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GlobalCapital Securitization Outlook Survey
Welcome to GlobalCapital's 1st Annual Securitization Survey.
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Comment: Markets must prepare again for a No Deal Brexit
Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.
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Fed chair plays down fear of corp debt bust despite near-record high
Business debt has reached near record levels that should give businesses and investors reason to “pause and reflect”, warned Jerome Powell, chair of the US Federal Reserve, this week.
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HSBC leads banks in selling packaged trade finance
HSBC has started a programme to sell some of its trade finance exposures in packaged, investor-friendly format, threatening a lucrative niche until now occupied by firms such as Greensill Capital. The bank, the largest trade finance lender in the world, has worked with AllianzGI to sell the short dated bond-like assets.
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Market anxiety around subprime auto sector growing
Market participants believe the performance of subprime auto loans is likely to deteriorate in the near term, a new survey published this week found.
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NoChu reports growing CLO portfolio, weak financials
Japan's Norinchukin Bank revealed in its full year 2018 earnings presentation Wednesday that it had grown its CLO holdings by 8.8% during the first quarter of 2019, although a look at its books reveals a bank that is aggressively pursuing yield beyond its borders.
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Planned sale of Tesco mortgage book kicks up fears of fresh ‘mortgage prisoners’
Tesco Bank is looking to sell its £3.7bn mortgage book after announcing that it will cease new mortgage originations. The lender is exploring options to facilitate a complete transfer, but the news has drawn attention to a bill proposed in the UK parliament which would grant borrowers the ability to transfer mortgages between providers.
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Blackstone Vivaldi CMBS prices wide of guidance
Blackstone’s €222.23m Deutsche-led Vivaldi CMBS was priced on Tuesday evening, with senior notes sold at 190bp over three month Euribor, wide of the 100bp mark the issuer was aiming for at price guidance.
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Dollar Libor fallbacks for securitization coming next week
The Alternative Reference Rates Committee (ARRC) is set to release fallback language next week that would prescribe how Libor-linked securitizations would adopt an alternative benchmark in the absence of the traditional inter-bank rate.
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Dine Brands cooks up whole biz refi ABS
Dine Brands, parent company of Applebee’s and IHOP, is coming back to market with a $1.72bn whole business deal that will pay off outstanding ABS notes.
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DFG poaches Crescent Capital exec
As it continues to boost its platform, CLO manager DFG Investment Advisers announced on Tuesday that it has hired John Hwang as a director in its leveraged credit team.
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GSEs must decide their own fates, FHFA chief says
Federal Housing Finance Agency chief Mark Calabria said on Monday that he expects the government-sponsored enterprises to decide their own paths out of conservatorship in the coming years, rather than have the housing regulator lay out a controlled plan for their privatisation.
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 | 40,734.72 | 129 | 10.87% |
| 2 | JPMorgan | 33,785.84 | 96 | 9.02% |
| 3 | Wells Fargo Securities | 31,464.27 | 90 | 8.40% |
| 4 | Bank of America Merrill Lynch | 29,270.38 | 93 | 7.81% |
| 5 | Credit Suisse | 23,189.41 | 72 | 6.19% |
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
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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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Most Viewed: Securitization
- HSBC leads banks in selling packaged trade finance
- Green innovation: Dutch classify buyers, Germans mull strippable labels
- Planned sale of Tesco mortgage book kicks up fears of fresh ‘mortgage prisoners’
- Taking no prisoners? Citi starts sale of Tesco mortgages
- The 2019 GlobalCapital US Securitization Awards: The Winners
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 |
|---|---|---|---|---|
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| 1 | Citi | 3,691 | 11 | 20.70 |
| 2 | Morgan Stanley | 2,420 | 6 | 13.57 |
| 3 | Goldman Sachs | 2,096 | 5 | 11.75 |
| 4 | BNP Paribas | 1,686 | 6 | 9.45 |
| 5 | Barclays | 1,565 | 4 | 8.78 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 40,734.72 | 129 | 10.87% |
| 2 | JPMorgan | 33,785.84 | 96 | 9.02% |
| 3 | Wells Fargo Securities | 31,464.27 | 90 | 8.40% |
| 4 | Bank of America Merrill Lynch | 29,270.38 | 93 | 7.81% |
| 5 | Credit Suisse | 23,189.41 | 72 | 6.19% |
