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Voting now open to decide the market’s leading deals and institutions
Cast your vote today to help recognise the MTN market’s most outstanding banks, issuers, and individuals
The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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The risk transfer market has been growing for years, with new jurisdictions, new collateral types, and more issuers waking up to the potential of the tool. But while investors welcomed debut deals from Canada, Japan, and Mexico, there was always one country which was the biggest prize of all. Last year, finally, the US stirred for real, with a deal between JP Morgan and PGGM hopefully firing the starting gun on a major market expansion. Owen Sanderson reports.
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The rapid economic recovery from the pandemic is causing yields to tighten sharply in the securitization market, pushing investors to explore more esoteric ABS sectors and even private credit. Jennifer Kang reports.
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US CLO deals are flooding into the market at a record pace, stretching bankers, lawyers and rating agencies to the limit and challenging the capacity of investors to absorb the heavy volume. There are no signs of slowing down but the oversupply of deals, alongside refinancings and resets, might eventually weigh on spreads, increase manager tiers and cause indigestion.
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As part of GlobalCapital’s awards survey, we asked securitization participants what they wanted from their banks. The results emphasized the importance of market knowledge, more than anything else. Other important qualities sought after included strength of the team and their ability to deal in difficult market conditions, regardless of sector. League table positions mattered less. We also asked you what your outlook was for the second half of 2021. Most expect ABS, RMBS and CMBS spreads to remain stable, but there’s also a sizable number of folks who believe spreads may either tighten or widen slightly. The only exception was expectation for CLO spreads, which very few expect will widen. A big thank you to those who participated in the survey. We’d welcome any suggestions on how we can improve next year!
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GlobalCapital is delighted to reveal the winners of its 2021 US Securitization Awards, where we seek to recognize the most notable and innovative deals, banks and market participants of 2020. The vast majority of awards were voted on by the market, from shortlists compiled by GlobalCapital’s editorial team. In compiling the shortlists, we took feedback from the market through a survey, and in direct discussions, studied league tables, submissions and other data. Then, we picked out lists of credible winners for each category, all of which would have been richly deserving of an award.
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RMBS deals of the year are often innovative in one form or another. But they typically only boast one or perhaps two fresh features. Investors looking at the Nomura-led Cascade Funding Mortgage Trust 2020-AB1 had to use both hands to count the structural innovations. The $285.8m reverse mortgage transaction from Waterfall Asset Management was the clear winner in 2020, impressing investors, analysts and other issuers with its groundbreaking structure.
