Top stories
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Solar securitizer Spruce looks to turn corner under new management
With a new owner, revamped management team and a change of headquarters, solar securitizer Spruce Finance is looking to chart a course forward following a turbulent couple of years in which the solar loan originator's early backers are said to have been "wiped out."
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CLO investors eye quiet start to 2019 as volatility bites
Leveraged loan prices are plummeting in secondary trading and CLO managers are scrambling to market new deals even after US equities have recovered from their recent tumble.
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White House promotes opportunity zones as financing lines up
Momentum behind opportunity zones — geographic designations meant to draw in real estate investors through tax breaks — is building after the White House announced on Wednesday that it was establishing an Opportunity and Revitalization Council to foster public investments in qualified opportunity zones.
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EBA guidelines on STS provide 'welcome clarity' for EU ABS
Guidelines released by the European Banking Authority (EBA) on Wednesday brought the European ABS market much-needed clarity, as issuers grapple with new rules set to apply in the new year.
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Sunrun prices latest solar securitization
Residential solar developer Sunrun priced its second ever securitization on Wednesday, Sunrun 2018-1, a $378.5m offering backed by leases and power purchase agreements tied to rooftop solar systems.
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BAML prices Taurus European CMBS deal
After snapping up around €100bn of ABS this year, investors are preparing to shut their books in the run up to year end. The last remaining CMBS deal in the pipeline — Taurus 2018-3 DEU from Bank of America Merrill Lynch — was priced on Wednesday with senior tranche demand just over the threshold and junior spreads offered at wider levels compared with initial price talk.
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Sofr comes down from all-time highs
The Secured Overnight Financing Rate (Sofr), the chosen alternative to dollar Libor rates, has shown more volatility, spiking to an all-time high toward the end of last week before moving back down this week.
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Amigo reveals new CFO, follows November ABS tap
FTSE 250 guarantor loans specialist Amigo Holdings, which reported a year-on-year growth of 34% in customer numbers for the six months to September and a 56% increase in profits, has picked Nayan Kisnadwala as the new chief financial officer to replace Simon Dighton.
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Tesla charges up auto ABS deal
Tesla filed paperwork last week signaling its intention to sell its second ever auto ABS deal.
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Securitization sceptic nominated as housing finance chief
President Donald Trump nominated Mark Calabria, a well-known securitization sceptic, to head the Federal Housing Finance Agency (FHFA) — the body charged with regulating government-sponsored enterprises (GSEs) — on Wednesday.
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Kroll rates first European CMBS transaction
Salus European Loan Conduit No. 33 DAC, a £367m single asset CMBS, was priced last Friday with marks from Kroll Bond Rating Agency. It is the first European CMBS deal to be rated by the agency since it opened its European operation in 2017.
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 | 129,591.43 | 378 | 11.13% |
| 2 | Bank of America Merrill Lynch | 103,866.05 | 303 | 8.92% |
| 3 | JPMorgan | 102,412.09 | 297 | 8.79% |
| 4 | Wells Fargo Securities | 92,651.83 | 270 | 7.96% |
| 5 | Credit Suisse | 76,251.01 | 205 | 6.55% |
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 | 15,256 | 32 | 17.31 |
| 2 | Bank of America Merrill Lynch (BAML) | 9,637 | 29 | 10.93 |
| 3 | Citi | 8,264 | 22 | 9.37 |
| 4 | Lloyds Bank | 7,329 | 24 | 8.31 |
| 5 | JP Morgan | 6,580 | 10 | 7.46 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 129,591.43 | 378 | 11.13% |
| 2 | Bank of America Merrill Lynch | 103,866.05 | 303 | 8.92% |
| 3 | JPMorgan | 102,412.09 | 297 | 8.79% |
| 4 | Wells Fargo Securities | 92,651.83 | 270 | 7.96% |
| 5 | Credit Suisse | 76,251.01 | 205 | 6.55% |
