Top stories
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Mortgage refi share ticks up in August, bucking trend
Despite a temporary uptick in the US mortgage refinancing rate in August this year, rising interest rates are weighing on refinancing activity which is pushing issuers to be more creative in how they extend credit to borrowers, according to some market observers.
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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.
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US MBS investors await year end flurry with caution
Private label RMBS is set to have its busiest year ever since the financial crisis. But investors are only cautiously welcoming the upswing in volumes, which is being driven by new kinds of mortgage credit backed by a broader range of borrowers.
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Former co-head of BlackRock CLO biz joins Tetragon
Scott Snell, former co-head of BlackRock’s US CLO business, has joined Tetragon Credit Income (TCIP) as a CLO portfolio manager, with the firm planning to expand the range of its investments in CLOs.
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Aussie issuer mulls euro tranche for RMBS
Australian mortgage lender Liberty Financial is marketing its latest prime RMBS deal — Liberty 2018-3 — and is looking to drum up interest for a euro denominated tranche to be included in the capital structure.
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Trio of new RPL deals puts pressure on tightening trend
Senior re-performing loan (RPL) RMBS spreads have tightened by 4bps to 73bps over swaps in the last week, according to Wells Fargo data, their tightest level since mid-June. But a flurry of new deal activity has the potential to push spreads back out, giving the buy side some room on pricing.
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NY Fed winds down last of Bear Stearns bonds
The Federal Reserve Bank of New York said on Tuesday it had completed the sale of the remaining securities in the $30bn Maiden Lane LLC portfolio of mortgage securities it bought to facilitate JP Morgan’s acquisition of Bear Stearns in March 2008.
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MBS markets steady despite hurricane headwinds
Hurricane Florence is giving MBS investors some jitters after last year’s damaging hurricane season, but the markets are holding up, despite risks posed to the bonds by natural disasters.
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Refinitiv boosts loans, slims bonds in buyout package
Banks leading the financing package for Blackstone’s leveraged buyout of Thomson Reuters’ Financial & Risk business — soon to be renamed Refinitiv —have shifted some of the funding away from the bonds and into the loans, increasing leverage in the deal and mirroring the issuance trends seen in leveraged finance this year.
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Natixis brings credit card deal as primary pricing boosts sentiment
The mood in euro ABS has been steadily improving in recent weeks, with sentiment growing rosier still following strong pricing for primary market offerings last week and the announcement of a new French credit card ABS deal adding to new supply.
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 | 94,444.52 | 266 | 11.16% |
| 2 | Bank of America Merrill Lynch | 79,057.17 | 220 | 9.35% |
| 3 | Wells Fargo Securities | 69,655.75 | 196 | 8.23% |
| 4 | JPMorgan | 69,110.65 | 196 | 8.17% |
| 5 | Credit Suisse | 56,930.26 | 144 | 6.73% |
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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 | 94,444.52 | 266 | 11.16% |
| 2 | Bank of America Merrill Lynch | 79,057.17 | 220 | 9.35% |
| 3 | Wells Fargo Securities | 69,655.75 | 196 | 8.23% |
| 4 | JPMorgan | 69,110.65 | 196 | 8.17% |
| 5 | Credit Suisse | 56,930.26 | 144 | 6.73% |
