Top stories
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White House spells out privatization proposals for Fannie and Freddie
As part of a general plan to reform and downsize the US federal government, the White House has floated proposals to end the “duopoly” of Fannie Mae and Freddie Mac in mortgage finance and scale back the government’s footprint in the housing market.
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US RMBS picks up despite housing market headwinds
The private label RMBS market in the US is buzzing with activity as the first half of 2018 comes to an end, with issuers lining up a number of deals to be priced through the end of this week and early next week.
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European banks could see boost in portfolio financing from EBA plans
European-regulated banks might see a boost to their business from an obscure tweak to securitization rules, rolled out in a European Banking Authority paper published on Tuesday. The proposals could see them better able to compete with US firms in the increasingly lucrative business of portfolio financing through securitization.
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Prime RMBS offers reprieve against higher funding costs
The European primary ABS market has kicked into high gear in the weeks since the Global ABS conference in Barcelona, which ended on June 7. RMBS is particularly in focus as banks return to the market, with the tide of cheap central bank money ebbing away.
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Credit Suisse preps marketplace loan ABS
Credit Suisse is in the market this week with a $180.21m ABS offering backed by unsecured consumer loans originated by online lender loanDepot, and had already received heavy demand from investors as of late Wednesday.
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Janus to challenge BlackRock, Vanguard with MBS ETF
Janus Henderson filed documents with the Securities and Exchange Commission on Wednesday announcing the launch of an actively managed exchange-traded fund (ETF) set to outperform the Bloomberg Barclays US mortgage-backed securities Index, which are tracked by several MBS ETFs.
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Capital boost for GSEs unlikely to upend mortgage finance
The Federal Housing Finance Agency has published new guidelines that would require Fannie Mae and Freddie Mac, the two government sponsored enterprises (GSEs) at the heart of the US RMBS market, to increase their loss reserves from $3bn to $180bn, worth roughly 325bp of their assets and off-balance sheet guarantees.
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Clydesdale makes RMBS return with new Lanark deal
Bank of America Merrill Lynch, as sole arranger, together with joint leads Barclays, Citigroup, and Lloyds Bank announced a prime RMBS from Clydesdale Bank’s master trust programme on Wednesday.
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Blackstone builds out hotel portfolio with LaSalle buy
Real estate investment trust LaSalle Hotel Properties on Monday batted down yet another takeover bid from Pebblebrook Hotel Trust, nearly a month after it agreed to be acquired by Blackstone fund Real Estate Partners VIII for $3.7bn. LaSalle owns 41 commercial properties across the US, including two high-end resorts in Key West and the luxury Gild Hall hotel in New York.
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Lloyds floats price talk for prime RMBS
Lloyds has attracted more than $1.3bn of interest for the dollar denominated 1.95 year triple-A '1A1' notes of its Permanent 2018-1 prime UK RMBS deal, as well over £800m of orders for the 2.8 year sterling triple-A ‘1A2’ tranche, with estimates of £1bn-£1.25bn in total issuance.
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Goldman, Mosaic ready co-sponsored solar ABS
Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization, Mosaic Solar Loan Trust 2018-2-GS.
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 | 61,149.41 | 174 | 11.42% |
| 2 | Bank of America Merrill Lynch | 56,191.48 | 151 | 10.49% |
| 3 | Wells Fargo Securities | 41,077.96 | 121 | 7.67% |
| 4 | JPMorgan | 40,289.36 | 116 | 7.52% |
| 5 | Credit Suisse | 32,165.05 | 78 | 6.01% |
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 | BNP Paribas | 9,725 | 17 | 21.27 |
| 2 | JP Morgan | 4,494 | 5 | 9.83 |
| 3 | Citi | 4,296 | 9 | 9.40 |
| 4 | Bank of America Merrill Lynch (BAML) | 3,067 | 11 | 6.71 |
| 5 | Lloyds Bank | 2,346 | 10 | 5.13 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 61,149.41 | 174 | 11.42% |
| 2 | Bank of America Merrill Lynch | 56,191.48 | 151 | 10.49% |
| 3 | Wells Fargo Securities | 41,077.96 | 121 | 7.67% |
| 4 | JPMorgan | 40,289.36 | 116 | 7.52% |
| 5 | Credit Suisse | 32,165.05 | 78 | 6.01% |
