization Awards 2020: the winners

    GlobalCapital is pleased to announce the winners of its annual European Securitization Awards

    • 05 Mar 2020
  • Portfolio Solutions House of the Year – NatWest Markets

    NatWest Markets' securitization business has emerged stronger and more focused than ever, turning the constraints of balance sheet and funding imposed by the UK’s ring-fencing regime and the challenges of RBS's history into a competitive advantage — and forging a distinct identity around the more complex and esoteric end of the securitization markets.

    • 05 Mar 2020
  • CLO BWIC pulled as Covid-19 spurs volatility

    A seller pulled a $175m BWIC — bids wanted in competition — scrapping an attempt to offload a list of CLO triple-A bonds as the Covid-19 coronavirus spurred more volatility in the market midweek.

    • 04 Mar 2020
  • Investors embrace digitalisation of consumer ABS

    Securitization trustees have stuck to old-fashioned, labour-intensive methods of managing loan documents for decades, but consumer ABS trustees are finally ditching the Excel spreadsheets and embracing automation, compelled by an investor community that feels more comfortable with technology than ever before.

    • 04 Mar 2020
  • RMBS issuer takes market temperature ahead of new BTL deal

    Specialist Dutch lender Domivest has mandated Citi and Macquarie Bank as arrangers and Barclays, Citi and Macquarie as joint-lead managers for its second buy-to-let RMBS, Domi 2020-1, assessing market sentiment in roadshow this week.

    • 04 Mar 2020
  • EBA’s Christian Moor moves on from securitization

    Christian Moor, principal policy officer at the European Banking Authority, has switched roles after steering the regulatory body’s approach to securitization and covered bonds for nearly a decade.

    • 04 Mar 2020
  • ECJ ruling a win for banks but puts RMBS at risk

    Spanish banks dodged potentially billions in compensation costs after the European Court of Justice (ECJ) kicked a mortgage dispute on to local Spanish courts, allowing borrowers to switch to a more affordable rate. While the ruling is a win for banks, it is a potential credit negative for some legacy RMBS.

    • 04 Mar 2020
  • Insurance-linked securities: how to make them ESG friendly

    The World Bank and Assicurazioni Generali are each giving the insurance-linked securities (ILS) they issue a sustainability label, as the market attempts to burnish its credentials for investors concerned with environmental, social and governance (ESG) criteria. Both issuers are imitating conventional green bond programmes by focusing on direct use of proceeds, but there are also debates around issues such as freed-up insurance capital and what governments do with funds released from catastrophe bonds.

    • 04 Mar 2020
  • Geely joins March auto ABS parade

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, will follow BMW and SAIC-GMAC and sell a Rmb4bn ($574.2m) three tranche deal on March 10.

    • 04 Mar 2020
  • Apollo hires former BNP CLO syndicate head

    Apollo Global Management has hired Obinna Eke, the former head of US CLO syndicate at BNP Paribas.

    • 03 Mar 2020
  • Subprime lender preps ABS with eye on Sofr transition

    Westlake Financial is preparing to launch the first of three subprime auto securitizations it has planned for 2020. While the lender’s outlook on consumer health remains positive, it is closely monitoring subprime borrowers for signs of struggling, and the market’s transition to Sofr.

    • 03 Mar 2020
  • BMW Bank brings fully PCP-backed auto ABS

    BMW Bank has mandated Bank of America and Lloyds Bank as joint-lead managers, alongside co-managers MUFG and SMBC Nikko, for its Bavarian Sky UK 3 transaction, a UK auto ABS comprised entirely of loans to borrowers with personal contract purchase (PCP) agreements.

    • 03 Mar 2020