Top stories
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Recession? Don’t count on there being one, say economists
Asked when they expected the US to enter a full blown recession, economists from the Milken Institute and Credit Suisse said at ABS East on Monday they doubted there would be one at all. But they called on the structured finance industry to help regulators get more comfortable with the flow of capital into private debt.
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Risk transfer, single security to define Fannie and Freddie in 2019
While there are no plans to release the government-sponsored enterprises (GSEs) of Fannie Mae and Freddie Mac from government conservatorship in the near future, the growth of the credit risk transfer (CRT) market and the debut of the uniform mortgage-backed security (UMBS) in June 2019 may represent some of the most substantial post-crisis ‘housing reform’.
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Natural disasters could spark more demand for PACE financing
The emergence of more regulation for the nascent property assessed clean energy (PACE) sector has put the brakes on loan origination and deal volumes this year, but issuers say a raft of natural disasters in the US over the past year have stimulated more interest in using the product to help protect homes from damage.
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Investors stick to their favourites in maturing CLO market
Balanced, buoyant, fragile, resilient? The divergence of views on show during a panel discussion on CLOs in Miami on Monday revealed a market that is enjoying record volumes, but is also facing a range of challenges such as more complex documentation, riskier loans, spikes in refinancing activity and the evergreen issue of a lack of triple-A buyers.
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Blurring of issuer, investor lines marks ‘seismic shift’ in ABS since crisis
Participants at the ABS East conference this year have commented to GlobalCapital that one of the biggest changes in securitization since the financial crisis has been the increasingly common commingling of the issuer and investor groups within the market. This means that issuers are holding onto more risk towards the bottom of the stack to get investors comfortable with their underwriting, as well as more investors buying assets to then turn around and securitize them.
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Speakers tell ABS pros not to sweat the credit cycle
Panelists speaking on state of the consumer ABS market on day two of ABS East told a packed audience that while the credit cycle is definitely in its late stages, material distress in consumer credit was unlikely to be seen for some time.
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Loan downgrades may tie managers’ hands in next downturn, say panellists
CLO managers have long highlighted their ability to generate investor returns by actively managing their portfolios during market downturns, but that may be harder to do during the next slump because of deteriorating loan underwriting, said panellists at IMN’s ABS East conference on Sunday.
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Surging market puts ABS East over the top, with nearly 5,000 expected
A booming securitization market and a last minute pop in registrations will bring nearly 5,000 ABS market pros to Miami Beach for this year’s ABS East conference, as attendees look to get the pulse of an aging credit cycle and an outlook on what to expect as the market nears its peak.
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US ABS investors add Fed unwinding, tax reform to list of issues
While the ABS markets have continued to build momentum each year since the financial crisis, investors are seeing a mix of good and bad on the horizon as capital flows extensively into burgeoning corners of the market and the Federal Reserve continues apace with its normalization of monetary policy.
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Demand for aggressive buyout debt routs covenant defence
Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.
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Bank funding plans point to uptick in euro ABS issuance
European banks are forecasting a 6.2% increase in total assets over the coming three years and expect to fund some of that growth with more secured debt sales, according to the results of a European Banking Authority (EBA) survey published this week.
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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Who should pay for natural catastrophes?
Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 95,847.77 | 272 | 11.13% |
| 2 | Bank of America Merrill Lynch | 80,029.51 | 227 | 9.30% |
| 3 | JPMorgan | 72,172.60 | 208 | 8.38% |
| 4 | Wells Fargo Securities | 69,859.54 | 198 | 8.12% |
| 5 | Credit Suisse | 58,056.32 | 149 | 6.74% |
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 | 12,508 | 23 | 18.18 |
| 2 | Bank of America Merrill Lynch (BAML) | 8,059 | 25 | 11.72 |
| 3 | Lloyds Bank | 5,761 | 18 | 8.38 |
| 4 | Citi | 5,606 | 15 | 8.15 |
| 5 | JP Morgan | 5,007 | 7 | 7.28 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 95,847.77 | 272 | 11.13% |
| 2 | Bank of America Merrill Lynch | 80,029.51 | 227 | 9.30% |
| 3 | JPMorgan | 72,172.60 | 208 | 8.38% |
| 4 | Wells Fargo Securities | 69,859.54 | 198 | 8.12% |
| 5 | Credit Suisse | 58,056.32 | 149 | 6.74% |
