Top stories

  • UK opens new market for student loan ABS

    The UK government has successfully issued its debut £1.7bn securitization of UK income contingent student loans. Although not to everyone’s taste, it was designed for specific groups of investors that have not typically bought ABS, and set a strong precedent for a planned series of follow-on transactions. Bill Thornhill reports.

    • 07 Dec 2017

  • Lending Club to wind down 2017 with non-prime offering

    Lending Club filed deal documents midweek for a securitization backed by non-prime consumer loans, the fourth deal to surface from the online platform's CLUB shelf this year.

    • 07 Dec 2017
  • VTB Capital closes Rb48bn agency-backed Russian RMBS

    VTB Capital has completed a Rb48.2bn (€688.3m) residential mortgage backed securitization, guaranteed by the state Agency for Housing and Mortgage Lending guarantee programme.

    • 07 Dec 2017
  • Wendy's deal may not mean hot ‘n' juicy whole biz mart in 2018

    Fast food chain Wendy's priced its latest securitization on Wednesday, bringing the volume of whole business deals in the US to over $7bn this year. But sources said that despite the attractions of ABS over vanilla bond issuance, a slow maturation cycle could lead to a quiet 2018 pipeline for the asset class.

    • 06 Dec 2017
  • Green ABS ripens with PACE secondary growth

    An active secondary market has sprouted in the residential Property Assessed Clean Energy (PACE) ABS sector after two years of watershed growth. A growing volume of tradeable assets is expected in 2018. But the outlook is not so rosy for every area of green securitization, writes Sasha Padbidri.

    • 07 Dec 2017
  • Rare subprime credit card issuer heads to market

    A subprime credit card securitization from Continental Finance surfaced this week to give the yield-hungry something to chew on. But few similar servings are likely to follow given the lack of subprime debt available to be securitized since the financial crisis.

    • 06 Dec 2017
  • Carige sells non-performing loan portfolio

    Banca Carige, the Genoese bank going through a lengthy restructuring process, moved a step further towards its de-risking target this week by selling a €1.2bn portfolio of non-performing loans.

    • 06 Dec 2017
  • No recession ahead, but expect rate hikes, says BAML

    Research analysts at Bank of America Merrill Lynch's 2018 market outlook answered fears in US securitization markets about increasing overall loss rates on recent loan vintages across various consumer credit sectors – and a rush by some lenders to readjust loss expectations – by dismissing fears of a recession.

    • 05 Dec 2017
  • Outsourcing student loan servicing won’t erase problems

    The student loan servicing infrastructure in the US is ripe for an overhaul. But the Department of Education’s (DoE) plan to outsource student loan servicing to big tech and big finance may not erase all of the existing problems.

    • 05 Dec 2017
  • NPL securitization volumes to improve in 2018

    The outlook for securitizations of non-performing loans (NPLs), particularly from Greece, is set to improve in 2018 amid a more widespread pick-up in securitization volumes.

    • 05 Dec 2017
  • Orders mount for hairy UK student loans as price guidance emerges

    The media are full of stories about much of UK student loans may never be repaid. But ABS investors, especially specialists in riskier assets, have at least £7bn of appetite for them.

    • 04 Dec 2017


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  • CFPB turmoil could unravel Cordray-era protections

    The leadership tussle at the Consumer Financial Protection Bureau (CFPB) threatens to muzzle the watchdog or even have it put down. Many in the securitization industry would welcome that, but this newspaper is not so keen to bid farewell to Main Street's best friend just yet.

    • 28 Nov 2017
  • UK is offering a Brexit bet with student loan ABS

    The long awaited student loan securitization from the UK Department for Education might be the closest structured finance investors get to being able to bet on the economic effects of the country's exit from the European Union.

    • 28 Nov 2017

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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%

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Max Adams
Securitization Editor
+1 212 224-3293
max.adams@globalcapital.com

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

 

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%