Top stories
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Rough end to the summer in sight for US ABS, say analysts
The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.
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Are shifting consumer habits squeezing structured finance?
As Americans across generations, and specifically younger cohorts, delay major life events such as marriage, rent their homes over owning them, shun office life and generally upend the behaviors that defined past generations, the engines that drive US structured finance have slowed. GlobalCapital investigates.
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Blockchain company hires ABS veteran
Blockchain and cryptocurrency company AlphaPoint has brought on a securitization industry veteran to advance the firm’s push into asset-backed finance markets.
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Northcross launches two new repo conduits
Northcross Capital, the specialist manager that sponsors the Anglesea Funding asset backed commercial paper (ABCP) conduit, launched two of the first new ABCP vehicles structured seen in years: Glencove Funding and Longship Funding.
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Fitch sounds off on methodology, ratings shopping in RMBS
Once dominated by the ‘big three’ agencies, the RMBS ratings industry has welcomed new entrants into the market after the financial crisis tarnished incumbents’ reputations. But Fitch Ratings told investors this week to be wary of the competition.
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CLO resets needed to build ‘runway’ for downturn
Tom Majewski, chief executive of US CLO equity investment firm Eagle Point, said on Tuesday that the firm was focused on resetting existing CLOs in which it held majority equity positions, in order to improve the arbitrage in the structures and also build “runway” for the company to benefit when the loan market eventually suffers a downturn.
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Strong euro securitization pipeline seen for September
Securitization bankers are expecting a strong issuance pipeline following the summer lull, with issuers said to be looking further ahead and planning their funding and capital structures more carefully than in the past. Issuers said to be scoping the market include Virgin Money, and NewDay credit cards.
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CMBS players unfazed by growing macro headwinds
Analysts at Bank of America Merrill Lynch argued on Monday that a tide of pressures — a flattening yield curve, trade wars and ballooning corporate bond issuance — will soon turn against the CMBS market. But some players in the sector claim the macro narrative is well overplayed.
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Payment receivables ABS give Turkish banks lifeline
Diversified payment receivables securitizations, a deal structure used extensively by Turkey’s big banks, could be a vital route to help these institutions access more hard currency term funding as the crisis in the country deepens. But these deals have increasingly relied on development institutions in recent years, rather than private demand.
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Diamond Resorts set to issue timeshare ABS
Diamond Resorts is issuing a $300m securitization backed by timeshare loans.
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BAML securitization outlook turns bearish
Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Freddie Mac seasoned CRT, Starwood flagship RMBS deals price
A number of non-agency RMBS deals were priced at the end of last week, including private label deals from Starwood and Redwood and a seasoned credit risk transfer (CRT) deal from Freddie Mac.
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.
Latest ABS news
Latest RMBS news
Latest CMBS news
Latest CLO/CDO news
Latest securitization people & markets news
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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 | 81,261.11 | 236 | 11.54% |
| 2 | Bank of America Merrill Lynch | 66,433.81 | 187 | 9.43% |
| 3 | Wells Fargo Securities | 57,637.40 | 170 | 8.18% |
| 4 | JPMorgan | 53,570.42 | 158 | 7.61% |
| 5 | Credit Suisse | 45,349.30 | 117 | 6.44% |
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
Subscriptions
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 | BNP Paribas | 10,542 | 20 | 17.55 |
| 2 | Bank of America Merrill Lynch (BAML) | 6,103 | 21 | 10.16 |
| 3 | Citi | 5,130 | 13 | 8.54 |
| 4 | JP Morgan | 4,681 | 6 | 7.79 |
| 5 | Morgan Stanley | 4,137 | 11 | 6.89 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 81,261.11 | 236 | 11.54% |
| 2 | Bank of America Merrill Lynch | 66,433.81 | 187 | 9.43% |
| 3 | Wells Fargo Securities | 57,637.40 | 170 | 8.18% |
| 4 | JPMorgan | 53,570.42 | 158 | 7.61% |
| 5 | Credit Suisse | 45,349.30 | 117 | 6.44% |
