Top stories
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Shift to 144A could result in less liquid consumer ABS market
Consumer ABS issuance has been shifting gradually from publicly registered offerings to 114A private placements since 2014, according to Wells Fargo research published this week. The change in distribution could mean less demand for ABS from investors that need larger, liquid public deals.
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GlobalCapital US Securitization Awards: Call for Nominations
GlobalCapital is pleased to announce the call for nominations for its annual US Securitization Awards.
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Controversial FHFA nominee calls for GSE recap and end to duopoly
Mark Calabria, economist and adviser to the vice-president, sat before the Senate Banking Committee on Thursday in an official confirmation hearing to become director of the Federal Housing Finance Agency (FHFA), the chief regulator of the US housing finance system.
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Barclays hires CLO strategist to London team
Barclays has hired Geoffrey Horton as a CLO and loan strategist in London.
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Goldman goes overweight on triple-A CLOs
Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.
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Auto loans surge but performance weakening
Outstanding auto loans totalled $584bn in 2018, the highest in 19 years, according to the Federal Reserve, and though the share originated to subprime borrowers has fallen, rising delinquency rates are a cause for concern.
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Apollo sub Redding Ridge issues first euro CLO
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Apollo Global Management subsidiary Redding Ridge is in the market with its debut euro CLO arranged by BNP Paribas, out with price guidance for the deal on Tuesday.
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CLO lobby returns from Tokyo with hope for retention workaround
Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.
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EBA warns against 'looking for loopholes' in STS
Principal policy adviser for the European Banking Authority (EBA) Christian Moor cautioned securitization market participants against "looking for loopholes" in the ‘"simple, transparent and standardised" (STS) regulation and predicted a "negative impact for the whole sector" if opportunistic behaviour is seen.
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Spanish RMBS braces for mortgage law impact
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The Spanish RMBS sector is bracing itself for the impact of legislators’ push to compensate borrowers for early foreclosure periods.
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Clifden boss Rizwan Hussain declared insolvent
Rizwan Hussain, the controversial figure who runs investment vehicle Clifden Isle of Man No 1, has been declared insolvent, according to UK court records, even while a separate investment vehicle he controls, Greencoat Investments Ltd, is in the market trying to take control of pre-crisis securitization from the Business Mortgage Finance series. The insolvency isn’t Hussain’s only trouble, GlobalCapital understands, with at least one investment bank having reported him to the regulator over a previous tender for UK RMBS notes.
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US CMBS market grinds tighter after quiet January
The US CMBS sector is off to a strong start in February following a slower than usual opening to the year, with issuers enjoying heavy oversubscription levels and tight spreads for deals in the market at the start of the week.
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
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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 | 9,235.10 | 31 | 12.19% |
| 2 | Barclays | 7,853.42 | 22 | 10.36% |
| 3 | Bank of America Merrill Lynch | 7,473.95 | 24 | 9.86% |
| 4 | JPMorgan | 7,225.34 | 25 | 9.54% |
| 5 | Wells Fargo Securities | 6,258.35 | 24 | 8.26% |
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
Subscriptions
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 | Bank of America Merrill Lynch (BAML) | 1,284 | 2 | 30.09 |
| 2 | Barclays | 633 | 1 | 14.82 |
| 3 | BNP Paribas | 509 | 1 | 11.91 |
| 4 | Citi | 467 | 1 | 10.94 |
| 5 | Morgan Stanley | 455 | 1 | 10.66 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 9,235.10 | 31 | 12.19% |
| 2 | Barclays | 7,853.42 | 22 | 10.36% |
| 3 | Bank of America Merrill Lynch | 7,473.95 | 24 | 9.86% |
| 4 | JPMorgan | 7,225.34 | 25 | 9.54% |
| 5 | Wells Fargo Securities | 6,258.35 | 24 | 8.26% |
