Tesla is returning with its third auto lease securitization, issuing into a market supported by strong auto fundamentals and investor demand for paper sponsored by the electric car maker, deal watchers said.
Principality Building Society has mandated HSBC and Lloyds to arrange its sixth UK RMBS deal, offering a single three year triple-A tranche after retaining its last deal in March due to concerns around the ‘simple, transparent and standardised’ (STS) label.
A carbon emissions tax on households will be affordable for most borrowers, so will not be a risk to RMBS and covered bond deals, Moody’s said on Tuesday.
Morgan Stanley sold the latest conduit CMBS transaction at the end of last week, putting the US non-agency CMBS sector on track to eclipse the total volume issued in 2018.
More than a decade after the financial crisis, and with leveraged loan growth under the regulatory microscope, only two CLO 1.0 deals rated by Standard & Poor’s (S&P) now remain, with only 21 tranches defaulting since 1997.
Florida credit union GTE has priced what market participants expect to be the first of many auto securitizations from the credit union sector as ABS funding costs remain attractive.
Volkswagen Finance (China) has returned to the Chinese auto loan ABS market after a two-year break. The company priced the senior tranche of its Rmb5.97bn ($851) deal at the lower end of guidance.
Florida credit union GTE has priced what market participants expect to be the first of many auto securitizations from the credit union sector as ABS funding costs remain attractive.
CarVal Investors is sponsoring Miravet 2019-1, a Spanish RMBS backed by legacy mortgage collateral formerly securitized in the Blackstone-sponsored SRF transactions. Barclays is holding the risk retention for the issue, though NatWest Markets is sole arranger.
Morgan Stanley sold the latest conduit CMBS transaction at the end of last week, putting the US non-agency CMBS sector on track to eclipse the total volume issued in 2018.
More than a decade after the financial crisis, and with leveraged loan growth under the regulatory microscope, only two CLO 1.0 deals rated by Standard & Poor’s (S&P) now remain, with only 21 tranches defaulting since 1997.
Mark Myers, executive vice president and head of commercial real estate (CRE) at Wells Fargo, is set to retire in February 2020 after nearly forty years with the bank.
Volkswagen Finance (China) has returned to the Chinese auto loan ABS market after a two-year break. The company priced the senior tranche of its Rmb5.97bn ($851) deal at the lower end of guidance.
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 96.86 | 327 | 5.06% |
| 2 | JPMorgan | 91.81 | 267 | 4.80% |
| 3 | Bank of America Merrill Lynch | 74.73 | 241 | 3.90% |
| 4 | Wells Fargo Securities | 73.45 | 235 | 3.84% |
| 5 | Credit Suisse | 67.63 | 217 | 3.53% |
