Top stories

  • Brexit holds no fear for Cerberus amid £6bn Granite refi

    Cerberus said this week that it expects to call the securitizations of the Granite book, Towd Point Mortgage Funding Granite1 and Granite2, suggesting the private equity investor is plotting a refinancing. This would mean marketing one of the largest ever UK mortgage deals in the middle of the final, fraught Brexit negotiations — a bold move, but increasingly inviting, as UK banks have rushed to take advantage of an improvement in sentiment this week. Owen Sanderson reports.

    • 21 Mar 2019
  • Vote Now: GlobalCapital US Securitization Awards 2019

    GlobalCapital is pleased to present the nominees for its annual US ABS awards, recognizing outstanding achievement in structured finance markets.

    • 08 Mar 2019

  • Goldman says go short on CMBX

    A note published by two Goldman Sachs researchers this week recommended that investors go short on CMBX triple-As as the commercial real estate cycle eventually turns and spreads blow out on the CMBS bonds referenced by the index.

    • 21 Mar 2019
  • Subprime auto headlines "not entirely the reality," rating agencies say

    Two prime or near-prime auto deals were priced this week amid a continuing debate over the health of the auto industry.

    • 21 Mar 2019
  • Italy to renew GACS for two years without UTP clause

    The Italian government is to implement a two-year programme which will replace the Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme in order to help the banks shift their €200bn stock of non-performing loans (NPLs) off balance sheet. In a surprise, however, the new version of the scheme will not include language to incorporate unlikely-to-pay (UTP) loans.

    • 20 Mar 2019
  • Big bank US CLO arrangers struggle to find footing

    With liability costs rising and more CLO managers dealing with 'underwater' warehouses, some arranging banks have found it hard to do as many deals as they did last year.

    • 20 Mar 2019
  • First STS deal receives IPTs as two new CMBS deals announced

    The first deal to qualify for the ‘simple, transparent and standardised’ (STS) label, VCL 28 - German Auto Lease ABS, has seen initial price thoughts released at mid-20bp plus one month Euribor for the triple-A rated class ‘A’ tranche and 70bp-75bp plus one month Euribor for the class ‘B’ tranche.

    • 20 Mar 2019
  • MBS dealer banks sued in class action for price collusion

    A US state official brought a class action suit on Tuesday against 19 dealer banks for colluding on secondary market pricing and overcharging investors who bought agency MBS between 2009 and 2014.

    • 19 Mar 2019
  • Freddie Mac may be forced to sell off agency MBS through 2019, Wells says

    Wells Fargo analysts forecasted on Tuesday that Freddie Mac will release some $20bn of agency MBS supply this year as the Federal Housing Finance Agency may ask the GSE to shrink its balance sheet as part of a more substantial housing finance reform effort.

    • 19 Mar 2019
  • Element Financial to issue fleet lease ABS

    Benchmark commercial fleet ABS issuer Element Financial is offering a $400m deal that is set to price early this week. The transaction will be backed by payments from a revolving pool of fleet lease and loan contracts for cars, trucks and other vehicles.

    • 18 Mar 2019
  • CIFC exec founds new CLO platform with PE titan

    Peter Gleysteen, founder of CLO manager CIFC, announced on Monday the launch of AGL Credit Management in partnership with Thomas H. Lee, one of the pioneers of the US leveraged buyout market in the 1980s.

    • 18 Mar 2019
  • Bustling ABS market lures more esoteric issuers

    A total of eleven ABS deals were priced last week, with a range of consumer deals and a smattering of esoteric securitizations on offer. Year to date issuance volume has hit $53.89bn.

    • 18 Mar 2019


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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,228.90 62 10.23%
2 JPMorgan 18,161.74 49 10.19%
3 Bank of America Merrill Lynch 16,385.65 54 9.19%
4 Wells Fargo Securities 16,128.82 45 9.05%
5 Barclays 12,632.86 43 7.09%

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Max Adams
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Jennifer Kang

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Tom Brown

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,228.90 62 10.23%
2 JPMorgan 18,161.74 49 10.19%
3 Bank of America Merrill Lynch 16,385.65 54 9.19%
4 Wells Fargo Securities 16,128.82 45 9.05%
5 Barclays 12,632.86 43 7.09%