Top stories
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Wells sees value in PL RMBS despite rising competition
The recent pricing of WFMBS 2018-1, Wells Fargo's first private-label RMBS deal since the financial crisis, is the tip of the iceberg for big banks mulling how best to get back into mortgage securitization.
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VW’s ABS head Rolf to leave firm as successor waits in wings
Volkswagen's long standing head of ABS structuring, Stefan Rolf, is set to leave the company by the end of the year. An internal candidate is likely to take over, writes Asad Ali.
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BPCE expands funding options with first RMBS deal
The inaugural French RMBS transaction from Bancassurance group BPCE drew increasingly high levels of demand even as spread guidance tightened, leaving the book well oversubscribed across 34 investors on Thursday.
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Central banks express concern on growth of leveraged lending
Central banks in the US and UK have both raised concerns in recent weeks on the growth of leveraged loan markets and the potential impact on financial stability.
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Issuer readies rare life sciences securitization
A business development company that specializes in making loans to venture capital backed life sciences and technology companies is in the market this week with a $200m securitization.
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Demand allows VW to pocket extra funding with latest ABS
Volkswagen Bank’s VCL 27 auto lease ABS deal garnered enough investor demand this week to allow VW to upsize the deal and bank roughly €200m of extra funding.
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Mortgage finance edges closer to automation
Obtaining a mortgage in the US has become a long and difficult process since the 2008 crisis. But can a mix of upstart financial technology firms and industry veterans meet the challenge of adapting mortgages to the digital economy? Participants at this week’s Mortgage Bankers Association conference in Washington DC said the market is certainly headed in that direction.
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Generous debt baskets risk loan recovery prospects, says Fitch
Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.
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Sears files for long awaited bankruptcy
Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed.
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Mixed outlook for US housing emerges at DC industry summit
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Industry executives and federal regulators descended on Washington DC on Monday for the Mortgage Bankers Association's annual housing finance conference, with an uncertain outlook for US housing in a heated economy providing the backdrop.
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Yellen eyes end of red hot economic performance
Janet Yellen, former chairwoman of the Federal Reserve, told attendees at the annual meeting of the Mortgage Bankers Association in Washington DC on Monday that she was expecting US economic growth to slow by 2020 as the central bank raises rates to counter inflation.
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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Who should pay for natural catastrophes?
Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 105,474.10 | 301 | 10.96% |
| 2 | Bank of America Merrill Lynch | 86,762.28 | 250 | 9.02% |
| 3 | JPMorgan | 81,465.60 | 238 | 8.47% |
| 4 | Wells Fargo Securities | 77,934.65 | 225 | 8.10% |
| 5 | Credit Suisse | 63,570.21 | 165 | 6.61% |
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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Bank Profiles
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 | 13,823 | 26 | 18.14 |
| 2 | Bank of America Merrill Lynch (BAML) | 8,207 | 26 | 10.77 |
| 3 | Lloyds Bank | 7,202 | 22 | 9.45 |
| 4 | Citi | 6,256 | 16 | 8.21 |
| 5 | JP Morgan | 5,220 | 8 | 6.85 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 105,474.10 | 301 | 10.96% |
| 2 | Bank of America Merrill Lynch | 86,762.28 | 250 | 9.02% |
| 3 | JPMorgan | 81,465.60 | 238 | 8.47% |
| 4 | Wells Fargo Securities | 77,934.65 | 225 | 8.10% |
| 5 | Credit Suisse | 63,570.21 | 165 | 6.61% |
