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Since inception in 2014, Guggenheim’s structured finance franchise has demonstrated a strong commitment to broadening the reach of securitization and capital markets financing to new issuers and new asset classes. The team, led by industry veteran Cory Wishengrad, is stocked with senior structured finance talent hired from firms up and down Wall Street. In six years, Guggenheim Securities has brought an astounding 65 new issuers to market and introduced 19 new asset classes. That track record continued in 2019 and secured the firm’s spot as GlobalCapital’s Best Securitization Bank of the Year.

The spectre of the transition from Libor to Sofr has loomed over the market for several years with many technical issues still being worked out. Many in the market feel that the whole issue will end up in court, with judges being asked to decide the one fundamental question of who will end up paying for it. Against that backdrop, it takes a brave and committed issuer to step up to the plate and very publicly do a deal that breaks that log jam. For Freddie Mac, it was market leadership of the very highest order.

Dechert’s US CMBS practice stands out for the breadth of work it does, its range of clients and its cutting-edge regulatory work. This culminated in leading market shares in terms of volumes and values of deals, including being the number one counsel on deals in the CRE CLO space in 2019.

What Nomura has achieved in the US RMBS market since it decided to enter in 2013 is remarkable. In a little over six years, under the leadership of Gordon Sweely, head of securitized products, Americas, it has risen to number two in the league tables for the volume of deals done in 2019. It was involved in a large number of the most innovative and ground breaking transactions of the year as well. Perhaps most importantly, it has earned the respect and admiration of its clients and peers.

Moody’s has been collecting data on the structured finance market for almost 30 years. Today, Moody’s Analytics (sister company of credit rating agency Moody’s Investors Service) offers go-to platforms for the structured finance market and is continually developing new technology to organise and broadcast that deep data set. This has long been recognised by structured finance investors, where it has a strong client base. But over the course of 2019, the company expanded its issuer business with the purchase of the Deloitte ABS Suite software system. It has also taken great strides in enabling its data to be fed into investment bank client portals through hosted APIs, and delivering content in a modular way through i-frames. Its embedded presence across all sides of the CLO markets explains why it came top of the GlobalCapital poll for securitization technology provider of the year.

GlobalCapital is pleased to present the winners of its annual US Securitization Awards.

In the GlobalCapital poll for our 2019 US Securitization Awards, Golub Capital with Morgan Stanley as arranger of the Golub CLO 45(M) deal nabbed 28% of the votes, taking first place among the four deals nominated. Golub Capital has a 15-year track record of managing CLOs and has been the leading middle market CLO issuer by volume for each of the last seven years, according to Creditflux data. This is Golub Capital’s seventh award in the past seven years for recognition in the CLO space.

Welcome to Securitization in the Global Marketplace 2020.

The pandemic has put the brakes on a decade of economic expansion that was firmly driven by the strength of the US consumer and a rebuilt household balance sheet in the wake of the 2008 crisis. The sudden upending of consumer finances and soaring unemployment are just a foretaste of the new risks that the consumer ABS market is dealing with, and investors are in uncharted waters as the crisis moves into the summer. Jennifer Kang reports.

The pandemic has been a grim reminder of the pain in mortgages, both residential and commercial, that the securitization market endured in the aftermath of the 2008 recession. As the US takes the first steps out of the shadows of the latest crisis, mortgage players are anxiously searching for clues as to what might come next. By Max Adams.

The months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.

Just when it looked as though the European NPL tide was at last beginning to fall, 14 years on from the start of the great financial crisis, a new surge of NPLs is on the horizon. It’s time to launch the securitization lifeboats. Tom Brown reports.