US Securitization Awards 2023: Esoteric ABS Bank of the Year; ESG Securitization Deal of the Year (Osprey Securitization) – ATLAS SP Partners
ATLAS SP celebrates its first year under a new name with well deserved wins in several securitization award categories. Exemplary work on multiple successful transactions helped secure the title of Esoteric ABS Bank of the Year. ATLAS SP was also responsible for bringing a groundbreaking community solar-backed deal to market, which GlobalCapital recognised as the best ESG Securitization Deal of 2022.
The firm may be a new brand in the securitization market, but it also boasts a long history as a leading force in the esoteric space. ATLAS SP was created in early 2023 when the Credit Suisse Securitized Products Group (SPG) team and assets were spun out into a new entity. The firm’s performance in 2022 reflects years of commitment to a securitization platform known market-wide for its consistency and performance. When it comes to esoterics, the team focuses on a wide variety of asset classes including solar, triple net leases, timeshares, transportation, music royalties and whole business securitizations.
“We are incredibly proud to be receiving the Esoteric ABS Bank of the Year award from Global Capital,” says Jay Kim, CEO of ATLAS SP Partners. “This award validates the hard work and dedication of our entire team and the immense value we seek to create for our clients.”
ATLAS SP has historically led through innovation rather than relying on a balance sheet. This has meant a natural focus on newer, more bespoke asset classes, and a reputation for guiding inaugural issuers to market. No underwriter helped more debut issuers to market in 2022 than ATLAS SP. Stellar first time transactions included KKR’s $732.5m music royalty securitization - one of the largest ever private music portfolio sales - America’s Car-Mart $400m subprime auto loan deal and an inaugural RMBS credit linked note for PacWest.
The firm is also notably strong when it comes to distribution and syndication during difficult times. ATLAS SP’s leadership was on full display in the final quarter of 2022, when conditions became particularly challenging. Competitors focused largely on triple-A only bonds from programmatic and SEC registered prime auto ABS transactions. But ATLAS SP was able to successfully price more esoteric and illiquid 144A transactions for a range of issuers, including Sunnova, Upstart, Verus and Pagaya.
It was during this period of volatility that ATLAS SP - as sole structurer and bookrunner - brought DSD Renewables’ inaugural solar transaction to market. The $155m deal was the first ever to securitize community solar assets, and only the second to include commercial and industrial solar. Successful launching a cutting-edge transaction in an uncertain market was a strong example of what sets the firm apart from competitors.
ATLAS SP was a leader in sustainable finance throughout 2022, acting as an underwriter on over $4bn worth of ESG-related securitizations across 14 deals. These included railcar asset-backed notes for TrinityRail and a commercial property-assessed clean energy securitization for Beach Point. ATLAS SP’s dominance in the solar space is particularly striking. The firm was mandated on almost three-quarters of all solar ABS structuring agent assignments, and underwrote just over 80% of all distributed generation solar deals in 2022. Altogether, ATLAS SP brought more than $3bn worth of solar ABS deals to market, including a $402m transaction for Brookfield Renewables that was the first deal to use commercial and industrial solar.
The firm also structured more ‘lead-left’ transactions than any of its peers, working across mortgage, consumer, commercial, esoteric and transportation deals. In the wider market, ATLAS SP finished among the top three in the US securitization bookrunner rankings. After a banner 2022, the ATLAS SP team has its sights on another year of innovation and excellence.
“We look forward to continuing to build on this positive momentum as we support our clients with tailored financing solutions and reach new heights as an organization,” says Kim.