Top stories
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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.
Latest ABS news
Latest RMBS news
Latest CMBS news
Latest CLO/CDO news
Latest securitization people & markets news
Latest Asia securitization news
Comment
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Legislative fix for dollar Libor not a failsafe option
Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 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% |
Latest awards
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The Annual GlobalCapital US Securitization Awards: The Winners
GlobalCapital held its fifth annual US Securitization Awards dinner at Manhattan's Metropolitan Club on Wednesday, May 30.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
Subscriptions
Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
Phil Huntsman
+1 212 224-3294
phil.huntsman@globalcapital.com
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Bank Profiles
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 | 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 % |
|---|---|---|---|---|
| 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% |
