Top stories
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Pet supply who biz securitization shelved
Pet Supplies Plus cancelled its $330m inaugural whole business securitization backed by franchise fees and company profits planned for this week.
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Polish mortgage law has ‘significant adverse effects’
A draft Polish law, requiring the written consent of property owners to transfer mortgages, would have “significant adverse effects on Polish banks’ funding” said the European Central Bank, with respect to the covered bond and securitization markets. However, a legal expert said there would be no direct impact on covered bonds.
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Aegon, Neuberger Berman price new CLO deals
A pair of CLO transactions were priced on Thursday, with Neuberger Berman bringing a deal via arranger Credit Suisse, and Citi pricing a transaction on behalf of Aegon Investment Management.
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Lloyds pre-2019 deals set to satisfy STS criteria
Lloyds announced today that it has submitted notifications to certify legacy deals from Penarth Master Issuer as compliant with the ‘simple, transparent and standardised’ (STS) regime.
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Preschool franchise ABS heavily oversubscribed
Primrose School Franchising Company priced its inaugural $275m whole business loan securitization on Wednesday, with order books three times oversubscribed, according to sources.
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‘Buy now, pay later’ receivables to be securitized
Fintech firms are in talks with investment bankers and lawyers to securitize shopping credit originated in the form of 'buy now, pay later' transactions. A securitization of the customer receivables would mark a new asset class in European ABS.
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Second issuer brings inaugural MPL ABS in August
National Funding announced its first ever securitization this week, a $120m deal backed by loans made to small and medium sized business. The California-based company is the second marketplace lender to come to market in August with a debut deal.
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HSBC partners with fintech for consumer loan push
HSBC has launched a personal lending platform in partnership with Amount, the bank partnership business unit of marketplace loan ABS issuer Avant. The move is the latest example of banks going online, often partnering with fintech firms, to tap into the consumer finance segment.
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Monte dei Paschi disposes yet more NPLs
Banca Monte dei Paschi di Siena has completed four transactions for the sale of non-performing loans, totalling €340m.
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CLO investor base diversifies as negative rates persist
CLO managers are still able to refinance deals in the European market, but analysts said such deals will soon be replaced by a raft of new issuance. The buy-side is also diversifying as investors flee negative yield rates in other market sectors.
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ABS spreads widen after week of jarring macro shocks
Primary and secondary ABS spreads widened across the board last week, particularly for the prime and retail auto lease sectors. The volatility comes on the heels of a “paradigm shift” in the markets in response to trade war worries and a discouraging policy response from the Federal Reserve.
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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Legislative fix for dollar Libor not a failsafe option
Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 69,085.90 | 230 | 10.56% |
| 2 | JPMorgan | 63,371.79 | 193 | 9.69% |
| 3 | Wells Fargo Securities | 50,770.30 | 154 | 7.76% |
| 4 | Bank of America Merrill Lynch | 50,061.19 | 163 | 7.66% |
| 5 | Credit Suisse | 45,499.96 | 141 | 6.96% |
Latest awards
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The Annual GlobalCapital US Securitization Awards: The Winners
GlobalCapital held its fifth annual US Securitization Awards dinner at Manhattan's Metropolitan Club on Wednesday, May 30.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
Phil Huntsman
+1 212 224-3294
phil.huntsman@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 | 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 % |
|---|---|---|---|---|
| 1 | Citi | 69,085.90 | 230 | 10.56% |
| 2 | JPMorgan | 63,371.79 | 193 | 9.69% |
| 3 | Wells Fargo Securities | 50,770.30 | 154 | 7.76% |
| 4 | Bank of America Merrill Lynch | 50,061.19 | 163 | 7.66% |
| 5 | Credit Suisse | 45,499.96 | 141 | 6.96% |
