Société Générale has engaged in a $3.4bn synthetic securitization and pledged to reinvest some of the freed-up capital to increase its ‘positive impact finance’ lending.
More small and mid-ticket equipment companies are tapping the securitization market in recent weeks, as low rates and growth prospects drive them to the capital markets.
Significant risk transfer (SRT) securitization volumes this year are set to beat the record issuance seen in 2018, according to sources active in the sector.
Three aircraft lease securitizations recently entered the pipeline, pushing projected 2019 issuance well above last year's.
More small and mid-ticket equipment companies are tapping the securitization market in recent weeks, as low rates and growth prospects drive them to the capital markets.
Residential solar finance company Sunrun is preparing a $312.4m deal backed by a portfolio of leases and power purchase agreements, the first time the issuer has tapped the ABS market twice in a one year.
The next economic downturn will be much more severe than the last financial crisis, predicted Dr. Edward Altman, a professor of finance at NYU Stern School of Business. That companies have twice as much debt outstanding as they did before the last crisis was the critical factor, he said.
AllianceBernstein announced on Tuesday the launch of a broadly syndicated loan CLO management unit.
Macquarie Capital has hired UBS banker Vincent Repaci to head a new asset-based lending group to cover sponsor clients, supporting LBOs, refinancings and restructurings. He joins three other recent senior hires in leveraged credit at the firm.
Genius Auto Finance will come back to the Chinese auto loan ABS market for a Rmb4bn ($564m) trade next week. That is the same size as its last deal, but the originator will scrap the mezzanine tranche this time around.
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 88.22 | 295 | 10.45% |
| 2 | JPMorgan | 79.00 | 235 | 9.36% |
| 3 | Bank of America Merrill Lynch | 65.57 | 213 | 7.77% |
| 4 | Wells Fargo Securities | 64.80 | 199 | 7.68% |
| 5 | Credit Suisse | 60.10 | 192 | 7.12% |
