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Managers serve up triple Euro CLO sandwich, but Volcker lurks
Three European CLO deals hit the market this week in quick succession, bringing the total number of deals priced this year to four, with several more waiting in the wings. But great uncertainty is hanging over the market while US legislators wrangle over the Volcker Rule’s treatment of CLOs, which is stymieing US bank investors who are increasingly looking to Europe as domestic spreads compress.
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Pipeline: ABC’s Of ABS To Include Aircraft, Container, Equipment
New ABS issuance this week includes the first deals of the year for container, equipment and aircraft asset-backed securities. A prime auto deal also hit the market on Tuesday morning.
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House Republicans Target Capital Requirements For Non-Bank Servicers
House Republicans have filed a bill to consider capital requirements for non-bank mortgage servicers, in the latest public scrutiny of firms such as Ocwen Financial.
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World Financial Upsizes To Bring Card Issuance To $5.5Bln
World Financial Network is the latest credit card issuer to receive strong demand in securitization markets this year, evidenced from an upsized transaction that priced tight of guidance Wednesday.
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Will NY’s Top Gun Flinch In Ocwen’s Latest MSR Holdup?
Securitization market participants are looking at legal precedents to determine whether a powerful New York regulator may ultimately allow the sale of $2.7 billion in mortgage servicing rights from Wells Fargo to Ocwen Financial.
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Pipeline: Strong Issuance In ABS, But RMBS Buyers Say They’re Flush
The primary markets for asset-backed securities came alive this week with multiple transactions topping $1 billion, but non-agency transactions could be facing some signs of softening.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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SNCF SA EUR1.5bn 1% Jan 61
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Spain EUR10bn 0.1% Apr 31
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CEB EUR1bn 0% Jan 31
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World Bank EUR2bn 0.2% Jan 61
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NIB USD1.25bn 0.5% Jan 26
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EFSF EUR3bn 0% Jan 31, EFSF EUR2bn 0.05% Jan 52
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KfW USD5bn 0.625% Jan 26
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LBBW EUR750m 0.375% Feb 31 bail-in senior social
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UniCredit EUR1bn 0.325% Jan 26 / EUR1bn 0.85% Jan 2031
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Credit Suisse Group EUR1.5bn 0.625% Jan 33 / €1.5bn FRN Jan 26
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Banco BPM EUR400m 6.5% PNC5 AT1
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IADB USD4bn 1.125% Jan 31 sustainable development bond
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Italy EUR10bn 0.95% Mar 37
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KfW GBP1bn 0.125% Dec 26
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Land NRW EUR2bn 0.95% Jan 21
All International Bonds
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 28.16 | 118 | 8.09% |
| 2 | Citi | 27.35 | 87 | 7.86% |
| 3 | BofA Securities | 20.32 | 74 | 5.84% |
| 4 | BNP Paribas | 19.76 | 67 | 5.68% |
| 5 | HSBC | 19.56 | 72 | 5.62% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 60.87 | 123 | 14.06% |
| 2 | Credit Agricole CIB | 28.59 | 93 | 6.60% |
| 3 | Santander | 25.41 | 90 | 5.87% |
| 4 | JPMorgan | 23.88 | 61 | 5.52% |
| 5 | UniCredit | 21.51 | 103 | 4.97% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 0.94 | 4 | 13.47% |
| 2 | Goldman Sachs | 0.78 | 5 | 11.09% |
| 3 | Credit Suisse | 0.67 | 3 | 9.64% |
| 4 | HSBC | 0.61 | 3 | 8.77% |
| 5 | BofA Securities | 0.61 | 2 | 8.70% |
