Volkswagen lease deal opens up STS securitization market

Volkswagen on Wednesday announced the first securitization eligible for the ‘simple, transparent and standardised’ (STS) treatment, bringing an auto lease transaction arranged by Lloyds two and a half months after the new Securitization Regulation went into effect, on January 1.

  • By Tom Brown
  • 13 Mar 2019

“Timing-wise it is a positive,” said Gordon Kerr, head of European research global structured finance at DBRS. “If anything, it is a relief, because we are now two and a half months into the new regulations. 

"TSI was only just approved last week and has approved a transaction, so ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 69,310.90 231 10.40%
2 JPMorgan 64,579.62 197 9.69%
3 Wells Fargo Securities 51,322.59 157 7.70%
4 Bank of America Merrill Lynch 50,413.91 166 7.56%
5 Credit Suisse 47,114.03 149 7.07%