Top stories
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Jammed pipeline might keep lid on bullish US CLO market
The sheer volume of CLO transactions has swamped market infrastructure, panellists at IMN’s investors’ conference on CLOs and leveraged loans said on Thursday, which will likely be a restraint on volumes over the remainder of 2018.
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Freddie Mac tweaks CRT programme with eye on post-conservatorship
Freddie Mac has changed the structure of its latest credit risk transfer (CRT) deal to reduce counterparty risk for investors in the event that the agency is no longer under conservatorship.
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Vivint preps maiden solar ABS deal
Vivint is issuing its debut solar asset securitization, a $355 million offering that marks the year’s first ABS deal to be backed by power purchase agreements and leases.
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Sterling RMBS and CMBS deals lock in tight funding
Two sterling MBS transactions in the market have been tightened from initial price talk, reflecting a healthy sterling bid for paper.
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World Bank pandemic bond in focus after disease outbreaks
The World Bank’s pandemic bond, launched last June, was innovative in its coverage and objectives. Therefore the recent potential trigger events after outbreaks of Lassa Fever in Nigeria and of Ebola in the Democratic Republic of Congo offer valuable new insight into how the product functions.
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Avant prices latest unsecured consumer ABS
Online subprime consumer lender Avant priced an unsecured consumer loan securitization on Tuesday, boosting the size of the deal from $221.93m to $285m.
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Rabobank squeezes cheaper financing for Green Storm RMBS
Rabobank priced the latest green RMBS deal from its Obvion subsidiary last Friday, keeping the size of the deal in line with last year’s transaction as it offered €550m of senior notes but reducing the discount margin by 3bp.
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Ribbon Finance and Charter Mortgages set initial pricing
Goldman Sachs has published initial guidance on the £427m of notes issued under its UK single loan CMBS, Ribbon Finance 2018-1, while Lloyds is out with initial guidance on UK RMBS Charter Mortgage Funding 2018-1.
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Barrow Hanley hires portfolio managers for new US loan strategy
US investment manager Barrow, Hanley, Mewhinney & Strauss has hired two portfolio managers to set up a new bank loan fund and to lead the firm’s efforts across sub-investment grade US corporate debt.
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LoanCore prices jumbo $1bn CRE CLO
LoanCore Capital priced the largest commercial real estate CLO of the year on Friday, selling the $1.05bn LNCR 2018-CRE1 via lead arrangers Goldman Sachs and Morgan Stanley, and co-managers Wells Fargo and Jefferies.
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Permira taps Och-Ziff structurer for European CLO biz
Permira Debt Managers has hired a CLO structurer from OZ Management (formerly Och-Ziff Capital Management) to structure deals for the firm’s new Providus European CLO platform.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Comment
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Secrecy is not an option
A panel on gender parity in the workplace, hosted by Women’s Energy Network (WEN) last Wednesday in New York, pulled no punches in demanding that Wall Street stop hiding behind a culture that uses settlements to deal with sexual misconduct.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 45,886.98 | 133 | 11.32% |
| 2 | Bank of America Merrill Lynch | 44,227.86 | 120 | 10.91% |
| 3 | Wells Fargo Securities | 33,922.42 | 99 | 8.37% |
| 4 | JPMorgan | 31,654.98 | 91 | 7.81% |
| 5 | Credit Suisse | 24,807.99 | 61 | 6.12% |
Latest awards
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2016 US Securitization Awards: the winners
On Tuesday May 17, GlobalCapital held its third annual US Securitization Awards dinner at the Pierre Hotel in Manhattan.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
Sasha Padbidri
New York Reporter
+1 212 224-3206
sasha.padbidri@globalcapital.com
Graham Bippart
European Securitization and Fixed Income Editor
+44 (0)207 779 8715
graham.bippart@globalcapital.com
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
George Williams
+44 (0)207 779 8274
george.williams@globalcapital.com
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Latest news by market and league table performance
GlobalCapital European securitization league table
| Rank | Lead Manager/Arranger | Total Volume $m | No. of Deals | Share % by Volume |
|---|---|---|---|---|
|
||||
| 1 | Citi | 4,296 | 9 | 12.14 |
| 2 | BNP Paribas | 3,136 | 11 | 8.86 |
| 3 | Bank of America Merrill Lynch (BAML) | 3,067 | 11 | 8.67 |
| 4 | Lloyds Bank | 2,346 | 10 | 6.63 |
| 5 | Morgan Stanley | 2,138 | 5 | 6.04 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 45,886.98 | 133 | 11.32% |
| 2 | Bank of America Merrill Lynch | 44,227.86 | 120 | 10.91% |
| 3 | Wells Fargo Securities | 33,922.42 | 99 | 8.37% |
| 4 | JPMorgan | 31,654.98 | 91 | 7.81% |
| 5 | Credit Suisse | 24,807.99 | 61 | 6.12% |
